A South Phoenix Home Buyer Will Like Upcoming Developments
The south of Phoenix was targeted for development some 25 years ago and
according to plans, there have been some major developments here. The Target
Area B, from Seventh Avenue to 24th Street and from Broadway Road to Southern
Avenue has been developed from an underdeveloped area to a major residential
area with millions of dollars having been spent for this.
Another area which has developed dramatically is the mixed-income community
area between Roeser Road and Southern Avenue; and 24th Street to Hermosa Park.
Even before completion of the models, numerous homes have already been sold.
These are signs which show that South Phoenix is indeed developing, and thus is
a good sign for home buyers!
SOME NEW PROJECTS OF SOUTH PHOENIX
Condominium development is the in-thing in south Phoenix at the moment. There
has been a substantial increase in the rates for condominiums since the past
three to four years. At one time, condominiums were only a part of the skyline
of large real estate markets like Los Angeles and Chicago. Nowadays, they have
come to be an important part of the skyline of Phoenix.
Some of the development projects for South Phoenix are the Rio Salado Habitat
Restoration and the commercial development at Broadway Road and Central Avenue.
There are also some classier developments like Esplanade Place, Ritz Carlton
and Biltmore Resort which have high-priced condos which will easily be sold for
$500,000 and more! There are also plans of a condo development with shops in
Camelback and a condo-hotel in Scottsdale. All this show the home buyer the
amount of upcoming developments that are taking place in Phoenix.
THE HEALTHY REAL ESTATE MARKET OF SOUTH PHOENIX
Developments in Phoenix naturally lead to an increase in the real estate market.
The increase in the residential construction and low interest rates of
mortgages have contributed widely to the steady rise in the real estate market
of South Phoenix. Many people nationwide are opting to sell their homes to move
into the more space efficient dwellings of Phoenix.
The present age of the home buyer of south Phoenix has decreased from the age
of home buyers of the past. These buyers who are in their twenties and
thirties, are now investing in Phoenix against those who used to invest here
only at retirement age, some years back. The developments in south Phoenix have
made these buyers prefer to invest in a home or condo with low interest rates
than in having to rent a place somewhere else; as the former provides a better
return in the long run.
There is still abundant land which is lowly priced, for development in Phoenix.
This has attracted many developers to invest in south Phoenix, to give it a
skyline of luxurious condos.
The pricier areas of Phoenix like Scottsdale and Paradise Valley have condos
which are comparable to the condos in New York and Chicago, which is standing
proof that Phoenix is growing fast and has a long way to go.
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