Why Central Phoenix is a Hotspot for Real Estate
Among them are the beautiful weather, the outdoor recreation, the opportunities available to residents and visitors, the culture and entertainment and above all the real estate.
People enjoy living in Central Phoenix because of its perfect location and the many shops, cafes and restaurants that are all located nearby. Central Phoenix is also home to many museums, sports events and activities and it is located really close to beautiful mountains where locals and visitors can enjoy long hikes and breathtaking views.
Central Phoenix has recently experienced significant growth and development with brand new homes being built right in the heart of the city. The growth in jobs and wages is also attracting many new residents to the area.
Central Phoenix residents enjoy all that the city has to offer and are attracted to the relaxed lifestyle, the natural beauty that surrounds the city, the culture and entertainment, the real estate opportunities and the thriving economy that promises successful careers and stable finances for growing families.
So why is Central Phoenix a hotspot for real estate?
Let’s find out!
Central Phoenix Real Estate is Heating Up
Growth & Development
Currently there are 18 brand new luxury model homes being developed right in the heart of Central Phoenix. Industry experts and realtors are not surprised at the quick growth of the real estate market in Central Phoenix and the new developments that are currently under construction. Construction greatly increased last year when builders and developers began purchasing vacant lots in the area for the purpose of building, which is a process commonly known as infill development. In 2013 1,311 homes were built as infill properties compared to only 200 in 2010.
New construction is a wonderful way to help boost the market recovery especially since the current inventory of homes for sale and for rent is quickly dwindling while demand is constantly increasing.
Most new residents in Central Phoenix are grateful for the shorter commute to work, the characteristics of city life, the luxuries and amenities of the new homes and the culture that Central Phoenix is known for. It also helps that public transportation has greatly improved in recent years, which has made life in the city even more appealing.
Infill Development is gaining popularity with many investors and developers interested in vacant lots and Central Phoenix is one of the top neighborhoods for building and development right now. However, this won’t last for too long because the vacant land available for development is also quickly decreasing and will not be available for long.
Real estate in Central Phoenix is booming with individuals interested in renting new homes and the luxurious high-rise condos in the city.
Properties are seeing multiple bids from desperate homebuyers and individuals are dedicating all of their free time to find their dream home in Central Phoenix. This demand for rentals is fueled by former homeowners whose houses were foreclosed on or sold in short sales and now they need a place to live, but are not able to qualify for loans.
In addition, there are also many new residents migrating to Central Phoenix for work and many individuals who were forced to live together during the difficult recession for financial security are now looking for their own homes where they can establish a stable solo life.
There are also many new developments and brand new homes being built in the city to attract new residents, homebuyers and renters to Central Phoenix.
The current Central Phoenix real estate market shows that buyer demand is greatly exceeding the supply of homes for sale.
Even though most homebuyers are applying as renters, there are still many bidding wars occurring and candidates are offering way above market price in order to make sure they get the property they want.
Cash buyers have a great advantage over buyers who are applying for loans and the market is seeing many investors who are paying for properties upfront with cash. Despite the high demand of rental properties the rental rates have not risen significantly, if at all.
The current market is a complete seller, or landlord, market, which means the market is in favor of the seller or the landlord. When supply is short and demand is high sellers and landlords have more control over their properties and easily attain the prices they want.
Looking for Central Phoenix Real Estate?
If you are interested in Central Phoenix real estate make sure to connect with Roberta Candelaria and the team at Phoenix Urban Spaces.
We are equipped with the finest resources and the knowledge necessary to assist you with all of your real estate needs.
We look forward to hearing from you and helping you find the best homes or rental properties for you and your family.
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