Scottsdale New Homes
Scottsdale new construction is strongest in the North Scottsdale area where residential building outpaces activity in any other Phoenix Metropolitan area. And that Scottsdale new construction is almost exclusively in higher-priced custom or semi-custom homes.
There are close to 20 communities in the building stages that have homes available; pricing is starting in the upper $400,000s.
In August of 2002, The Arizona Republic reported a 20+% slowdown in Scottsdale new construction. Land is in shorter supply and fewer homes are available. Scottsdale new construction prices are rising, and at the same time, existing home values are increasing.
Most Scottsdale new construction is taking place in planned communities which means buyers typically purchase a lot in a subdivision, then select and customize one of several available plans. Pinnacle at Legend Trails, for example, offers four floor plans with three elevations per plan; custom design floor plans are also offered. Buyers can select three or four bedrooms and square footage that ranges from 3205 to 3516. Pricing starts at $537,900.
In many new home communities, buyers also have an option to purchase completed Scottsdale new construction. The buyer customizes an already-built spec home by selecting floor coverings, countertop finishes and interior paint. That process can take as little as 30 days, instead of the 18 months or longer required for custom home building.
Looking to the future of Scottsdale new home construction, City officials anticipate that about 6,000 homes will be built over the next decade. Beyond that, the city will be looking at a development strategy that encompasses in-fill and renovation.
In October 2003, the city approved a Scottsdale new construction project in the Downtown that will include several residential buildings. The mixed-use Waterfront Project at Scottsdale and Camelback Roads will offer downtown living in an eight-story building and two thirteen-story buildings located north of the Arizona Canal. Nearly half of the 11-acre development will offer public open space that includes an outdoor amphitheater, public art and recreation paths.
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