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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.

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.

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.

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
public open space that includes an outdoor amphitheater, public art
and recreation paths.

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