More Development At Waterfront

At the start of the year I made 3 predictions for the housing market. One of those 3 predictions was as follows:

3. Urban Living Will Gain Popularity

One of the things I have noticed in addition to the demand for smaller homes is the wish amongst clients to be closer to the action. To experience more of an urban city style of living.

Some of the developments in and around Scottsdale Waterfront had the misfortune of really selling right at the top of the market. The result has been many, many distressed properties hitting the market and generally confusing consumers about the entire area.

Last year many of those distressed properties finally cleared out. Developments like the Waterfront Residences and Optima Camelview are starting to really come to life again.

Waterfront is starting to feel vibrant and busy. Of course it’s even more happening now Marta Walsh’s own office is at Waterfront :)

My Prediction: Continued demand among young professional buyers, empty nesters and even out of town buyers to live in a more urban setting closer to shopping, dining and fun.

There’s some evidence of this prediction coming true.

Arizona Republic is reporting a big land purchase adjacent to Fashion Square mall that will be used for luxury apartments.

Broadstone Scottsdale Waterfront LLC, a partnership between Alliance Residential Co. and J.P. Morgan Asset Management, has purchased a 3.4-acre parcel for $13.5 million at the Scottsdale Waterfront, just south of the southeastern corner of Goldwater Boulevard and Camelback Road, a broker involved in the deal said.

Phoenix-based Alliance Residential plans to build a 259-unit luxury-apartment community on the property, adjacent to Scottsdale Fashion Square mall, according to commercial-real-estate firm Cassidy Turley BRE Commercial in Phoenix.

Full story at AZ Central.

It’s going to be really hopping in that area in 5 years time.