From ARIZONA BRIEF
September 15, 2017
(Source: ScottsdaleIndependent): Terrance Thornton – Multifamily housing ain’t what it used to be for Arizona Millennials and Baby Boomers. The Valley of the Sun — the city of Scottsdale in particular — has become a hotbed for luxury multifamily housing construction with hundreds of new units expected to come to market over the next 12 to 24 months.
Housing data experts at the Cromford Report, which is the premier data trove for local real estate professionals, say portions of northern Tempe, downtown Phoenix and Scottsdale are the heart of the luxury multifamily construction boom.
Sales of condominiums, or townhomes depending on who you ask, are up 77 percent year-to-date in both Maricopa and Pinal counties, numbers show.
But the multifamily trend materializing in Paradise Valley is built within the idea of providing financing for luxury resort redevelopment and new development projects.
Most notably both the Mountain Shadows Resort and forthcoming Paradise Valley Ritz-Carlton have significant interest in developing multifamily housing to provide for long-term financing and to serve an emerging need, developer and home builders there say.