Available North Scottsdale Vacant Land is Shrinking

New construction is on the rise in the metro Phoenix area. Because of this, available North Scottsdale Vacant land is shrinking. But you have other options.New construction is up all around the Metro Phoenix area, including our North Scottsdale community.  In fact, May 2016 sales of newly constructed homes were 38% higher than the prior year.  The increase in new housing demands has had a serious effect, though.  Available North Scottsdale vacant land is shrinking.

Available North Scottsdale Vacant Land is Shrinking

Land: they aren’t making any more of it.  Available North Scottsdale vacant land is shrinking.  If construction continues at its current pace, home builders have approximately one and a half to two years before they will run out of lots to build on in the Valley.  Builders might have to turn to the raw, undeveloped land just outside the Metro Phoenix area.  However, this means a big investment in infrastructure such as streets, utilities, leveling, etc.  The cost of development gets handed down to the Buyer as part of the price of their new home.

In the boom of the early 2000’s, developers bought up huge swaths of land to build on in the Metro Phoenix/North Scottsdale area.  When the real estate bubble burst, many of these same developers walked away.  The cost of developing land can run anywhere from $5000 to $15,000 for each individual lot.  When you consider the hundreds of lots these developers owned, that translates into millions of dollars invested before foundations are even poured.

By now, you might ask “how can you say that available North Scottsdale vacant land is shrinking when we are surrounded by thousands of acres of land here in the desert”?  While this is true on its face, you need to consider that much of this land is Native American land.  Also, several hundreds of acres remain vacant as preservation land.  Federal and state land make up the rest.  Development may eventually reach that area, but that won’t be done until many years down the road.

Since available North Scottsdale vacant land is shrinking, prices for what is left have begun to rise.  However, keep the following in mind.  New construction is not your only option.  You can always purchase an existing home and make it your own.  Contact me to see what is available in the North Scottsdale area right now.

Visit my updated website, Now mobile friendly: www.NorthScottsdaleHomes.com,
where you can search for homes and land from the back door of the MLS.

For previous Statistical Reports, visit my blog: www.Scottsdale-ParadiseValleyHomes.com.

Wondering what your home is worth? Get a Free – No Obligation CMA. Email your property address to me: ScottsdaleVictoria@gmail.com

Victoria Felice, Associate Broker - Scottsdale, Paradise Valley and North Scottsdale real estate

Victoria Felice, Realtor Berkshire Hathaway Call/Text: 602-359-5432
Email ScottsdaleVictoria@gmail.com
* passion * energy * results *

Tags: , ,

About Scottsdale Victoria

Victoria Felice is a Broker Associate at Realty One Group and provides upscale home buyer and home sellers services in the Scottsdale and Paradise Valley area. Call or text Victoria today at 602-359-5432.

No comments yet.

Leave a Reply