Peoria, Arizona, is one of Phoenix’s fastest-growing suburbs. Over the past year, this northwest valley community has seen an increase in millennial homeownership. With good schools and growing employment Peoria is becoming increasingly popular, and its real estate values are going up. With the demand for single-family housing on the rise, homebuilders have been looking for the right place to develop Peoria’s next master-planned residential community. Recently, a prime opportunity presented itself when a parcel located at Happy Valley Road and 75th Avenue became available. After a highly competitive land auction, a Georgia-based homebuilder arose as the winning bidder. Here is more on the Georgia builder who acquired 328 acres in a state land auction.
Happy Valley Road and 75th Avenue
Georgia-based homebuilder Ashton Woods had the winning bid at the state land auction for the property at Happy Valley Road and 75th Avenue. Ashton Wood’s winning bid for the northwest Valley property was $72.6 million. According to reports, the builder was in a bidding war during the state land auction with some of the nation’s largest homebuilders. Ashton Woods reportedly teamed up with Lennar Corp and Taylor Morrison Home Corp to bid against PulteGroup Inc., Maracay Homes, and Toll Brothers Inc.
According to area real estate research professionals, this purchase signals future growth for the northwest valley. Jim Belfiore, a principal with real estate research firm Zonda, commented that the northern and northwestern submarkets have more housing growth and potential, but that supply has been constrained. However, Belfiore noted that housing growth has been positive. He anticipates continued demand due to the proximity to north Valley job locations along Interstate 17. There is also the closeness of Loop 303 freeway and its continuing growth and development.
Late last year, the master-planned community of Union Park at Norterra began its second phase of single-family residential construction to add a new rental home neighborhood within the 400-acre master-planned community. Ashton Woods sold out of their initial 104 lots earlier in 2020. Belfiore commented that the development has “been highly successful.”
Belfiore indicated that in his opinion, “new home prices are higher in the northern submarkets than in more entry-level areas such as Buckeye and Pinal County.” He also said that “[the northwest Valley] it’s a premium market area now.”
While it’s not yet clear what Ashton Woods has planned for the property at Happy Valley Road and 75th Avenue, the builder’s considerable presence in the Valley would indicate that there will be residential development at the site in the near future.
Laura B. Bramnick is an experienced Arizona real estate attorney who has the expertise you need at every stage of your real estate transaction. If you are seeking an exceptional, client-driven real estate lawyer in Scottsdale, Phoenix, Sedona, and throughout the state of Arizona, contact Laura B. Bramnick to schedule your consultation.