Metro Phoenix has been a hotbed of real estate activity this year. Communities such as Glendale and Goodyear are growing along with the 303 Corridor. Mesa is thriving, and new residential neighborhood developments are underway throughout Maricopa county. However, just twenty miles northwest of Phoenix, the city of El Mirage hasn’t seen new residential development in years. Well, not until the last couple of months, that is. With two recent major lands deals, El Mirage is seeing new residential real estate activity.
Meritage Homes in El Mirage
Scottsdale?s Meritage Homes Corp. recently paid $5.45 million for Camino Crossing, a planned residential development. The 24-acre residential development site is located just south of Loop 303 and El Mirage Road in unincorporated Maricopa County. Meritage Phoenix division president Fred Hermann stated that Meritage will offer the new homes starting at $300,000. Hermann commented that “The West Valley is an exciting market for Meritage to open a new community,” and “With recent price appreciation, it is difficult to find a new home at entry-level pricing.”? The new development will include 123 homes on 45-foot by 115-foot lots.
In a recent article, Meritage’s broker, Brian Rosella, commented that “the deal shows the continued trend by homebuilders to fill their pipeline as homes are selling at an accelerated rate, given the huge in-migration flux and low-interest-rate environment. Demand for housing is at a level not seen in 15 years.?
The NexMetro Deal
Phoenix-based developer NexMetro Communities paid $5.9 million for a 32-acre tract not long after Meritage closed on its land deal. The homebuilder plans to build 267 single-family rental units. NexMetro Communities has developments throughout metro Phoenix. Like its Avilla properties, this project will most likely include a combination of one-bed townhome-style units with detached 2-3-bedroom homes. This NexMetro project is expected to break ground in November and finish during the second quarter of 2022.
The Meritage project and NexMetro land acquisitions are exciting new developments for this part of the West Valley. The recent growth in this long-overlooked area is indicative of how much Maricopa county and the West Valley are changing. As the West Valley?s industrial expansion continues and more companies move into metro Phoenix, the need for single-family residential housing is likely to increase.
Laura B. Bramnick is an Arizona real estate attorney with the knowledge and experience you need to protect your interests during every stage of your real estate matter. 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.