The 10,000-acre site of a stalled Great Recession-era development project in Buckeye, AZ has been sold to a new developer, and plans are underway to build as many as 40,000 homes on the site. In response to this news, KJZZ radio's The Show asked Jim Belfiore, president of Belfiore Real Estate Counseling, whether he thought that this project was a good sign for the Phoenix-area home building market.
Belfiore expects large-scale projects like this to become more common as time goes on. Phoenix-area builders are looking outside the city for larger parcels to build on, he says, and finding them in Phoenix’s surrounding neighborhoods. When asked whether outlying neighborhoods will succeed if buyers want to live close by, Belfiore notes that people are looking outside the city for an affordable home.
Belfiore predicts that Phoenix-area home prices will increase by 7% within the next year, and 10% the following year. Click below to access and download the audio file of the interview.