Just as in the rest of the county, the Arizona real estate market took a hit after the recession. For many, it took a long time to recover from the period following the burst of the housing market bubble. However, the situation may be changing now. This blog has covered a number of stories that project positive trends in the Arizona housing market. Now may be a great time to become a homebuyer or invest in one of the many emerging Arizona real estate developments.
Many Arizona subdivisions and planned area developments that were once shuttered during the Great Recession are being resurrected. According to reports, developers are creating new office parks and residential communities all across Arizona. Though activity is not yet at what could be considered pre-recession levels, cities have been issuing an increasingly large number of building permits. According to one article, one of the most prevalent happenings in the area is the re-launching of projects that were put on hold during the recession.
Among the planned developments are an 852-home community aimed at families; a 70 acre site once owned by a church group that will mix commerce with a unique mission to serve disabled people; a 1,262 acre development with 3,675 single-family homes, along with many other exciting developments. At least one of the developments is in the final stages of engineering with construction starting by the end of 2014.
With a real estate development, there comes many considerations, including zoning, planning, land acquisitions and other real estate transactions. As there are many complexities involved, it is not uncommon for legal issues to arise. Accordingly, it is helpful to ensure that every step in the development process is backed by legal help.
Source: AZ Central, “West Valley development slowly making comeback,” Jackee Coe and Caitlin McGlade, May 6, 2014