Despite the bubbleheads predictions of the impending collapse of the real estate market in the known universe, real estate growth transactions continue to happen.
Desert Communities, Inc (an affiliate of Vegas based Rhodes Homes) just plunked down 58 million bucks for 1,010 acres in the Southeast Phoenix Valley. That seems like a lot of land, and a lot of coin. And it's not chicken feed.
But what's more impressive is this is truly just the tip of the iceberg. This part of the Phoenix Valley (between Apache Junction and Florence, AZ) is but a small part of 275 square miles of state land -- and it's ripe for development.
Estimates for this 10 billion dollar hunk of land (yes, that's billion with a "b") is that it will eventually be the home of 1,000,000 people. (yes, that's one million people). Sure, there's not much there yet, but there will be. Probably before we know what hits us.
By my rough calculations, 1,000,000 people are going to need 300,000 homes. Someone's got to sell them...
More here, including a link to the article in the Arizona Republic.
Yo, T-Preg,
Your site is loading like molasses in January.
And, is there no justice? I ask you why you didn't blog about zillow and then you get tons of traffic for you late day post! On mybloglog you were #4 on my list of hot topics in my groups. Nice job.
I live "at" Rhodes Ranch. Rhodes puts together a really nice master planned product. I like Tuscany here more than Rhodes Ranch. Their models are so different and priced right, not a great location though.
I just visited their "urban living" townhomes @ X-It yesteday but their models still aren't done.
They definitely think outside of the box and probably will do VERY well in phoenix
All - thanks for commenting. As for Phoenix growth, I've only lived here for eight years (but it has changed a LOT since then). My lovely bride on the other hand, was born and raised in The Valley of the Sun. SHE has seen some *amazing* changes...
Maureen - T-PREG seems to be loading fine for me. Still seeing it creep along? And no, there is no justice.
Brian - where's all the water coming from? We just steal it from Colorado. And California.... :)
They steal it from Nevada too! California thinks they got screwed?
An excerpt on the Colorado Compact:
After 11 years the mammoth and complicated case concluded. The decision in Arizona v. California resulted in major power shifts, between the states and between the states and the federal government. Colorado River water was apportioned, with California receiving 4.4 maf, Arizona 2.8 maf and Nevada 300,000 af, with each state also awarded all the water in their tributaries. Arizona was a big winner, gaining almost all the advantages it sought in the 1922 compact. A nagging water supply problem was resolved.
This was all negotiated before Nevada really came into existence. Hoover dam & the railroad were the turning point and creation of the gambling mecca it has become today!