The Verde Valley housing recovery is 18 months behind the Metro Phoenix Area housing recovery. The hardest hit area of the market, the one with the most supply and the least demand, is the large lot market. Belfiore Real Estate Consulting data suggests 606- ¼ acre to 4-acre lots without homes built upon them exist from Rim Rock / Lake Montezuma through Cornville to Cottonwood, and only a few of them are selling on a monthly basis. Lots that sold for $150,000 to $300,000 in 2005 and 2006 are now offered in the $15,000 to $40,000 range. Expand the area outward to include Prescott and Sedona, areas adjacent to the Verde Valley, and another 2,000- ¼ to 2 acre lots sit vacant. President of Belfiore Real Estate Consulting, Jim Belfiore, says, “Want a bargain? Today is the day to get it in the Verde Valley. As supply shrinks over the next 18 to 24 months, just as it did in 2011 and 2012 in the Metro Phoenix Area, prices are going to rise dramatically.”
If you would like to discuss real estate deals in more detail, you can contact Jordan Rose at jrose@roselawgroup.com
