Single family existing re-sale stock isn’t the only thing that is getting shorter in supply. Belfiore Real Estate Consulting says the age restricted stock in the Metro Phoenix has been quietly dwindling while the buzz goes up about all the other segments. Specifically Jim Belfiore notes:
“There are few age restricted communities that exist in the valley and there were no new ones constructed during the Great Recession.
At Canta Mia, an AV Homes age-restricted community, the builder has sold more homes than are fully developed and ready to be built on, so the builder is building a backlog while developing new lots. New homes in three of the four product lines offered will not be started until December because of the backlog.
Farnsworth Development’s Sunland Springs, located in Mesa is nearing build-out.
At Trilogy at Vistancia, Shea Homes has slowed sales; the builder’s overwhelming success within the community is allowing it to build-out faster than likely expected.”
With summer upon is and temps through the roof, we aren’t seeing the peak of pressure for new age-restricted units but when things cool down and the snowbirds start looking south things are likely to change significantly. Belfiore says “For the best located / most popular communities, demand is heavy, particularly from October to May of each year.”
Are you planning or building an age-restricted product that isn’t on our radar? Let us know in the comments or get in touch and we’ll update to let everyone know you’re ahead of the game!
