Infill projects becoming bigger share of Phoenix market; Belfiore Real Estate President, Jim Belfiore, comments

Meritage Homes's Diamante would extend the multi-family clustering that exists southwest of Old Town Scottsdale.
Meritage Homes’s Diamante would extend the multi-family clustering that exists southwest of Old Town Scottsdale.

Arizona Republic

Metro Phoenix has long been known as an area that grows outward, with new affordable communities stretching its edges farther and farther.

But lately the most sought-after land by homebuilders is closer in. Infill sites from central Phoenix to south Scottsdale and Tempe are drawing both builders and homebuyers.

Scottsdale-based Meritage Homes recently paid $9 million for the old Paddock Pools corporate headquarters in south Scottsdale on Thomas Road near 64th Street. The homebuilder is planning a condo project similar to its Madison Place project in central Phoenix, which sold out last year in six months as prices in the project climbed by $50,000.

Statement by Jim Belfiore, real estate consultant: “Infill is ‘in’ largely because the areas where infill housing is being constructed have not had new housing for several years. Potential buyers already reside in the area; and they have waited for new construction. Many times homebuilders opening in these locations will have interest lists in the hundreds prior to opening.”

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