By Mike Sunnucks | Rose Law Group Reporter
Real estate expert Jim Belfiore is seeing a new spurt of residential development activity coming to the West Valley.
That includes new single-family home construction slated for the Sun Valley Parkway and Loop 303 corridors as well as new multifamily development sprouting along the Loop 101.
“We are seeing widespread activity in the West Valley,” said Belfiore, who is president of Belfiore Real Estate Consulting.
New planned multifamily complexes will offer newer and upgraded apartments options to West Valley renters, Belfiore said.
He said the new homes coming to and planned for areas north of Interstate 10 as well as the Loop 303 and Sun Valley Parkway corridors will also offer more and expanded single-family home options.
“You are going to see a bunch of new communities open up,” Belfiore of his 2020 expectations for the West Valley.
He points to activity already at or coming to Canyon Views in Buckeye, Sterling Grove in Surprise, Mesquite Mountain Ranch in Surprise and Trillium at Douglas Ranch in Buckeye.
Belfiore see the growth cycle in the West Valley in the ‘mid-innings’ including the Sun Valley Parkway area in Buckeye.
“We expect to see significant development activity in the Sun Valley Parkway over the next 18 months,” Belfiore said.
The West Valley continues to see job growth in submarkets such as Goodyear where Nike (NYSE: NKE) is landing a new manufacturing plant, Microsoft (Nasdaq: MSFT) has a new data center campus and Amazon.com (Nasdaq: AMZN) has operations centers as well as planned new commercial developments in areas such as El Mirage. More jobs in the West Valley allows residents there with more options of where to live if they are not having to commute to Phoenix, Scottsdale or the East Valley.
“Housing demand has fanned outward and into many more submarket areas than just 24 or 36 months ago,” Belfiore said.