By Mike Sunnucks | Rose Law Group Reporter
The Loop 303 corridor from Surprise town to Interstate 10 is poised to be one of the most active housing submarkets in 2020.
That is according to regional real estate expert Jim Belfiore. “Demand is healthy, The price appreciations are also kicking up,” said Belfiore, who is president of Belfiore Real Estate Consulting in Phoenix.
Belfiore expects to see 20 new home communities in the Loop 303 corridor this year. He said most home builders are already in the market or have plans for new housing starts there. That includes Taylor Morrison Homes, Meritage Homes, Pulte, Richmond-American, Woodside Homes and others.
The Loop 303 connects Interstates 10 and 17 in the West Valley. Belfiore said more infrastructure (including schools) and amenities such as retail are getting built in the corridor which stretches from I-10 up to Surprise. “The infrastructure is undergoing great improvements,” Belfiore said.He said new home prices in the corridor range between $250,000 and $350,000.Belfiore said the new developments are being built mostly on former farmland and desert and the topography is flatter than areas of north Peoria.
“There is just a tremendous amount of land,” he said.The flatter topography also allows for less expensive construction and development costs than subdivisions in more mountainous environs.
“You still get the views of the White Tank Mountains,” Belfiore said.