By Mike Sunnucks | Rose Law Group Reporter
The opening of the new Loop 202 / South Mountain Freeway connecting the East and West Valleys has birthed a new housing submarket that is attracting buyers’ and builders’ attention.
The areas is located south of Laveen off the new freeway near Elliott Road and Carver Mountain.
“It’s like a pop-up market area,” said Jim Belfiore, president of Belfiore Real Estate Consulting in Phoenix.
Belfiore said 6 new home communities opened in the area in June with offerings from Taylor Morrison Homes, D.R. Horton and Meritage Homes.
“It’s a new area. It’s old farmland,” Belfiore said.
The area was rural and undeveloped before construction of the freeway which offers a bypass of downtown Phoenix and connects suburban communities and job markets.
“All of these builders have opened up since June 1st,” Belfiore said.
Belfiore said there are 638 lots in those communities and 41 homes have been sold as of last week. He pointed out that only Taylor Morrison has model homes built in the new submarket.
The homes are priced between $250,000 and $379,000. Those price points are appealing to buyers who might be priced out of areas such as Ahwatukee but do not want the longer commutes of Buckeye or Maricopa.
Ashton Woods also has a new home subdivision opening in the area.
Belfiore said the area is desirable to households where one person may work in the West Valley and the other in the East Valley or those who might have family in one part of town but work in the other.
A new school is built in the area and there are a number of charter schools located in nearby Laveen offering families a number of choices for their kids’ education.
“The area has gotten immediate interest. It goes to show what’s possible with a freeway,” Belfiore said.
