Belfiore: Big land deal shows off North Valley housing markets

By Mike Sunnucks | Rose Law Group Reporter

Ashton Woods acquisition of 328 acres of Arizona State Trust Land in Peoria is showcasing the north Valley real estate market.

Ashton Woods won a very competitive auction for the land at the northwest corner of Happy Valley Road and 75th Avenue alignment. The homebuilder won the auction with a $72.6 million bid.

The move portends future growth for the northwest Valley area as well as other submarkets north of Phoenix along Interstate 17, said Jim Belfiore, a principal with real estate research firm Zonda.

Belfiore said there is more housing growth potential in the northern and northwestern submarkets. “The supply there has been constrained,” he said.

But he said housing growth there has done well and he expects continued demand thanks to the proximity to north Valley job centers along Interstate 17.

There are also near the Loop 303 freeway and its continued economic development.

Belfiore also pointed to the success of the Union Park at Norterra residential development.

“That’s been highly successful,” Belfiore said.

Belfiore said new home prices are higher in the northern submarkets than in more entry level areas such as Buckeye and Pinal County. He said homes generally start at $325,000 and are often in gated companies.

“It’s a premium market area now,” Belfiore said.

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January 2021