Belfiore Real Estate Consulting
Seven months ago Scott Homes opened in Rancho Cabrillo, which represented the first new homebuilding activity in the North Surprise submarket since early 2011. Scott has sold fourteen homes since opening in January. Pulte Homes is expected to open in Desert Oasis early next month, and Lennar is expected to reopen in Asante in November or December of this year. Investors and Developers are increasingly inquiring and discussing the feasibility of new development along Sun Valley and Grande Avenue – two areas where thousands of lots have early-stage entitlements. Nick Labadie, Senior Planner with Rose Law Group said “This much activity in North Surprise is certainly an indicator of the market recovery, but what I think will be most interesting in this specific sub-market is how the product will reflect a potential shift in the demographics in this part of the valley. Some of the existing entitlements established pre-downturn will need to be revisited to make sure they are meeting the new market demands.”
