Improvements give positive outlook to north Phoenix
The North Phoenix government is planning to add a new commercial area, a college campus and a performing arts center along Interstate 17. The new additions will likely increase property values of the area that was hit hard after the recession. However, real estate in Phoenix has begun to look promising after a number of home-flipping projects began to produce major profits in May.
In one case, a short sale home in north Phoenix was sold in November for $150,200, and after it was flipped it returned to the market and was sold for $319,000 in March. This is a good sign for property values throughout the state in upcoming months.
One of the most promising attributions to new construction in north Phoenix is the possibility of a community college. Because of the proximity to a residential area, it could attract new homebuyers to the area and further increase property values.
"As a result of these planning sessions, we'll set the tone for the development of the city for the next decade," Phoenix Mayor Greg Stanton said. "As the economy improves, there will be more development. Hopefully, we'll do it not the hyper-growth that was occurring, but we can be more thoughtful in the future."