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After shooting up rapidly in 2006, the number of existing Valley homes on the market has inched down in the past couple of months. As of January 1, 2007, about 41,200 homes are currently up for resale, down from a peak of roughly 48,879 on September 27, 2006!!! I think it's good to see the inventory levels dropping, and I wouldn't be surprised to see inventory levels continue to drop to more normal levels in the coming months. Historically, the Valley has averaged 30,000 to 35,000 home listings at any given time. Look for this trend to continue as builders and home sellers reduce prices to move the excess inventory. You can read more of this in my Real Estate Newsletter located on any of my websites.
You've probably already heard by now, but the Arizona Republic reports that DMB Associates closed on 3,200-acres from General Motors on Thursday, December 28, 2006, one of the biggest land deals this year. The property is part of the 5,000 acre General Motors Proving Grounds. The other 1,800-acres was sold to Phoenix developer William Levine in 2004. Levine is planning a mixed-use development on that land including industrial, Class A office and residential. DMB has not specified what it will do with the property but it is expected to contain a variety of housing and commercial uses. "Our goal is to develop a project that contributes to Mesa's future and the diversified economic base of the East Valley", said Drew Brown, DMB's president.
Another article in the East Valley Tribune announced that an upscale shopping center "The Red Mountain Promenade," is slated for northeast Mesa at the southwest corner of Power and McDowell roads opening sometime in February 2008. It will house up to 15 upscale retail stores likening this to The Shops at Gainey Village in Scottsdale, which has a mix of fine dining and pricey retail stores. As of this article on December 28, about 60% of the center's first phase of three phases encompassing about 25 stores is leased. This particular area of Mesa is touted to have some of the richest families in the city, many of whom live in the nearby Las Sendas and Red Mountain Ranch developments with a median income of $70,000 a year.
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