There is an interesting dynamic coming to the valley… It’s called Light Rail… You have probably seen it “gaining steam” in the news lately as it comes closer to reality for Arizona. I recently attended a meeting with city and national planners of the light rail line to gather some more information. There is some real economic potential here for people and businesses alike. Currently, there are approximately 3000 businesses located along the rail line that consists of 5 “sections” covering 20 miles from Phoenix, through Tempe and in to Mesa. The ASU facilities in Tempe and Phx will be easily accessed as well as major and college sporting events of the Suns, Diamondbacks and Devils. There are already many large employers along the line as well as some great restaurants and a ton of different types of housing options from the affordable to multi million dollar projects. Several large projects are in place along Central Avenue that have completion dates scheduled for 2008 which just happens to coincide with the scheduled opening of the rail system.
With the struggles and inventory issues of Queen Creek, Maricopa and some of the outlying areas, there may be a shift to properties with easier access to more centralized locations.
Tempe, Scottsdale and much of Central and North Phx still appear to be doing “pretty well” as far as sales and demand. Light rail should bring some interesting changes to our growing core. As always, I’ll be keeping a close eye on the valley’s real estate market so check back often for more updates… Remember, if you have any real estate related questions.. “Just Call Nick!”