PHOENIX, Ariz.– Downtown Phoenix is the place to do business, and the ripple effects of recent job growth are fueling residential home sales in and around the region, specifically the area directly south of downtown, where prime infill land is getting new life.
This growth phenomenon was aptly illustrated in May, when more than 3,000 potential homebuyers attended the grand opening festivities for a new, master-planned development just minutes from downtown Phoenix. Maracay’s new community, Avance, sold an uprecedented 65 homes in its first 60 days, and Andy Warren, Maracay President and Greater Phoenix Economic Council Board of Directors Chairman, believes several factors are at play, including Phoenix’s recent tech boom.
“Our well-attended grand opening and successful initial sales at Avance reaffirms that today’s home shoppers are still attracted to the additional space and premium quality of life offered by single-family living,” Warren said. “With limited opportunities for single-family living in downtown Phoenix and more employment growth happening in the area, Avance at South Mountain has become a desirable offering for home shoppers and Greater Phoenix Area residents.”
According to Downtown Phoenix Inc., since 2016 more than 620,000 square-feet of office space has been leased by leading employers in the tech sector, including Quicken Loans, Upgrade, Scientific Technology Corporation and many others. Those companies have helped contribute to the $9.7 billion annual total of economic activity in downtown Phoenix and they are one of the many reasons more than 70,000 people visit downtown Phoenix every day.
Downtown is “growing at a rapid rate,” according to Warren. And, now it is spurring residential developments on the south side of downtown, to the tune of more than 10,000 new homes expected by 2021. In the meantime, Avance, located at the base of South Mountain and not far from a bustling Seventh Street corridor, has emerged as the most sought-after new neighborhood as evidenced by its impressive home sales.
But there’s another driving force behind the success of Avance: architecture. With its newest community, Maracay brought to market an entirely new style of home unlike anything previously available in the Phoenix area. Four new architectural styles known as Arizona Modern, Desert Modern, Farmhouse Modern and New Century Modern are deeply influenced by the colors, forms and natural materials of South Mountain’s iconic setting.
“Avance breaks the mold in new home architecture and challenges the status quo of traditional mountain living in the Valley,” Warren said. “Arizona homebuyers have responded positively to the community’s fresh, modern architectural styles, incredible amenities and nearby recreation combined with easy access to the employment, arts and culture of downtown living.”
The features and amenities that Warren mentioned include a state-of-the-art recreation center that has a 3,600-square-foot beach-entry pool designed for both laps and leisure, a spa, and a fitness center with a weight room, cardio area and 24-hour virtual aerobic and strength training classes. Beyond the recreation center, Avance also features seven neighborhood parks with distinct features ranging from volleyball courts to oversized outdoor fireplaces, walking paths, and convenient access to South Mountain Park’s 51 miles of trails, including the popular Holbert Trail.
Warren expects the success of Avance to continue beyond 2019, especially as the surrounding region continues its upward growth trajectory. Last year, the nearby 85040 zip code saw a 37-percent increase in year-over-year home sales for a total of 661 homes in 2018 – one of the biggest increases in the entire metro area. Avance also sits near a host of new transportation options, including the South Mountain Freeway, which is expected to open by 2020, and future light rail