The Recap

East Valley

Scottsdale’s massive $1 billion redevelopment of the former CrackerJax site is moving forward, with final site plans submitted for approval. In Gilbert, Everly at Morrison Ranch is pre-leasing luxury apartments, bringing resort-style living to the area. Meanwhile, Virgin Galactic’s East Valley facility is set to begin assembling its new Delta SpaceShip, with private astronaut flights expected by 2026. Over in the tech world, semiconductor giant Onsemi is making headlines with job cuts in San Jose while aggressively pursuing a $6.9 billion takeover bid.

West Valley

BNSF Railway’s $3.2 billion Surprise rail hub is facing delays, with a zoning vote now pushed to August due to resident pushback and city concerns over traffic and water use. In Buckeye, Kenco has leased a 641,906-square-foot warehouse, reinforcing the West Valley’s role as a logistics powerhouse, with Amazon also expanding its footprint in the area. In Peoria, Lennar and Taylor Morrison have purchased 600 lots in the 5,300-acre Saddleback master-planned community, with homes starting in the $500,000s. Meanwhile, the highly anticipated Buc-ee’s in Goodyear has been delayed until June 2026 but will bring 200+ jobs to the area.

Real Estate Market Trends

Sellers are starting to feel the pressure as asking prices per square foot are already declining, an unusual trend for this time of year. While home prices have remained surprisingly strong, this is largely due to higher-end sales propping up the numbers, and experts warn that this strength may not last. The shift toward a buyer’s market is slowing, but inventory is still climbing, giving buyers more options and negotiating power. Mortgage rates have dipped slightly, sparking a small increase in demand, but not enough to offset rising supply. If you're selling, pricing correctly is key, while buyers can afford to be patient and negotiate better deals in many areas.

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_{Rates vary based on credit score, loan type, and lender policies. For the most accurate estimate, consult with a lender.}

East Valley News & Developments

🏗 Scottsdale’s $1B CrackerJax Redevelopment Moves Forward

The highly anticipated transformation of The Parque in North Scottsdale is one step closer to reality. The latest site plans—featuring high-end apartments, condos, retail spaces, and a 1.7-acre central park—have been submitted for approval. If greenlit, the 30-acre project will bring over 1,200 residential units, a luxury hotel, and a 150,000-square-foot office building, adding another major mixed-use destination to the city.

💾 Onsemi Cuts Jobs Amid $6.9B Acquisition Effort

Scottsdale-based Onsemi is laying off 51 employees at its San Jose design center as part of cost-cutting measures. This move comes as the semiconductor company pursues a $6.9 billion takeover of Allegro MicroSystems, a deal that could reshape the industry. Despite the cuts, Onsemi is still focused on growing its presence in Arizona, following previous expansions in the Valley.

🏡 Everly at Morrison Ranch Pre-Leasing in Gilbert

A new luxury apartment community, Everly at Morrison Ranch, is now pre-leasing in Gilbert, with rents ranging from $1,850 to $2,525 per month. The community features modern farm-style architecture, gourmet kitchens, resort-style pools, and an on-site dog spa. Set to open later this month, Everly adds another upscale living option to Gilbert’s rapidly growing Morrison Ranch area.

🚀 Virgin Galactic Begins Building Next-Gen Spacecraft in Mesa

The first Delta SpaceShip is set to begin assembly this month at Virgin Galactic’s East Valley facility near Phoenix-Mesa Gateway Airport. The cutting-edge spacecraft is expected to fly private astronauts by fall 2026, with a design capable of conducting eight space missions per month. With revenue of $7 million last year and plans for a second spaceport in Italy, Virgin Galactic is looking to ramp up commercial space travel in the coming years.

West Valley News & Developments

🚂 BNSF Railway Delay on $3.2B Surprise Rail Hub

BNSF Railway’s proposed $3.2 billion intermodal and logistics hub near Surprise is facing more delays as the company requests to push the zoning vote to August 2025. The plan has sparked strong pushback from residents concerned about traffic, water use, and environmental impact. City officials have also raised concerns, urging further studies before approval.

🏢 Kenco Leases 640K SF in Buckeye as Industrial Boom Continues

National logistics firm Kenco has signed a 641,906-square-foot lease in Buckeye’s I-10 Gateway industrial complex, marking another major tenant expansion in the West Valley. This deal follows Amazon’s recent leases totaling over 3.4 million square feet across Buckeye, Glendale, and Goodyear, solidifying the region’s reputation as a national logistics hotspot.

🏡 Lennar & Taylor Morrison Buy First 600 Lots in Peoria’s Saddleback Community

Two of the nation’s largest homebuilders, Lennar and Taylor Morrison, have spent $54 million to acquire the first 600 lots in Peoria’s 5,300-acre Saddleback master-planned community. With homes expected to start in the $500,000s, the development is drawing comparisons to "Scottsdale of the West Valley." Camelot Homes has also joined as a luxury builder, with multi-million-dollar custom homes planned.

⛽ Arizona’s First Buc-ee’s in Goodyear Delayed Until 2026

The highly anticipated Buc-ee’s travel center in Goodyear—known for its Texas-style barbecue, massive convenience store, and spotless restrooms—will now open in June 2026, later than originally planned. The 74,000-square-foot store will feature 120 fueling stations and bring 200+ full-time jobs to the area.

🏡 Real Estate Trends

 📉 Sellers Are Losing Confidence

The average asking price per square foot has already started declining, which is unusual for this time of year. This early drop suggests sellers are feeling the pressure as inventory continues to rise while demand remains mediocre at best. Buyers, on the other hand, have more negotiating power than they’ve had in years, with many sellers offering larger concessions to get deals done.

📊 Phoenix Market is Still Shifting Toward Buyers

The Cromford® Market Index shows that 12 cities have become weaker for sellers, while 5 cities have actually improved over the past month. Queen Creek and Tempe saw the biggest drops, but the overall shift toward a buyer’s market is slowing down. Demand has picked up slightly with lower mortgage rates, but new listings keep coming in, adding even more choices for buyers.

🏡 Home Prices Remain Surprisingly Strong—For Now

Despite market weakness, home prices have held steady, with the average price per square foot rising 0.7% in the past month. This strength is mostly due to higher-end home sales, while the more affordable market is seeing weaker activity. However, experts warn that the price per square foot for active listings has started falling—a leading indicator that closing prices may not stay this strong for long.

💡 What This Means for Buyers & Sellers

Buyers have the upper hand in negotiations, especially on homes under $600K where competition is low. But if you’re selling, pricing correctly is more important than ever, as overpricing can lead to longer days on market and price cuts down the road.
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_{Mortgage rates vary based on individual qualifications, including credit score, loan type, and lender policies. For a personalized rate estimate, it’s best to consult with a lender.}

🌵See You Next Week in the Desert

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