Happy Tuesday, friends!

Hope you had a good and safe Memorial day weekend! This week is full of surprises…literally. From a massive new water park and splash pad in Surprise to the return of long-awaited retail in SanTan Valley and a first-of-its-kind dessert shop opening in Peoria, the Valley continues to grow in unexpected ways. Meanwhile, the real estate market is shifting again. Demand is weakening, but supply has started to level off. Mortgage rates are back above seven percent and buyers are getting pickier by the day.

The Recap

There is something for everyone in this week’s news. In the East Valley, a 14-acre mixed-use community has been proposed in Gilbert, while North Scottsdale saw a ninety-seven and a half million dollar apartment deal close on a trophy asset. The local restaurant scene is heating up too, with Clive Collective announcing five new concepts opening from Roosevelt Row to Paradise Valley Mall.

Over in the West Valley, Cinnabon Swirl made its national debut in Peoria, and Litchfield Park approved a performing arts high school and new public library as part of its historic Hilltop site redevelopment. Meanwhile, Surprise just opened a massive new swim center and splash park, and Glendale, Goodyear, and Buckeye all have major housing projects underway for everyone from veterans to first-time renters.

And in the market? Buyer demand is slowing. Supply is holding steady. And condo prices continue to slide in some parts of the Valley. We break it all down in the Real Estate Trends section below.
Click here for live mortgage rates 
_{Rates vary based on credit score, loan type, and lender policies. For the most accurate estimate, consult with a lender.}

East Valley News & Developments

Aura San Tan: 14-Acre Mixed-Use Community Proposed in Gilbert
Dallas-based Trinsic Residential Group is planning a new 14-acre mixed-use development near Loop 202 and South Market Street in Gilbert. Called Aura San Tan, the project includes 357 apartment units across three buildings and nearly 21,000 square feet of office space. A large central courtyard, pool area, fitness center, and walkable design are all part of the plan. This site connects directly to the neighboring Novel Val Vista development, creating a residential and commercial hub on one of the area’s last remaining parcels.
📍 South Market Street near Loop 202, Gilbert
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Five New Restaurants Coming from Clive Collective
Clive Collective—the team behind hit restaurants like Cala and Tell Your Friends—is adding five new concepts to the Valley dining scene. Kuza, an Asian concept, will open later this summer in North Scottsdale. Downtown Phoenix will get three more: Ada, Love Call, and Kuza Tori. All three will open in 2026 in the Roosevelt Row area. Clive is also bringing a second Cala location to the PV redevelopment, with a more refined menu and elevated vibe to match the neighborhood.
📍 North Scottsdale, Roosevelt Row, and Paradise Valley Mall Redevelopment
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The Core Sells for $97.5M in North Scottsdale
Scottsdale-based MC Companies just acquired The Core, a 282-unit Class A apartment complex near Hayden Road, for ninety-seven and a half million dollars. Built in 2017, the four-story gated community includes luxury amenities like a rooftop pool, clubhouse with poker and theater rooms, and mountain views. The purchase aligns with MC Companies’ strategy of buying trophy assets in top-tier submarkets.
📍 15333 North Hayden Road, Scottsdale
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Skyline Ranch Marketplace Moves Forward in SanTan Valley
After a decade of delays, Skyline Ranch Marketplace is finally being built out. Pennant Development purchased the remaining land from WinCo and will begin construction on a 225,000 square foot retail center this summer. The site is already eighty-five percent leased with tenants like EoS Fitness, Marshalls, and In-N-Out. A new restaurant zone called The Zone will anchor the center, designed to be pedestrian-friendly and event-ready.
📍 Gary Road and Hunt Highway, SanTan Valley
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West Valley News & Developments

Cinnabon Swirl Makes National Debut in Peoria
Peoria is home to the first-ever Cinnabon Swirl concept, which blends Cinnabon’s iconic cinnamon rolls with Carvel soft serve ice cream. The new dessert shop at Lake Pleasant Crossing offers exclusive menu items like the Bonini—a pressed cinnamon roll with soft serve—and Cinnabon Swirl sundaes. The location officially opened May twenty-third, with a grand opening celebration set for May thirtieth. Four more Swirl locations are coming nationwide later this year.
📍 Lake Pleasant Crossing, Peoria
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Litchfield Park Approves Performing Arts High School and New Library
Litchfield Park City Council approved plans to transform the historic La Loma Homestead into a cultural hub with a new performing arts high school and a Maricopa County library branch. The Hilltop School for the Arts will feature a seven hundred-seat theater and architecture designed to complement the original hilltop cottages. The new ten thousand square foot library will include reading rooms, program space, and tech upgrades. Construction on both projects begins later this year, with openings scheduled for fall 2026.
📍 Litchfield Road and Brinton Avenue, Litchfield Park
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Three New Housing Projects Break Ground Across the West Valley
The West Valley continues to add housing at all price points. In Glendale, fifty tiny homes for veterans are being built in partnership with the Veterans Community Project. Goodyear is getting a 355-unit apartment complex called Revolve at Ballpark Village. And in Buckeye, Harvard Investments is building FirstStreet Skyline, a 222-unit build-to-rent community with resort-style amenities including a gym, cold plunge, fire pits, and a pool.
📍 Glendale, Goodyear, and Buckeye
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Surprise Opens Massive Water Park and Swim Center
Surprise just opened Rescue Oasis Park, Soak Station 309 splash pad, and the Oasis Swim Center—all part of a major new aquatic and recreation complex. The swim center includes three pools: an Olympic-style lap pool, a recreation pool with six slides, and an adventure pool with zip lines and rock walls. The complex also includes playgrounds, shaded picnic areas, and event rentals. Admission ranges from four to eight dollars depending on age and residency.
📍 12361 North Perryville Road, Surprise
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🏡 Real Estate Trends

Buyer demand is slipping—and condos are officially in a funk.

Things are shifting again, but not dramatically. Supply has mostly leveled off, which is a good sign for sellers. But demand? It is still dropping. Rates are back above seven percent, and a lot of buyers are either holding off or getting extra picky with what they are willing to move on.

Let’s break it down:

📉 The average price per square foot for condos and townhomes in Maricopa County is now sitting at two hundred forty one dollars.
📉 That number has been trending down since the end of last year—and the dip is starting to add up.
📉 Contract ratios across the board are way down from this time last year:
 • Single-family homes down thirty three percent
 • Townhomes down forty nine percent
 • Apartments down over fifty five percent

The attached product market—especially anything under five hundred thousand dollars—is really feeling it. Higher HOA fees, bigger insurance costs, and tighter lending requirements are turning buyers off before they even get to the offer stage. And if the HOA has issues? Forget it. Lenders are walking away too.

On the flip side, luxury condos and townhomes are still doing fine. Prices in that segment are holding up because inventory is tight and buyers are less sensitive to interest rates. So if you are selling high-end, you are probably still getting solid interest.

So what does it mean right now?
This is one of those weird moments in the market where things are not falling apart—but they are definitely not hot. It is just kind of... slow. Most sellers are having to come down in price. Most buyers are waiting to see if rates drop. And unless something big changes, this might be how summer plays out.

The Cromford Market Index is backing that up
Only four cities improved for sellers over the last week. The rest either stayed flat or shifted more in favor of buyers. Places like Scottsdale, Chandler, Glendale, and Phoenix all saw the biggest moves in the wrong direction if you are a seller.

Bottom line
We are not in a crash. We are not in a boom. But we are definitely in a grind. If you are a seller, price it right from day one. If you are a buyer, take your time—there are more options and less pressure than we have seen in a long time.
Check current mortgage rates
_{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

That’s a wrap for this week’s edition of The Desert Real.
I appreciate you being here and staying plugged in with what’s going on around the valley. Whether you’re thinking about making a move or just like being in the know, we’ve got you covered.

If you ever spot something interesting in your neighborhood or have a question about anything you see here, just hit reply and let me know. We’d love to hear from you.

See you next week!

-Brad