Happy Tuesday, Friends!

Hope you got a little sun this weekend and didn’t spend too much time stuck on the 101. I’ve been diving into this week’s development updates, and it’s wild how quickly things shift—what was just a patch of dirt a year ago is now a 7-billion-dollar tech city-in-the-making. Whether you’re watching the market, the growth, or just trying to stay one step ahead, I’ve got everything you need right here.

The Recap

This week, we’ve got major moves on both sides of the Valley. In the East Valley, Halo Vista the 2,300-acre master-planned community near TSMC just named a new president and is gaining serious momentum. Tempe’s skyline is getting taller with a 27-story apartment tower breaking ground soon, and Tri Pointe is planning a new 76-home community in Gilbert alongside some big retail news from Fogo de Chão.

On the West side, Peoria is expanding its 55+ housing options, a new retail center near State Farm Stadium officially broke ground, and Litchfield Park is turning a historic homestead into a cultural centerpiece. And of course, we’ll unpack what’s happening with pricing and demand because the real estate market just hit a turning point you’ll want to know about.
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East Valley News & Developments

Halo Vista Gears Up to Break Ground in North Phoenix
One of the largest master-planned communities in the state is officially gaining momentum. Halo Vista—the 2,300-acre mixed-use mega project surrounding TSMC’s chip plant—just brought on Phoenix native Chris Janson as its new president. His focus? Finalizing infrastructure and launching vertical construction in 2026. The $7B project will include residential, commercial, and industrial districts, with two major hubs: The Forge (a 12M sq ft manufacturing center) and the Sonoran Oasis Research & Tech Park.
📍 North Phoenix – TSMC corridor
🔗 Read more

27-Story Tower Coming to Downtown Tempe
Tempe is going vertical again. Trinitas Tempe, a 380-unit apartment tower, is moving forward after developers officially purchased the land for $6M. Located near ASU and the 7th Street pedestrian corridor, this 27-story high-rise will feature rooftop amenities, 300+ parking spots, retail space, and over 400 bike slots. Construction starts in May, with doors expected to open in summer 2027.
📍 211 E. 7th St, Tempe
🔗 Read more

Tri Pointe to Build 76 Homes in Gilbert
Tri Pointe Homes just paid $18.2M for 40 acres at Pecos and Greenfield, where they’ll develop a 76-home community called Lusitano. It’ll be gated and packed with open space features like trails, fire pits, swing sets, and a half basketball court. The homes will be single-story, and the first sales are expected to begin in 2027.
📍 Pecos & Greenfield, Gilbert
🔗 Read more

Fogo de Chão Signs 20-Year Lease in Gilbert
The high-end Brazilian steakhouse is coming to Signature at SanTan Village, joining Dick’s House of Sport and Whole Foods at Gilbert’s next major retail destination. This will be Fogo’s second Valley location and is set to offer their full open-flame tableside dining experience. Delivery of the space is expected by late 2025.
📍 Williams Field Rd & SanTan Village Pkwy, Gilbert
🔗 Read more

Harkins Launching BackLot Entertainment Concept
Harkins is stepping beyond movies and opening its first BackLot location in north Phoenix next month. The 30,000 sq ft space at Norterra will include bowling, arcade games, Arizona’s largest sports-viewing screens, and a full bar and restaurant. Think upscale family entertainment meets local hangout.
📍 Shops at Norterra, Phoenix
🔗 Read more

West Valley News & Developments

Ridgecrest 55+ Community Opens in Peoria
Shea Homes just launched Ridgecrest, a 414-home active adult community tucked into the Vistancia area near Loop 303 and Carefree Hwy. With homes starting in the low $500Ks and 10 modern floor plans to choose from, it’s Shea’s first “Trilogy Boutique” community. On-site perks include a wellness club, pickleball courts, lap pool, and social event lawns.
📍 Vistancia, Peoria
🔗 Read more

Shops at the Cardinal Officially Breaks Ground in Glendale
A new nine-acre retail hub is coming to Glendale’s sports and entertainment district. Shops at the Cardinal—just steps from State Farm Stadium—broke ground last week with big names already signed on, including Starbucks, Swig, Señor Taco, Bonchon, and McDonald’s. Only 1,200 sq ft of space remains unleased.
📍 91st Ave & Cardinals Way, Glendale
🔗 Read more

Litchfield Park Restoring Historic Homestead into Museum
The historic La Loma Homestead is being transformed into a regional museum and cultural center after city council approved $278K for design and engineering. Phase one will restore the original 1930s home, create seven exhibit galleries, and add new trails and public spaces. The site will highlight the history of Litchfield Park, Goodyear, and surrounding West Valley towns.
📍 Hilltop Property, Litchfield Park
🔗 Read more

🏡 Real Estate Trends

We just saw the biggest price drop in months—and it’s probably not done yet.

The numbers are clear:
The average price per square foot dropped from $314.81 to $305.88 in just 30 days. That’s a 2.8% dip. Even more telling? The median sales price fell from $465,000 to $450,000. That’s a 3.2% drop in just one month. And based on the latest pending listings, we’re likely to see prices drop a little more heading into May.

Here’s where things stand as of April 15:

📉 Average closed price per sq. ft. $305.88
💰 Median sales price $450,000
🧾 Pending list price per sq. ft. $322.13 (down 3.6% from last month)
🔮 Forecasted closed price per sq. ft. by May 15 $295.51

The luxury market has cooled off fast. Just a few weeks ago, contracts on $1 million-plus homes were trending above last year’s pace. Now they’re down 15% year-over-year. With the stock market and crypto both dipping, it’s no surprise that high-end buyers are pulling back a bit.

On the flip side, homes priced under $1 million are doing okay. Activity in the low and mid-range is slightly ahead of this time last year. Buyers are responding to lower prices—but cautiously. With mortgage rates still hovering just under 7%, no one’s rushing in without a reason.

The Cromford® Index says it all:
Out of the 17 largest cities in the Valley, 12 are now shifting in favor of buyers. Cities like Tempe, Cave Creek, Scottsdale, and Peoria are leading that trend. Even places that are technically still seller’s markets like Chandler and Avondale are barely holding the line.

So what’s the bottom line?
Sellers are feeling the pressure. Buyers have more leverage. And unless mortgage rates take a sharp turn downward, we’re likely in for a slower, more competitive summer.
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.}

🎉 Events Around the Valley

🌺 Arizona Tiki Oasis
A four-day retro-lifestyle celebration with pool parties, vintage shopping, rooftop soirées, tiki tastings, and more.
📅 April 24–27
📍 Hotel Valley Ho, Scottsdale
💵 Tickets from $169 (21+ only)
🔗 Event Info & Tickets

🦋 Free Spring Butterfly Festival
Live music, butterfly photo ops, costume contests, and a noon butterfly release. Come dressed as your favorite butterfly for a chance to win prizes.
📅 April 27 | 10 AM–2 PM
📍 Butterfly Wonderland, Scottsdale
💵 Free admission
🔗 Details

🐾 Día del Niño at the Phoenix Zoo
A fun-filled day celebrating children, animals, and Hispanic culture with music, activities, and zoo-wide entertainment.
📅 April 27 | 9 AM–1 PM
📍 Phoenix Zoo, 455 N Galvin Pkwy
💵 Included with zoo admission
🔗 Event Page

🌵See You Next Week in the Desert

That’s a wrap for this week’s edition of The Desert Real.
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