Happy Tuesday, friends!

We’re heading into a holiday week, but the Valley isn’t slowing down. From rooftop restaurants and rejected apartment projects to massive freeway expansions and new business openings, there’s a lot shifting across metro Phoenix right now.

The Recap

This week’s biggest headline comes from Scottsdale, where reality TV icon Lisa Vanderpump is set to open a new rooftop restaurant at Caesars Republic. Meanwhile, Gilbert made some bold moves—denying two major apartment proposals, signaling a bigger push to preserve commercial land and long-term tax revenue.

Transportation took center stage in both the East and West Valleys. In the East, progress on a long-discussed passenger rail line between Phoenix and Tucson is picking up steam. And in the West, ADOT’s massive State Route 30 freeway project is finally moving forward to help ease I-10 congestion.

In real estate news, we’re still seeing pressure on sellers. New listing activity has slowed, which is keeping inventory steady for now—but demand remains soft, and prices may slip as we move deeper into Q3.
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

Lisa Vanderpump’s Rooftop Restaurant Coming to Scottsdale
Lisa Vanderpump is bringing her high-end flair to the Valley with a new rooftop restaurant at Caesars Republic Scottsdale. Set to begin construction on July 7, Wolf by Vanderpump will take over the seventh floor of the luxury hotel and offer sweeping views of Camelback Mountain. Expect signature cocktails, desert-inspired decor, and a dramatic dining experience by winter.
📍 Scottsdale
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Phoenix to Tucson Passenger Rail Study Moves Forward
The dream of hopping on a passenger train from Phoenix to Tucson just got one step closer. The Federal Railroad Administration has approved ADOT’s initial submissions, unlocking the next phase: a Service Development Plan. The full study could take 2 to 3 years, but if completed, it could position Arizona for future rail infrastructure funding.
📍 Corridor from Buckeye to Tucson
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433-Unit Community Breaks Ground in North Scottsdale
Legacy Partners has officially started construction on Olea Scottsdale, a 433-unit multifamily project made up of garden-style apartments and townhomes. Located at Legacy Boulevard and Miller Road—just across from Axon’s massive future campus—the new community will wrap up in phases by 2027.
📍 19550 N. 76th St., Scottsdale
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Gilbert Council Denies Two Major Apartment Projects
Gilbert council just hit the brakes on two controversial apartment proposals. One would’ve rezoned 15 acres near Higley and Elona for 335 units with retail. The other sought to reduce open space in a 760-unit project near Warner and Martingale. A third, smaller proposal for Bella Storia did get the green light, increasing unit count from 304 to 367.
📍 Multiple Gilbert locations
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West Valley News & Developments

105-Unit Affordable Housing Nears Completion in Glendale
A new affordable housing complex called Unity at Glendale is almost move-in ready. Developed by TWG and backed by $2.4 million in ARPA funds from the city, the 105-unit community includes one- to three-bedroom apartments, a pool, dog park, and playground. It's located just west of 47th Avenue along Glendale Avenue and is expected to open before the end of the year.
📍 Glendale
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Massive State Route 30 Project to Relieve I-10 Congestion
ADOT is moving forward with the long-anticipated State Route 30, which will run parallel to the I-10 between Goodyear and Phoenix. Construction will start with a 13-mile segment from Loop 303 to Loop 202, helping ease pressure on the I-10 corridor, which sees over 300,000 vehicles daily. The total cost could top $5 billion, with plans to eventually extend the route to I-17 and SR-85.
📍 Goodyear to Tolleson
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$36 Million Industrial Deal in Surprise Highlights West Valley Growth
The Desert Cove Industrial Center in Surprise was just sold for $36.28 million. Fully leased to Castrol Oil, this 168,000-square-foot facility sits on over 9 acres and features top-tier logistics amenities. Surprise continues to be a magnet for industrial growth, fueled by its proximity to Sky Harbor and West Coast ports.
📍 11301 N. Litchfield Rd., Surprise
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🏡 Real Estate Trends

Prices are holding for now….. but demand keeps slipping.

The average price per square foot for the Phoenix metro rose slightly again, coming in at $301.40. That’s the second month in a row we’ve seen a small increase, but the bigger story is what’s happening underneath the surface.

Here’s where things stand:

📉 Contract Ratio: Down 7 percent month-over-month to 37.3
📉 Cromford Market Index (CMI): Slid further to 74.5, solidly in buyer territory
📉 Days on Market: Median days rose from 45 to 52
📈 Price per Sq Ft: Up from $299.27 in May to $301.40 in June

So yes, prices ticked up. But that doesn't mean the market is heating up.

Buyers are cautious. Homes are sitting longer. And sellers who don’t price aggressively from day one are feeling it. That’s especially true for entry-level and mid-range homes, where rising insurance costs, tighter lending, and higher HOA fees are pushing some buyers to the sidelines.

Meanwhile, the CMI continues to drop. Most cities are either in a balanced market or leaning toward buyers, and there’s no clear signal that demand is going to rebound anytime soon—especially with mortgage rates still hovering around 7 percent.

The takeaway?
We’re not in a crash, but we’re definitely not in a run-up either. If you’re selling this summer, focus on price and presentation. If you’re buying, you’ve got leverage—but don’t expect big discounts on homes that are clean, updated, and priced right.
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.

From freeway expansions and high profile restaurant launches to shifting city priorities on housing, the Valley continues to reshape itself one project at a time. And as the market finds its footing in the middle of summer, it’s never been more important to stay informed.

If you have questions, spot something interesting, or just want to talk through what all of this means for your next move hit reply. We are always here to help!

See you next week,
– Brad