☀️ Happy Tuesday, friends!

Old Town keeps reaching higher, discount grocers keep spreading, and big money keeps flowing into the Valley’s industrial backbone. This week’s stories are a good snapshot of where Greater Phoenix is headed as we wrap up the year.

From skyline changing projects in Scottsdale to everyday conveniences popping up across the East and West Valley, momentum is steady and unmistakably local.

📰 The Recap

The Valley closed out the year with a mix of bold development and quiet market shifts. Major mixed use projects continue to move forward with fewer roadblocks, signaling confidence from both developers and city leadership.

At the same time, retail and restaurant expansion remains strong. Grocery, fast casual, and rooftop dining are following rooftops and rooftops keep rising.

On the real estate side, December brought a surprise boost for sellers. Supply tightened faster than expected and demand showed just enough life to push prices higher, even during the holidays.

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.}

News & Developments

⚡ Scottsdale City Center Moves Forward in Old Town

A long planned, highly debated project at Scottsdale Road and Camelback cleared another major hurdle. The Development Review Board unanimously approved Scottsdale City Center, a key piece of the larger Scottsdale Collection.

The 3 acre project includes 138 residential units, 35,000 square feet of commercial space, a public plaza, and two centrally located 14 story towers designed to reduce street level impact.

📍 Scottsdale Old Town
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🏗️ Aldi Locks in New East Valley Location

Aldi continues its Valley expansion with a land purchase at Power and Elliot roads on the Mesa Gilbert border. The grocer plans a roughly 19,000 square foot store as part of the Avalon Ranch mixed use development.

The brand is also filling former 99 Cent Only spaces across Scottsdale, Mesa, and Phoenix, signaling long term confidence in local demand.

📍 Mesa and East Valley
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🍹 Cielito Rooftop Coming to Old Town

A new rooftop bar and restaurant called Cielito is set to open at the AC Hotel Scottsdale Old Town in early 2026. The concept will offer elevated Northwest Mexican cuisine, agave forward cocktails, and sunset views of Camelback Mountain.

Designed as a day to night destination, the indoor outdoor space will seat about 70 guests and overlook the hotel’s pool deck.

📍 Scottsdale Old Town
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🍗 Raising Cane’s Headed to Buckeye Commons

Buckeye is getting another late night favorite. Raising Cane’s is under construction near Interstate 10 as part of the Buckeye Commons development, close to the recently opened Costco.

The restaurant is expected to open in spring 2026 and will join other major retail tenants planned for the site.

📍 Buckeye
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📦 Walmart Buys Record Setting Industrial Building

Walmart purchased a 1.27 million square foot industrial building at Luke Field in Glendale for $152 million, the largest industrial sale in Arizona this year.

The property is part of a LEED Gold certified logistics park and highlights continued demand for large scale industrial space in the West Valley.

📍 Glendale
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Real Estate Trends

Local Market Update

December delivered an unexpected gift for sellers. Across Greater Phoenix, the Cromford® Market Index rose in 17 of the 18 largest cities, driven by falling supply and slightly improving demand.

The average sales price per square foot jumped to $307, up more than 4 percent month over month, while the median price climbed to just under $460,000. Pending prices suggest modest upward pressure may continue into early January.

While buyers still hold leverage overall, more cities are shifting toward balance or seller conditions, especially in Gilbert, Peoria, Queen Creek, and parts of the West Valley.

National Trends

Nationally, 2025 ended in a more balanced housing market. Inventory rose more than 16 percent year over year, price growth flattened, and homes took longer to sell.

Mortgage applications improved significantly compared to 2024, but sales only edged slightly higher. The takeaway is steady re engagement, not a full rebound. Phoenix largely followed that same pattern, with stability replacing volatility as we head into 2026.

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

This week was a reminder that growth here shows up in many forms. Some of it reshapes skylines, some of it fills shopping carts, and some of it quietly stabilizes the market underneath it all.

As always, thanks for reading and staying plugged into what’s happening around the Valley.

– Brad