👀A Quick Look

Developments

North Phoenix is set for growth with Cypress Development Partners’ The Interchange, a 233,500-square-foot mixed-use medical and office campus near the HonorHealth Deer Valley campus. Scottsdale pushes forward with its Parks and Recreation Master Plan, focusing on improving existing parks and expanding recreation opportunities. Meanwhile, Mesa greenlights the Lofts at 121, a 68-unit townhouse project that adds to the city's multifamily offerings.

What to Do This Week

Explore local culture and entertainment! Visit the Metro Phoenix Night Market in Mesa for Asian food and anime-inspired vendors, or immerse yourself in the glowing wonder of the Imaginarium Winter Wonderland. For live entertainment, catch Disney’s The Little Mermaid at Fountain Hills Theater or join the Angels on Patrol Race to help provide shoes for children in need.

Real Estate Market Trends

The Southeast Valley leads the market, with cities like Chandler, Tempe, Gilbert, and Mesa showing strong seller conditions. On the flip side, Maricopa and Buckeye face growing inventory and shifting to buyer’s markets. With some cities experiencing gains and others declining, the Phoenix metro area reflects a market in transition, offering opportunities for both buyers and sellers.

🚧Newest Developments

Major Mixed-Use Medical and Office Campus Planned for North Phoenix

Scottsdale-based Cypress Development Partners is planning The Interchange, a 233,500-square-foot medical and office campus in the Deer Valley area of north Phoenix. The development will include:

• Multiple medical office buildings

• Retail spaces with drive-thrus

• A four-story hotel with 130 rooms

• Flexible office buildings

With its proximity to HonorHealth’s Deer Valley campus and the TSMC semiconductor facility, The Interchange will help meet the growing demand for healthcare and commercial space. Developers expect to finalize zoning by mid-2025, with early phases breaking ground later this year.

Scottsdale Approves 10-Year Parks and Recreation Master Plan

Scottsdale City Council has unanimously approved a 300-page Parks and Recreation Master Plan to guide the city’s park investments over the next decade. The plan aims to reinvest in aging parks, improve infrastructure, and expand recreation programs in response to expected 11% population growth.

Key findings from the public survey:

• 90% of residents visited a park or recreation facility in the past year.

• 86% believe parks improve their physical health.

• Pickleball, disc golf, and dog parks top the list of recreation needs.

• Residents want more shade structures and better restrooms.

New Townhouse Development in Mesa Faces Opposition

A 68-unit townhouse project, Lofts at 121, has been proposed for Mesa, just north of East Main Street and North Beverly.

• Three-acre development will include two- and three-story townhomes

• 165 parking spaces planned, meeting city requirements

• Concerns from residents include increased traffic, pollution, and privacy issues

Mesa's Planning and Zoning Board will review the project on Jan. 22. Residents have voiced concerns about density, traffic flow, and second-story windows facing their properties.

Sherman Residential Acquires Axis Camelback for $72M, Plans Renovations

Sherman Residential has returned to the Phoenix market with a $72.05 million acquisition of Axis Camelback, a 237-unit luxury apartment community at 4949 N. 7th St.

Since the acquisition:

• $600,000 invested in exterior upgrades

• Hand-painted mural of Camelback Mountain added

• Clubhouse, speakeasy lounge, and rooftop deck renovations underway

• Rents start in the $1,300s, with move-in concessions available

Sherman Residential plans to invest $1 million over five years before selling the property.

🤔What to Do This Week!

🎡 Metro Phoenix Night Market

📍 Location: AZ International Marketplace, Mesa
📅 Date: Saturday, February 3rd
⏰ Time: 4:00 PM - 9:00 PM
🎟 Admission: Free

Experience a vibrant Asian night market, featuring local food vendors, anime artists, and retail shops. This festival is a great way to explore diverse cuisine and culture, all while supporting small businesses. Bring cash for quick transactions, and don’t forget to RSVP online to help vendors prepare!

🔗 More Info & RSVP

❄️ Imaginarium “Winter Wonderland” in Mesa

📍 Location: Superstition Springs Center, Mesa
📅 Dates: Now through February 17th
⏰ Time: 5:00 PM - 10:00 PM
🎟 Tickets: Starting at $24 (Discounts for kids, seniors, military)

Step into a dazzling world of lights, interactive displays, and seasonal magic at this immersive holiday walk-through festival. Perfect for families, this event features millions of shimmering lights and whimsical winter-themed experiences.

🔗 Get Tickets

🎭 Disney’s The Little Mermaid – Live on Stage

📍 Location: Fountain Hills Theater, Fountain Hills
📅 Dates: January 31 – February 16, 2025
🎟 Tickets: $40 adults | $18 youth (Discounts for veterans, seniors, and groups)

Join Ariel, Prince Eric, and the evil Ursula in this Broadway musical adaptation of the Disney classic. With stunning costumes, beautiful music, and captivating performances, this is a must-see for families and musical lovers alike.

🔗 Get Tickets

👟 Run for a Cause – 5K & 1-Mile Race

📍 Location: Metrocenter Area, Phoenix
📅 Date: Saturday, February 3rd
🎟 Registration Required

Support Angels on Patrol, a nonprofit helping local police provide new shoes for children in need. Whether you run or walk, every step you take helps make a difference in the community. All participants receive an event race shirt.

🔗 Register Now

🏡 Real Estate Trends

The latest Cromford® Market Index (CMI) reflects a dynamic shift in the Phoenix metro real estate market. While some cities remain strong seller markets, others are starting to tilt in favor of buyers. Here's a closer look at the key trends:

Top Performing Markets

• Chandler (156.6) leads the region, followed by Tempe (140.2) and Scottsdale (134.4), all showcasing significant gains. Chandler and Tempe, in particular, saw strong improvements of 4% and 6%, respectively.

• Gilbert (+10%) and Mesa (+10%) further highlight the Southeast Valley’s strength, driven by sustained demand and limited inventory.

Balanced Markets

• Phoenix (121.6) and Peoria (103.0) remain in relatively stable territory, signaling balanced conditions where buyers and sellers share negotiation power.

Buyer-Favored Markets

• Fountain Hills (-15%), Paradise Valley (-3%), and Cave Creek (-4%) are transitioning to buyer's markets, with Fountain Hills experiencing the steepest decline.

• Maricopa (48.3) and Buckeye (50.4) continue to struggle with surplus inventory. Maricopa now has nine months of supply, reminiscent of 2008 levels, pushing median prices down to $355,000 from their May 2022 peak of $419,990.

Regional Dynamics

• The Southeast Valley (Chandler, Gilbert, Mesa, Tempe) remains the most resilient, with growing buyer interest and increasing contract activity.

• Outlying areas such as Maricopa and Buckeye face affordability challenges, with excess inventory creating downward pressure on pricing.

Outlook

Although Phoenix remains somewhat above the national average for home price growth, the market's overall cooling indicates an era of more balanced conditions. Buyers are beginning to gain negotiation power in certain markets, particularly in areas with high inventory.

🌵See You Next Week in the Desert

Thank you for joining us this week on The Desert Real! We’re thrilled to have you as part of our growing community!

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-Brad