Scottsdale Real Estate
Scottsdale real estate is something that out of state visitors search for and Arizona residents keep an eye on for investment opportunity. Foreclosures in Scottsdale Arizona have not sunk home values the way they have in some of the state’s other prominent cities. The city of Scottsdale is bordered to the north by Carefree, the south by Tempe, the west by Phoenix and Paradise Valley and to the east by the Salt River Pima Indian Community and Fountain Hills. The McDowell Mountain Range lies northeast of city.
Scottsdale AZ Real Estate – 4 Segments
Scottsdale real estate has a wide variance in price that depends predominantly on location. Four areas make up the city of Scottsdale. North Scottsdale, South Scottsdale, Old Town Scottsdale and Central Scottsdale (also known as the “Shea Corridor”).
North Scottsdale Real Estate
North Scottsdale real estate can be quite a bit pricier than other areas of the city. North Scottsdale is the area north of Shea Boulevard. Communities in North Scottsdale include; DC Ranch, Desert Highlands, Estancia, Grayhawk, Legend Trail, McDowell Mountain Ranch, Silverleaf, Troon Village, Troon North, Whisper Rock and a few other subdivisions. The median price of single family-detached homes for the first half of 2010 was $425,000. This means that half of the homes sold for less than this amount and the rest sold for more than $425,000. The average sale price of approximately $565,000 tells you just how valuable real estate in this area is despite the current market conditions of Arizona real estate.
South Scottsdale Real Estate
The area of Scottsdale from McKellips to Thomas Road is South Scottsdale. Single family-detached homes in South Scottsdale range from $60,000 to $600,000. Think you can’t afford real estate in Scottsdale? Think again. Co-Ops in South Scottsdale are currently listed as low as $35,000! South Scottsdale real estate also offers town homes in the $50,000 range. This provides you with tremendous investment opportunity with these units renting around $800 per month. For a number of years the area was considered the working class region of Scottsdale. Today South Scottsdale is a hub for nightlife and a major Phoenix art center. SkySong, a new research center for ASU is located in South Scottsdale. This has attracted attracted the research and development arms of a number of international corporations.
Downtown Scottsdale Real Estate
The Downtown area of Scottsdale borders Chaparral Road to the north and Osborn Road to the south. The median list price of real estate in the downtown area is $205,000. Real estate in this area has recently undergone new construction of condominiums and hotels. Optima Camelview Village and Scottsdale Waterfront are two newer developments boasting gorgeous million dollar condos. The views from some of these units are breathtaking. More affordable units can also be found at the Mark Residence Club located at Indian School and 68th Street. The HOA for this condominium includes all of the utilities and is like living at a 4 star hotel! Downtown is made up of fashion stores, many restaurants, bars, nightclubs, and western art galleries. Downtown is divided into nine districts. Scottsdale Fashion Square (one of the largest malls in the U.S.), the Entertainment District, the Scottsdale Art’s District and the 5th Avenue Shops and Boutiques, are all located Downtown.
Shea Corridor Real Estate
The Shea Corridor makes up Central Scottsdale. This is the area between Chaparral Road and Shea Boulevard. The highly sought after communities of Gainey Ranch and McCormick Ranch are located here. The Resort Corridor is also located in this area of the city. The bulk of revenues in Scottsdale are derived from tourism much of which takes place in the Shea Corridor.