We try to call them as we see them here. I think this is one of the reasons the Phoenix Real Estate Guy remains such a wide-read real estate blog. We have not always been bullish on the Phoenix real estate market, but right now we are.
Today is February 9th, and I am sitting here on the patio of a coffee shop in shorts and a short sleeve shirt writing this while the east coast gets hammered with a snow storm. That is one reason we could be bullish, but that is nothing new.
Have you been paying attention to all the attention the East Valley has been getting recently? Just check out what is going on.
We had Amazon move into a new massive complex in Tempe. We had State Farm build a luxury office building on Tempe Town Lake, and we had Shutterfly also open up a new large complex.
This week Chandler made national news a couple of times. First was the sale of the Ocotillo Golf Course in Chandler to ASU alumni Phil ‘Lefty’ Mickelson. Mickelson already is part owner of a few East Valley golf courses. If you have played Ocotillo, you know what a great golf course it is. So head on down and check it out. Just make sure that if you are like me, not a very straight driver, bring extra balls. There are a lot of man-made lakes on the course and they like to steal your golf balls.
Then came the news out of Chandler that Intel will be making a ‘small’ investment in the City. Intel already is one of the 10 largest employers in Arizona, and they intend to bring another 3,000 high-tech jobs to the valley of the sun. Along with those 3,000 jobs, Intel will be investing over $7-billion in building out their campus on Dobson Rd. Yes, that is billion with a “B”.
Chandler’s Mayor and Board have done a great job making Chandler a great place for innovation and tech. If you have driven 10 miles in Chandler over the last month, you have likely seen many of the Google self-driving map cars that are being tested in the City. Yes, those Waymo cars are the Google project cars.
You may have also seen one or two of the self-driving Uber cars being tested. Initially, the Uber testing project was slated for California, but with the red-tape and high regulations, Uber started looking for a new testing location, and they also chose Chandler.
Why is all of this stuff important to the local market? Part of the reason Phoenix has usually had a strong real estate market is that it is a desirable place to retire too. Now, not only has it become a great place to retire, but it has also become a hub for high-tech jobs and innovation. More people moving here with good paying jobs will continue to help ensure the real estate market stays strong.
Now, that does not mean I am guaranteeing anything with the market. This is a disclaimer we always have to make. Anything can happen with the national markets that could have an effect on the local market. But all signs of growth continue to look positive.