Perception is everything. You have probably heard this countless times. In this case I am speaking about public perception of the real estate market. I blogged a few days ago on the media coverage, but this time it's not the bad stuff.
The average person doesn't do a lot of research to see if the media info is accurate. But developers do lots of due dliigence before they decide to go through with a project. If the market outlook is so gloomy, then why are so many new projects being proposed and started. Two recent announcements bring this point home.
In downtown Phoenix, the CityScape project was approved this week. This project further solidifies the efforts to revitalize downtown. It will include 4 towers with residential, office and shopping. Why would developers and investors put in $900 million if they didn't have a positive outlook.
Also announced yesterday were plans to revitalize a shopping center next to the new SkySong project in South Scottsdale. SkySong is a new technology campus for Arizona State University (ASU) that has stirred up a lot of interest, and is definitely looked upon as a plus for an area that needed new life. Phoenix-based PDG America, in partnership with Trillium Residential, wants to bring apartments, shops, restaurants and a remodeled Bashas' supermarket to a 23-acre center southeast of McDowell Road and 74th Street. The project estimate is$100 million.
So, to add another cliche, beauty is in the eye of the beholder. When will the public wake up to the realization that the Phoenix area has so much to offer. The developers don't want to build a project that will sit empty. They do a lot of research beforehand to prove viability to get financing as well. These two example are only two of many that are occuring across the Valley of the Sun. Do you think the market would be the way it is now if there were no negative news reports?
On a lighter note, hockey started last night and the Coyotes won their first game in a crushing defeat of the Islanders. Let's hope that is a good sign for a great season to come! Hoooooowwwwllllllllllllllll
Adam Tarr,ePro
Sharon Kotula, ABR
RE/MAX Excalibur
Scottsdale, AZ
info@WeAreAZRealEstate.com
www.WeAreAZRealEstate.com
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