The first thing you should know about Scottsdale, AZ, is that it has a diverse population. Almost half of the cities’ population is over 50 years old. These people are looking to retire in luxury and comfort, but they’re looking for more than just luxury homes. They want amenities like golf courses, pools, tennis courts, etc. This means that neighborhoods closer to these features will be highly desirable to buy into or rent out, making homes there more affordable.
Here are the top five neighborhoods to choose from in Scottsdale AZ real estate.
1) Eastmark
Eastmark is an area in South Scottsdale that has been known for its factory outlet stores and cheap real estate up until recently. The property values are now increasing as more millionaires move into the neighborhood.
Its proximity to Kierland Commons makes it attractive for wealthy tourists staying at nearby resorts because these foreign buyers want amenities like gourmet cooking facilities, housekeeping services, etc.
There was also news about this project getting $120 million in loans by multiple government agencies, which further increased the sale value of homes in this area.
2) Grayhawk
Grayhawk used to be considered a more affordable area but now has properties valued at over $1 million and is continuing to grow as people move here for its proximity to the airport and the amenities of North Scottsdale.
3) McDowell Mountain Ranch
McDowell Mountain Ranch is an area that’s quickly gaining traction with foreign buyers because of its downtown environment, which offers great entertainment such as festivals, concerts, etc.
4) DC Ranch
DC Ranch is another highly desirable location due to its proximity to Pinnacle Peak Park, where there are trails for hikers and bikers of all levels. Many celebrities choose to live in this community because it’s also located near many high-end resorts like The Boulders and FireSky Resort & Spa.
5) Troon North
Troon North is one of the most expensive neighborhoods in Scottsdale and was named “Best Master Planned Community” recently by the National Association of Home Builders. The land is owned by the Troon family that also owns Troon Golf.
Best Time to Buy a Property in Scottsdale, AZ
Interest rates have been at their lowest point since April 2013, and it’s a good time to lock in a low price for a home. Additionally, prices are going up in Scottsdale, AZ, real estate because of the demand for premium homes. This increased demand means there’s less inventory available for sale, which increases the value of available properties.
Investing Opportunities in Scottsdale, AZ
Scottsdale has many foreign buyers who usually don’t want to deal with the hassle of renting out their homes, so they choose to sell them instead. They also appreciate having amenities like golf courses and clubhouse activities offered by specific neighborhoods, and these features attract multi-generational families and empty nesters.
When buying or renting, many investors are choosing condos over single home rentals because of the potential for high returns on their investments faster. Condos don’t cost as much to maintain since there isn’t as much yard work involved with them, making them attractive to busy professionals who may not have time to take care of a yard.