East Mesa's housing development shows real estate recoveryPosted: Updated:
MESA, Ariz. -- New construction is turning a corner in the Valley, and the suburb of Mesa is ready to grow again. A housing development long in the planning stages is now open.
“It is the symbol that residential real estate is back in Arizona,” said Garilyn Bourgeois with DMB Associates, Inc. “It’s always been intended for retail, commercial, residential, resort and civic.”
Eastmark, a new residential area, is 5 square miles located in East Mesa. It was purchased in 2006 by DMB Associates which is developing a master-planned community.
“What happened soon after that [purchase] was a little thing called the market crash,” said Bourgeois.
So plans were delayed, but never scrapped.
“We have 7 builders, 750 homes and within that each builder has a neighborhood some have two neighborhoods for a total of 9 neighborhoods,” said Bourgeois.
Ultimately, Eastmark will be home to 15 thousand residential families and could be home to Ginnie Rankin.
“My husband got a job here,” said Rankin, who just moved to Arizona from Texas last week. “He hadn't had a job for like 6 months but we survived. It wasn't easy but now we have a new start.”
Rankin is house hunting, looking for a new house in the brand new Eastmark community. “A new home, a new start, new everything.”
Arizona’s economic engine is once again driven by growth and housing.
“We watched the market in 2012 when it came back, and it has sustained in 2013,” said Laurie Tarver with Maracay Homes. “We are watching Phoenix rise from the ashes.”
“It feels good to be the first large scale community to launch in the last ten years,” said Bourgeois.