3OYS: Central Phoenix is hot spot for real estatePosted: Updated:
PHOENIX -- Eighteen luxury model homes are going up in an unexpected neighborhood.
They're near 33rd Street and Campbell Avenue, which is basically the heart of the city.
"People enjoy being in central Phoenix," said Dean Wegner, a realty specialist and mortgage broker in Scottsdale. "It's a shorter commute. You have farmers' markets and you have cafes. You have the culture and activities. The sports and everything else that you can imagine is within distance."
Wegner told 3 On Your Side he's not really surprised new homes and condominiums are being built in central Phoenix.
He said it was already heading in that direction, and construction spiked last year when many people began purchasing vacant lots in the established area for the purpose of building, a process known as infill development.
"In 2013, 1,311 homes were built as infill properties in central Phoenix compared to 200 in 2010," Wegner said.
Wegner believes people have grown tired of long commutes to work everyday. It also helps that public transportation has improved, making living in the city appealing, he added.
Vacant land available for building, however, is dwindling and will not last long.
But for now, infill development seems hotter than ever.
"People just like the convenience of being in central Phoenix, and that stigma of being not a great neighborhood is gone now," Wegner said. "It's very attractive because there are things to do."