Despite the impact of the economic slowdown on house prices, the same group of real estate, economists, and investment & market strategists that predicted a recession in the next 18-20 months, has also made projections that though at smaller percentages, house prices will continue to rise over the next four years.
According to the group, the appreciation or depreciation of the real estate market comes down to supply and demand. Over the past six years, demand has exceeded the available amount by far.
With small signs currently showing that the housing inventory is gradually beginning to increase, you should hurry to make your purchase in one of the most promising destinations around the nation, The Luxe at Desert Ridge. Scottsdale is the perfect example of a city with huge potential. This comes as a result of the ever rising population and a diverse immigrant culture that demands more housing.
Apart from that, buying a Condo in Scottsdale is especially favorable due to the diverse amenities available in the city. Healthcare centers are available in every hometown, schools and libraries are also well distributed in the town, and it’s not a wonder that the Scottsdale real estate market has been on the rise since 2011. The median prices for homes in Scottsdale have steadily risen by about 8.8% from last year with the average sales price rising an impressive 10.2%. So, it does not matter if you are purchasing a home to rent it out, to resell it after it gains value, or to live in the city, Scottsdale seems to be a favorable choice.
Scottsdale’s population is proliferating. The most significant growth was experienced in 2015 when the city’s population had increased by 2,000 to an estimate of 236,839 people. The New York Times gave a description of downtown Scottsdale as a sunnier version of the South Beach in Miami. The population here is mostly young hence the city has a buzzing and interesting hotel scene and a lively atmosphere. Scottsdale also shares boundaries with many entities and municipalities, acting as a bridge from and to cities across the 11.4-mile wide city. Phoenix, Paradise Valley and Maricopa County, all vibrant entities, border the city to the west. Tonto national forest borders the city to the north. These factors give Scottsdale its popular stature of high-quality life. At one time, the town received a “Most Livable City” award among a handful of other cities. The city is now the sixth-largest in the country.
There is a lot of diversity in culture in Scottsdale. This is also true in terms of religion. Though a high population would consider themselves to be Christians, there has been a high population in Scottsdale who are Jews and Eastern Orthodox among other religions. The city seems to be attracting everyone from diverse races and cultures over the years. It is a lucrative property investment prospect and an excellent place to buy a condo and live. To top it all off, Scottsdale’s tourism sector has been flourishing over the past ten years currently being the city’s primary employer. This means that business is great in Scottsdale and an economic impact of $3.1 billion contributed by the tourism industry is proof enough that the city is a favorite destination. There’s so much that the city of Scottsdale has to offer to both property investors and its residents. You can view these and more on Scottsdale here: https://en.wikipedia.org/wiki/Scottsdale,_Arizona