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El Mirage, Arizona

New Home Developments Coming to El Mirage

arizona market research phoenix Nov 03, 2020

El Mirage sits about 20 miles northwest of Phoenix and hasn't seen a lot of single family growth in recent years. That is until now. In the last couple of months, two big land deals have closed that will bring many homes to the area.

The first deal, is a $5.9 million purchase for 32-acres bought by Scottsdale-based Meritage Homes Corp. Meritage's new parcel is located at the northeast corner of Williams and El Mirage Rd. The land includes 123 lots sized at 45 ft by 115 ft, according the the Phoenix Business Journal.

The new homes, according to the Meritage Phoenix division president, Fred Hermann, will start under $300k. "The West Valley is an exciting market for Meritage to open a new community," Hermann said. "With recent price appreciation it is difficult to find a new home at entry-level pricing."

"With no new supply and little resale supply to be had in the immediate area, Meritage Homes is likely to wish it had more than the 123 homes the builder has to offer," Jim Belfiore, Belfiore Real Estate Consulting

The second deal, closed by NexMetro, has plans to build 267 single family rental units on it's 32-acres. This project is likely going to see a mix of one-bed townhome style units, with 2-3 bedroom homes being detached. This project is expected to start on-site in November, with a Q2 2022 opening.

Link: Multifamily for Sale in AZ

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