Let the Good Times Roll North Valley real estate market churns along By Christopher Boan
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ndrew Bloom has seen a lot of real estate boom periods in the North Valley, but nothing like what’s ongoing in the region. Bloom, who founded the Bloom Van Omen Luxury Group at Keller Williams Arizona Realty, has worked as a Realtor for 25 years, serving Desert Ridge, Carefree, Cave Creek and North Scottsdale. “I think the growth up there, it’s explosive,” Bloom says. “We’ve got a 36
shortage of turnkey, move-inready homes, and anything that’s new construction or renovated is selling like hotcakes off the shelf.” Bloom says he believes interested buyers can still find a decent bargain in the North Valley if they’re willing to buy older homes that require a bit of modernization. “Buyers are willing to pay a premium, top price for new Jim Belfiore construction in the retail residential market,” Bloom says. “There’s an abundant supply of homes that require updating and improvement. And
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most of those sellers are trying to sell for retail when reality is savvy buyers are looking for good deals in the marketplace if they’ve got to put some work and time into it.” That outlook is similar to the one shared by Jim Belfiore, the founder and president of Belfiore Real Estate Consulting, a fullservice market research firm focusing on Arizona’s real estate environment. Belfiore’s firm has found that housing in Northeast Phoenix, which includes the Pima Freeway portion of the 101, as well as the area around the Mayo Clinic, is active. A glance at that region alone shows a median base home price of $595,990, with new-build homes costing $605,992 on average.