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BUSINESS
SCOTTSDALE PROGRESS | WWW.SCOTTSDALE.ORG | AUGUST 7, 2022
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High-end homes dodge falling demand BY PAUL MARYNIAK Progress Executive Editor
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he Valley housing market’s cooldown is occurring at different rates in different cities and towns and high-end homes in Scottsdale and three other communities are being impacted by plummeting demand, according to a leading analyst of the Phoenix Metro market. The Cromford Report said that Queen Creek, Buckeye and Maricopa already have become the most attractive areas for homebuyers to score a big deal while Phoenix is among the cities where buyers will have to wait a month before they can try to barter their way to a better deal. The balance between supply and demand is now so tilted toward buyers, that they could be now calling the shots in Buckeye, Queen Creek and Maricopa, the Cromford Report said, adding that it
This 5,500-square-foot house on E. Chino Drive in Scottsdale’s Pima Acres community recently sold for $4.8 million. Built in 1998, the home has six bedrooms, 5 ½ bathrooms, a guest area with separate entrance and sits on a little more than 1.5 acres. (Special to the Progress)
may depend on their experience in the real estate game. “Here buyers now hold a distinct negotiating advantage and have a total of 2,243 active single-family detached list-
ings to choose from,” it said. “This compares with 675 just three months ago. “Because the majority of these areas cater largely to first-time buyers who are less experienced, it can take a few
weeks for these buyers to realize how strong a hand of cards they hold.” The Cromford Report identified five
see MARKET page 27
Revel independent living communities near completion BY ALEX GALLAGHER Progress Staff Writer
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wo new independent living facilities, Revel Legacy and Revel Scottsdale are nearing completion and already have begun leasing residences. The properties each feature over 150 apartment homes on over 170,000 square feet of land that were acquired by parent Wolff Company in 2018 and have taken a new approach to the world of independent living communities. “We wanted to create an aesthetic that didn’t look like a typical senior property so that anybody can walk into here and not think, ‘Oh, I’m walking into an active adult or senior living facility,’” said Christina
Revel Legacy, located off Pima Road and Legacy Boulevard, began leasing units in June and construction should be completed by the end of the summer. (Special to the Progress)
Johnson, the creative director for Private Label International, which designed the two communities. Wolff paved the way for Revel Scottsdale by buying the Scottsdale Athletic Club for $9 million and razing it, according to data reported by Valley real estate tracked vizzda.com. Although the design team had a clear image in mind for both communities, they faced an uphill battle bringing them to fruition. First, they were put on hold during the early days of the pandemic. Then, Johnson said, the team had to practice “value engineering” when it got
see REVEL page 29
