Prescott Area Real Estate Market is Roaring Back

According to an article in the local Prescott area newspaper, the Prescott Valley Tribune the housing market is roaring back in the Prescott Quad City Area! With construction happening all over quad-cities, it could only mean one thing… the market for new homes is finally making a comeback in the Prescott, AZ area.

In the Prescott Valley Granville development, construction equipment is working hard to complete construction on 300 homes by late October.

“We’re running out of (completed) lots,” said Universal Sales Associate Shannon De La Sierra, gesturing to a site map full of “sold” markers. “Pretty soon, we’re not going to have anything left to sell.” It’s a not a moment too soon for the economy to turn around, she said. “Last year, we sold 125 homes. The year before that was 68. The year before that was 35. And the year before that was 15.

Richard Parker, Prescott Valley’s Community Development Director, agreed, “We’re up several hundred percent over last year. We’ve projected we’re going to do somewhere in the neighborhood of 500 residential (housing) starts this year.” That’s as opposed to 27 new starts in 2010. He called the current trend “healthy, if not robust.”

“We were wondering if (the market) would ever come back,” De La Sierra said.

It has, Parker said. “We’re going to see an increased number of building permits unless something happens nationally.” As for fears that this is yet another bubble, he said, “I don’t see it. Prescott Valley has, I think, a lot of potential into the near- and mid-future,” which he defined as five to 10 years.

Parker noted other major developments which are currently in the works: Glassford Hill Heights, which is going before the town’s Planning and Zoning Commission in April, and Quailwood, which is “clicking along.”

Joe Contadino, president of Universal Homes, said, “The dirt’s flying around. The market’s been really good.”

He called the Granville project “the largest earthmoving project in Yavapai County,” and said they would end up moving “in excess of 500,000 cubic yard of earth.”

He said they have about 1,400 homeowners and still have 2,000 homes to build.

Contadino added “When the market tanked, everybody left or got into something else other than construction,” he said. “So rebuilding those trade skills has been difficult to meet market demand.”

more info: http://pvtrib.com/main.asp?SectionID=1&SubSectionID=1&ArticleID=60471