Shea Corridor, Central Scottsdale, Arizona – Real Estate Profile
The area of Central Scottsdale is best known as the Shea Corridor. This area covers east and west along Shea Boulevard from 136th Street to 64th Street and Double Tree Ranch Road, and extends from Chaparral Road, north to Shea Boulevard. There are a large number of communities in the Shea Corridor portion of Scottsdale; best known are McCormick and Gainey Ranch. Homes in this region were built during the 1970’s and the community is considered upper middle class.
The Shea Corridor is recognized as being both a resort and golfing area. Top hotels such as the Hyatt and Golf Courses like Mc Cormick, have been well-established for many years. Additionally, the area boasts several lakes, parks, restaurants, shops and small businesses. In recent years, the Shea Corridor has successfully embraced some more modern shops and restaurants located just East of Scottsdale Road and Double Tree Ranch Road.
Buying Real Estate in Central Scottsdale
Homes in Central Scottsdale consist of single family homes, patio homes, town homes and condominiums. Many of the homes are built in well-established communities where there are golf courses, lakes, and other activities. Prospective buyers seeking to live in Central Scottsdale and purchase real estate will want to thoroughly research the area to find a home that best meets their real estate needs.
The perfect blend of privacy and location make The Shea Corridor one of the most sought after communities to live in all of Scottsdale, making it a terrific investment. Home prices start around $200,000 and can go well into the millions depending on location. Land in the Central Scottsdale region is harder to come by, but there are still many lots available to build your dream home or business. Prices start at $300,000 and go well over $6 million. Much of the higher priced lots have sensational views of Camelback Mountain and the city.
Central Scottsdale living also provides easy access to public transportation and highways and a well-diversified community with a growing economy. There are numerous industries in the area, providing employment in many areas such as health care, education, retail, and entertainment. Additionally, this area has suffered little impact from the falling economy. New homes and businesses continue to appear and thrive. Combine these factors with the beauty of the surrounding area; purchasing real estate in Central Scottsdale is truly a winning investment deal.
Central Scottsdale Home and Land Foreclosures
As of January 1, 2009, two hundred and forty single foreclosed family residences have been sold in Central Scottsdale. The average sale price was $318,787 and homes spent an average of 52 days on the market. Seven hundred and sixty-eight non-foreclosed homes sold in Central Scottsdale with an average sale price of $478,223 and 118 days on the market. Those investing in real estate foreclosures are spending well over $100,000 less than those purchasing a non-foreclosed home.
A good portion of housing in Central Scottsdale is patio homes, town homes, and condominiums. Those looking to purchase a foreclosed home of this type will spend on average $158,862, compared to non-foreclosed patio homes, town homes and condominiums selling for $267,207. Foreclosures are spending less than 60 days on the market; they are going much quicker than non-foreclosures that are listed for on average 130 days.
Land in Central Scottsdale is scarce. Since the beginning of 2009 only 4 lots of one acre or less have closed with the average sale price of $459,740. Only one bank owned lot has sold; the parcel was 1.08 acres and sold for $658,000. Currently, there is only one piece of foreclosed land available in Central Scottsdale.
Shea Corridor – Scottsdale Foreclosures, Bank Owned Homes, Short Sales
Central Scottsdale Land and Buildable Lots
For those looking to purchase land to build on in Central Scottsdale, there are not many choices available. Currently there are only fifteen lots available for purchase, most under 1 acre. Prices range from $50,000 to over $2 million. If you are looking for a buildable lot, now’s the time to purchase, as land in Central Scottsdale will not be available much longer. Contact the Gary May Group to find that special real estate parcel today and invest in a great future.
Commercial Real Estate in Central Scottsdale
Commercial real estate in the central portion of Scottsdale has significantly changed over the past thirty years. Most recent commercial real estate additions include restaurants, fashion stores, and specialty shops. Since Central Scottsdale is a major resort area, many of the luxury hotels have been refurbished and modernized as well. Commercial office buildings are not as popular in Central Scottsdale compared to other areas of Scottsdale, but there are some available starting at $330,000 and topping out at over $1,100,000.
Central Scottsdale Documents
- Scottsdale Shea Corridor McCormick Ranch CC& R’s
- Scottsdale Shea Corridor McCormick Ranch Real Estate
- Scottsdale Shea Corridor Gainey Ranch CC&R’s
- Scottsdale Shea Corridor Real Estate
- Scottsdale Shea Corridor Via Linda Area Real Estate
Roughly 10 cents of every property tax dollar in Scottsdale goes toward city government. The remainder of property tax dollars is spent on education, the county, the community colleges, and various special taxing districts. The Maricopa County Assessors office determines property tax values, not the City of Scottsdale. Single family homeowners in Central Scottsdale paid on average between $2500 and $2700 in property taxes. It is estimated that for 2009 Central Scottsdale single family homeowner will pay between $2600 and $2900. These numbers are based on the average home value of $585,000.
Growth and Development
Scottsdale is among the top cities in America for sustainable growth. Central Scottsdale is the most highly desirable areas to live in Scottsdale. The estimated population for Central Scottsdale in 2007 was 105,548 people. According to the Federation of American Immigration the total population for all of Scottsdale, Arizona is expected to be around 614,000 residents by 2025. Since Central Scottsdale currently accounts for 50% of the population of all of Scottsdale, it is roughly estimated that 307,000 new residents will be added to the population by 2025.
The future real estate development of Central Scottsdale is limited, but enhancements to structures are currently being updated. It is the goal of the City of Scottsdale to preserve meaningful open space, enhance neighborhoods, seek sustainability, support economic vitality, advance transportation, and value Scottsdale’s unique lifestyle and character.
Key Characteristics of Central Scottsdale
- The most desirable area of Scottsdale to live
- During the mid 2000’s Central Scottsdale saw a 38.4% increase in value in homes
- A gamut of luxury homes, golf course properties, and waterfront properties
- Wide range of housing selections;condos, town homes, patio homes, and single family homes
- Affordable living and low property taxes
- A complete community regarded as an upscale tourist and shopping destination with excellent schools, hospitals, and restaurants
- Luxury resorts and hotels as well as renown golfing
- 25 miles of bicycle paths winding through the greenbelts, lakes, and golf courses
- Easy access to major highways, hospitals and Sky Harbor International Airport
- Scenic views of Camelback Mountain, various lakes, and parks
- Growing industries in healthcare, merchantilism, and small businesses
Parks and Preserve Access
Click on the Map for a Larger View
A major highlight of buying real estate and living in Central Scottsdale is Chaparral Park. A 100 acre park consisting of a 10 acre lake, public swimming pool, a playground, 6 lighted ball fields, 2 volleyball quarts, 4 ramadas, a 10 station exercise course, a multi-use court, a huge Community Center, and 5 restrooms. Additionally, Chaparral Park shares the 25 mile greenbelt recreational path, ideal for biking, jogging, walking, and rollerblading. Additionally, The McCormick-Stillman Railroad Park is located in the heart of Central Scottsdale, offering train rides, shops, a museum and picnic ramadas.
|DEMOGRAPHIC DATA ZIP CODE 85250, 85258 and 85254|
|Total Population||105,548||Total Households||90,933|
|Male Population||43,976||(41.6%)||Family Households||74,220|
|Female Population||47,627||(45.1%)||Non-Family Households||16,713|
|Density (Persons per Square Mile)||4,592||Households with Children||18,395|
|Median Age||44.1||Average People Per Household||2.26|
tags: realestate foreclosure, bank owned properties, REO, realestate, real estate, real estate foreclosures, real estate short sales
For a current listing of Scottsdale foreclosures contact the Gary May Group, Scottsdale foreclosures specialists.