Westcor invests $100 million to develp Scottsdale Land

May 2, 2008

Mike Clancy , of the AZ Republic , yesterday reported that Westcorp and several partners purchased 112 acres in N. Scottsdale and committed more than $67 million for improvements, roads, and utilities.

The project will be mix-use including a shopping center, office space and condos. Westcor said work is to begin immediately.

The reason I bring this to your attention is to share my thoughts and get yours on what this means for the residential real estate market in Scottsdale and greater Phoenix overall.

Foremost, anytime , a larger company invests this type of money, in Arizona Real Estate, it must be considered a good thing. These billion dollar companies, have extensive resources to information, marketing studies and analyst research; simply put, these real estate giants do not invest $100 million unless their due diligence points to a near ‘guaranteed’ chance of success.

Further, this type of development needs to be supported by consumer spending. That includes population growth, job growth, excess income from jobs, a stable or reasonable inflation and increase in home values and home equity.

This is all good news for the longer term prospects for the economy and residential real estate in Scottsdale and Phoenix.

I would love your thoughts, opinions on this project.

Do you think this is providing a glut of commercial real estate and residential product or more value to current and future residents of the area.

please, let me know.

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Copyright © 2008 By James Wexler, All Rights Reserved. *Westcor invests $100 million to develp Scottsdale Land*

Contact James Wexler (480) 221-8080 for all your Phoenix Scottsdale area Real Estate needs.

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Written by James Wexler · Filed Under Articles, Communities, Investing 

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