"Wherever there are no houses and no sewers there arespeculators," John Finnegan, an associate in Phoenix with CBRichard Ellis Inc. tells GlobeSt.com.

Land 50 miles beyond the city's core, particularly aroundplanned transportation corridors in the southeast and west valley,is of prime appeal, Finnegan said, as speculators realize thepotential for doubling their investments within just five or 10years. "The freeway corridors will just make those areas wideopen," he said, noting that cheap land and planned freeway accessin Pinal County just east of the valley, is increasingly gainingspeculator interest. Land around Florence, about 35 miles south ofPhoenix, also is catching the eye of speculators due to the planneddevelopment of three master-planned communities, he said.

Along the valley's western reaches, land speculators are buyingup property hundreds of acres north of Sun City and west of bothSurprise and the White Tank Mountains, Josh Cameron, a salesassociate with CB Richard Ellis tells GlobeSt.com. "You have to gopretty far out to be a land speculator these days," said Cameron,noting that expensive infill parcels have driven the speculatorabout 50 miles into the barren desert.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.