X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Residents from Northern California are driving demand in Arizona’s home market. According to a report from Realtor.com, Sacramento capital is coming to the market to purchase a second home. The activity has helped push demand in Arizona to one of the top housing markets in the country since 2017. This trend has been true for both single-family homes as well as condos.

“As a certain part of the population starts to contemplate life changes, like retirement, they are looking for an amenities-rich lifestyle, experience-driven and long-term affordability,” Crel Vogel, a sales manager at Optima Kierland, tells GlobeSt.com. “Many have come accustom to an elevated life experience and are looking to maintain or expand on that experience for a longer period – into and past retirement. Many times that means leaving higher taxed areas, trading in their homes and moving to a more affordable location that offers all of the amenities and experiences that they will be able to sustain for a long time.”

Optima Kierland, know for luxury high-rise residences in Phoenix, is seeing a significant impact from Northern California buyers. The trend started about five years ago, and has continued to gain momentum. “There was a fairly healthy migration to Prescott for years from mostly northern California, and that appears to be transitioning from Southern California into the Valley’s Metro area,” says Vogel. “While Prescott is a wonderful sleepy town, many people prefer more activity and experiences that a larger city, like Scottsdale and Phoenix, offers. Along with the rest of the country, Arizona has seen a huge improvement in the housing market, which comes with appreciation. With that being said, our prices are a bargain in many cases for Californians.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

More from this author

 

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.