Scottsdale Real Estate
Scottsdale is loosely divided into four areas: South Scottsdale (McKellips Road north to Chaparral Road), Old Town (Downtown) Scottsdale, Central Scottsdale (also known as the “Shea Corridor,” extending from Chaparral Road north to Shea Boulevard), and North Scottsdale. Scottsdale real estate is among the most highly sought after destination and vacation areas in the United States. Both Scottsdale homes and Paradise Valley homes are among the top ten markets in the nation for luxury home sales.
South Scottsdale has been known for many years as more or less the working class region of Scottsdale, although today it is transforming into a dynamic urban area. It contains the major nightlife for the area and is a major art center of metro Phoenix. The median resale home price is $291,500, compared to $667,450 in North Scottsdale. A portion of McDowell Road in South Scottsdale is known as ‘”Motor Mile,’” with 26 dealerships represented along the street. South Scottsdale will also soon be home to a new research center for Arizona State University, known as Sky Song. The development has attracted the research and development arms of a number of international corporations.
Old Town Scottsdale is an area with many streets, stores, restaurants, bars, nightclubs, and western art galleries evoking the old cowboy era. Scottsdale’s main cultural district is also in this area, which includes the high-end Scottsdale Fashion Square Mall, one of the twenty largest malls in the United States. The district has currently seen a revival, with new condominiums, upscale lofts and chic hotels under construction.
The Shea Corridor is so named because it is in close proximity to the east-west running Shea Boulevard. The homes in this region were generally built during the 1970s. There are a number of communities in this central region of Scottsdale that remain among the most highly-desired residential areas in the metropolitan area, including Gainey Ranch and McCormick Ranch. A large portion of Scottsdale Road in the Shea Corridor has been dubbed the Resort Corridor for the high number of resorts locating on the street. The second Ritz Carlton in the Phoenix metropolitan area will be constructed along this corridor.
North Scottsdale is currently the most actively developing area of Scottsdale as it was historically the least built up. This portion of the city also claims many of the most expensive homes in the country, with many exceeding $5 and $10 million in value. The city’s borders rapidly expand to the east and west in this area, containing the McDowell Mountain range. Among the many residential communities in this area are the highly-desired golf/gated communities of Silverleaf, DC Ranch, McDowell Mountain Ranch, Troon, Grayhawk, Whisper Rock, Estancia, Legend Trail, Terravita, Desert Mountain, Mirabel and many others.
To the north of Scottsdale is the town of Carefree which boasts 4-5 degree cooler temperatures due to its higher altitude of almost 3,000 feet. Carefree homes are on average $1 million and usually offer pristine desert views and a relaxed serene atmosphere.