City Officials Note Increase in Chandler Home Construction

City officials have noticed a recent rise in Chandler home builders permits, and are hopeful that it will lead to improving revenues for the recession-hit city. Chandler, Arizona new home construction has been limited to existing subdivisions, but investors are buying up vacant lots in areas that were previously zoned for subdivisions.

Facts about Chandler home construction

  • Chandler has had 122 new home permits so far for 2010, as compared to the same time period in 2009, which saw only 10 permits issued.
  • February 2010 saw 59 permits issued; February 2009 saw just one.
  • There are three or four subdivisions in which most of the building activity is taking place. These subdivisions were ones that had already had building started when the recession hit. The subdivisions showing the most activity are Fulton Ranch near Arizona Avenue and Ocotillo Road, Nicholas Point near McQueen and Ray roads, and Old Stone Ranch near Lindsay and Ocotillo roads.
  • Investors are starting to buy up vacant land in developments where building had not started prior to the onset of the recession.
  • Each new home brings the city of Chandler thousands of dollars in impact fees. The city has resorted to borrowing money for necessary projects.
  • Officials have also seen that with the new construction, there is a revived interest in nearby vacant retail buildings. For example, a new grocery store will soon move into the vacant AJ’s Fine Foods at Alma School and Chandler Heights.
  • New homes are being built with lower selling prices and fewer fancy upgrades such as granite countertops, although the exteriors are the same. This reflects the current real estate market and what new buyers are looking for.

You may want to get in on these low-priced new homes that are being built for the realities of the current economic climate. If you are stuck in an upside-down mortgage, short selling your home could be the right option for you.