There seem to be a lot of construction happening around the Arcadia perimeter, or “Arcadia Lite” as some call it, which is a good thing. Arcadia proper land prices has gone so high that builders who were building homes in that area can no longer purchase a reasonably priced lot. This means new construction prices in Arcadia is rapidly passing levels for your average Phoenix home buyer. So builders began to search for areas that still had a good neighborhood, were in close vicinity to the Camelback Corridor where businesses are thriving, fine dining is blooming, and luxury shopping is a short drive. That’s where Arcadia Lite comes in. The demand for Arcadia Lite has also begun to rise and the lot values have soared quickly, with it causing a rise in new construction home prices. Still, those prices remain significantly below Arcadia proper while offering nearly identical amenities. Now buyers are asking: “why are Arcadia Lite prices so high?” In my opinion, It is not high when you consider that one is buying in an area that is close to everything, taking away from typical daily commutes. Home owners in Arcadia Lite are in the heart of a city and only a 15 minute commute to a major international airport. Most of the major cities, the heart of the city is not pleasant, in fact the heart of the city is typically a traffic standstill. Plus in most major cities the drive to the airport is over 40 minutes with no traffic and likely over an hour with traffic. Finally, in most major cities the home prices are over $700/sqft in ideal central locations. Arcadia Lite is significant below that price and its buyers have all the best a metropolitan city has to offer in a very short living radius. So one can’t help but to wonder if the prices in Arcadia Lite are too high, or in fact attractive.
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