Most of this place has already been flipped. When people felt the economy would come back, this became flipper ground zero. You’ll be hard pressed to find a home that hasn’t already been flipped that’s very close to Old Town.
As a word of concern I have to say, a lot of the flips I’ve seen here seem to have been done haphazardly. It seems only cosmetic work was done, and even that was skimped on. This is likely due to the frenzy of activity Scottsdale was having due to it’s strong branding as a city. The flips seemed to have turned into a “how many flips can I do this quarter” kind of a situation.
What Will Likely Happen Next
As a result of this issue being so prevalent, I fear this area can’t appreciate too much further. Also, many of the flippers homes ignored curb appeal. As a rebuttle to this issue it seems that younger people do not see curb appeal as a big factor. However, I feel that when you have a city that’s branding and appeal is largely based on image, there is going to be a problem.
With all that said I do love this area. If the national economy remains steady for a few years there may be a chance this issue gets mended naturally. This will likely be due to an increase in land value. There is a good chance the land value in this area will go up faster than normal for both single and multifamily. In fact, the value of the land has already lead to more multifamily properties and smaller homes being torn down to be replaced with grander homes.