Throughout much of 2018, real estate in New York City has been affected by a surprising trend – it is losing value. CNBC reports that New York real estate has declined in value as much as 10-20% since 2015. And what’s worse is that expert predict this downward trend is likely to continue for months before the market stabilizes at a new normal. There is a growing number of New Yorkers who are deciding to buy homes elsewhere in the country. And it’s no surprise given the decline in property values combined with recent reports in the New York Post that property taxes have increased at three times the rate that incomes have. One of the biggest draws to living in New York City is the plethora of high paying tech, sales, and creative jobs, but when the cost of home ownership is going up so much faster than incomes, it becomes impossible for many people to purchase or maintain a home in the city. But the great news is that many huge tech companies have established a homebase in the South West, with Scottsdale housing some of the biggest names in tech and sales, with the added benefit of better weather and more affordable housing prices.
Here are the top three reasons it might be time to relocate to Scottsdale from New York City and finally buy a (bigger) house:
#1 Unbeatable Weather All Year
The weather in Scottsdale is so notoriously perfect, that it’s actually one of the “five C’s” on the Arizona state seal (as “climate”). With an average of 330 sunny days a year, the city’s culture is defined by the types and amounts of things you can do outdoors, all year long. Compared to New York City’s 220 sunny days a year, life in Scottsdale is like getting an entire extra season of outdoor weather!
If you drive 10 minutes in any direction, you’ll wind up at a golf course, and Scottsdale has some of the most beautiful courses in the country. In fact, there are 51 golf courses in Scottsdale alone, and 220 in the greater Phoenix area. But golf isn’t the only way to spend time outside; Scottsdale has dozens of hiking trails that range from a gentle nature walk to intense, miles-long treks through the desert. Mountain biking is a popular sport in Scottsdale and the surrounding areas, and those who like to go boating on the weekends enjoy easy access to Saguaro Lake and Lake Bartlett.
The great weather is also the reason that Scottsdale hosts so many amazing events. Scottsdale and the greater Metro Phoenix area host 16 teams for spring training every year, including the San Francisco Giants, Anaheim Angels, and Chicago Cubs. Spring training season is a staple of Scottsdale culture, as is the Waste Management Open – a three day golf tournament that brings in some of the biggest names in golf. There are also weekly pool parties at local hotels and bars, one of the most diverse and engaging nightlife scenes in the country, and art walks, museums, and festivals. In other words, there is no shortage of things to do when you live in Scottsdale, and you never have to wait around for a sunny day to do them!
#2 The Tech Corridor
The Loop 101, affectionately called “the 101” by locals, is home to what is known as the “Tech Corridor.” The Tech Corridor starts in the north end of Scottsdale at the GoDaddy office and runs all the way south through South Scottsdale/Old Town, Tempe, Mesa, and Gilbert, ending at the eBay/Paypal campus. The Tech Corridor accounts for a huge portion of the 122,500 science, technology, engineering and math (STEM) jobs in the metro Phoenix area, according to CBRE data.
There are several reasons there are so many tech jobs in the valley. First, Scottsdale is only a short flight from Silicon Valley, San Francisco, and New York City, so it is easy for headquarters to zip over and visit scottsdale. Second, Scottsdale is only about 10 minutes away from Arizona State University (ASU) which matriculates some of the most qualified graduates in the nation. It’s an obvious choice for companies who want to grow out their sales, customer service, IT, support, and productivity/analytics departments.
Some of the biggest tech companies in the country have offices in Scottsdale and neighboring Tempe and downtown Phoenix. Some of the coolest companies in the area are Microsoft, Yelp, SAP, ca, Intel, GainSight, Upgrade, GoDaddy, InfusionSoft, Carvana, Nextiva, LifeLock, Plexus, RetailMeNot, DoubleDutch, eBay, Zenefits, Amazon, and ZipRecruiter. An added perk to working at a tech company in Scottsdale? The average STEM job in the Valley typically pays higher than for non-STEM jobs in the area, and health insurance and benefits are typically very favorable.
If you’ve been working in tech and want to stay in the startup world, but can’t afford to buy a home in New York City, then Scottsdale is a great place to start looking.
#3 Luxury Homes at Unbeatable Prices
In spite of Scottsdale’s incredible weather and the high density of tech jobs, real estate and the corresponding property taxes in Scottsdale are shockingly cheap – especially in comparison to New York City. Transplants from New York to the Valley typically find that they are not only able to afford a home in Scottsdale, but they can afford a larger, much higher quality home than they expected. If you already own a home in New York City and want to cash out before prices drop further and taxes increase even more, you’ll be pleased with how far your money goes in Scottsdale.
Real estate in Scottsdale ranges from comfortable 2 bedroom condos and townhouses prices in the mid-$200ks to sprawling 4 and 5 bedroom ranch houses and up to multimillion dollar mansions on acreage. There are homes available for purchase in just about every price range on a variety of lot sizes. There are even neighborhoods in Scottsdale zoned for horse ownership!
Scottsdale is geographically long, which accounts for some of why it is so culturally diverse. If you’re looking for more of a family oriented, outdoorsy, and luxury vibe, North Scottsdale is for you. Old Town Scottsdale has a younger feel with its vibrant nightlife, local breweries, farmers markets, and art walks. Tempe, just south of Scottsdale, is known for being home to ASU, voted most innovative university in the country by US News and World Report four years in a row. Just to the west of Scottsdale, Downtown Phoenix is a hub of art, food, and culture, with a burgeoning tech scene of its own.
The median home price in Scottsdale, according to Zillow, is $473,000. The average price per square foot in Scottsdale is only $249, while New York City has the highest price per square foot in the country, ranging from anywhere between less than $1,000 to more than $10,000 per square foot. These prices (and all the awesome perks of living in Scottsdale) are why so many people are leaving New York City and investing in real estate in the Valley.
Relocating to Scottsdale with the Panozzo Team
Kim and Dave Panozzo have been living in Scottsdale since 1994 and specialize in helping families and individuals make the move to the Valley. Buying a home while living out of state can be stressful, which is why the Panozzo Team goes out of their way to make sure you feel confident about the homes you’re looking at with no surprises along the way. Whether you’re coming into town to check out the options or completing the purchase sight unseen, you can feel confident about the experience. To learn more about Scottsdale and the Panozzo Team, check out the team’s official YouTube channel.
Both Kim and Dave Panozzo are military veterans and are active supporters of veterans and the military community. Kim served in the US Air Force while Dave served in the Army, and their daughter currently serves in the Air Force. Both Kim and Dave’s parents and grandparents actively served. The Panozzo Team works with and supports veterans and their families, and understands the unique needs of military families when buying and selling homes. Contact the Panozzo Team to learn more about real estate in Scottsdale.