Happy Thursday!

There’s always great things happening in Phoenix. For me this month, it’s the birth of my twin girls. Head over to my IG if you want to see them!

There’s a lot to cover for Phoenix too. Novva Data is expanding to Mesa with a $3B data center campus, and The Park at 83 is set to revolutionize Peoria’s dining scene with a $20M development!

We’re also taking a look at the nationwide inventory surge—the biggest since the pandemic!

Enjoy!

— Josh

💻 Novva Data Centers Brings $3 Billion Investment to Arizona

Driving the news: Novva Data Centers has announced plans to build a massive $3 billion data center campus in Mesa, Arizona.

The campus will span 160 acres and aims to be a sustainable, cutting-edge facility, marking Novva's first foray into the state.

Details:

• Located at the northwest intersection of Ellsworth and Warner roads in southeast Mesa, just outside the 202 Loop.
  

• The project will be developed in two phases over a decade, with the first phase expected to launch in late 2026.
  

• Once completed, the site will feature five data halls, a 1.3 million-square-foot office building and warehouse, and provide jobs for about 200 people.

• Designed with sustainability in mind, the facility will incorporate water-free air-cooling systems, expected to save 650 million gallons of water annually.

Why it matters: The new data center campus will bring significant economic growth to Mesa. In addition to the job creation, the project underscores the city's appeal as a tech-friendly hub, contributing to the long-term development of the region.

The project's focus on water conservation also aligns with Arizona's need to address its water scarcity challenges, benefiting both the local community and the environment.

The big picture: Novva Data Centers' expansion into Arizona reflects the growing demand for high-tech infrastructure in the Western U.S.

This Mesa project will be the company's sixth campus and adds to its presence in Utah, Colorado, Nevada, and California.

What’s next: Construction will begin shortly, with phase one set to deliver 96MW of IT capacity by late 2026.

The full buildout will continue over the next 10 years, further cementing Novva’s role in the region’s tech and infrastructure landscape.

🎥 NEWEST WEALTHIEST Area in Phoenix Arizona 2024

Paradise Valley has been dethroned! In this video, I will guide you through Scottsdale, Phoenix's new wealthiest zip code, and why this is such a big and important change!

👨‍🍳 Peoria’s Restaurant Revolution: $20M Project Set to Open

Driving the news: Peoria is set to welcome a $20 million retail development, The Park at 83, featuring three new restaurant brands debuting in the West Valley. Postino WineCafe, North Italia, and Blanco Cocina + Cantina will anchor the project.

Details:

• The development is centered around a 2-acre park near the Peoria Sports Complex, offering outdoor community space for year-round events.
  

• Fox Restaurant Concepts LLC is behind North Italia and Blanco Cocina + Cantina, both known for upscale Italian and Mexican cuisine.
  

• All three restaurants will feature expansive outdoor patios, providing a lively, park-facing dining experience.
  

• Construction was handled by A.R. Mays Construction, with landscape design by Jeff Berghoff.

Why it matters: This project is part of Peoria's broader effort to attract upscale retail and dining options, reducing the need for residents to travel outside the area for premium experiences.

It enhances the P83 entertainment district, further boosting Peoria's appeal as a destination for both residents and visitors.

The big picture: The trend of combining dining with community-centered spaces is gaining traction, focusing on creating more engaging social environments.

The outdoor seating and park design make these restaurants more than just dining spots—they're part of a lifestyle offering.

What’s next: North Italia and Blanco Cocina are slated to open in October, with Postino following in January.

🏘️ U.S. Housing Inventory Hits
Post-Pandemic High

Driving the news: The U.S. housing market has seen the highest inventory of homes for sale since May 2020. Realtor.com's August report shows active listings surged by 35.8% year-over-year, continuing ten months of inventory growth.

However, new listings dipped slightly by 0.9%, signaling a cautious approach from sellers.

Details:

• Active inventory increased by 35.8% compared to August 2023 but remained 26.4% below pre-pandemic levels.
  

• Affordable housing inventory ($200,000 to $350,000) rose 46.1%, largely in Southern states.
  

• Eight states, including Oklahoma (+19.8%) and Texas (+18.9%), reported more single-family homes available than in 2019.
  

• Conversely, Northeast states like Connecticut (-74.5%) and New York (-57.2%) continue to face low inventory.

Why it matters: This increase in housing inventory offers more options for buyers at a time when affordable housing is in high demand, particularly in Southern states.

As homes stay longer on the market, price reductions are becoming more common, making it a favorable time for buyers in many regions.

Locally, the increased inventory and price cuts could encourage potential buyers who have been priced out in the past to reconsider entering the market.

The big picture: Though inventory is climbing, it's still far below pre-pandemic norms, reflecting the lingering effects of the COVID-19-era housing market.

States in the South and West are seeing more growth in available homes, while the Northeast continues to experience tight supply, highlighting regional disparities.

What’s next: As mortgage rates potentially decrease, more buyers may re-enter the market.

Price cuts and extended days on the market could result in higher sales this fall, though a return to pre-pandemic inventory levels is still uncertain.

📊Market Insights

The housing market in Phoenix is still competitive as we approach the fourth quarter of the year.

If you are looking to buy a home in this market, new construction is a great option that I highly recommend if you want to avoid competing with other offers.

You’ll want to have a good search and offer strategy when looking for existing homes and be patient because it could take a while to find the right one at your desired price point.

📰 In other news

• Showing Positive Progress, TSMC’s Arizona Fab Reportedly Reaches Production Yields on Par with Taiwan
  

• Arizona governor: Cross-border collaboration is more important than ever
  

• Five Arizona cities named among the fastest-growing in the U.S.

That’s all for today, I hope you have an incredible week!

If there’s ever anything you need:

• a custom market or home value report

• a home services list for a reliable contractor or services professional

• feedback or a professional opinion on a home project

Just let me know! I’m here to help with all your home needs.

Talk soon,

Josh Zuniga