The West's Most Western Town
Discover Scottsdale's Real Estate
Located in the eastern part of Arizona with a population of over 250,000, Scottsdale is famous for its spas, resorts, restaurants, and ample other recreational facilities. It is one of the most popular tourist destinations in the US and is frequently referred to as "The West's Most Western Town" because of its lively atmosphere. The city makes a huge contribution to Arizona's economy and has been ever-growing in real estate demand for all the right reasons.
Culture, History, and Business
Settlements in the area where Scottsdale now lies can be traced back to around 300 BC. It wasn’t until the 1880s though that US Army Chaplain Winfield Scott purchased a 640-acre portion of this land for a total of $3.5. The town was initially named Orangedale due to its abundance of citrus groves, but this was changed to Scottsdale in 1894 to honor its founder. The early 20th century saw massive growth in population because of the city’s prominence in the agricultural industry, specifically in cotton. While this industry soon died down, the town has continuously been making industrial and infrastructural progress ever since.
Scottsdale is a city with one of the highest frequencies of annual cultural festivals taking place throughout the calendar year. The Scottsdale Arts Festival was ranked number one in the list of top art exhibits by American Style Magazine in 2005. Other significant events include the Scottsdale Arabian Horse Show, The Scottsdale Jaycees Parada del So, the Barrett-Jackson Auto Show, and Scottsdale Fashion Week. Scottsdale is also home to over 125 art galleries and studios, making it a paradise for art-lovers from all over the world. The rich history and vibrant nightlife of the city are also significant contributors to making it one of the most culturally refined places in Arizona.
Scottsdale is counted among the economically stable cities of Arizona. Its importance in the overall financial well-being of the state cannot be overlooked. While tourism is the most revenue-generating industry of the town, other significant businesses here include aviation, healthcare, and retail. Scottsdale Fashion Square is a substantial asset to the city’s retail industry. Some major companies that are headquartered in this city include Cold Stone Creamery, Discount Tire, JDA Software, Kahala, Magellan Health, and United Blood Services.
Real Estate Appeal
Given Scottsdale’s thriving economy and commercial activities, investing in the city’s real estate sector is likely to give you a decent return. Its booming industrial sector is not only an asset to Arizona’s economy but also an invitation to job-seekers and entrepreneurs from all over the US. The city’s high standards of living, coupled with low taxes, has led to a continually increasing population. The demand for housing, as well as commercial properties, is consistently on the rise.
At a median house price of $600,000, the residential property market of Scottsdale is one the most expensive in the US. With prices increasing by significant margins every year, profitability is a crucial element that makes this market investment-worthy. Rented dwellings are also in high demand. It is also a good idea for real estate investors to put their money in some short-term rental business here because the tourism industry makes it an attractive option. Overall, the real estate market of Scottsdale is oozing of investment opportunities that promise good returns.
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