Prime Development Lots in the Core Trade Area of Prescott

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Prescott, Arizona’s downtown core is heating up and the opportunities are diminishing. In-fill lots are becoming scarce, and pricey.

Seven Lots: Ready

Located just a few blocks north of Prescott’s famous Whiskey Row and the Downtown Courthouse Square are seven contiguous lots, ready for development.

At the bend in the road where Montezuma Street becomes Whipple Street and at the 4-way controlled intersection of Merritt Avenue, you will find one acre of ready to develop prime real estate.

The property is positioned on one of Prescott’s most traveled corridors, Montezuma Street. It’s the artery most traveled by residents in the north-to-south movements… and, their east to west movements. It’s the primary route to Yavapai Regional Medical Center, Super Walmart, Safeway and Williamson Valley Road.

But let’s get back to Prescott’s trade core. Although the 10-mile market radius services about 125,000 people, the bulk of the traffic density is jammed into about 3 square miles. Peak traffic can hit 40,000 vehicles per day, depending on the time of year and the events that make Prescott a destination city.

CLICK HERE FOR THE MARKET BROCHURE

These parcels are contiguous, flat and zoned “Neighborhood Oriented Business” by the City of Prescott. [Read more…]

Prescott, Arizona…Per Square Foot

per-sqaure-footOne square foot = 0.09290304 m2.

Okay, now what about Prescott, Arizona’s commerical market on a per square foot basis? What does it mean to owners and buyers. Is it time to buy? Is it time to sell? If so, how?

My recent suggestion to my Broker didn’t go over too well. “What we should be doing is pricing property for sellers on a ‘per square yard’ basis and for buyers on a ‘per square foot’ basis,” I said. He grimaced…I walked away.

High Value Market

We are a high value marketplace. Commericial real estate values in Central and Northern Arizona generally and in Prescott, Arizona in particular are declining creating an interesting investor market. Indeed, we appear to be nearing the bottom of the trough and it is and has been for some time…a buyer’s market.

We won’t be changing the marketing analysis to a per square yard formula but the principle behind the notion spells out the reality.

Resisting the Market Realties

Some owner’s are resisting the truth inherent in the current makret realities and in so doing they are actually capitalizing the reduction of their property value.
[Read more…]