This is my farm area and I will be honest, if you can pick up a LOW priced foreclosure in a community where HOA is not in jeopardy go!! OPTIMA and WATERFRONT will both feel the bumps of the foreclosure wave. The condo community has a harder time because HOA fees are harder for a buyer to swallow and nobody can determine the increases as the homeowners do NOT pay fees as the market corrects and more short sales and foreclosures hit. Most of the purchasers are filing BK-that means these will be tied up in NON paying status for a while and will likely drive up owner's prices for the duration.
My advice, research HOA and see how many defaults are in a community. Waterfront is feeling the effects and will probable double in HOA once the developement is sold in full and a new company is established. Hard to tell and we don't know who will let go of their over-priced 2006-07 investments!
Please go to CITY HALL, it is awesome! Great place also ROKA AKUR just north of Chaparral on east side of scottsdale Rd. AWESOME!!
Another great place is Pita house but that isn't new it is just really excellent and affordable. Some of the older spots are also just as great. Personally, the smaller places are excellent... service is usually really great too!

KELLI GUBRUD
Century 21 ALL STAR
602-579-0854

well, 3rd Avenue lofts, a luxury development in the same area, is foreclosing at the fastest rate I have ever seen. After foreclosure, they are sitting on the MLS without buyers for 30% of their two year ago price. I'd call it the fastest loss of money I have ever seen in a development.

Meanwhile, as reported in the AZ republic, the shops of waterfront are not seeing enough buyers for many of them to survive. All of this BEFORE the recession really starts.

It will be an interesting year as all the new condos being built right now in that area hit the market, fail, and die...

read my real estate blog: http://phxrealestate.tumblr.com/

Of course it will. BTW, homes in that area are ripe for appreciation IMO.

It is difficult to tell if a specific improvement will increase or decrease property values. Using the standard rules of real estate that location does matter - any homes in the area of the Scottsdale Waterfront vicinity will be in higher demand than a home located in an area further out from the center of Scottsdale or any other valley city. You can always receive a free market snapshot and find out "what your home is worth" delivered via email with 30 minutes on my website: http://www.DonaldKeys.com to help you keep up with a home's value.

As for restaurants try Olive & Ivy (77th st & Camelback) they serve great food.

In a word, yes. The location of central Scottsdale is prime Real Estate, so the new development will only help values. I have yet to try any of the new restaurants, as I typically stick to my old standbys (Z Tejas, Carlsbad Taverns, Tortilla Factory, Frank & Lupes, etc). If you try any of the newer places before I do, let me know what you think.