Saturday, August 17, 2013

Mountain Shadows resort’s renovation likely to increase property values

As the Mountain Shadows resort in Paradise Valley has inched closer to redevelopment in recent months, experts say nearby property values will increase with the revitalization.

Real-estate agent Walt Danley, who specializes in luxury homes in Paradise Valley, said there has always been a strong belief that something positive would happen with the resort, so the consensus has been that the property wouldn’t remain an eyesore forever.

And as a result of recent developments, he said, interest in the nearby residences has been percolating.

The two adjacent developments, Mountain Shadow East and West, saw three transactions close in the first six months of 2012. By comparison, Danley said, eight closed in the same time this year. Four properties are in escrow.

“The redevelopment of the resort will certainly boost the property values in the neighborhood and those who bought when the resort was shuttered will reap the benefit of their investment,” he said.

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