Phoenix’s Billion-Dollar Boom: TSMC Chips, Chase Field Makeover & Sky-High Investments Fuel Next-Gen Urban Goldmine

This article is for informational purposes only and does not constitute financial, investment, or legal advice. Please consult a licensed professional for personalized guidance.

This week’s edition pulses with transformative momentum—highlighting over $30B in tech gains, a $7B “city-within-a-city” master plan, and state-backed megaprojects reshaping the metro skyline. From TSMC’s turbocharged chip production to Chase Field’s $500M public-private upgrade, we’re witnessing powerful shifts across real estate, infrastructure, and wealth-building sectors.

On the wealth-management front, Phoenix continues to be a beacon of diversified capital flow, especially with surging semiconductor-linked industrial yields. Tax considerations are evolving too, as public financing strategies lean on district-specific increments and incentive layers. Legislatively, support for transit, zoning flexibility, and infrastructure resilience shines through. Future-proof value emerges via projects blending density, climate resilience, and sustainability—from walkable urban villages to solar-ready residential builds. Whether you’re managing REITs or advising private capital, these developments are cornerstones in tomorrow’s smart-growth Arizona.

Chase Field Renovation Secured by $500M Public‑Private Funding

In June 2025 Governor Katie Hobbs signed legislation approving up to $500 million in public funds and $250 million in private investment to upgrade downtown Phoenix’s Chase Field, including roof and HVAC systems improvements. Attendance has reached an average of 31,420 per game, the highest in two decades. The deal authorizes sales‑tax revenue flows over 30 years and prohibits use of funds for luxury upgrades, reflecting legislative controls on subsidies.

From a wealth‑management perspective, the enhanced venue stabilizes downtown property appeal, supports local sales‑tax streams, and reduces relocation risk. Tax considerations include dedicated sales‑tax revenue streams rather than general funds. Infrastructure enhancements drive long‑term value retention, while cooling upgrades align with heat‑resilience and energy‑efficiency goals.

Source: AP News + Reuters

TSMC Accelerates Fab Construction in North Phoenix Campus

Taiwan Semiconductor Manufacturing Company announced in July 2025 that it is accelerating production at the second of six fabrication plants planned in North Phoenix, after achieving $30 billion in Q2 2025 revenue, up 44 percent year‑over‑year. Once complete, Arizona will produce 30 percent of TSMC’s most advanced chips. The investment to date totals $165 billion across the U.S., including $100 billion for Arizona specifically.

Institutional portfolios tied to semiconductor supply benefit from increased employment and production density, with local property tax bases supported. Regulatory context includes federal incentives and state economic development programs. The project enhances value stability through high‑barrier‑to‑entry industrial assets and aligns with smart‑manufacturing and sustainability criteria via state‑of‑the‑art fab facilities.

Source: Axios

Halo Vista ‘City‑within‑a‑City’ Mixed‑Use Master Plan Underway

The $7 billion Halo Vista development in Phoenix, anchored by TSMC manufacturing, will span 30 million sq ft across industrial, office, educational, residential and hospitality uses. Initiated through state land auction and led by Mack Real Estate Group and McCourt Partners, the project is expected to support 10,000 permanent jobs, plus up to 80,000 additional jobs regionally.

Commercial real estate portfolios tied to this megaproject anticipate diverse revenue inflows and asset class diversification. Municipal tax revenues are poised to rise significantly. The development benefits from supportive legislative positioning around critical‑minerals manufacturing and mixed‑use zoning. Infrastructure resilience and mixed‑use density add long‑term capital preservation, while integrated planning supports smart‑city sustainability with walkable, transit‑oriented design.

Source: New York Post

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Industrial Market Leads U.S. in Q1 2025 Performance

Phoenix was ranked the top industrial real estate market in Q1 2025 with a score of 67.5, driven by robust ongoing construction and strong absorption metrics. Institutional investors tracking warehouse and logistics demand see opportunities in build‑to‑suit and speculative developments.

Industrial property tax rolls are growing, and incentives like sales‑tax abatements have supported speculative construction. State and local policy continues to favor industrial zoning and infrastructure access. Diversified tenant profiles support future resilience, while industrial development fosters sustainable growth models in goods distribution, utility services, and energy‑efficient design.

Source: AZ Big Media

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Metrocenter Mixed‑Use Urban Village Replacing Major Mall

The former Metrocenter Mall site in Phoenix is undergoing repositioning into "The Metropolitan," a $750 million mixed‑use village comprising residential units, retail, medical facilities, senior housing and office space. Demolition began in mid‑2024 following zoning changes initiated in 2016. The light‑rail Metro Parkway station opened in January 2024, enhancing transit access.

For wealth preservation, transit‑oriented assets at the site attract institutional capital and stabilize valuation. Tax increment financing and rezoning provide the regulatory framework. Value stability is supported through mixed‑income housing and medical tenant diversity, while density near rail is aligned with smart-growth and reduced‑vehicle‑carbon strategies.

Source: en.wikipedia.org

I‑10 Broadway Curve Upgrade Completed May 2025

Arizona Department of Transportation has completed the 11‑mile I‑10 Broadway Curve widening project on May 31, 2025, adding HOV lanes, collector‑distributor roads, new bridges (including 48th Street and Broadway Road), improved interchanges and multi‑use pedestrian bridges near Sky Harbor Airport. This infrastructure upgrade supports faster logistics, commuter flow and airport access, improving the attractiveness of nearby industrial and hotel sites.

Tax‑base impact includes potential rise in commercial property assessment values. Project followed voter‑approved Proposition 400 planning and state funding authorizations. Long‑term value retention is enhanced via mobility improvements, and multiuse bridges support smart‑city objectives of walkability and reduced congestion emissions.

Source: azdot.gov

SR 30 (Tres Rios Freeway) Central Segment Pre‑Construction Underway

With Maricopa County’s Proposition 479 tax extension approved in November 2024, ADOT is now acquiring right‑of‑way and preparing for 2027–2035 construction of the SR 30 central segment from Loop 202 to 97th Avenue. The full 29‑mile corridor through Buckeye, Goodyear, Avondale and Phoenix will relieve I‑10 corridor congestion and unlock west valley development.

For real‑estate portfolios, corridor access typically translates to increased land values. Tax revenues from new development are anticipated. The project operates under established transportation legislation and county tax frameworks. Infrastructure expansion secures future‑proof transit corridors, while freeway design reflects sustainability via optimized routing and reduced vehicular emissions on arterial congestion.

Source: en.wikipedia.org

TSMC‑Anchored Halo Vista “City‑Within‑a‑City” Master Plan

A $7 billion Halo Vista mixed‑use community is advancing in north Phoenix around TSMC’s semiconductor campus, projected to comprise ~30 million sq ft of industrial, residential, educational, hospitality and R&D space, and generate ~10,000 permanent jobs plus 80,000 regional jobs. Wealth‑management portfolios tied to industrial and mixed‑use property stand to gain from diversified income streams.

Tax base expansion is supported via public‑private planning under Arizona’s State Land Department policies. From a regulatory lens, master‑planned zoning and infrastructure investment ensure long‑term resilience. The scale supports future‑proof capital through integrated residential and employment buffers, while sustainability is embedded through efficient land use and infrastructure planning.

Source: Arizona Central, Phoenix Business Journal

Halo Vista Phase‑One Infrastructure Launched in 2025

In early 2025, infrastructure development at Halo Vista began delivering auto mall, office, industrial, and retail parcels. Investors tracking zoned commercial land in emerging corridors anticipate capital appreciation.

The project uses standardized public‑land auction mechanisms for tax transparency. Regulatory approvals facilitate cohesive buildout. Value stability is reinforced by long‑gestation master‑planning. Smart‑city design principles include multimodal corridors and energy‑efficient services.

Source: Phoenix Business Journal

Robust Industrial Pipeline Even Amid Slowing Growth

Phoenix’s industrial real estate pipeline stood at 11.9 million sq ft under construction in mid‑2025, down from ~28 M SF in Q2 2024, with 2.4 M SF of net absorption YTD and 11.3 M SF leased.

Institutional investors are focused on high‑clear‑height, build‑to‑suit industrial assets, which offer tax‑beneficial asset depreciation. Planning and zoning updates have enabled flexible build‑to‑suit deliveries. Diversified tenant mix and occupancy rates underpin future asset value retention. Logistics designs include sustainable materials and site planning aligned with emissions reduction.

Source: AZ Big Media, Kidder Mathews report

17 North Corporate Center Phase‑2 Breaks Ground in Deer Valley

Construction began in January 2025 on two Class‑A industrial buildings totaling ~186,000 sq ft adjacent to I‑17 in Deer Valley, targeting tenants in logistics and semiconductor support supply chains.

Asset portfolios focused on industrial yields benefit from proximity to TSMC and related tenants. Expansion preserves tax revenues via continued site improvements. The project proceeded under industrial zoning with freeway access. Long‑term operational tenants strengthen income continuity. Energy‑efficient fit‑outs and access to workforce‑oriented infrastructure enhance durability.

Source: Ryan Companies press release

Phoenix Named No 1 U.S. Industrial Market Q1 2025

In Q1 2025, Phoenix led the U.S. industrial ranking with a score of 67.5, driven by robust absorption and elevated lease rate growth.

For wealth managers, exposure to industrial REITs or opportunistic developments here offers strong market fundamentals. Property tax revenues continue to grow as valuation bases expand. Zoning policies favor industrial corridor development. Long‑term demand from logistics and high‑tech sectors supports future value and occupancy. Industrial sustainability includes design efficiencies and logistical optimization.

Source: ROI Properties, Rise48 Equity

Phoenix Financial Center “Punchcard Building” Mixed‑Use Redevelopment

Redevelopment of the iconic 1964 Phoenix Financial Center will transform it into a mixed‑use project, including hotel rooms, residential units, retail amenities, and a grocery store—with construction commencing in 2026 after design approvals.

This repositioning enhances downtown investment-grade density for institutional portfolios. The adaptive reuse conserves property taxes and keeps historic fabric under code compliance. Regulatory permits support preservation while enabling modernization. Mixed‑income tenancy mitigates downside risk. Retained architecture aligns with sustainable building relocation and urban infill goals.

Source: Axios / Phoenix

B Line Valley Metro Rail Extension Opens June 7 2025

Phoenix inaugurated the South Central Light Rail (B Line), expanding service from Metro Parkway to Baseline/Central Avenue with eight new stations across 5.5 miles.

Proximity to this transit corridor enhances depth of residential and commercial capital markets. Increased transit‑adjacent tax revenues are anticipated along Central Avenue. Council approvals finalized street reconfiguration and right‑of‑way planning. Transit proximity supports future‑proof value for walkable urban parcels. Smart‑city emphasis is evident in reduced vehicle dependency and aligned TOD planning.

Source: Wikipedia

Rio Reimagined Land Acquisition Spurs Long‑Term Revitalization

In May 2025 Phoenix spent $29.5 million to acquire ~30 acres at 7th Street and Rio Salado as part of the 20–40‑year RIO PHX revitalization project covering 20 miles along the river corridor.

Early-stage land acquisition secures future urban redevelopment corridor opportunities for institutional land‑bank investors. Tax increment financing and corridor planning frameworks underpin value growth. The cross‑jurisdictional initiative received intergovernmental approval. Redevelopment preserves asset appreciation through phased activation. Smart‑city objectives include river restoration, green space, and multi-modal linkages.

Source: Axios / City of Phoenix

ASU Tempe Utility Plant Construction Enhances Campus Capacity

Arizona State University’s Tempe District Utility Plant (TDUP), under construction since February 2023, is scheduled for completion by July 2025 and covers ~16,700 sq ft.

As critical infrastructure supporting campus growth, this project affects commercial real estate portfolios tied to university demand. Public‑sector funding is supported by institutional tax‑exempt bonds. Approved through university planning and building codes, the facility enables sustainable district‑wide infrastructure scaling. Utility upgrades stabilize on‑campus asset risk from demand surges. High‑efficiency plant design enhances future resilience and energy‑efficiency metrics.

Source: Arizona Escrow / AZ Big Media

Paradise Valley Mall Redevelopment Phase‑One Slated Mid‑2025

The Paradise Valley Mall site, rezoned in 2021 for mixed‑use, will see Phase 1 debuting mid‑2025 with a Whole Foods, apartment buildings, Harkins dine‑in theater, and a central pavilion park.

Mixed‑use investors benefit from combined retail and multifamily yields. Tax flows transition from declining retail to stabilized, broad-based revenue streams. City‑approved rezoning and urban infill planning underpin the project. Blended tenant types increase resilience. Public space and transit‑ready layout support sustainable land use.

Source: Wikipedia, RED Development / KPHO public filings

Teravalis Master‑Planned Community Breaks Ground in Buckeye

Howard Hughes Corporation started development of Teravalis (formerly Douglas Ranch) in October 2022, with lot sales initiated in 2024. At full build‑out, it is expected to include up to 100,000 homes, serve 300,000 residents, and deliver 55 million sq ft of commercial space on 33,800 acres west of Phoenix.

Mass‑residential development offers scale for institutional residential portfolios. The project is structured under Arizona water‑law compliance and master‑planning regulatory constraints. Infrastructure phasing supports long‑term value capture. Sustainability planning includes water‑rights strategies and clustered density.

Source: Howard Hughes Corp / Wikipedia

Verrado Expansion in Buckeye New Urbanist Town Center

Verrado, a New Urbanism master‑planned community in Buckeye, continues its build‑out toward 14,000 dwelling units within its Main Street District, integrating retail, schools, parks and multi‑family buildings in walkable layout.

Residential portfolios focusing on amenity‑rich, lifestyle communities benefit from strong demographic tailwinds. Tax revenues on rising residential density are supported by structured HOAs and school districts. Zoning supports mixed‑use and transit‑ready corridors. Portfolio value stabilized via community‑scale planning. Urban infill and shared infrastructure support sustainability metrics.

Source: DMB Associates / Wikipedia, AZ Big Media

OrthoArizona Medical Facility Expansion Across Metro Valley

OrthoArizona announced plans in mid‑2025 to build five new medical facilities and expand five existing operations across Phoenix–Mesa–Tempe, boosting annual patient visits from 674,000 in 2023 to 766,000 in 2024.

For healthcare REIT strategies, expansion signifies durable leasing prospects. Tax base impact extends from building property to local payroll. Projects navigate commercial and medical zoning approvals. Steady patient growth enhances long‑term revenue predictability. Facilities are built with energy‑efficient HVAC and wellness‑design considerations.

Source: Phoenix Business Journal / Rise48 Equity

Rise in Millionaires Spurs Scottsdale Luxury Development

Scottsdale was ranked second globally for millionaire population growth in May 2025 (14,800 millionaires, +125 percent decade‑over‑decade). Wealth‑management and private capital are flowing into luxury residential, private aviation, bespoke retail and hospitality near Scottsdale Airport.

Tax revenues benefit from high‑value property assessments. City regulations support zoning for upscale districts. Luxury asset demand supports capital stability. Private‑aviation infrastructure aligns with carbon‑offset and energy‑management initiatives.

Source: Rise48 Equity analysis

Phoenix CRE Investment Volume Up 17 Percent YOY Q1 2025

National CRE investment totaled $92.5 billion in Q1 2025, up 17 percent year‑over‑year, with Phoenix contributing meaningfully via active industrial, multifamily and retail repositioning projects despite a 12 percent drop in transaction count.

Investors focused on long‑duration cash flows find Phoenix attractive. Tax-relevant transfers incur capital gains and ongoing property assessments. Federal tax policy shifts and zoning changes influence structuring. Diverse asset exposure smooths volatility. Many projects are designed with energy‑efficient materials and transit accessibility.

Source: ROI Properties / CRE Finance Council / Rise48 Equity

Multifamily Momentum Stabilizes After Downturn

Phoenix’s multifamily segment showed signs of stabilization post‑2018‑2022 market correction, with leveling pricing, strong job in‑migration, and rising rental demand in early 2025.

Investor portfolios benefit from stabilizing yields and diversifying occupancy risk. Rental income fuels property tax base growth. Developers adapt under municipal permitting and material‑cost pressures. Balanced supply and demand points to resilient forward value. Many newer properties include solar-ready infrastructure and water‑efficient landscaping.

Source: ROI Properties

Retail Value‑Add Repositioning Drives Phoenix Activity

Retail investors are actively repositioning small neighborhood centers through re‑tenanting and upgrades, particularly following a 90‑day pause on China tariffs in mid‑2025 that stabilized material costs and consumer confidence.

For diversified RE portfolios, value‑add retail offers opportunistic yield upside. Municipal incentives and sales‑tax abatement tools support repositioning. Repositioned centers often enjoy more balanced tenancy and longer lease durations. Retrofit standards improve energy performance and pedestrian access.

Source: ROI Properties

Phoenix Industrial Demand Driven by Sunbelt Manufacturing Surge

National manufacturing investment, including $65 billion in TSMC AZ fab construction, has catalyzed industrial property demand across Phoenix, drawing investors into warehouse, logistics, and supporting residential and hospitality compounds near these hubs.

Institutional portfolios anchored in sticky manufacturing ecosystems gain long‑term lease security. Tax revenues rise with industrial build‑out. Regulation includes federal and state incentives for advanced manufacturing. These assets are purpose‑built and highly future‑resilient. Sustainable design elements include EV charging and efficient layout.

Source: WSJ / Phoenix Business Journal

Signature at SanTan Village Upscale Retail Destination in Gilbert

The $145 million Signature at SanTan Village retail development in Gilbert spans ~30 acres, featuring a 43,000 sq ft Whole Foods Market and a 119,000 sq ft DICK’S House of Sport with recreational offerings including golf simulators and climbing walls.

Institutional retail portfolios benefit from stabilized anchor tenancy and experiential traffic. Sales‑tax revenue is expected to rise due to high-income catchment demographics. Municipal zoning allows premium retail district development. Retail rents appear resilient even amid retail sector shifts, supporting future‑proof occupancy. The project incorporates open‑air design and energy‑efficient site planning, aligning with sustainable retail trends.

Source: AZ Big Media / Kensington Development Partners & IM Properties

The Gilmore Mixed‑Use Development Breaks Ground in Gilbert

In mid‑2025, Thompson Thrift started the $225 million Gilmore development in Gilbert, which will deliver 300 luxury apartments, a hotel, and ~200,000 sq ft of grocery, boutique dining and retail on 35 acres.

Wealth‑management investors see long‑duration residential and hotel cash flows plus commercial diversification. Property and transient occupancy tax revenues benefit city budgets. Permitted through mixed‑use zoning approvals, the design aligns with adaptive reuse and modern urbanism. Blended tenancy enhances stability, and new units are built with sustainable materials and landscaping.

Source: AZ Big Media

Culdesac Tempe Car‑Free Pioneer Builds Walkable Urban Village

Opened in 2023 and expanded into 2025, the 17‑acre Culdesac Tempe neighborhood is the first fully car‑free U.S. residential project, housing ~200 residents in studios to three‑bedroom apartments ($1,300–2,900/month), with amenities including bike‑share, transit passes, plaza and micro‑retail managed by residents.

Portfolios focusing on innovation and ESG strategies track this as an emerging model. Tax contributions derive from property levy and local consumption. Local approvals supported novel zoning and parking regulation waivers. Future value is linked to shifting urban mobility preferences; sustainability is embedded via low‑carbon transit, dense land use and pedestrian infrastructure.

Source: Business Insider detailed feature

Greg Stanton Central Station Anchors Downtown Phoenix Transit Village

The new Greg Stanton Central Station, set to open in 2026, will anchor a 1‑million‑sq ft mixed‑use development featuring two residential towers—one will be Arizona’s second‑tallest—alongside retail, office and restaurant space.

Institutional-grade vertical residential adds depth to core portfolios. Transit‑adjacent property tax revenue and sales‑tax generation are expected to surge. This is enabled by council zoning and transport development financing frameworks. Transit‑oriented development supports future‑proof asset value; sustainability is reflected in reduced vehicle dependency and walkable design.

Source: Axios coverage

Metrocenter Redevelopment Into “The Metropolitan” Urban Village Underway

Demolition of Metrocenter Mall began in November 2024 to make way for “The Metropolitan,” a $750 million transit‑oriented village including housing (1,200–2,000 units), retail and office on 68–80 acres adjacent to light-rail Metro Parkway station.

This generation of transit-linked real estate provides steady income streams, qualifies for TIF tools, and benefits institutional landlords. Rezoning facilitated vertical mixed‑use density. Future asset resilience is enhanced via multifamily + retail synergy; reduced carbon footprint via TOD design.

Source: Wikipedia, Axios

Sol Modern Residences 29‑Story Tower Approved in Downtown Phoenix

Phoenix’s Sol Modern tower at 50 East Fillmore Street—a 29‑story, ~332 ft high mixed‑use residential structure—is slated for completion in 2025, once finalized through design approvals.

Core residential portfolios can benefit high‑rise multifamily positioning. Property tax revenue and land value benefits are concentrated in midtown. Project moved under urban center overlay zoning. Vertical build supports scarcity value and future demand from downtown professionals. Amenity‑driven design features energy‑efficient systems, high‑density footprint and transit-proximity benefits.

Source: Phoenix tallest buildings data

The Edith 16‑Story Approved Residential Tower Near Uptown

At Central & Thomas/Road, the 16‑story Edith tower (~206 ft) has received approvals for 2025 construction in Phoenix’s Uptown district, offering high‑density rental units above retail.

Such multifamily investment supports stable cash flows and capital preservation in core urban zones. Sales‑tax and property assessments uplift municipal tax base. Regulatory frameworks include urban rezoning and infill density incentives. Rental demographics support future-proof resilience, and compact development reduces sprawl with sustainability elements like energy-efficient envelope and urban walkability.

Source: Phoenix skyscraper planning information

Verrado Marketplace Power Centre Expands in Buckeye

Construction continues on a 500,000‑sq ft Verrado Marketplace power centre at the I‑10 and Verrado Way interchange in Buckeye, integrating retail, service and dining amenities within Verrado master‑planned community.

Retail-focused portfolios leverage tenant diversity and stable lease incomes. Additional sales‑tax revenue flows into Buckeye’s budgets. Approved under regional retail zoning and HOA guidelines. Serves long‑term suburb growth and lifestyle demand. Design includes pedestrian amenities and parking efficiency aligned with green retail planning.

Source: Phoenix Business Journal

Eastmark Master‑Planned Community Continues in Mesa

The Eastmark community in Mesa continues expanding with neighborhood amenities including green space, skate park, community center, school infrastructure and diverse housing in one of Arizona’s top-selling master‑planned neighborhoods.

Portfolio strategies tied to master‑planned residential see strong retention and predictable HOA‑driven tax flow. Zoning ensures cohesive residential, educational and recreational integration. Stable delivery phases support capital preservation. Community layout promotes walkability, water‑efficient landscaping and park‑focused sustainability.

Source: Landsea Homes and Mesa planning data

Cities of the Future - Practitioner's Vision

Thanks for joining me for this week’s Phoenix growth briefing—where vision meets velocity! With hundreds of millions flowing into resilient real estate, infrastructure, and sustainable urbanism, the region remains a benchmark for smart-city evolution and diversified capital growth. Whether it’s a new tower, transit corridor, tech hub, or walkable village, each investment carries opportunity for long-term stability, tax-efficient planning, and ESG-aligned progress.

I’d love for you to share this newsletter with your network, follow me on social media for live insights, and don’t forget—you’re invited to schedule a 1-on-1 Zoom strategy session to explore how these trends affect your portfolio or advisory goals.

Stay connected and future-focused!

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