Developer Sets Sites On Valley Market

The Phoenix Business Journal reports that Newland Companies, the San Diego based developer who is buying Estrella Mountain Ranch, is looking to acquire additional land in the Valley for additional developments.

"We are very interested in Phoenix, north, south, east and west," said Newland's Chief Executive Robert McLeod. "Once we get established there (at Estrella Mountain Ranch), I think we're definitely going to be looking at other areas to expand our work there."

McLeod isn't concerned with talk of a housing bubble. McLeod said one critical element of any region's "housing bubble" is an increasing inventory. In metro Phoenix, many builders are controlling their numbers of unsold homes by building just a few homes at a time. The downside is that restricting construction helps push up home prices. "It's our analysis that Phoenix is one of the top three future growth markets in the United States ," McLoed added.