Development year in review: COVID-19 stalls affordability efforts during booming market | Local

Affordable solution to housing emergencies to encourage further action

With a 5-2 vote, Flagstaff City Council declared an affordable housing emergency in Flag …

A majority in the council decided to exempt affordable housing projects from certain new rules for high occupancy developments. And the council voted to adopt an affordable stopgap solution for residential real estate that mandated the development of a new and coherent plan to solve the problem.

Market is rising

The real estate market in Flagstaff has been a gangbuster this year. Throughout the year, Flagstaff realtors had higher than normal home sales and significantly higher prices for these homes.

In June of this year alone, 15 homes in the Flagstaff metropolitan area were sold for over a million dollars.

According to ReMax Peak Properties, these market conditions only lasted into late summer and fall in what can be considered one of the hottest neighborhoods in Flagstaff ever. From July 1 to September 30, 484 single-family homes were sold, with the average price for these homes being $ 519,770. That price represents an increase of $ 72,000 over the same period last year, according to ReMax.

In the Gangbuster market, Flagstaff sees 15 homes last month that sold for over a million

Despite rising case numbers in Arizona, Flagstaff’s real estate market appears to be …

New regulations

Several new regulations were passed this year to give the city more control over student housing developments.

The changes create a new name for these developments based on the design and layout of the structure. If the new project is classified as a “high occupancy” housing project, it may only be possible to build in some parts of Flagstaff.