THE MESA TRIBUNE | SEPTEMBER 19, 2021
QuikTrip under construction at Cadence TRIBUNE NEWS STAFF
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n the Eastmark/Cadence rapidlybooming area of southeast Mesa, there’s a Safeway gas station on Signal Butte Road north of Warner. But on the west side of the developments featuring hundreds of homes, it’s hard to �ind a drop of gas. That is rapidly changing, however, with construction underway for a new QuikTrip. The convenience store, gas station and QT Kitchen off South Ellsworth Road and East Cadence Parkway, in the Arrival at Cadence commercial center at the entrance of the Cadence at Gateway.
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about 2,869 homes over the last three months, which “represents almost 9 percent of resale purchases.” They also have not sold as many as they have bought, though they are selling more to institutional investors, the Cromford Report stated. Moreover, it noted, the prices paid by iBuyers for homes are 53-75 percent higher than they were paying a year ago, even though the median price of homes sold in the Phoenix Metro region has increased 26 percent. The iBuyer and investor buying spree has sharply impacted the availability of resale homes, it said. “We can see that the iBuyers (particularly Opendoor and Zillow) have increased
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pretty awesome and really fun.” The studio teaches about every dance style for all ages and levels with the focus on hip hop and contemporary but lessons are also offered in ballet, jazz, tap and tumbling. “Our youngest student is 2, which is my daughter,” said Banuelos. “She takes classes two to three times a week. Our oldest is in her 50’s. We have classes for those un-
Construction started in late July, with an expected opening before the end of the year. The Cadence QuikTrip location will have 16 gas nozzles. Cadence developer Harvard Investments also expects new businesses opening here soon: Point 22 Tavern, Cork Crush Wine Bar & Beer House, NextCare Urgent Care, Athletico Physical Therapy, BoSa Donuts and a nail spa to its shops. The QT will be next to Mountainside Fitness, which opened this month, and Black Rock Coffee Bar.
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For more information, visit cadenceaz. com. ■
Construction started on a QT gas station at the entrance of Cadence at Gateway. (Special to the Tribune)
their inventory massively,” the Cromford Report said. “If iBuyers had not done this, we estimate that supply would already be higher by some 1,800 listings…We conclude that pricing would also be weaker without their intervention. This begs the question: what happens if they stop buying on this massive scale?” “Investors, too, can decide to stop their buying spree at a moment’s notice. The market is therefore more precarious than if demand were primarily growing through owner-occupiers,” it added. The news is a lot happier for investors that rent – and not so hot for their tenants, judging by the Cromford Report’s �indings. “Investors intending to rent out their properties are a different matter and the rapid rise in rents over the past year has justi�ied them splashing out,” it said. “In-
deed, far more homes are going from iBuyers straight to the rental operators than we saw prior to July 2021. This takes homes off the re-sale market for a long time and reduces supply.” It also noted “large scale investors with deep pockets are crowding out smaller investors.” “We have seen larger buying sprees from investors before, notably between 2011 and 2013,” it continued. “However we have never seen iBuyers so determined to increase their top line.” The average rental price per square foot has increased from $1 per square foot to $1.36 in the past two years, Cromford said. “That is a 36 percent increase in just two years and must be a budget problem for tens of thousands of tenants,” it said, noting rents increased by 28 percent in the
der 18 and separate programs for adults in the evening.” The studio also offers private lessons. They even have a professional corporate dance team. “We hire out dancers all of the time for gigs and shows,” explained Banuelos. “We put a lot of dancers on NBC’s ‘World of Dance with J Lo.’” Not everyone is interested in dancing professionally. Some enjoy the exercise dance offers.
“We work out really hard,” explained Banuelos. “We train like professional athletes. But we’re also dancers and artists.” Being in good, physical condition is not a requirement for taking dance lessons. “We’ll help you get in condition,” Banuelos said. “We take all shapes and sizes, all levels, all ages. We will try to help you to the best of our ability. We believe in helping with a positive mindset �irst and then we help with dance.” For kids, he said, “We have a Christmas
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previous 18-year period. “The cost of renting has escalated over a very short period,” Cromford said. “The housing bubble of 2004-2008 saw little to no rise in rents and in fact the low point was 64 cents in February 2005, just as the for-sale market was reaching its highest frenzy. This time is very different, showing that the rapid appreciation in home values is due to real shortage of housing rather than speculative activity based on easy money.” However, Cromford also noted that all housing costs are soaring in the Valley. “Although the cost of renting has jumped 36 percent over two years, the average home price per square foot has increased by far more – from $169.26 to $262.21, a jump of 55 percent,” it said. ■ show every year we do at Higley Center for the Performing Arts. It seats about 1,500. We do an end-of-the-year banquet so parents can get to see the kids dance. It’s a lot of fun. Parents seem to enjoy it.” One of the Elektro’s many mottos is, “One Mind. One Soul. One Family.” “At Elektro, you will always be welcomed and treated like family,” added Banuelos. Information: elektrodanceacademy. com, 480-271-6262. ■
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