The Villas in Ocotillo originally opened in 2006 and within the first year waterfront properties were selling for over $1 million. The builder was Kitchell Custom Homes and the luxury interiors included Cantera fireplaces, Viking appliances, wood beamed ceilings, alder doors and 2×6 construction. Some floor plans even included basements. Of the 49 homesites, the original builder sold 19 before the remaining lots went into bankruptcy. What happened next… read on.
Ocotillo in Chandler is home to many luxury waterfront homes in the east valley. This 3,076 sq.f.t luxury home was built by TW Lewis and provides ample room for a growing familly in one of Chandler’s most desireable neighborhoods. Recent upgrades include travertine, hardwood flooring, and pavers in the backyard. Sunsets are conveniently enjoyed from the balcony off the upstairs master bedroom.
Satellite view of waterfront home
One of the smaller Phoenix waterfront lake communities is found in Chandler, conveniently located near the 101 freeway and Ray Rd. With less than 175 homes, 36 are situated on two man made lakes, built between 1995 and 1997. A unique feature of this Chandler lakefront community are the generous views of the lakes as you drive along Raintree Way, allowing all residents to enjoy waterfront views as they travel through the neighborhood. Walking paths along the lakes combined with mature landscaping creates a tranquil neighborhood environment.
Last year buyers enjoyed a real estate buffet that served a combination of foreclosures/REO’s, short sales, or normal/traditional sales at historically low prices. The inital buyer consultation included an explanation of the in’s and out’s of each. Frustrated sellers knew they were competing with distressed sale pricing as they tried to obtain the highest price for their traditional sale that had seen years of declining value. It was common for most valley cities to have a majority of the sales to be distressed foreclosure or short sale transactions. Distressed sales as a percentage of total sales were above 80% for a couple of Phoenix valley cities! It was the exeception for a city to have less than 50% of total as distressed sales. The chart on the left shows the percentage of sales by each category for May 2011 for each valley city. As you know things change in real estate, so read on to see what has happened since last year.
Gilbert and Chandler Recreation Centers
Now that school is out, finding activities for children and teenagers who now have more time on their hands can be a daunting challenge. It’s not like you can say “go outside and play or ride you bike”. If they do in typical summer time 110 degree weather, they may not make it back. Read on to find out about some of the recreational centers and public pools available in Gilbert and Chandler.
Phoenix is home to many custom luxury homes. When luxury homes are on a waterfront lot, it adds another dimension to its desireability and uniqueness. In many cities, the most appealing and expensive homes are those found in lake communities. For some buyers, waterfront homes represent the perfect paradox, a waterfront home in the desert.
To see a quick link to waterfront homes in the Phoenix, over $400K, Phoenix waterfront homes.
Headlines quick to report foreclosure activity rises in 21 states
News of this activity seemed to cast doubt on a housing recovery, and gives hope to buyers who have been watching the market for great deals that have seemed to evaporate in the last 12 months. One article even said it was the 2012 tidal wave of foreclosures. The trap that many fall into is not understanding the underlying cause as why this is happening in these specific states. Some states have been impacted harder than others; Florida, California, Arizona, Georgia, and Nevada, to name a few. However, the increase in foreclosure activity in this case can be better traced to the foreclosure process employed by a state. The above graph shows the pending foreclosures for Maricopa county. No tsunami or tidal wave on the horizon for Arizona. Read on to find out why.
Is the real estate market changing?
For 6 years the Phoenix market has been a declining market with some property values declining by more than 50 – 60% from their peak. At last, many of the fundamentals strongly indicate that home prices bottomed out in 2011, and 2012 will reward homeowners with long awaited appreciation, a word that hasn’t been spoken since 2005. The graph to the right shows sales price/square foot for homes sold in Gilbert. Instead of the typical year end slump, 2011 finished with a positive upward trend that has continued in 2012. In fact, the average price per square foot for Gilbert homes for 2012 is higher than in 2011. The following fundamentals show that 2012 will be a transition year with significant changes compared to previous years.
Christmas time in lake communities takes on an added dimension. In addtion to the he annual ritual of displaying holiday lights in the front yard, waterfront lots can decorate the backyards which can be seen from quite a distance. Some lake communities even schedule a boat parade to show off decorated boats. Some communities such as Val Vista Lakes and The Islands in Gilbert make the boat parade an annual event.
Chandler has more lake communities than any city in the Phoenix valley. And of the Chandler waterfront subdivisions, Pinelake Estates is one of the newer lake commmunities next to Fulton Ranch. If boating on the lake is important, Pinelake Estates should be on your list. Homes in the community were built by Schuler, Shea, Trend, and DR Horton between 2002 to 2005.