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.
Popular Power Ranch – A Family Community Turns 10 Years Old
While award winning Power Ranch may not have waterfront homes, it is such a popular and amenity rich community that it is impossible to ignore, and this year Power Ranch celebrates its 10th anniversary. This 1,414 acre development boasts 240 acres of open space and greenbelt parks and a 26 mile trail system that weaves throughout the community. Power Ranch was voted the number one community in “Ranking Arizona” for 2003 – 2005, and azcentral.com’s Best list named Power Ranch as the best masterplanned community in 2009. These awards serve to confirm what the residents already know, that Power Ranch is a highly desirable family friendly community.
The typical growth pattern in Phoenix Arizona is the following: the residential homes are constructed, the developers watch the population increase until the critical number to sustain grocery stores and retail establishments is reached. Then we cross our fingers and hope that road construction catches up. A longer leadtime but very important infrastructure component is the addition of hospitals to meet the healthcare demands of the growing community. The east valley has seen the addition of 4 major hospitals open their doors to the public in the last 4 years. The Mercy Gilbert Medical Center, pictured above opened in June 2006, Mountain Vista Medical Center in Mesa opened July 2007, Banner Gateway in Gilbert opened Sept. 2007, and Banner Ironwood in Pinal County is scheduled to open in November of 2010, even though construction was finished Fall of 2009.
There’s a waterski lake in my backyard!
You’ll never see it as you’re driving on Riggs Road. There’s a gate and some attractive landscaping that is common to many custom home subdivisions in south Gilbert. What you many not know is that it hides a 13 acre waterski lake where 20 owners enjoy a slalom waterski course year round and enthusiats gather for regional waterski competition on the 2,200 ft. long lake known as Santan Lakeside Estates.