When it comes to Phoenix Az waterfront property, certain bragging rights can be claimed by each city or town depending on the lake communities within their city limits. For example, Chandler has more lake communities than any other city. And Gilbert has 3 of the 6 water ski communities in the Phoenix valley. Scottsdale Waterfront Residences often claims the most expensive waterfront listing in the valley. When you consider Tempe lake communities, it could easily be distinguished as having the most diverse selection of Phoenix waterfront property.
The first Hayden Ferry Lakeside waterfront condo tower was Edgewater with 40 units that sold out in 2006. It was rare to see a sale price less than$500K. Now a sale price over $500K would be equally surprising. Sold near the height of the real estate peak, prices are resetting through foreclosures and short sales, or the rare instance where the owner has enough equity and is willing to list at market value. A good example is a recently listed 1,650 sq.ft. 3rd floor bank owned condo that originally sold for $625,000 in June of 2006. It is now listed at $282,900, or 45% of the orginal sales price.