One Oct. 18, 2011, the new Tempe Town Lake Pedestrian bridge opened, connecting the north and south shores of Tempe Town Lake. The bridge consists of 4 spans, each measuring 228 feet, weighing 165,000 lbs. The bridge protects the bladders of the dam from the sun and contains a built-in sprinkler system to cool the bladders when needed. This was the point of contention when one of the bladders failed on July 20, 2010, that the maintenance had been inadequate. The picture to the left was taken just days after the dam failed and sent over 750 million gallons of water down the Salt River. The lake was dry for 3 months before the dam was repaired and the lake refilled in October 2010.
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.
Regatta Pointe condominiums located right across the street from Tempe Town Lake were built in 2002. While they cannot be considered waterfront property, some of the condominiums have fantastic views of Tempe Town lake. This Tempe lakeview condominium development has 136 units; 116 single level units and 20 larger two story units. A heated community pool and spa are at the center of the community. The location features proximity to an endless list of amenities such as parks, the light rail, Mill Avenue restaurants and entertainment, and a cultural center. Recent sales of distressed properties such as short sales or bank owned units have sold for 60% of their highs in 2005 – 2006.
At 9:45 pm on Tuesday, July 20th, one section of the inflatable dam at Tempe Town Lake burst releasing 750 million gallons into the Salt River. Since it occured at night nobody was on the lake and one visitor at the west end of the lake was able to capture the release on video. The day after the failure, the Town of Tempe and Bridgestone, the manufacturer of the inflatable bladders, squared off and each offered explanations of why the other party was at fault. Obviously, something went wrong somewhere because according to the Town of Tempe website, “The bladders have special ozone and ultraviolet ray protection from the southwestern climate and have been tested extensively for durability.” Bridgestone contends improper maintenance since the bladders need to be kept moist and cool through the use of a sprinkler system that was not being used at the time of the failure, while the Town of Tempe Mayor counters that the poor design of the dam made it difficult to use the sprinklers effectively.
When looking for Phoenix area waterfront homes, your dream home could be hiding behind one of the gated lake communities featuring waterfront homes. These unique gated subdivisions are spread throughout the valley in cities and towns such as Chandler, Mesa, Maricopa, Scottsdale, Tempe and Gilbert among others.
2009 was a transition year for the Bridgeview urban luxury condominiums. Denver-based Condo Capital Solutions stepped in to purchased the 64 unsold units for $20.3 million in August 2009. Sales in early 2009 were virtually non-existent and only 40 of the total 104 condominiums had sold. Revised pricing has re-ignited interest in this luxury waterfront project. Originally, sales of $591K for 1,283 sq.ft, or $923K or 1,921 sq.ft. were the norm. Now prices are 50 – 60% of original 2008 offering prices. Over 20 units have sold in the first quarter 0f 2010.
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.
Phoenix Lakeside Property Offers Views and Amenities
Phoenix lake community condos and townhouses are appealing because of the waterfront property views, low maintenance and community amenities such as a community pool and spa. This is especially attractive to Canadians and those from the mid-west with harsh winters that want more moderate weather with a turn key vacation or second home. No yardwork or maintenance to worry about, just bring your suitcase and front door key.
This 134 unit development is one of the newer additions to spring up around Tempe Town Lake. It borders Arizona State University and has excellent access to the 202 from Rural Road. It includes a social lounge and fitness center along with a gated parking garage. A unique feature of Northshore Condos is the outdoor gas fireplace on each unit’s oversized balcony. The 134 luxury condos range from 1 – 3 bedrooms, with 1,172 to 2,168 sq.ft.