The Truth about Sonoran Foothills Home Values in Phoenix, Arizona 85085
As a resident of Sonoran Foothills since 2005, I've closely watched the housing values of our neighborhood to see how it compares to the national stats as well as our valleywide stats. Since Phoenix is extremely subdivision oriented, each community has it's own unique qualities and value driven indicators.
Sonoran Foothills arose during the height of the economic boom and therefore took a massive hit initially. The decline will appear to be more than in some areas of the valley simply because the values were ballooned to a level they were never meant to be, due to the fact Sonoran Foothills was built at the height of the boom. The neighborhood has been resetting itself since 2009 as more and more original homeowners have sold their homes through short sale, trustee sale (foreclosure) and even some traditional sales!
As we've seen our neighborhood turn over with new neighbors, the values have held steady for the past year now. Below are links to annual sales summaries from 2005 through 2011. You'll notice the Average Dollar per Sq Ft of homes sold from 2009 to 2011 remains tight in comparison to the large dips seen from 2005 to 2009.
* 2011 - $90/sq ft.
* 2010 - $91/sq ft
* 2009 - $94/sq ft
* 2008 - $114/sq ft
* 2007 - $171/sq ft
* 2006 - $170/sq ft
* 2005 - $171/sq ft
Keep in mind that these are homes in Sonoran Foothills that were sold through the MLS. These stats do NOT include trustee sales and some of the new builds that builders sold outside of the MLS at the higher range of the $/sq ft. The MLS provides a good birds eye representation of how values are doing.
They DO include investor-bought properties at trustee sales where they cleaned up the home and often enhanced the features and resold it as a move-in ready, upgraded home. We're seeing quite a few of these 'fix-and-flips' in 2011. Contrary to some opinions, it's not a bad thing. The majority of buyers I work with do not want to look at fixer upper homes because they either can't afford it or they're beyond those years in their life and want a nice, move-in ready home. Those investors brought these buyers into our neighborhood by selling these exact homes with enhanced features for higher prices than a bank-owned house would sell for.
Sonoran Foothills arose is the midst of the real estate bubble. What does this mean? Values were never meant to be that high and history tells us, they will never be that high again during our lifetime. The facts and history shows us that the realistic value of your home is likely going to be between $100-$120 per square foot within the next 5-10 years. Again, many factors (some unforeseen!) affect our home values, and each builder in Sonoran Foothills has a different product from entry level to semi-custom, so KEEP THAT IN MIND.
*** I can provide you a with a custom value assessment of your subdivision by builder. Just send an email request to Kelli Grant. ***
Sonoran Foothills is in a new, thriving area. Location is on our side. With the addition of W.L. Gore, we will undoubtedly continue to see positive growth. I am already working with employees looking in Sonoran Foothills who are being relocated from other states to work at the new campus which I've been told will initially employ over 800 people. Guess where they want to live? You got it, close to work!
I've also had an increased number of Canadian buyers looking in our neighborhood. We have the perfect location: beautiful Sonoran Desert views, hiking trails, new shopping and dining, and easy access to downtown Phoenix for sporting events or nearby golf courses. Feel good about our growing, magnificent community in Sonoran Foothills! Now we just need a Whole Foods or Trader Joes!
Each subdivision and builder within Sonoran Foothills has varying value analysis, so if you have a question about your specific builder's neighborhood or your home value, just let me know. As always, call me with questions. I'm here to help!
Get detailed information about each builder and what is actively for sale in every subdivision in Sonoran Foothills.
See the Sonoran Foothills Community Calender, Area Events and Find a Job at www.SonoranFoothillsCommunity.com.
All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Data pulled is as accurate as the listing agent entered it.