Inner city Mesa Arizona real estate, like many large cities has been hard hit. As the 37th largest city in the U.S. the city of Mesa AZ has many of the same challenges that other large cities have. Many large cities have seen their core property values drop significantly and driving many of the home owners out through foreclosure. Inner city Mesa Arizona real estate will need to see big changes in stabilization if this is where recovery will start.
Many times we forget about the inner city when living outside the core areas. The inner city of Mesa Arizona and its real estate are not exempt. Housing values are over 50% below what it was just a few years ago. Homeowners who purchased these homes have been forced to sell, generally as short sales of foreclosures. Mesa has seen investors move in picking up homes for pennies on the dollar. Homes that once sold for $150,000 have sold for $20,000 to $50,000.
What harm is done when investors dominate a community? Less pride of ownership, little community involvement, and communities lack stabilization. Homeowners tend to take pride in maintaining their home and community. Homeowners volunteer more often in communities and schools. Home owners add jobs as they spend more money on their homes than do renters. Inner city stabilization of Mesa Arizona real estate is a prelude to recovery.
To this end a non-profit organization focused on inner city stabilization is making a difference throughout the Phoenix-Mesa valley. The National Association of Hispanic Real Estate Professionals (“NAHREP”) is dedicated to helping the Hispanic community who make up a high percentage of the population living in the inner cities in Arizona. If Mesa Arizona real estate is going to see a recovery, the core areas where home prices have been driven down need to stabilize first and create a price foundation for homes throughout the region.
In an Interview with Grey Sehnert, President of NAHREP Arizona Chapter and Gail Buck, Former President and Chairman Emeritus of NAHREP Arizona Chapter, they shard of how the NAHREP-AZ has taken a proactive approach sharing about one Phoenix community known as Maryvale. This planned community within the city or Phoenix is home to the baseball spring training facility of the Milwaukee Brewers. It also has been one of the hardest hit areas anywhere in the valley. NAHREP-AZ has raised money for school programs, student athletes and sports facilities; and is educating real estate professionals to be more equipped to provide home affordability and sustainability services to buyers and foreclosure alternatives to homeowners.
Mesa Arizona real estate will only see a strong recovery when the inner city realizes homeownership that sustainable. This will stabilize prices on the lower valued homes in these inner city communities and cause price stabilization on homes in other competing communities as well.
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