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Tag Archives: Goodyear Real Estate

Verrado vs. Estrella – Housing Update

You have probably heard the phrase “Real Estate is local”. So while the media throws out statistics about the national housing market recovery or lack there of, it probably doesn’t mean much to your local neighborhood.

Let’s take a look at two leading west valley neighborhoods to see how they are fairing. ┬áThe Verrado and Estrella Communities are located in the southwest valley about a 15 minute drive from each other. Both are starting to see prices moving upward and over the last 30 days have been averaging in the $90+ per square foot range. Some of the highest priced homes to close in the west valley this year have been in these two neighborhoods. The ┬áMultiple Listiing Service reports the following average price per square foot for the following west valley neighborhoods, Verrado $97.54, Estrella 93.38, Palm Valley $81.35, and Canyon Trails $68.76.

Now let’s compare Verrado and Estrella over the 1st half of 2012 (see table below). Verrado leads Estrella in some key areas. Verrado’s average price per square foot outpaced Estrella’s both in the 1st half of this year as well as in the last 30 days as stated above. Both communities are seeing a return of Traditional sales with 74% of Verrado sales being traditional while 57% of Estrella’s sales are Traditional. While this is good news for owners, there is still a long way to go. Many owners are still under water making it difficult to sell without any liability. For Buyers there are still some great values out there but how long will pricing and interest rates remain this low is the question.

If you are looking to buy or sell in the west valley of Phoenix contact me at 623-910-1733 or ahayslett@verradorealty.com

Estrella As a % Verrado As a %
Total Closings 174 134
Distressed 75 43% 35 26%
Traditional 99 57% 99 74%
Average Price per square foot $87.94 $90.28
 

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Distressed Property Report – Goodyear and Buckeye

How many distressed properties are in your neighborhood? Visit this web site to see how your zip code compares:

http://www.armls.com/statistics/distressed-property-report/january-2012-distressed-property-report

When comparing zip codes within a specific town or city it is interesting to see just how different the numbers can be. For example in Buckeye you have two zip codes, 85326 which is south of I-10 and the 85396 zip code which is north of the freeway and extends from Verrado all the way north to Festival Foothills. Let’s take a look at the distressed property report as of 1/30/12. The 85326 zip code had a total of of 214 distressed properties which was 68% of the active listings, while the 85396 zip code had a total of 75 or 38% of active listings. Looking closer at the Verrado neighborhood (numbers pulled from MLS) you would find 3 distressed properties accounting for 5% of active listings.

Meanwhile in nearby Goodyear the 85395 zip code north of the freeway had 97 distressed properties or 40% of total active listings. The 85338 zip code had 202 distressed active listings or 60% distressed properties. Honing in on the 85338 zip code to the neighborhood of Estrella you will find 19 distressed properties which is about 19% of the active market (numbers pulled from MLS).

These numbers confirm that Real Estate Markets are local. Even within specific zip codes some neighborhoods are performing much better than others. For example neighborhoods like Verrado and Estrella that offer many amenities in a unique lifestyle are leading the market. When you are ready to buy or sell home consult with a local Realtor who understand the neighborhood market. If you are interested in buying or selling in the west valley contact me at ahayslett@dmbinc.com or 623-910-1733.

 

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