Traditionally, the luxury real estate market in the Valley slows down a bit in the summer. I mean, why wouldn’t it, right? Many people who are able to get out of town during our hot summer months do so to take advantage of cooler temps. They always have, they always will.

But in recent months here in South Tempe, we have seen several sales well above the $1.5 million mark. The highest one sold at $4 million. Yes, it was a cash sale. Two other homes recently sold at $2.5 million and $2.7 million.

It seems that our low supply is helping drive prices up, but that’s just a small piece of the puzzle.

High Demand For South Tempe Luxury Homes:

More and more people are enjoying the location and lifestyle found in this area. It’s not PV, it’s not Arcadia, Ocotillo or Ahwatukee. It’s South Tempe and it’s different. It’s more of a quiet, understated lifestyle with less “look at me” kind of sizzle…

Multiple neighborhoods, same result. Places like Warner Estates, Circle G Ranches, Buena Vista Ranchos, Shady Lane Estates, Wingfoot and several others have all seen recent sales well above $1.5 million. That’s a hot price range, especially in the “Warner Road Corridor.”

Many people around here are Tempe to their core. They stick around for decades. When they retire or when the kids are grown, they often downsize and stay right here in South Tempe. Location, location, location, for sure.

Examples of South Tempe Luxury Homes:

Below is a list of homes that are for sale or recently sold in the area. You can click on any of the homes to see descriptions, photos and more. Take a look at some of these beautiful homes. We think you’ll find some impressive properties here in South Tempe.

South Tempe Luxury Homes

35 Listings

$7,500,000 11812 S 71ST Street
Tempe, AZ 85284 Listing office: Russ Lyon Sotheby's International Realty

$6,600,000 2007 E RANCH Road
Tempe, AZ 85284 Listing office: Russ Lyon Sotheby's International Realty

$3,000,000 12651 S 71ST Street
Tempe, AZ 85284 Listing office: eXp Realty

$2,999,000 1001 E CAROLINE Lane
Tempe, AZ 85284 Listing office: Compass

$2,500,000 2106 E LA VIEVE Lane
Tempe, AZ 85284 Listing office: Russ Lyon Sotheby's International Realty

$2,399,800 2173 E LA VIEVE Lane
Tempe, AZ 85284 Listing office: Venture REI, LLC

$2,325,000 9310 S BALA Drive
Tempe, AZ 85284 Listing office: Keller Williams Realty Phoenix

$2,199,000 2002 E CAROLINE Lane
Tempe, AZ 85284 Listing office: Jason Mitchell Real Estate

$1,999,000 511 E WARNER Road
Tempe, AZ 85284 Listing office: DPR Realty LLC

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Affordable Luxury in South Tempe:

Smart money, young money, old money… What do they all want? They want their investments to make $ense. As the luxury market heats up in the Valley, people will continue to take advantage of a great location and lifestyle.

When you look at the mind-boggling numbers in Paradise Valley, Arcadia, North Scottsdale and even in parts of Ocotillo and Ahwatukee, you recognize that these homes are WAY more expensive. But believe it or not, the luxury market in Tempe looks like it has a lot of upside potential. Homes above $1.5 million have recently been purchased in the $350 – $500 per square foot range. (One higher, some lower) Compare those numbers to parts of Scottsdale, Arcadia, PV where many homes sell for well above $900 per square foot. Heck, the ultra-luxury homes in these areas are thousands of dollars per square foot, and they are seeing more and more $20 million+ homes in the market.

Some luxury buyers want space, and space can be hard to come by in some parts of town where available lots are scarce. When people think of Tempe, they tend to think of ASU. The housing stock near Arizona State University tends to be very different than what is found in South Tempe. Especially when you are in and near the Warner Road corridor. Large lots, some with horse privileges, custom homes, gated communities with impressive estates. They are more abundant in this part of town than many realize.

More Local – Less Chain

Years ago, this area was known for its lack of restaurants and entertainment. It was a little more “laid back” than some were looking for. Fortunately, that has been changing and people are noticing some of the awesome dining choices in the area. Some of the more popular restaurants in the 85284 zip code include places like: The Peppermill, Freely Taproom, Word of Mouth Grill, Maskadores Taco Shop, The Craftsman, Ghost Ranch, Postino, Vincitorio’s, Crepe Bar and so many more. Yes, the local vibe is strong, and there are some amazing choices here in the neighborhood.

Remodels and Teardowns Everywhere You Look:

So, what are we talking about here? Like, are there really very many luxury homes in South Tempe?

Yeah, there are. Heck, we’re also seeing a large number of teardowns where people are buying a home for $900k – $1.5million and pushing it over. Massive homes are being built and many homes are being completely updated and/or expanded.

Luxury sales are still far less common than those who are staying in their homes and remodeling them. Dumpsters and bulldozers are common sights as you drive the neighborhoods: From basic kitchen and bath remodels, to taking a home “down to the studs” to start with a blank slate. It’s a very common occurrence that is happening. A lot.

New construction is HOT! Several massive homes are being built. One will be on the market soon at $10,000,000.00. We’re looking at a new wave of luxury that will be more and more common going forward.

Healthy neighborhoods, great location, jobs, restaurants, freeways and more can all be found here. The Price Road Corridor and the huge announcements at the ASU Research Park speak to luxury buyers, as well. Did we mention Avnet? Yeah, Avnet is moving to South Tempe, too…

Take a look around. If you have an interest in learning more about the housing market in this area, please feel free to contact Nick Bastian at Realty Executives. Nick lives, works and plays in South Tempe and can be reached at 602-803-6425.

It’s a region that could become another Silicon Valley, and we are seeing it ramp up at a breakneck pace. As more companies establish and expand their presence here, many wonder what the future looks like in the Price Road Corridor. 

Price Road Corridor

The Price Road Corridor in Chandler is a five square mile area that houses many big tech companies. It has 1,442 acres of land meant for commercial use. It is currently a booming economic hub in the Phoenix region and an employment hotspot for both Chandler and Tempe. 

Jobs in the corridor currently represent almost 35% of the city’s jobs and that number is still growing. It’s an excellent place for people looking for growth and for new job opportunities.

Found along the intersections of Loop 101 and Loop 202 freeways, the Price Road Corridor is a prime location in the valley. Its real estate is a mix of Class A offices, executive suites, industrial parks, surrounded by some really great neighborhoods. 

Real Estate Around Price Road Corridor

Aside from driving the job market, the corridor is also a big part of why the nearby real estate markets have been heating up for several years. As more people decide to move here for job opportunities, the demand for real estate continues to rise, as well. 

Compound this with the current inventory shortage we’re experiencing, and it’s a powder keg for a continued home value explosion. People are relocating to the area and buying up everything in sight.

Even with all the factors affecting real estate markets everywhere, prices near Price Road Corridor are likely to stay up. Many people don’t want to drive 40 minutes or more to work, and their first options are the closest areas here in Chandler and Tempe. 

Chandler, AZ

Real estate prices in the Chandler area have seen tremendous growth over the last several years. People want to be near the corridor, and their first choice is this awesome lifestyle that can be found nearby.

It is a great place to live because of its convenient location, great neighborhoods and amazing amenities. Many of its residents are homeowners and young professionals working in the corridor. 

There are plenty of small businesses and parks, giving you the right balance between a busy corporate district and a cozy neighborhood. It’s a great area for those who plan to own a home where they can live, work and play.

Tempe, AZ

Tempe is home to Arizona State University and is an urban-suburban area. There’s easy access to transportation, many great restaurants, coffee shops, and parks. 

BUT, Tempe is so much more than a college town. North Tempe is vastly different than South Tempe where the PRC meets Chandler, AZ. Homes on large lots, mom and pop shops, jobs, great schools, etc. In fact, life in the 85284 zip code is completely different than life near ASU.

The Future For Price Road Corridor Is Bright

The future for Price Road Corridor is bright, whether you’re a member of the workforce, a tech titan, a real estate investor, or anyone looking for a really great lifestyle. The continuous growth of the economy will help keep Chandler and Tempe on the map and help to keep it a great place to call home. 

A few recent announcements in the area include:

Honor Health signs a large lease near the 101 and Frye

Avnet is moving to the ASU Research Park near Warner and the 101.

Contact the Nick Bastian Team:

Schedule a call with us today so we can talk about your housing options. We have access to all of the real estate available near the Price Road Corridor, and we can help find the perfect home for you!

Thanks for visiting our website. Remember, if you are thinking of buying or selling a home in the area, the Nick Bastian team is always happy to help. Our office is located at the SW corner of Price and Warner. We love this community and we are always happy to help.

My answer is yes.

In fact, many are still selling very quickly.

Three very recent listings of ours show that there is a real need and a demand for housing.

The photo below shows homes in our market that are currently under contract. These are not all of the homes under contract, just the homes that went under contract IN 5 DAYS OR LESS.

In fact, as of this morning, there were 9503 homes under contract with 1450 of them that had offers accepted in 5 days or less.

Is this market perfect? No. But we have certainly not seen a collapse. Some areas and price ranges may struggle more than others. Yes, some homes are taking longer to sell. And, that’s ok!

My reason for sharing this information is to address questions we are hearing a lot.

While our business has slowed down since the first quarter of the year, we are continuing to safely work with a smaller group of people who currently need to buy or sell a home. For others, we have encouraged them to wait until the time is right for their situation.

Our team has been mostly hunkered down, working from home. I am very much looking forward to getting back in to the office and working a more normal schedule.

We will continue to watch the market very closely.

As always, if you or anyone you know has any real estate related needs, please don’t hesitate to give us a call.

With uncertainty in the local, state, national and world economies, many people are breaking out their crystal balls to tell us exactly where the real estate market is heading. For some, it is total doom and gloom. For others, it is a buying opportunity frenzy. For many of us, it is an opportunity to look at our own personal situation and try to make the best decision we can.

I am under the opinion that real estate is very local. From states to cities to neighborhoods, markets can be vastly different.

In Arizona, our market was very strong prior to the last few weeks when our entire world began to change due to COVID 19. While some people have been forced to the sidelines, there are people who are still very much interested in buying or selling. In fact, our MLS system shows us that we had more than 5200 homes go under contract since the Friday before last. (March 27th, 2020)

This photo below shows the number of homes that have gone under contract in the town of Gilbert in that same time frame.  (11 days) 317 homes, an average of just 34 days on the market with an average list price of $414,782.

This past Sunday, Catherine Reagor wrote an interesting article about our current real estate market. <– That’s a link to the article published on April 5th, but you might need to pay to read it.

While I don’t always agree with everything Catherine says, I did find some of the quotes from her article to be very interesting. I’m also a fan of some of the people who produced the data she included in her article.

Quoted in the article were:

Local Arizona economist Elliott Pollack
Arizona Housing expert Tina Tamboer of the Cromford Report
Real Estate consultant Jim Belfiore

While people are still moving to Arizona, the numbers have certainly slowed because of national and world events. In our personal business, we have RECENTLY helped an incoming health care professional, a corporate relocation client, parents of a college student, a relocating military employee and others who have had needs to move during these less than ordinary times.

“People aren’t moving now and that means they aren’t buying homes,” Pollack said. “’Phoenix’s strong population growth was driving the housing market. That’s over until this crisis is over.”

“It will be like a hose with a kink that is suddenly fixed,” Tamboer said. “Home buyers will pour out. Buyers looking for prices to plummet will be disappointed.”

Staying Home – Watching Closely

As of August 17th, 2021

Tempe 85284 zip code –  16 homes for sale – Average list price of $1,074,356
Average of 55 days on the market.

Mesa 85202 zip code –  18 homes for sale – Average list price of $507,822
Average of 36 days on the market

Gilbert 85295 zip code – 46  homes for sale – Average list price of $583,063
Average of 19 days on the market

Tempe 85281 zip code – * 41 homes for sale – Average list price of $583,063
Average of 120 days on the market** (6 homes have STILL been on the market more than 645 days, not a good reflection of DOM)
Normal listings are selling VERY quickly. In fact, the average time on market when those 6 homes are removed is just 20 days. This time of year tends to be VERY busy in this area as people look for homes close to ASU right before school starts.

Tempe 85284 zip code – 9 homes for sale – Average list price of $1,238,317
Average of 44 days on the market

Mesa 85202 zip code –  4 homes for sale – Average list price of $367,225
Average of 14 days on the market

Gilbert 85295 zip code –  20 homes for sale – Average list price of $579,880
Average of 8 days on the market

Tempe 85281 zip code – *15 homes for sale – Average list price of $522,247
Average of 260 days on the market** (4 homes have been on the market roughly 550 days, not a good reflection of DOM)
(normal listings selling VERY quickly)

As of March 2nd, 2021

As of September 1st, 2020

6,059 Single family homes for sale

Tempe 85284 zip code – 20 homes for sale – Average list price of $784,755
Average of 43 days on the market

Mesa 85202 Zip code –  13 homes for sale – Average list price of $366,577
Average of 28 days on the market

Gilbert 85295 zip code –  32 homes for sale – Average list price of $624,462
Average of 73 days on the market. (A few properties over $1million certainly have made a difference.)

Tempe 85281 zip code –  43 homes for sale – Average list price of $335,430
Average of  117 days on the market.

As of June 30th, 2020

6784 Single family homes for sale

Tempe 85284 Zip code – 24 homes for sale – Average list price of $826,696 (only 7 homes under $500k)
Average of 65 days on the market

Mesa 85202 Zip code – 10 homes for sale – Average list price of $369,230
Average of 44 days on the market

Gilbert 85295 zip code – 44 homes for sale – Average list price of $528,103
Average of 65 days on the market

Tempe 85281 zip code – 46 homes for sale – Average list price of $345,911
Average of 98 days on the market
These numbers changed a lot from last month as 11 new “affordable” homes were put on the market this week. They have income requirements and are priced at $210,000.

Mesa 85202 zip code –  11 homes for sale – Average list price $363,336
Average of 47 days on the market

Gilbert 85295 zip code –  78 homes for sale – Average list price $480,022
Average of 49 days on the market

Tempe 85281 zip code –  40 homes for sale – Average list price $412,092
Average of 111 days on market

There’s a LOT of so-called expert real estate flippers out there who watch some get rich quick show like how to become a millionaire or Flip This House. After a few episodes, they are ready to take over the world.

Like most well run businesses, the people who do well are those who have a business plan, pay attention to detail and know their market. Unfortunately, we often see homes that need some renovations and are purchased at a good price, only to be given a quick fix or band-aid before being put back on the market for top dollar.

The idea is a good one. Buy low, sell high. That’s the name of the game, right?

Here’s a scenario we came across recently.

An investor with a few hundred grand laying around decides he feels like making some quick cash playing the flip this house game. They buy the home in a nice neighborhood, throws some paint on it, move a few walls, add some new cabinets, some wood-looking tile and some faux stone on the front of the home.

The home was purchased for $331k and then re-listed for $495k approximately 2 months later. Comps in the area say you should probably be $20-$30k less than that number to be at the top of the market.

While much of the work that was done appears to be significant improvements to the home, the attention to detail department failed miserably. I have included a couple of small examples below. Both examples probably wouldn’t take much of a budget or even a lot of time to complete. Now that the home has been listed for sale for a little over 2 months, maybe it’s becoming more obvious that changes should be made.

Both of the examples below are from the front yard. Think “first impressions” for a potential buyer. On the left, you’ll see the poor landscaping and remnants of construction materials. The photo on the right shows the “trimmings” from the new stone on the front of the home. Would it take more than 5 minutes to clean these up? Would these two things help make a better impression for people as they walk up to the front door? I left out the water leak at the front hose bib, but it was another example of a marvelous first impression due to the lack of attention to detail.

Don’t get me wrong, the home absolutely looks WAY better than it did when it was purchased a few months ago. Much of the work was tastefully done and the upgrades certainly add value to the home. I just felt that there were small things that could have been done to help people with their decision to purchase this home.

Maybe add a touch of landscaping near the front patio? Maybe clean up the paint and grout chips? You know, just in case some people think that small details actually matter...

The buyers we showed the home to felt the same way. They mentioned that they were turned off by the home as soon as they walked up to it. Even when we discussed how easy it would be to make some of these minor repairs, they seemed to wonder if the rest of the work was just “slapped together.”

Around here, we prefer to dot the i’s and cross the t’s.

The next flip that we are doing is coming up later this week, and you can bet that the small details will be considered along with the large ones. If you are looking to invest in real estate or would like to become a “real estate flipper,” you should probably keep some of these things in mind. Give us a call to discuss your options.

We eat, sleep and breathe real estate, and we’d love to help you with your next home purchase, sale or flip.

Each Fall / Winter, like clockwork, people come to Arizona to enjoy the amazing weather in the Valley of the Sun and leave their snowshoes back home. For some, it makes $ense to buy a home here. While golf course homes can be in the millions of dollars, they can also be more affordable than some are aware. For instance, we currently have many golf course homes for sale in the east valley for under $250,000. Heck, there are parts of town where dozens of “affordable” golf course homes are available.

Take a look at these two examples of golf course homes that are currently for sale…

1. Johnson Ranch Golf lot: Over 3100 square feet on the Johnson Ranch golf course with 4 bedrooms, a swimming pool and a 3 car garage for just $225,000! Yes, really! Heck, the pool is even heated so that you can swim any time of the year!

2. Augusta Ranch Golf Course Home: Nearly 2000 square feet, 4 bedrooms, huge covered patio, 2 car garage for $240,000! Absolutely gorgeous!

Gorgeous home on the Augusta Ranch golf course

Below, you will see a list of Southeast Valley golf course homes for sale. All of these homes are priced at or below $250,000.00 Of course, we can help you find higher priced homes, too! Please give us a call at 602-803-6425 for more information about these, or any other homes for sale.

Golf Course Homes For Sale

7 Listings

$249,999 7838 E Park View Drive
Mesa, AZ 85208 Listing office: Realty ONE Group

$240,000 650 N Hawes Road 3109
Mesa, AZ 85207 Listing office: Century 21 Northwest

$235,000 725 S POWER Road 101
Mesa, AZ 85206 Listing office: Your Home Sold Guaranteed Realty

$234,500 650 N Hawes Road 3123
Mesa, AZ 85207 Listing office: Realty ONE Group

$165,000 650 N Hawes Road 2851
Mesa, AZ 85207 Listing office: Realty ONE Group

$150,000 650 N Hawes Road 4830
Mesa, AZ 85207 Listing office: Realty ONE Group

$142,000 2400 E BASELINE Avenue 79
Apache Junction, AZ 85119 Listing office: Real Broker

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Back in 2011, I wrote a blog post titled, Singing The Short Sale Foreclosure Blues. It was a post where the president / chairman of Realty Executives, Rich Rector, sang a song he wrote about the real estate market at the time. The song was performed “live” at our quarterly event and it was pretty darn good!

Yesterday, we had another one of our quarterly events at the Tempe Center For The Arts, and Rich performed a song called the Sales Dance. It was played to the Van Morrison song, Moon Dance. See for yourself in the video below.

Nice job, Rich. Keep on rockin’ the market, my friend!

Sales Dance lyrics:

It’s a marvelous time for a sales dance
Can’t wait for the meeting of minds
I know now the time is just right
For this crazy market to climb

Sellers are wanting more money
Because hundreds want to buy
And they have no clue what they’re in for
When the offers start to fly

Homes are back in demand; Inventory is low
You’re gonna get multiple offers; and make some dough
Can I just have one more sales dance with you, my friend?
Can I just have one more sales dance with you?

(Guitar Solo)

The housing market has turned
And prices are on the mend
It’s time to sharpen your pencils
Or miss out in the end

Sellers are maniacal
And the buyers are depressed
It’s not time to complain
Just give us your highest and best

Homes are back in demand; Inventory is low
You’re gonna get multiple offers; and make some dough
Can I just have one more sales dance with you, my friend?
Can I just have one more sales dance with you?

After about the first of the year, we heard the “experts” in the media begin to tell people it might be ok to purchase a home. Interest rates are ridiculously low, prices are where we haven’t seen them for a long time, so maybe the market is worth a look. Right?

There is one little problem. Not much to look AT. Our inventory levels are extremely low and in many areas and price ranges, people have been forced to “bid” on homes again. Yes, really.

I talk to a LOT of people about the state of our real estate market every day. I talk to buyers, sellers, friends, neighbors, and many good agents, title reps, and lenders from within our industry. While people give slightly different answers, it’s always good to hear what they have to say so I can share information with anyone interested.

What’s Selling?

A friend recently asked me what is selling in our market. My answer would be, “Just about everything.” My friends in the luxury market seem happy, and many people living in the “real world” are either looking to take advantage of low prices and interest rates, or wondering if prices have come up enough so that a sale and move is even possible. I looked back at the last 4-6 weeks and thought about the properties that I have personally been involved with. The diversity of the areas, property types, and reasons for the purchase or sale of these homes is pretty interesting. I say “4-6 weeks” because I was going to just mention the most recent sales, but a couple of properties from last month stood out to me as being an interesting part of the picture. I hope I don’t bore you to tears here, but these 9 properties all have different stories, yet are all part of what’s happening every day in our real estate market:

1. Single family home in the Phoenix / Ahwatukee area. Golf lot, age-restricted neighborhood where the buyer purchased the home for his mother. Final sales price on April 23rd was $118,000 but the appraisal came in approximately $20k higher. Yes, they were pretty happy about that.  “Traditional sale – conventional financing”

2. Cute historic home in downtown Phoenix. This was a fun transaction where parents helped their daughter buy a home in a “cool” neighborhood near the light rail line. It was tough to find something nice in the $100k price range, but we did it. Final sales price on April 26th was $95k. They LOVE the neighborhood and couldn’t be happier with the cool location.  “Bank owned property – cash sale”

3. Single family home in Tempe, minutes from campus. Our seller sold to a buyer from California. The owners found me by doing a Google search for “Tempe real estate agent.” Property sold very quickly with multiple offers submitted. Closed May 4th for $150k. “Traditional sale – cash sale”

4. Single family home in Gilbert. Great location and nice features. ie: single level, pool, 3 car garage. Another one of our listings, sold to a nice couple from Scottsdale that sold a larger home to downsize. Final sales price on May 10th was $226k.  “Traditional sale – FHA financing”

5. Another Tempe home near ASU. Parents bought a home in Villagio which is a great place for the cool kids on campus. Their football playing stud-muffin son should be very happy with this 2 bedroom home that closed May 17th for $147k. “Traditional sale – cash sale”

6. Downtown Mesa duplex bought by a good friend / smart investor. Property closed May 25th for $82,500 with rents of $1,225. That’s good math. We love what’s happening in downtown Mesa, smart investors are taking a look. “Traditional sale – cash sale”

7. Scottsdale home near 92nd and Shea. Single family home with pool sold May 25th for $200k. Yep, great price for the area. Out of state buyer is glad to be in this nice neighborhood and awesome location. “Short sale – VA financing”

8. West Mesa condo. Another investment play along the light rail line. This remodeled condo in Sycamore Square sold on May 30th for $60k. They already have a tenant ready to move in. “Traditional sale – cash sale”

9. Gorgeous Chandler home near Ray and the 101. A picture perfect family purchased a picture perfect home because they have outgrown their current residence. Their home closed May 30th for $305k. “Traditional sale – conventional financing”

10. I saved number 10 for YOU. As you can see, many types of homes are selling all over town.

While the media likes to paint a very broad picture of what is happening, real estate is very much a local business. As you can see from the samples of these homes I have recently sold, there are many “traditional sales” happening every day. I consider a traditional sale a sale that is NOT a short sale or a home owned by a bank. They can still be investor owned, but no bank is in charge of setting the price or terms.

While 7 of these 9 homes were normal sales, that is not to say these results are typical of the entire market or of the area you may be looking in. Did you notice the number of cash sales? It can be hard to compete with cash if multiple offers are involved. What chances do you have?

Let’s talk about your wants and needs and see what comes up. As always, I’ll give you honest answers and accurate data. “Just Call Nick” – I’m glad to help…

Pending Home Sales on a Record Roll

WASHINGTON (September 1, 2009) Contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1. The index is at the highest level since June 2007 when it was 100.7.

NAR’s Housing Affordability Index stood at 158.5 in July, below the peak set in April but is still 36.0 percentage points higher than a year ago. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income.

Not all areas and price ranges are seeing the same fluctuations in pricing, availability and sales. If there is an area you are interested in or if you have seen a “for sale” sign that you want to know more about, “Just Call Nick!” I’ll be glad to help…