The South Tempe luxury home market is alive and creating a summertime buzz.
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 the last few 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.
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 a million dollars.
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.
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.
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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.
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.
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 – $1.4million 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.
Healthy neighborhoods, great location, jobs, restaurants, freeways and more can all be found here.
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.