While the economy has impacted Scottsdale and Phoenix suburbs like Fountain Hills and Paradise Valley, local Realtors say now is the time to buy to capture great home values.

Fountain Hills

"Fountain Hills is a great community with awesome views of Four Peaks," says Realtor Terry S. Smith, "The average price of these homes continues to go up as the homes get more luxurious and larger. Prices are up 1.3 percent over past six months."

Says Realtor Lynn Coleman, "Fountain Hills is located just east of Scottsdale and has a rolling topography that provides for great views from many of the home sites. It also has the "World's Highest Fountain" that reaches an incredible 560 feet at full flow. Incorporated in 1989, Fountain Hills is estimated to have a population of less than 30,000 at full build-out. Home prices are very affordable in comparison to some surrounding areas. Several new golf country club developments are underway with luxury homes and home sites available."

Explains Coleman, "There were 58 single family residential resale properties (I am including condos in these statistics) that closed escrow during the period, ranging in price from $77,900 to $645,000. The average listing price for all properties sold was $327,015, and the average sales price was $318,301. Property in the area is currently bringing about 97 percent of the actual asking price. The average property sold for $144 per sq.ft. and was on the market for 77 days. During the period, 90 new properties were put on the market in the Fountain Hills area with an average list price of $487,091. The average list price per square foot is $175 for those properties."

Paradise Valley

"Paradise Valley is a very affluent area with many luxury homes and golf courses," says Coleman. "The area includes some notable hiking and climbing mountains including Mummy Mountain and of course the famous Camelback Mountain. The town of Paradise Valley was incorporated in 1961 and encompasses an area of 16.5 miles with a population of around 14,000. The town is zoned exclusively for single-family residential use with 1-acre lots being very common.

He explains, "There were 26 residential resale properties that closed escrow during the period, (including condos) ranging in price from $129,900 to $2,900,000. The average listing price for all properties sold was $1,111,638. The average selling price was $1,049,340. Property in the area is currently bringing about 94 percent of the actual asking price. The average property sold for $242 per sq.ft. and was on the market for 135 days. During the period, 73 new properties were put on the market in the Paradise Valley area at an average price of $1,886,421. The average price per square foot for these listings is $361."

Realtors Alice and Stephen Proski say, "Despite the fact that national home sales are up throughout the country and the metropolitan Phoenix/Scottsdale areas, Paradise Valley home sales have been stable through the first half of this year. In an area that had been one of the hottest real estate markets in the Phoenix vicinity during 2000 and 2001, Paradise Valley real estate has not appreciated during the past two years. With the lowest mortgage interest rates in more than 40 years, now can be a perfect time to take advantage of lower home prices in Paradise Valley and purchase a great home at a lower price. Since location is always the constant in real estate, then Paradise Valley is the location of choice in the Phoenix area."

Published: August 1, 2003

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