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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Blanche Evans is the award-winning senior editor of Realty Times, the Internet's leading independent real estate news service. She is featured daily on the Realty Times Video Network in the "Realty Viewpoint" segment. Blanche has been named one of the "25 Most Influential People In Real Estate" by REALTOR Magazine, and has been twice recognized as a "notable." In 2005, she was named "Top Reporter Covering the NAR" by Delahaye-Bacon's. Blanche is a renowned author of five real estate books. Her newest, Bubbles, Booms and Busts: Make Money In Any Real Estate Market, McGraw-Hill, was rave-reviewed by The New York Times. She was also selected from hundreds of real estate experts to contribute to Donald Trump's book, Trump: The Best Real Estate Advice I Ever Received: 100 Top Experts Share Their Strategies, Rutledge Hill Press, and is featured on page 68. Order Now Review - Honors In 2006, Blanche was selected among scores of candidates to author two consumer real estate guidebooks for the National Association of Realtors: The NAR Guide to Home Buying, and The NAR Guide to Home Selling, Wiley & Sons. She is currently planning two new books for the NAR and its members.       Known for her keen insight into real estate industry issues and for her ability to make complex subjects easy to understand, Blanche is a sought-after keynote and continuing education speaker. Real estate organizations from MLSs, to brokerages, to franchisors, to associations hire her to provide up-to-the-minute analysis of real estate industry news and advice on how to improve revenues. Her passionate delivery, peppered with stinging wit, is a huge hit with audiences and fans. Don Klein, CEO Greater Nashville Association of Realtors, Blanche Evans, Richard Courtney, president 2007, GRAR "The GNAR membership meeting last week featured Blanche Evans as the keynote speaker. Her comments and insights resonated extremely well with those in attendance and we have had many requests for copies of her PowerPoint Presentation. She was a terrific part of the membership meeting and convention program!" - Don Klein, CEO Greater Nashville Association of Realtors Coverage from WSMV, Nashville - 8-14-2007 That Interview Guy - Get Inside The Head Of Today's Generation 2007 AE Institute Session - To purchase 2006 AE Institute Session - Parts 1 2 3 4 5 6 7 8 9 HouseValues Mastermind call - Parts 1 2 Blanche's fireside chat with Jeremy Conaway, HAR - Click here. To contact Blanche, email her at . For more articles by Blanche, click here.