The Truth about Tramonto Home Values in Phoenix, Arizona 85086
I've closely watched the housing values of the area to see how it compares to the national stats as well as our valleywide stats. Since Phoenix is extremely subdivision oriented, each community has it's own unique qualities and value driven indicators.
Tramonto grew during the height of the economic boom and therefore took a massive hit initially. The decline will appear to be more than in other areas simply because the values were ballooned to a level they were never meant to be, due to the fact the community was built at the height of the boom. The neighborhood has been resetting itself since 2009 as more and more original homeowners have sold their homes through short sale, trustee sale (foreclosure) and even some traditional sales!
As we've seen Tramonto turn over with new neighbors, the values have held steady for three years now. Below are links to annual sales summaries from 2003 through 2011. You'll notice the Average Dollar per Sq Ft of homes sold from 2009 to 2011 remains tight in comparison to the large dips seen from 2006 to 2009 - when the bubble burst!
* 2011 - $82/sq ft.
* 2010 - $86/sq ft
* 2009 - $87/sq ft
* 2008 - $113/sq ft
* 2007 - $159/sq ft
* 2006 - $178/sq ft
* 2005 - $165/sq ft
* 2004 - $123/sq ft
* 2003 - $106/sq ft
Keep in mind that these are homes in Tramonto that were sold through the MLS, these do NOT include trustee sales. The MLS is a good bird's eye representation of how values are doing. They DO include investor purchased properties at trustee sales, where they cleaned up the home and often enhanced the features and resold it as a move-in ready, upgraded home through the MLS.
The Realistic Value of Your Home in Tramonto over the next 5 to 10 years
Look closely at the Dollar Per Sq Ft, what do you see? You can see exactly when the 'Bubble' happened and when it burst. The realistic value of your home will reset to where they started back in 2003, approximately $100 per square foot. The fake value ballooned, then burst and the economy fell. As the country recovers, you can expect a realistic value of your home to be about $100/sq ft in the next 5-10 years.
*** I can provide you a with a custom value assessment of your subdivision by builder. Just send an email request to Kelli Grant. ***
Tramonto is in a new, thriving area. Location is on our side. With the addition of the W.L. Gore campus, we will undoubtedly continue to see positive growth immediately. I am already working with employees looking in the area who are being relocated from other states to work at the new location which I've been told will initially employ over 800 people. Guess where they want to live? You got it, close to work!
I've also had an increased number of Canadian buyers looking in this area. We have the perfect location: beautiful Sonoran Desert hiking trails, new shopping and dining, and easy access to downtown Phoenix for sporting events or nearby golf courses .
Feel good about our growing, magnificent community! Now we just need a Whole Foods or Trader Joes!
Each builder within Tramonto has varying value analysis, so if you have a question about your specific home value or builder, contact Kelli Grant. As always, call me with questions. I'm here to help!
See the Tramonto Community Calender, Area Events and Find a Job at www.TramontoNews.com.