There’s a bit of a pecking order when it comes to the retirement communities in the Phoenix real estate, not in terms of amenities or desirability or anything along those lines but in terms of price, due mostly to the age of the various communities.
I’m getting ready to list a gemini home in Sun City which several years ago sold for about 30 percent more than it’s worth now. This isn’t due to the run-up of 2005 – the property was purchased well before that point of time. But a combination of the fall of the Phoenix real estate market and the continued lack of consumer confidence have forced prices downward in most of the retirement communities. And the drops in other communities can be felt behind Sun City’s white walls, felt far stronger than the change in the Sun City market itself.
There’s always a degree of unrealistic hopes when it comes to buyers; some look at these $60,000 to $100,000 properties and fully expect to be purchase a Scottsdale loft complete with granite, travertine and the like. Clearly, that’s just not going to happen. But some expectations are more realistic; the perceived difference in value in properties built 15 years apart can’t be overcome easily.
So as the property values drop for homes and casitas built in the 1980s in Westbrook Village, it’s only logical that the values of properties built in the late 1960s and early 1970s are going to be falling as well.
When you’re putting your home in the market in these retirement communities, make sure the agent to whom you’re speaking is looking not just at your own community but also those nearby. Westbrook impacts Sun City, Ventana Lakes impacts Westbrook, Sun City Grand impacts Sun Village and Arizona Traditions impacts Sun City Grand (and vice versa.)
Make sure you’re taking the wider view so that you don’t end up wondering why your home’s not being viewed. Ninety percent of a real estate professional’s marketing is complete when a proper price is placed on a property.