Tuesday, May 8, 2007

Vistancia – Urban Village. Did you buy the hype?

I admit it; I bought into the Vistancia hype. In 2004 and 2005, when the market was heating up, Vistancia was selling its Master-plan vision, and its homes were rising in value faster than most parts of the Valley. I toured the model homes and was impressed with everything the community was going to offer. Plus, I thought, the city is growing so fast that within a couple of years it'll be close by...

Well, it looks like a lot of people overestimated how quickly the community would build out. Traffic has just recently gotten a little better (with the opening of Happy Valley and Lake Pleasant Rd), but shopping is still lacking, and many of the parents I know there still commute their kids to school.

Now it sounds like more of the same - they will build a Kierland Commons type of urban village in Vistancia, but construction is not even going to start for a couple of years. (read about it here.)

I still believe in Vistancia's vision - someday this is going to be a top-of-the-line community. Unfortunately, that day just seems to be pretty far off, especially for the people who have already lived there a couple of years now.

Bottom line – If you bought the hype, and bought a home in Vistancia, be patient. It'll get there eventually. Plus, the Vistancia market is soft right now – wait until the market firms up and this new development is underway – you'll either be able to sell for a higher price, or you might not even want to move!

- Chris Butterworth