Tuesday, February 10, 2009

Pointe Tapatio Pricing Update

Been a long time since I did a pricing update on properties at the Pointe Tapatio. For those who don't know it, this is a quiet little resort-like community tucked into the shadow of the south side of North Mountain, just below the Hilton Pointe Tapatio Cliffs resort on the hilltop. Built by Gosnell Developers - who also built the resort - between the mid-1970's and the mid-1980's, this area has fully mature vegetation and truly looks & feels like a resort oasis in the middle of the near-city suburbs. Commute times to downtown range from 15 to 20 minutes depending on traffic and your destination. Hiking and biking trails are a short walk or bike ride away with several trailheads along 7th Street and 7th Avenue.

The neighborhood has patio homes, single family detached homes and condos, all mixed well together in a master-planned community. Some additional construction happend in the 2005 condo boom, and a few condos were built at the southeast corner of 12th Street and Peoria by Capistrano builders in the mid- to late-1990's.

Example 1

Patio Home at 728 E Peoria. 1144 square feet, built in 1979 with 2 beds and 2 baths. Some updates have been made to floor tiling, and the kitchen cabinetry looks about circa 1999 or so. Both bathrooms appear original with white 4 inch tiles on counters. Big and beautiful backyard that provides a gorgeous view of sunsets over North Mountain.  Parking is a private 2 car garage.

Home was listed May 2008 at $267,900. Sellers and their Realtor dropped the price 3 times, most recently on Jan 30 to $207,000. That's a total price drop of 22.7% in about 8 months during the latter part of 2008. The property went under contract on or about Feb 2, and we'll have to wait until the closing happens to see what it finally went for.

Example 2

Patio Home at 10239 N 12th Way #1. 1050 square feet built in 1989 with 2 beds and 2 baths. Loft style with both bedrooms upstairs.  I toured and showed this property several times and it was one of the nicer lots in the gated complex. It had a side courtyard which was really quite private. Floors were saltillo tile and cabinetry/counters were builder original oak & formica. The whole thing showed very well and was quite nicely kept. Unlike the example above, this had a private 1 car garage in addition to the small private side-yard.

Home listed June 2008 for $204,900. Two price drops later it sold for $171,000 in December 2008 - that's a 16.5% price drop over the second 6 months of 2008.

This is about typical for the Pointe Tapatio area. Pricing is down about 15% to 25% over the course of 2008. Bad news for sellers. Great news for buyers looking for a quiet neighborhood that feels like a resort but leaves you commuting only a few minutes to downtown Phoenix.

For sale prices right now range from about $104,000 for 1015 square feet of patio home on a short sale, up to $565,000 for 2900 square feet of single family detached home. Think the Pointe might be right for you? You can read more about the Pointe Tapatio area here, and search for your own Pointe home here (scroll down the page to "pointe tapatio").

Disclaimer - I was not the sellers' Realtor on either example. Data provided is taken from the MLS and public tax records and believed to be accurate but I cannot guarantee it.