What do you guys think of the san tan valley/ queen creek area in arizona for a first time home buy as a primary residence or investment? They are building a lot of things out there, just looking to see what others think.
I live in Southeast Gilbert, a stone's throw from the area. Great area for families and a growing community. The futher out into Queen Creek you go the less expensive homes get and thus the overall demographics in relation to income. If you can find a SFR on the forclosure market you might get it for 10% under market, very hot market for buy/hold/rent investors right now, one of few places in the Phoenix metro area that comes close to the 2% rule. Probably not much in the flip realm (I've stopped looking out there) as most everything is new in the last 10 years or so. San Tan Valley is even further out (ugly commute if you work in/near downtown PHX) but is also growing with new developments. Hope this helps, feel free to reach out if you have any specific questions I might be able to answer.
I agree with everything Charles said above. Let me add this to give his point just a bit more clarity: if the property has a "Queen Creek" address (no matter what the ZIP code is) make absolutely sure the property is in Maricopa County and NOT Pinal. That's not a slam on the good folks of Pinal County at all - it's a simple supportable fact that Maricopa County offers better services for taxes paid, and the house values in the Maricopa County addresses in Queen Creek reflect that. Please message me if you have any other questions.
Thanks for the suggestions, this will be my 1st home and will be my primary residence.
@Charles Soper Charles, what numbers are you using when you say some properties approach the 2% rule? I haven't seen anything past 1%. We just looked at an auction property in San Tan where the starting bid was $95k, and market value in the area was around $125k. Max rent would have been $950-1000. This was a 3BD.
I live in The Town of Queen Creek, it is very different from San Tan Valley.
The Town of Queen Creek is in Maricopa county and is generally a higher income area with more services and a better commute. You can find a very nice 4-5 bedroom house with 4,000 sq ft for a reasonable price. San Tan Valley tends to run a little smaller and has a lot less infrastructure. Overall I would say the Town is a much better investment. I constantly see MLS listing in San Tan Valley described a being in "Queen Creek", never the other way.
We have three rentals in the Town of Queen creek. Feel free to PM me if you would like more detailed information on the town or or San Tan Valley and the differences. There is a lot of opportunity here. I can also refer an excellent realtor if you would like to see MLS listings of potential homes to live in or rent.
As a real estate broker who lives in San Tan Valley since well before it was called San Tan Valley, just one street over from Queen Creek, values are quickly rising all over. Usually the market slows down at this time, but it's still going strong. When choosing a home to live in, I would choose the one with the lower cost. May pay a little higher taxes, but I'd rather spend $30,000 less on a home than save $100/year on taxes. For an investment property, as a property manager, I have worked with lots of tenants, and never once has a tenant said, I must stay on the Queen Creek side (unless it's because of a particular school their child attends). Now, there's a huge difference between buying/renting in the northern part of Queen Creek and San Tan Valley as opposed to off of Hunt Highway. I have had many tenants not want to live as far south as communities of San Tan Heights, Morning Sun Farms (in Queen Creek) as well as Johnson Ranch and Copper Basin (San Tan Valley). Had nothing to do with which county, but more of a distance factor. I used to own a home in Copper Basin but now live a bit farther north, though still in San Tan Valley. Those few miles makes a huge difference, except when I have to go to my investment properties in Coolidge and Casa Grande. LOL
Please feel free to contact me, if you have any questions. I know the area very well and would welcome the opportunity to work with you.