I have read that these areas, especially Goodyear, are experiencing some pretty substantial growth. I've been watching the market (MLS) in these cities for a couple of months now and see that homes move pretty quick. My Realtor tells me prices are on the rise after hitting bottom around 2011 (she said they are up about 40% from then). Goodyear has a lot of new amenities popping up, including a planned 1.1 million square foot mall.
That being said, I do not see any chatter about these areas on BiggerPockets. Is anyone operating in these cities that could share some insight? I have not yet done the population/job growth studies to understand why the area is growing so much; is it just the further expansion of Phoenix metro? I may be moving to the area this summer and would be looking mainly to get involved in buy-and-hold, vacant land, and eventually a flip or two if the time and market is right.
Any information from someone on the ground in that area would be much appreciated!
Your realtor must be a genius. It's no secret that the greater metro Phoenix area had led most of the country side it bottomed out in about 2011, and the west of Phoenix is experiencing a growth a little higher than the rest because it was hit harder than the rest.
People still want to be in areas such as Scottsdsale and Tempe, that's why those areas are now experiencing a shortage in inventory.
We do deals in Goodyear, and have had success, but it's hard not to with a continually rising market. It's getting inventory that's getting tough. So anyone reading this that has a deal they want to sell, hit me up.
I appreciate the response @Lucas P. My wife and I are coming down to look around this week, and potentially moving in June/July (nothing like relocating in the heat of the summer). I suppose we'll get settled in and see what we can get into.
I live in Litchfield Park, Goodyear's neighbor. They are both great West Valley Cities. I am also a licensed Realtor in the state of Arizona. Goodyear and Litchfield Park are great family areas, good schools, more proposed development coming. Retail expansion in Goodyear has finally started to take off again over the last 2 years. The buy and hold market for rentals in the $150K and under market in Goodyear have few and they move quickly. Get in touch with me if you need any assistance!
I wouldn't hold your breath on that mall... they started planning for it before the bust and now, a decade later, they're talking the developer might not pull through on their end of the bargain and the land might revert to city ownership until they can find a developer who can pull the project off. They did just do a groundbreaking for a new 16-screen mega-plex movie theater this past weekend, so that'll be nice when it opens. I've been watching the market here pretty closely, but don't have funds to invest as of yet. The cycle's on the uptick and inventory is getting scarce especially in the investor's realm of built-in equity deals. I don't have much to offer, but once you get here, if you want to sit down and chat about the market, we should get together.
@Tina Thompson thanks for replying. I've seen how fast properties are moving. I've been looking for something for my personal residence and as soon as I think I find something it goes to 'pending'. It's almost not worth looking until a couple days before I'm ready to make an offer lol.
@Erin E. I wondered about that mall. I noticed the city website mentioned the cineplex and then followed that with something about further development of commercial space "in a direct response to market conditions." I would appreciate a local's view of the city, I'll get in touch with you when we get settled.
Sure :) Looking forward to it!
Join the Largest Real Estate Investing Community
Basic membership is free, forever.