Home Buying in 85239>Question Details

Ken, Home Buyer in Sunnyvale, CA

Does anyone have any comments on investing in Maricopa AZ? DR Horton is trying to sell me a brand new home

Asked by Ken, Sunnyvale, CA Wed Mar 26, 2008

for $117K. The house has 4 bebrooms, 2 baths, 2 cars garage, and a totally living area of 1520 sqft. I want to know is this a good deal. The house is located at N Hartman Rd & W Bowlin Rd
Maricopa, AZ 85239.

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14
I reside in Maricopa. There are a lot of good investment properties in many neighborhoods. Since the first of the year most builders in the area have reduced the selling price of new builds to compete with the foreclosure/short sales and bank owned properties on the market. There has been an increase in rentals being filled since last year with rents for single family homes running between 750 and 1000 per month. Builders have also held public auctions of standing inventory but the results were lower than 50% of the homes sold. I know personally a few investors that are quite busy working on acquiring properties in the Maricopa market. If you would like to know the actual market value of that particular property to determine the investment value, I can do an appraisal for you including a rental survey and operating income statement. I would however, recommend not using the builders sales agent or in house lender (if you are financing). Also if you are financing the transaction with a lender in your area, the appraisal can be updated, recertified and reassigned (abiding to regulations) to your leder if they choose to use it.
2 votes Thank Flag Link Wed Mar 26, 2008
Maricopa was featured on Nighline last night as one of the hardest hit areas in country. The mayor was optimistic that the town will emerge from this as a vibrant community. There are a handful of AZ Realtors on Trulia who can provide you detailed data that would help you make informed decisions.
1 vote Thank Flag Link Thu May 8, 2008
Deborah Madey, Real Estate Pro in Brick, NJ
MVP'08
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Ken...did you meet the person trying to sell you at an auction? I have a guy trying to sell me similar property...met him at a real estate auction. All looks good on paper, but I too, am wary.
Web Reference: http://www.cindihagley.com
1 vote Thank Flag Link Thu May 8, 2008
The Hagley G…, Real Estate Pro in Pleasanton, CA
MVP'08
Contact
I agree that it is a very good opportunity right now to buy in Maricopa, AZ for whatever reason. I do, however, want to caution you against doing business with the D R Horton Co. I had a nightmare of an experience with their Phoenix based co. If you use all of their facilitators, i.e. mortgage co. etc., be very careful and read everything, especially the flood zone areas. If you happen to have to deal with the manager Bill Sanders, stay on your toes. He is rude, arrogant, with an ego the size of Texas. If you run into a problem, which you inevitably will, do not let him bully you. Also, try to oversee the building of your home as much as you can. They are well known for consistently shoddy work and malfunctions. My home fell through two hours before closing to the overall incompentence of their company. And to this day they refuse to make good on the damages. Hope you have a better experience. Mary.
1 vote Thank Flag Link Fri May 2, 2008
Hi Ken,

I'm a former South Bay native. Anyway, I have sold and purchased homes in Maricopa myself. As the valley continues to grow and spread south to Tuscon we are going to be one great megalopolis in the vein of Los Angeles/San Diego or the Greater Bay Area. Maricopa is right about in the middle of that corridor. Meaning, if you are looking for a good long term investment that you can relatively inexpensive right now, I think Maricopa is pretty good bet.

For more information about the Phoenix area real estate market please visit our website at:

http://www.ArizonaPremiereLiving.com
1 vote Thank Flag Link Sat Mar 29, 2008
I am a realtor and an investor. frankly there are so many homes in areas that don't have the issues of maricopa. i encourage my investors to invest in properties in the east valley. there are certain pockets that have more activity than others, can command better rent and will appreciate faster when this market turns -- which it will!
1 vote Thank Flag Link Thu Mar 27, 2008
HI KEN, that is a brand new home in a brand new neighborhood, there are 50 homes from 1500 sq feet to 1800 sq feet that will cost u half that. Just take a look at my web site http://www.FindMaricopaHOmes.com
and search any one of my neighborhoods

you can contact me and i would be happy to put you on a drip and send you 5 great value houses each week
and when u want to come and shop i will even pick you up at the airport

Thanks Dale http://www.daledresel.com
0 votes Thank Flag Link Wed Apr 6, 2011
This question was asked in 2008. Since then prices and interest rates have come down and opportunities in Maricopa are incredible. DR Horton has many spec homes in the Homestead subdivision. These homes are beautiful, have upgrades and are priced very competitively compared to resale properties (for example 2800 beautiful sf for 149k) . Maricopa is a great choice for buyers. Commutes to Tempe, Chandler and South Phoenix are around 35 to 45 minutes. From East Mesa you are looking at around 10 minutes less but prices are almost double. Maricopa housing was built mainly between 2004 and 2007 and therefore most homes are in good shape, are energy efficient and have a modern look. Our subdivisions have playgrounds, parks, pools, soccer and baseball fields and more. We also have a very attractive Adult community and two top notch golf courses. Yes, you are right - I do like Maricopa! I live here and I work here as a Realtor. Visit my website www. maricoparealtysolutions.com to find information or search for properties. Even better: Give me a call under 520-316-6101 or 602-489-4456.
0 votes Thank Flag Link Tue Oct 12, 2010
As an agent I offer a free service to provide a local "Market Snapshot". Go to the link below. It gives you prices for homes sold in a given neighborhood, lists homes for sale with asking price, pricing trends and more. This should begin to help answer your market questions for this location. Let me know if you need more information.

Keep in mind that a good buyer's agent can assist you with these questions for both new builds and previously owned homes. If you use a good agent to help you buy from the builder, you won't pay more, but should get the information and advice you need to make an informed decision.

Loren
623-688-0044
0 votes Thank Flag Link Mon Sep 20, 2010
I don't know if I would be buying new with so many resales on the market. Maricopa is probably going to be in the dumps for awhile.
Web Reference: http://GetPrequalified.com
0 votes Thank Flag Link Wed Aug 13, 2008
I live in Maricopa.It takes just over and hour to get to work in Phoenix. The air is clear here. I would not call this a retirement place.I/we bought because the general wages in Phoenix do not support the home prices inPhoenix. Yes it is a desert so can be 110 degrees. I like living here, but only because I found enough car pool people to go to work with. I would not rent here though when you can rent in Phoenix. Karen S
0 votes Thank Flag Link Wed Aug 13, 2008
Hi Ken,

Working only as a buyer rep in Maricopa, I am very familiar with DRHorton & Sorrento where the home is located. Yes, the home is 1500+ sqft, but please check to see if the builder has already included the structural options like a covered patio. remember it is 115 degrees here. Covered patio is important. If it is a new build the covered patio and vaulted ceilings weren't included.

On the other hand I ran into a 1600sqft spec yesterday (different builder) covered patio, sep tub and shower, view fencing, all prewires, recessed can lights, and the home was completed. Priced at $118,000. The deals are great out here
0 votes Thank Flag Link Thu Jun 12, 2008
Dont do it The real estate market in Maricopa has plumetted 30-40 percent over the past year and continues to plumit there is a ton of foreclosures in Maricopa. The city grew from 1000 Pop to 33000 in 3 1/2 years due to poor mortgageg practices IE the 0 down and interest only mortgagaes. Predictions are that the property values will continue on the downward trend. So unless you plan on Living out the rest of your life in Maricopa and not look at it as a resale investment in 10 years staeer clear of Maricopa. Even some of the original relators who were selling homes in Maricopa and bought there own homes there cant unload them and they are not willing to take the 100000 dollar loss so they are either renting them out or leaving on the market.
0 votes Thank Flag Link Wed May 7, 2008
I have a home in Maricopa. The town is only 3 years old and is near casinos, raw hide western town, a major starwood resort "wild horse pass", and Phoenix Firebird Race Track. Spring training "Cactus League" brings many snow birds and there is major growth and development in Phoenix nearby. I feel this is the bottom of the market based on sales data. I agree with the other comment on the corridor to Tucson. You would do well if you bought now. 69 million baby boomers are retiring also. Many will move to Arizona. Don Reynolds http://www.IncredibleLender.com
0 votes Thank Flag Link Sat Apr 26, 2008
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