Cooley Station is a great example of a subdivision that got hit really hard by the timing of the run up and crash. So many of the sales in Cooley Station were near the peak prices originally and as a result the drop was dramatic. Of course prices have rebounded some but most expect it to be many years of single digit appreciation in the market. 2012 saw a higher level of appreciation, personally I think that was due to values be so incredible low and that we may not see another year like that for a while.
I believe strongly in the Phoenix market, prices should go up (single digits) steady for years to come, rental demand is still high, purchase demand is greater than supply, many positive signs that we will remain a great market overall.
I would be glad to review your personal situation on the property and provide options based upon what the trends indicate.