Did you know that a couple of years ago, Ahwatukee was listed as one of the best places to live in the United States by Money magazine? I'm a resident of Ahwatukee and it is indeed one of the best places I've lived in my life. It has everything. Shopping, restaurants, great schools, parks, golf courses, 15 minutes to the airport, etc.etc. There are a lot of people still coming to AZ so real estate will eventually go up again in value. Since Ahwatukee is one of the high demand areas, it will most likely be near the top in appreciation. It will be important for you to hook up with a realtor who understands Ahwatukee and its potential problem locations. The proposed freeway is one of them. As to your question, you might as well call it four distinct areas of Ahwatukee. You missed Club West. Most people like the newer built homes, but don't want to go past the road, Desert Foothills. They feel once you get past that road, you're getting too deep and it will take too long to just get out of Ahwatukee. We are starting to see signs of the Ahwatukee market starting to strengthen. I doubt Old Town will appreciate as much as some of the newer built homes. Old Town will be the first part of Ahwatukee to become the rental area which will typically keep prices from rising too fast. Will that happen in 5 years, who knows? I think your appreciation potential will be in the Foothills. Mt Park Ranch is starting to age a little as well and most of the houses will be in need of updating, etc. In any event, if you are in the market to buy in Ahwatukee, you are in a perfect time. I wouldn't wait too long though because interest have recently risen and are expected to be around 7% in 2009. 3 weeks ago they were at about 6%. Currently, they are at about 6.5%. Give me a call and I'll send you my newsletter on a monthly basis which will keep you up-to-date on prices.