Here’s a chart showing the history of the real estate values in Gainey Ranch from the beginning of 2003 to the present. As you know, this is a period of time when real estate values across the country went on a roller coaster ride. We were no exception here in Scottsdale. Take a look at the chart.
In the crazy market years of 2005 and 2006 we saw the Gainey Ranch real estate values climb from an average of $200 per square foot to a high point of $375 per square foot, only to watch them fall again in 2008 through 2010 back to an average of $200 per square foot, right where they started! For Gainey Ranch, this 40% decline was typical of Scottsdale as a whole and it was actually less of a decline than in many of the outlying regions of Phoenix.
But, as you can see from the chart, Gainey Ranch values have been basically flat for the last two years, indicating what most pundits believe to be the bottom of the market. Indeed, in the less expensive greater Phoenix area markets, $200,000 and below, this last twelve months has seen a healthy rebound in single family home prices, up 30%, as well as multiple offers and bidding wars on properties!
Perhaps this will be the snowbird season that finally produces an increase in our prices here in Gainey Ranch.