Mesa is located in the easternmost area of metropolitan Phoenix. A full 12 miles east of the center of Phoenix-Mesa is directly west of Tempe is to its west. Both Chandler and the town of Gilbert are to the south of Mesa and the mighty Salt River Indian Community is to the north, and the city of Apache Junction is to the northeast.
When you’re out this far from downtown freeway access is very important. And this was not lost on the city planners, who know the importance of tapping into multiple markets. So this city has numerous highway connections available everywhere to get everybody out there shopping.
The Superstition Freeway (or Interstate 60) runs the entire length of Mesa’s southern rim and The Red Mountain Freeway (or Loop 202) follows the northernmost boundary of Mesa. Loop 101, Price Freeway. The freeway system is continuing to grow and expand southward through the Valley. The Loop 101 separates of Mesa from Tempe. All of these freeways give residents several convenient ways to travel to other parts of the Valley of the Sun.
The climate is typical of the southwest. There is a mild winter that is balanced by a long hot, dry summer. Many have claimed that the dry, hot summer conditions have helped to relive many of their allergy symptoms.
Summer days are clear and spectacular and the temperatures are truly remarkable. Spring and autumn are mild transitions into the other seasons. There is a brief monsoon season that is truly extraordinary.
The three A’s: affordability, amenities, and the annual influx of retirees and visitors are the three A’s are factors that have drive Mesa’s growth. Affordable houses allow both individuals just starting out and retirees the ability to select Mesa as their home.
Mesa homes range in styles. Single-family homes and expansive master-planned communities for retirees are available. New home developments and mature neighborhoods are available in Mesa. Condominiums and town homes are perfect living environments for those who want to scale back. Locating a property that will suit your needs is easy to do.
And there are plenty of commercial opportunities, too. A unique feature of Mesa is Falcon Field Airport. Today, Falcon Field is home to more than 900 aircraft and business/commercial developments. This facility is designated for aerospace, education, and industrial expansion. It is a cost saving spaces for many local companies. This, in turn, makes the city of Mesa a strong candidate for future business growth.
Mesa is a friendly town where pride and a progressive spirit are difficult to argue with. Residents love this city for its strong cultural base, accessibility to other parts of the Valley. There are also schools and colleges in Mesa. The city is hard at work bringing greater prosperity and a better life to all its new residents. Mesa has a “welcome” mat out for the droves of new settlement-seekers that seem to be arriving more and more every day now.
Shopping, recreational facilities, educational institutions, and cultural events are just some of the amenities that Mesa residents enjoy year round. With all of this, it isn’t surprising that Mesa draws so many people. The city brings people in who are searching for the right place to live. Today, Mesa is the third largest city in Arizona. Mesa has it all.
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The spectacular amount of market activity in Arizona over the past decade has been well documented. People of all walks of life have been moving to Arizona, and particularly Phoenix, in numbers unmatched in recent memory.
Figures from 2000-2005 show nothing but increased construction, development, unit sales and unit sales prices in virtually every category of structure offered on the market.
The greatest degree of growth occurred during fiscal 2005, where previous growth statistics, impressive in their own rights, spiked sharply to even higher levels.
Of particular note to the residential home seller/buyer was the record appreciation in new and resale home values. These rates were up for new homes and resales, rentals and condominium units, the only difference being one of degree.
While it is true that not all Phoenix area real estate markets showed the same amount of increase it is true that the degree of growth for each area was roughly proportional.
Then along came 2006 and equally well documented has been the decline in the rate of growth of some key market indicators. The greater Phoenix resale home market is showing marked decreases in sales figures for comparable periods last year across the valley and across most unit categories.
One interesting exception is the median price for resale units has risen slightly. This rising price accompanied by a decrease in sales seems to be more in keeping with normal market tendencies. One would expect spectacular growth to lead eventually to a degree of scarcity that would be reflected in higher prices. Could this indicate that the market has reached its peak?
Let’s look at another indicator to see what it may tell us.
Since 1985, the Arizona Real Estate Center has computed what it calls “affordability indexes” for the Greater Phoenix area and several nearby cities.
The index was invented as a guide to predict market activity. When the index value is 100, the typical home buyer (based on the current median resale price and household income) would be able to afford a median-priced home at the stated effective interest rate. A lower index value indicates less availability of affordable single-family homes.
The affordability index for the areas selected for the study shows a significant reduction in the availability of that this type of housing within the means of the ordinary consumer. Whether this data can be used as a reliable indicator for other groups and other types of housing is arguable, but it does beg the question “how much longer will the market be able to sustain a situation where both sellers and buyers can apparently benefit by getting involved in the market?
The short answer is that these conditions can remain so long as they are supported by the market.
So when we take a long look at the larger picture we must ask ourselves whether we can realistically expect to realize more potential gain or value now or at some time in the future and it is very reasonable to conclude that the best possible time to buy or sell Arizona really is now.