The property values in the Deer Valley area are slowly rising along with the number of future residential and commercial developments.
Zillow, an online real estate database company, reported the house values have gone up 7.8% in the Deer Valley area over the past year and Zillow predicts they will rise even more, 2.9% to be exact, within next year. The median price of home in Deer Valley is $255,000, while the median rent price is $1,345, which is higher than the Phoenix median of $1,300, according to Zillow.
Zillow also predicts foreclosures is what is going to affect the house values in the area. In Deer Valley 0.5 homes are foreclosed per every 10,000 homes. This is the same as the Phoenix value of lower than the national value of 1.6, according to Zillow.
According to Brooke Pancamo, a sales representative at D.R. Horton Phoenix who sold homes in the Deer Valley area, said many people are looking to move here because of close proximity to their work, major highways and northern cities like Prescott and Flagstaff.
Pancamo said the area, especially by its northern borders, can benefit from more parks for the kids, retail and dining. Future residents would prefer to have Trader Joe’s or Sprouts close by, according to Pancamo.
Carey Antoszewki, a local resident, said she likes living here because it is far enough from the city but still only 10 miles away from her work. She also said she purchased her house for a great price, which was hard to find anywhere else in the valley, and it has already increased in value since then.
Deer Valley is one of the 15 urban villages that make up Phoenix. It is a home to many corporate offices and large customer service centers, like USAA, Cox Communications, Petsmart, Honeywell International, Safeway Stores, and many more.
One of the future developments that will bring more residents to the Deer Valley area and raise the property values will be Union Park, a 400-acre mixed use community located at the northwest corner of 19th Avenue and Happy Valley Road, adjacent to The Shops at Norterra and USAA’s Phoenix Corporate Campus. The land is owned by USAA Real Estate of San Antonio and the master plan will be carried out by Sunbelt Holdings of Scottsdale.
The first phase of the development is scheduled to grand open late 2018 and will feature 309 single-family homes, a recreation center with a pool, and a community park.
The second phase will include more single-family homes, multi-family units, a hotel, office space, a school site and a boutique retail corridor including specialty restaurants, shopping experiences and gathering spaces, all within steps of Union Park at Norterra’s homes.
“We are very excited about bringing this unique community to north Phoenix,” said Bruce Petersen, Executive Managing Director, investments for USAA Real Estate.
John Graham, President and CEO of Sunbelt Holdings, said the Union Park at Norterra plan is focused on creating a unique and special place to live, work and play that doesn’t currently exist in north Phoenix.
I did hear [about Union Park] from the employees at USAA, which they are super excited about,” Pancamo said. “I think it will add a tremendous amount of value to the area and attract more people to buy into the newness of the area!”
The Deer Valley, home of the Deer Valley Airport, one of the busiest general aviation airports in the country, houses Transpac, an aviation academy that attracts many students to reside in the area.
A large part of Deer Valley is commercial and industrial, and on the outer areas is where the lower density land is located along with new developments.
Point2Homes.com estimates the population of the area is around 165,639 with average household income around $72,007.