Tempe Homes

Tempe Real Estate

Tempe, Arizona is home to Arizona State University, the 2,000 acre Papago Park, the Mill Avenue District, Childsplay and Rio Solado Golf Course.  Tempe real estate has been a focal point of interest for business owners, investors and Arizona residents for a number of years.  This is, among other reasons, because the city has no room to expand and people love to congregate in Tempe.

A Little History:

The city of Tempe became landlocked in 1974 after the City of Chandler annexed land along Ray Road. The Kiwanis Recreation Center and Wave Pool opened in 1988. The following year the new Tempe Public Library building, located on the corner of Rural and Southern, opened. ADOT completed the Loop 202 freeway in North Tempe in 1994. Tempe Town Lake was completed in 1999 and Tempe Beach Park was rededicated. Tempe Town Lake sits adjacent to the Mill Avenue District, Arizona State University and Papago Park. It is one of the top attractions in Arizona. The Tempe Center for the Arts opened by Town Lake in 2007. In 2008 the light rail improved public transit in Tempe, Phoenix and Mesa. It’s projects like these that keep the values of Tempe real estate strong.

Tempe Foreclosures

Most people that search for Tempe foreclosures are referring to homes that have already been through the foreclosure process and completed a trustee sale. However, if you are looking for foreclosures that have not completed the trustee sale then you should be referring to pre-foreclosure properties. Many Tempe homes for sale that you find on the multiple listing service are bank owned (meaning they have been through foreclosure proceedings). It’s a lot of real estate lingo and it can get confusing, but it is important that you understand that the properties here are bank owned not pending trustee sale. If you are an investor looking to bid on some homes at the trustee sales then keep in mind they are cash deals only and you should have a Realtor who specializes in this matter help you. I can refer you to someone if you are unsure.

On September 1, 2010, there were 1,825 foreclosed homes for sale (lender owned properties) in Tempe. These properties account for approximately 22% of the homes for sale in Tempe. There are a little over a hundred single family-detached lender owned homes on the market today, ranging from $50,000 to $600,000. There are no secret foreclosure lists out there. If you see vacant homes on your block, that you know have been foreclosed on and are wondering why they are not for sale, or who to call if you are interested in purchasing the home then I’ll fill you in. The banks can’t put all of the foreclosed homes on the market. If they did prices would dip even further and they would risk losing even more money. You’ve all heard of the concept of supply and demand right?

When banks take back property that do not sell at trustee sale they turn around and assign it to an asset management company. They don’t put the house on the market and try to save some money on commissions by marketing it themselves. Banks are not in the business of selling real estate. The asset management company assigns the listing to a local real estate agent to procure an offer. A Buyer’s agent (if you don’t have one, get one) writes up an offer for you and submits it to the listing agent (the banks Realtor).

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Curt Baumgarth, Realtor, MBA
Century 21 All Star, Realtors
9414 E San Salvador Dr
Scottsdale, AZ 85258
(480) 266-9796




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