Ocotillo/ValVista/The Islands? looking 4 homes (Scottsdale, Chandler: estate, houses, rental)

[LuvTheWater]

Hi, we've been looking for a home on the waterfront in one of these areas. I've searched for the last 4 months, and the prices keep going down. We we're just trying to find the right house, and we began to see how much the price kept declining. Some properties upto 100k. We now are thinking possibly we should rent until the market has leveled out. We don't know which area would be the best for us, but we would love to have a pontoon boat. We are in our early 50's no little children, ours are grown Any advice would be very appreciatated. We are desiring a one story around 2500sf + Again, thank you for the help!!!

[Thomas003]

You are stuck between two choices... Renting vs Buying...?

Renting may save you money now and save you a dip in home value, but what about the interest rates? Locking in a good interest rate is beneficial.. plus buying has some additional tax incentives. I would say that if you are serious about wanting to stay in one of these locations then go for a buy. Besides, the prices are good right now for buyers. Especially if you can catch someone before they go into foreclosure.

-ThomasAZ

[sheena]

Originally Posted by LuvTheWater

Hi, we've been looking for a home on the waterfront in one of these areas. I've searched for the last 4 months, and the prices keep going down. We we're just trying to find the right house, and we began to see how much the price kept declining. Some properties upto 100k. We now are thinking possibly we should rent until the market has leveled out. We don't know which area would be the best for us, but we would love to have a pontoon boat. We are in our early 50's no little children, ours are grown Any advice would be very appreciatated. We are desiring a one story around 2500sf + Again, thank you for the help!!!

I just moved from Az and I'm doing a little waiting myself. I just rented a home for 6 months. I usually wouldn't suggest that but I'm new to the area and it I'd like to take my time, not to mention get my SC RE license

Anyway out of the waterfront areas you mentioned I like Val Vista lakes for the best Gilbert schools. I know you don't have children so either the Islands or Val Vista would be a nice choice.

[Boatdrinks]

Is your question about chosing between the 3 areas? If so, it really depends on your price range and what kind of house you're looking for, ie, new/old, requires renovation/turn-key, etc.

I looked at a few houses recently in Val Vista Lakes and Ocotillo, all around the 550-600K price range. I was, quite honestly, shocked by what I saw. The homes in VVL were SO incredibly old and required a TON of updating - I mean, they were REALLY bad. The MLS pictures were fabulous in that they made the house look great online, but in person, they were terrible. I think many people buying in that price range in VVL are going into it planning to do massive renovations or just gut the place entirely. I also didn't find anything I liked in that price range in Ocotillo, though those homes are a bit newer then VVL. I didn't look at the Islands b/c I don't like the surrounding area.

Maybe if you're open to smaller homes, you'd have more options. But around 2800-3000 sq ft, there really was nothing that I'd consider buying with the prices they were asking. I think everything in those areas is still incredibly overpriced for what you're getting and considering the amount of updating that I'd insist on doing. That's just me though. Your tastes may differ.

However, if you're set on one of the 3 locations, I'd consider whether you prefer Chandler vs Gilbert, how close you want to be to the highways (VVL is close to the 60, Ocotillo to the 10 and 101), and what kind of amenties you want. VVL has a great club and the beach. Ocotillo does not have those. They're both beautiful communities and in great locations with lots of retail and restaurant options nearby.

Re: renting vs buying - for me, it's not worth it to live in limbo in a rental, throwing money out the window on rent and not getting the tax benefits and gaining equity, just b/c I'm hoping the market will decline and I may get a house for 20 or 30K cheaper in a year. Yes, it's possible prices will fall dramatically and I could save 100K. But who knows that for sure? If you're not in a hurry to buy and haven't found a house you love, and you don't mind renting, then I'd say take your time and rent. Try to rent in one of the 3 neighborhoods you're considering to see if you really like living there. But if you find a house you love and want to settle down, I'd buy now. Just my opinion though.

[LuvTheWater]

THANK YOU all for the information. I'm going to keep looking and if I see a rental (until I can find the perfect home) I might consider that. If you hear or see of a property, please let me know. My husband is flying to AZ this week, and will pick up some newspapers to bring home. We do desire to be close to frwys, and close to retail. Again, our concern is a nice enough man-made lake in which we can get a 14' or 16' pontoon boat, and enjoy life.

[Boatdrinks]

Originally Posted by LuvTheWater

THANK YOU all for the information. I'm going to keep looking and if I see a rental (until I can find the perfect home) I might consider that. If you hear or see of a property, please let me know. My husband is flying to AZ this week, and will pick up some newspapers to bring home. We do desire to be close to frwys, and close to retail. Again, our concern is a nice enough man-made lake in which we can get a 14' or 16' pontoon boat, and enjoy life.

Check out aznb.com

It's a great website for both resales and rentals. They offer a list of all the developements in the Phx area, as well as a map. If you pull up the map and zoom in, you can see developments with water. There's also a neighborhood called Fox Crossing in the Ocotillo area you might check out. They have a manmade lake which I think might fit a pontoon and the houses are a bit cheaper then the Ocotillo development. Check with the HOA's to make sure they're allowed on the lakes in each of your choice developments. Cross streets for Fox Crossing are around Alma School and Ocotillo. It's about a mile north of the Ocotillo neighborhood, so you're still in the same area with close proximity to 101, 202, shopping and restaurants.

Also, check Pinelake. It's a beautiful community also in south Chandler. Cross streets are Arizona and Chandler Heights. It's about a mile east of the Ocotillo neighborhood. Prices may be a smidge lower then Ocotillo and VVL, though not by much. The plus side is that it's a newer neighborhood so updating isn't as required. I looked at a few houses in Pinelake that were nice for under 600K. They were all less then 3000 sq ft.

Keep in mind that in any neighborhood you buy, homes backing to the water will be much more expensive then non-water lots. I think they averaged upwards of around 800K in Pinelake, with obviously the larger houses costing a lot more. Since you want to dock a boat, you'll need to back to the water so expect to pay a premium for that.

Oh, also Ocotillo has a beautiful golf club. Not sure if you golf, but it's a gorgeous club.

There are a few other lake communities in the area. The map on aznb.com should show you most of the, I believe. Again - check with each HOA for boat regulations.

Good luck.

[LVGAZ]

Originally Posted by LuvTheWater

THANK YOU all for the information. I'm going to keep looking and if I see a rental (until I can find the perfect home) I might consider that. If you hear or see of a property, please let me know. My husband is flying to AZ this week, and will pick up some newspapers to bring home. We do desire to be close to frwys, and close to retail. Again, our concern is a nice enough man-made lake in which we can get a 14' or 16' pontoon boat, and enjoy life.

Hello Luv the Water
We live inVVL and I do not agree at all with what BOatdrinks states about the homes in VVL being tired andworn - he obviously did not get through the Westlake Estate Homes or the homes right on the water - there are incredible homes there for sale - that have had extensive remodeling done - I am not a realtor - just a home owner - I would agree with him in regards to maybe the 300,000 to 350,000 homes off the water - DEEP in the neighborhoods on the west side of Val Vista Drive P.S. I am not on the water - across from
Besides that, - there is great shopping at Dana Park , new hospital opening Sept 18 (5 min away) at Higley and Baseline, Scottsdale is 20-25 min for really good shopping, lunches
you pontoon all day long on Val Vista Lakes and laze on the beach or play a bit of tennis
If you need a good realtor - my neighbor, knows that area inside out for over 25 yrs and even if you only want some general info - he will supply it to you - very friendly guy. PM me
good luck and welcome to AZ

[Boatdrinks]

Originally Posted by LVGAZ

Hello Luv the Water
We live inVVL and I do not agree at all with what BOatdrinks states about the homes in VVL being tired andworn - he obviously did not get through the Westlake Estate Homes or the homes right on the water - there are incredible homes there for sale - that have had extensive remodeling done -
good luck and welcome to AZ

I didn't claim to have seen every home in VVL. I said that the homes that I saw - over 2800 sq ft and in the 550-600K range - were a mess. I'm certain that there are gorgeous homes in VVL - I've seen a few. The estate homes on the water and across Val Vista in that gated community are incredible!! But they're close to a million dollars and up which, unfortunately, is a bit out of our price range. Additionally, you can probably find some nice homes that are updated and less the 600K, however, they're a LOT smaller then 2800 sq ft.

My point was that I was unable to find anything in VVL close to 3000 sq ft that looked like it had been built within the last 20 yrs for under 600K. And those were homes off the water. Certainly if someone can afford 800K or a million dollars, they can find a nice home on the water in VVL, or if they want a smaller sized home but still don't mind paying upwards of 600K.

I do agree with you re: shopping options. Dana Point is great and there are many commercial and restaurant options in that area. And the club and beach are great. I didn't say that VVL isn't a nice neighborhood. I'm saying that it's not a place I, personally, would want to live unless we wanted a smaller home, or if I had close to a million to drop on a home. If we had that much, I'd certainly consider buying there.

Also, Scottsdale is probably 25 minutes from all 3 developments the OP asked about.

[LVGAZ]

Boatdrinks - speaks the truth - well descripted.
Even living there - now - if I had 1m I don't know if I would buy there - probably go to Hawaii

[sheena]

Originally Posted by LVGAZ

Boatdrinks - speaks the truth - well descripted.
Even living there - now - if I had 1m I don't know if I would buy there - probably go to Hawaii

I've looked at many nice homes in Runaway Bay and Discovery, especially the nice 2800 sqft one level homes. Some nice homes in The Landings too that didn't need much updating. I never looked at anything 500 + in there unless it was 220,000 in 2003 which it was and some needed work in Tanglewood Cove.