Opinons on Estrella Falls Mall and home prices (Goodyear: houses, job)

[CathyCDK]

Hello,
I live near Bullard and Indian School, about 2 miles from the planned Estrella Falls Mall. Our home value is in the 500K "ish" range. I've heard conjecture that when the mall is built, home values are predicted to skyrocket similar to how the area around Arrowhead did about 6-7 years ago...some increases were 80% in a year.

I am interested in opinions on this. Historically, what are the effects of a new mall on home prices? We have a 2-3 year plan to move out of the area, but my husband is very unhappy in his job now, so we may move up our plans. We're wondering if we should just move forward now, or wait out a couple years.

thanks!

[Ponderosa]

I have an opinion but it's probably not worth much. I think prices have already sky-rocketed to where prices are above what the house is really worth - mall or no mall. Houses like mine (Estrella Mtn Ranch) were selling for upper 400's a few months ago, just about doubling in 2 years. But houses in Goodyear were well under the PHX market average at the start of the boom and the price boom coincided with a building boom - especially in commericial, schools, churches etc that made the overall area more desireable and compounded the appreciation. I think we have seen most of the catch-up appreciation. The mall will not hurt and those who live closer to it like you will probably find selling their properties a little easier than otherwise. But I just don't see outlandish gains with the commercial appeal. It's already happened.

BTW: Where is the falls by Estrella Falls? Pebble Creek? No pebbles, no creek. Estrella Mountain Ranch - no ranch. These stupid names! There is one "honest" one I know of - Sin Lomas - a subdivision built on a big flat expanse of farm land south of the old trotting park.