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Popular Valley neighborhoods see an influx of new homes

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Home are being torn down in some of the most popular areas to make way for new homes. (Source: 3TV/CBS 5) Home are being torn down in some of the most popular areas to make way for new homes. (Source: 3TV/CBS 5)
While buyers love the older neighborhoods, they don't always love the homes originally built there. (Source: 3TV/CBS 5) While buyers love the older neighborhoods, they don't always love the homes originally built there. (Source: 3TV/CBS 5)
While high-end buyers still want large homes, detail is more important than size. (Source: 3TV/CBS 5) While high-end buyers still want large homes, detail is more important than size. (Source: 3TV/CBS 5)
If you are planning to stay in a neighborhood with lots of rebuilds, experts say remodeling is your best bet. (Source: 3TV/CBS 5) If you are planning to stay in a neighborhood with lots of rebuilds, experts say remodeling is your best bet. (Source: 3TV/CBS 5)
PHOENIX (3TV/CBS 5) -

It is a common sight in many Valley neighborhoods, older homes coming down, and new ones going up. 

Realtor Robert Joffe with the Joffe Group at Launch Real Estate says it is a sign the real estate market has recovered from the great recession.

“Yeah, we are fully recovered. Arcadia, in particular, is one of the areas I specialize in. We have come back 100 percent,” Joffe said.

But, Joffe says while buyers love the older neighborhood, they don't love the homes originally built here.

“It is amazing to buyers right now if it is before 2010, the house was built before 2010, they consider that old,” Joffe said.

Developer Brett Brimley with Brimley Development says older homes just don’t have the design elements buyers want.

“The older homes don't have high ceilings, they have low doors and windows; they have small bedrooms, small bathrooms, small closets,” Brimley said.

And Brimley says that has led to a boom for builders in established neighborhoods.

“Really, the only way to get a new, bigger home with higher ceilings and taller doors and windows is to start from scratch. And they want them, they are willing to pay a premium for them,” Brimley said.  

In fact, entry-level homes here average a million dollars or more, and if there is a teardown, new homes go for several million.

Brimley says, while high-end buyers still want large homes, detail is more important than size.

”The detail work we put into these homes now, as far as the trim work, the tile work, the ceiling details, it is very meticulous. Everything from high-end finishes to unique features like pocket doors help drive up values," Brimley said. “They want timeless, classic trim work, woodwork, cabinetry.”

New builds can be good for longtime residents as prices increase. If they are looking to move into a newer home in their same neighborhood, it can be problematic.

“So there is no question people are getting priced out of their neighborhoods and they are having to move onto other areas,” Joffe said.

If you are planning to stay in a neighborhood with lots of rebuilds, Brimley says remodeling is your best bet. But in areas with lots of tear downs, he says remodeling an older home probably won't pay off because they simply don’t have the space buyers want.

“The homes people are having the most trouble selling right now it really is design and spatial restrictions,” Brimley said.

The good news is Joffe says there are many areas that are still affordable, with that same established neighborhood feel.

“I think central Phoenix is an option. I would say more the Camelback to Northern type area, with a little bit larger lots a little bit more family oriented,” Joffe said.

Meaning whether you are looking for a brand-new home or a just a new home for your family, there are lots of options in every price range.

“Really most areas are doing well right now,” he says.

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