Tempe has long been known as a college town. It is all thanks to the presence of Arizona State University, which fuels the city’s student life and, consequently, much of Tempe’s bustling nightlife and entertainment scene. But beyond this, Tempe is also a city for the discerning tastemaker and luxury homebuyer; the real estate market is dotted with sprawling estates, and upscale condominiums that enjoy access to high-end amenities.
Unlike Scottsdale and other nearby cities, Tempe offers a more discreet and elegant take on luxury real estate. Continue reading to learn more about luxury homes in Tempe, AZ.
THE 411 ON TEMPE’S LUXURY REAL ESTATE MARKET
Luxury homes in Tempe, AZ are among the coveted slices of real estate in the Greater Phoenix area for two main reasons.
First, the local luxury inventory is wide-ranging. Your selections can include anywhere from upscale condos to large six-bedroom, single-family residences on lots almost an acre in size (or bigger). Furthermore, luxury homes in Tempe, AZ come in various architectural styles, but most popularly the following:
Mid-century Modern: The Greater Phoenix area– including Tempe– is home to one of the largest collections of Mid-century Modern homes in the country, second only to Palm Springs in California. Both communities are located in the desert and benefit greatly from the style’s signature elements: floor-to-ceiling windows for natural light and ventilation, open-concept floor plans, and minimalist designs that blend well with the surroundings.
Spanish Colonial Revival: Considered by some as the predecessor of ranch homes, Spanish Colonial residences– and its Revival offshoot– add another layer of flavor to Tempe’s luxury real estate market. The most traditional ones are often made with stucco and feature striking red-tile roofs that contrast well with the desert environment. Many Spanish Colonial-style luxury homes also feature inner courtyards, where residents can shelter from the heat and still enjoy the outdoors.
Territorial: Featuring a mixture of Pueblo, Gothic, Spanish Mission, and Greek Revival elements, Territorial architecture is one of the more unique styles that can be found in Tempe and Greater Phoenix’s luxury housing market. These luxury homes are perfect for discerning homebuyers in search of something unique because of their key attributes: colorful brick and tile work, decorative shutters, and columns, just to name a few.
Contemporary: Contemporary architecture’s clean lines, minimalist aesthetic, and neutral color palettes go extremely well with Tempe’s natural as well as urban surroundings. Such flexibility makes it easy to see why this home style is popular in the city and many other parts of Greater Phoenix.
Second, the prices of luxury homes in Tempe, AZ are considerably more reasonable than other parts of Greater Phoenix. You can purchase a spacious luxury home with nearly 7,000 sq. ft. of total livable space on a two-acre lot for less than $3 million.
Tempe’s luxury housing market can be further broken down into distinct price segments:
- About 12.2% of the local inventory is priced between the upper $580,000s and mid-$700,000s.
- 8.5% of the luxury homes in Tempe, AZ are priced between $750,000 and $1,095,000.
- Just 2.2% of the luxury real estate in Tempe have prices ranging from $1,095,000 to $1,400,000.
- Only 1.1% of Tempe, AZ luxury real estate are priced at $1,460,000 or higher.
In total, luxury homes in Tempe, AZ only make up approximately 24% of the city’s entire real estate market. Although comparatively smaller than other cities in the Greater Phoenix area, buyers have many property types to choose from in great price points.
WHERE TO FIND LUXURY HOMES IN TEMPE, AZ
Tempe occupies over 40 sq. mi. of total area in Phoenix metro area’s East Valley region. The city comprises several neighborhoods and residential developments, some of which feature a sizable collection of luxury properties.
Alta Mira: Located in South Tempe, Alta Mira is widely considered to be among the wealthiest addresses in the city. It is ideally located near the 101 Loop and features a collection of over 350 single-family residences that range from 2,000 sq. ft. to over 11,000 sq. ft. in size.
Lofts at Orchidhouse: This residential development in downtown Tempe offers upmarket loft-style condominiums that are a stone’s throw away from a variety of urban activities and amenities. A unit at Lofts at Orchidhouse also makes a great investment property due to its proximity to Arizona State University.
Tally Ho Farms North: Tucked away in a secluded corner of South Tempe, Tally Ho Farms is an equestrian-friendly community with luxury homes that enjoy scenic mountain views. Square footage in the neighborhood hovers around 7,000 sq. ft., while home prices range from the low $900,000s to over $2.7 million.
Warner Estates: Comprising only 84 custom luxury homes, Warner Estates in South Tempe is one of the more exclusive neighborhoods in the city. Large estates are the fixture here: homes often offer over 4,400 sq. ft. of total livable space. And with an average lot size of half an acre, there is plenty of room for expansion and improved outdoor areas.
The Lakes: Waterfront homes are not what you would usually expect in Tempe, but The Lakes has them. The neighborhood is one of the first man-made lake communities in the state– developed in the 1970s– and features over 1,500 condos and townhouses in Tempe’s most popular architectural styles. Home prices range from $200,000 to over $1 million, with the higher end typical of the neighborhood’s lakefront properties.
6 ESSENTIAL TIPS TO REMEMBER WHEN BUYING LUXURY HOMES IN TEMPE, AZ
The best possible homebuying experience– and outcome– can be achieved by planning properly. Here are six essential tips to bear in mind as you explore luxury homes in Tempe, AZ.
- Do your research
Just with any real estate endeavor, do not forget to do some in-depth research about the local luxury housing market. Acquaint yourself with the current trends influencing prices and conditions in Tempe. Doing so will give you a good idea of what to expect as you proceed with your homebuying journey. With their experience, insights, and guidance, a local Realtor can make this part of the process easier to understand.
As part of your research, familiarize yourself with Tempe’s individual neighborhoods, particularly the ones with established luxury segments. Find out about each community’s history, character, lifestyle, as well as planned developments in the pipeline. All of these attributes can affect not only your overall living experience, but your dream home’s resale value down the road.
- Have the luxury home inspected
The “luxury” tag or label does not automatically clear a house from defects and other issues. That is why, no matter how enamored you are once you have found your dream home, never skip inspections. This tip applies for new construction homes as well.
A typical home inspection evaluates the overall condition of the property, from its structural integrity to even cosmetic issues. But since luxury homes often come with special features and sophisticated systems, do not hesitate to hire a specialist or two as needed.
- Consider different options
Do not fall in love with the first property you see. As previously discussed, Tempe’s luxury real estate market may be small, but it is brimming with a wide range of options. Have your Realtor arrange multiple showings in your preferred neighborhoods and take the time to visit each property one by one.
List the things you love (and things that can be improved) and take pictures so you can easily compare properties and narrow down your options. Remember to consider not only your current lifestyle but your future needs as well. This is particularly important if you are planning on establishing roots in Tempe. For example, if you wish to have a big family, you might need more bedrooms and bathrooms.
- Keep your finances in order
Before embarking on your luxury homebuying journey, ensure that you are financially prepared to take on the upfront costs and initial homeownership expenses. It will also help to have an emergency fund set aside to cover unforeseen circumstances.
If you are obtaining a loan for your home purchase, get mortgage pre-approval just before your home search. This will show sellers that you are financially capable to pursue the transaction. Furthermore, being a pre-approved buyer may even strengthen your position in the negotiating table.
- Work with a local luxury Realtor
Whether you are a lifelong resident of Tempe or a newcomer, nobody knows the luxury housing market better than a local real estate specialist.
Make sure to include the Vikki & Carol Royse Luxury Division in your list of potential Realtors. A family-owned real estate company with over 30 years of experience dealing in Greater Phoenix’s luxury real estate market, one of the team’s 25 top-producing agents will lead you to your dream home in Tempe, AZ.
Ready to explore luxury homes in Tempe, AZ even further? Call the Vikki & Carol Royse Luxury Division today at 480.776.5231 or say hello via email.