Wednesday, November 25, 2020 3:39 am

Boom Town: Valley home values keep rising

By Keridwen Cornelius | Phoenix Magazine

When realtor Stacie Lee listed a Mesa home this summer, her hopes were not high. From the outside, the property had charm – a pool and a partial view of a lake in the family-friendly Dobson Ranch neighborhood. But the owner had passed away, leaving the interior in shambles, stained with dog urine and crammed with cringeworthy collectibles and 1970s décor. Lee and the estate representative did their best to spiff up the place and put it on the market at $349,000.

The first offer came in before the open house. The prospective owner was eager to buy the property sight unseen, and he put an escalation clause in his contract stating he would pay $1,000 more than the highest competing offer.

At Lee’s suggestion, he came to the open house – along with about 70 other people who paraded through the rooms, sheathed in face masks and slathered with hand sanitizer. Lee received 15 offers that day. She quickly sold the home for $365,000 cash, with the inspection and appraisal waived.

Welcome to the Valley’s 2020 housing market.

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