by Cynthia Warso

Created on: May 08, 2009   Last Updated: November 07, 2010

Chandler, Arizona has changed in the past fifty years from a small, rural outpost in the desert, to a sizable Phoenix suburb with a population of 240,000. Boasting a mix of old west charm and modern living, Chandler residents have easy access to the Phoenix metro area. When the economy recovers Chandler will be poised for growth, yet again.

Figures just released show new homes sales in Chandler increased in February and March (though still only half of last year's numbers). Local realtors see this as an indicator of market stability, and feel optimistic. Families can now afford to live in Chandler, with the current average home price at $122,100. Choices range from condos, to historic downtown homes, to brand new, sprawling mansions in planned subdivisions.

A great area for first-time home buyers is the Silk Stocking neighborhood (Arizona Avenue to Delaware Street, Erie Street to Chandler Boulevard), which may soon be on the National Register of Historic Places. It features modest bungalow and craftsman style homes built in the 1920s and 30s, and ranch style homes built in the 1940s and 50s. Recent foreclosures have prices under $100,000 or less. For those willing to put in the work needed to bring these homes up-to-date, the area looks promising. New and existing condominiums are priced from $20,000 to $400,000 and up. Several redevelopment projects are in the works, with a proposed six-acre Entertainment District at the corner of Chicago Street and Arizona Avenue. Other developers are planning mixed-use projects in the Silk Stocking area. These projects will revitalize Chandler's sleepy downtown, and drive home prices up over time.

Near the Silk Stocking neighborhood, the city of Chandler is seeking to purchase a swath of foreclosed homes in the area bounded by Elliott to Ray Roads, and Arizona Avenue to Alma School Road, which was hard hit during the real estate meltdown and has a foreclosure rate of nearly 40%. The city hopes to create affordable housing for qualified residents, which will help sustain the neighborhood. Therefore, properties around this area could prove to be a stellar investment.

The rampant growth of Chandler's housing market during the past decade has resulted in numerous new homes in planned developments with amenities for every taste and budget. Most built since 1995, they are move-in ready, often with pools and well-maintained landscaping. For bargain hunters, foreclosures and short sales are waiting to be snapped up. Modest properties begin around $90,000. On the high end, the luxury, gated, golf course community of Octillo offers town houses and single family homes from $114,000 to over $1 million.

Despite the recent pattern of explosive growth and new construction, Chandler is also noted for its quirky Tumbleweed Christmas tree, and an annual Ostrich Festival that recalls the early 1900s when local ostrich ranches produced feathers for ladies hats. So hats off to Chandler for balancing growth with an admirable level of peace and quiet that continues to attract home buyers to this day.

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