GSN Real Estate Guide June 2019

REAL ESTATE

GILBERT SUN NEWS AN EDITION OF THE SUNDAY EAST VALLEY TRIBUNE | JUNE 16, 2019

Sales went gangbusters in May, trend continues GSN NEWS STAFF

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ay set new records for home sales in Gilbert and the rest of the Valley and June is continuing the ride, analysts say.

“The month of May 2019 was a monster. New all-time records were set for sales units and dollar volumes through ARMLS, surpassing not only 2018 but the bubble year of 2005,” declared the Cromford Report, which closely analyzes the Phoenix metro housing market.

And June is well into another strong month, especially for sellers, it said.

The report found that May saw 10,466

homes and condos sold in the Valley – “the largest unit sales count we have ever measured for a calendar month,” the Cromford Report said.

“The previous record high was 10,345 which was set in June 2011 at the height of the REO feeding frenzy,” it added, referring to lenders’ big sell-off of homes that were underwater.

Dollar volume for May was $3.65 billion – exceeding the record of $3.35 billion set in May 2019. “The previous high was $3.245 billion set in June 2005 at the height of the real estate bubble,” the

see SALES page 4

Better than new and ready for YOU!! Outstanding opportunity to own a 5 bedroom, 3 bath home in Gilbert!

Janet Rogers

Offered at $380,000

See Page 6

SPOTLIGHT home

Amy Jones Group

Luxury Private Golf Course living in the beautiful gated community of Siena at Seville in Gilbert.

Listed for $754,000 See Page 6

Welcome to this custom built, oasis haven in the luxurious Weston Ranch gated community.

Tim Boyles

See Page 6

LIST PRICE

6%

FLAT FEE

$300,000

$18,000

$2,995

$6,000 - $9,000

JANET ROGERS

$400,000

$24,000

$2,995

$9,000 - $12,000

1355 S. Higley Rd., Suite 111, Gilbert, 85295

$500,000

$30,000

$2,995

$12,000 - $15,000

$600,000

$36,000

$2,995

$15,000 - $18,000

$700,000

$42,000

$2,995

$18,000 - $21,000

Direct: 602-565-0192 Office: 480-540-2213 Fax: 888-892-6490

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YOUR SAVINGS

• Professional photos • Staging assistance if necessary • Listing syndicated to Zillow, Realtor.com, Redfin and hundred more sites.

• Coordinate showings (remove set up showing….)

• Open House • Social media blitz • Contract negotiations • Repair negotiations • Coordinate document signing • Discount title fees with preferred title company • Weekly updates • Secure MLS lockbox • Assistance coordinating repairs

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GILBERT SUN NEWS AN EDITION OF THE SUNDAY EAST VALLEY TRIBUNE | JUNE 16, 2019

E. Vermont Drive home sells for $824,000

One of the bigger deals made in the last month in Gilbert involved this six-bedroom, 5,137-square-foot home on East Vermont Drive, which sold for $824,000. Built in 2013, the former model-home offers soaring ceilings, a built-in office space, upstairs loft and an owned solar system. There are two master bedrooms, one downstairs and one on the second floor, as well as a basement game room with fireplace. The over-sized gourmet kitchen has two islands, and a breakfast nook with high-end JennAir appliances.. (Special to GSN)

REAL ESTATE

GILBERT SUN NEWS AN EDITION OF THE SUNDAY EAST VALLEY TRIBUNE | JUNE 16, 2019

Price your house correctly and avoid pain later on

BY MINDY JONES NEVAREZ GSN Guest Writer

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t was been a mild spring to say the least but on those 100-degree days, it still feels like it got too hot too fast.

Many Gilbert residents feel the same way about the housing market and fear making a move because of concerns of another housing bubble.

It may not feel that way if you’ve been trying to find a house under $300,000 in the vicinity of Joe’s Farm Grill or Bergie’s Coffee Shop, but the market is actually exceptionally healthy and more attractive interest rates have made making a move this summer an exciting possibility.

With 15 of the 17 major metropolitan cities sitting firmly in a seller’s market and Gilbert nearing the top of that list, conditions are gaining strength for home owners looking to sell their home for top dollar.

We are now predicting that 2019 will see an even stronger swing towards sellers than 2018 in many areas.

With Gilbert homes appreciating 6.9 percent year over year – as compared to 6.7 percent in the previous 12 months – we can expect continued competition in the Gilbert market for homes that are in good condition and have been upgraded by homeowners either in preparation for selling the home or through continued maintenance.

Buyers are not only eager to find homes with aesthetic upgrades like granite counters, refinished kitchen cabinets, and modern tile floors. They are checking that the bones of the home have not been neglected with many Gilbert area homes prime for roof replacements and AC upgrades given the phasing out of R22 refrigerant.

Pricing your Gilbert home correctly is imperative and taking into account the market conditions in your neighborhood turns this art form into a science.

Reducing your price later often comes at a cost and understanding how appreciation has changed ensures that instead of chasing the market, you are pricing ahead of the market conditions.

With slowed appreciation in many areas, pricing your property too high is begging for a battle with days on market and ultimately a price correction after limited

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• Full Service Brokers - handling all your buying and selling needs • Licensed Real Estate Professionals - REALTORS • Members of the Arizona Regional Multiple Listing Service (ARMLS) • Members of the National Association of Realtors (NAR) showings – or showings with no offers.

While a change to the price boosts visibility for your aging listing online, it usually inflicts a direct hit to your pocket book in the offer price.

Listings get more than three times the views when the home is first listed than when it gets a price reduction.

So go for the gusto and get the price right from the start.

And take it from my experience, selling the first weekend does NOT mean you underpriced the property; it means you hit the sweet spot.

As the weather continues into triple-digit territory, it’s a good time to slather on some sunscreen and do some serious house hunting.

Prices simply won’t be coming down anytime soon thanks to those gracious interest rates and rising incomes.

We thought for sure we’d be in more of a balanced market this year but expect to see appreciation continue in the positive direction even past peak buyer season.

Current forecast suggests appreciation should sit somewhere between 3-5 percent at the average Gilbert sales price which is good news for all us Gilbert folks.

Too hot too fast?

That only applies to the weather.

Mindy Jones Nevarez, a Realtor and owner of the Amy Jones Group at Keller Williams Integrity First serving Gilbert, can be reached at 602-451-4975, Mindy@ AmyJonesGroup.com or AmyJonesGroup. com

Check us out and like the Gilbert Sun News on Facebook and follow @gilbertsunnews on Twitter.

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• Save you thousands of dollars in closing costs with Help-U-Sell’s FLAT Listing Fee, and you determine what you pay for Buyers’ Agent Commissions • Analyze the Real Estate Market and assist you in determining the optimum list price for your home based on comparable properties • Market and Advertise your property for maximum exposure • Full Listing and Photos in the Arizona Regional Multiple Listing Service (ARMLS) • Featured Listing on Help-U-Sell’s local, nationwide and international website • Internet Exposure to real estate related websites (Realtor.com,Trulia.com, Zillow.com, etc.)

• Install “For Sale” Signs for visibility to prospective Buyers • Provide Lock Box for secure and convenient access by Buyers’ agents • Negotiate with Buyers - to get the best possible price and terms FOR YOU • Oversee all paperwork and inspection, lending, title and escrow processes • Communicate with you so you never have unanswered questions • Fully participate in the transaction through Close of Escrow when you receive your check!

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REAL ESTATE

GILBERT SUN NEWS AN EDITION OF THE SUNDAY EAST VALLEY TRIBUNE | JUNE 16, 2019

Ready to move? Now is the Feds crack down on time to be wary, AG advises no-deposit home loans GSN NEWS STAFF

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o, you’ve bought a new home and are ready to move — meaning you may be exposing yourself to one of the more frequent scams around, according to state Attorney General Mark Brnovich.

He’s warning people that besides being stressful, moving can make people a victim of scams that “can result in lost or damaged possessions, hundreds or even thousands of dollars in ‘extra’ fees, and hours/days of wasted time.

“Moving is stressful enough and Arizonans should be able to trust a moving company with their most valuable possessions,” said. “Arizona consumers need to be wary of moving scams and know their rights.”

Moving scams can include false advertising, undisclosed fees, possessions being “held hostage,” and low-ball prices. Some movers will quote a low price, load all of a consumer’s household goods, and then refuse to unload the goods until the consumer pays a higher price.

The “hostage loads” are “illegal and

put consumers in an impossible position of either paying a scammer or risking the loss of their possessions,” Brnovich’s office said in a release, noting movers must accurately disclose information about fees, charges and insurance before loading.

The law “also prohibits movers from adding additional costs on the back end and refusing to deliver goods unless they provided consumers with an upfront, written estimate and the consumer has not paid that previously agreed upon amount,” the AG said/.

But that doesn’t mean customers have no worries.

He advises people who are moving to follow these tips: Thoroughly research moving companies. Before hiring a company, check on a business’s complaint history and reputation with organizations like the Better Business Bureau. Start your research early. Read online reviews.

see MOVE page 5

GSN NEWS SERVICES

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federal crackdown on certain nomoney-down home loan programs may hurt thousands of cash-strapped home buyers, according to a recent report in Realtor.com.

“Concerned about risky mortgages reminiscent of the housing bust, the U.S. Department of Housing and Urban Development recently called for national groups to stop lending down payments to home buyers seeking Federal Housing Administration loans, it said, noting, “buyers who don’t pony up a down payment are more likely to default on their loans."

In response to the changes, the Chenoa Fund sued HUD last month. The Native American financial group, which provides down-payment assistance on more than 70,000 FHA loans across the country each year, serves clients who typically have lower credit scores and live in poorer states.

They do have to repay the down payment loan, often at interest rates about half a percentage point higher than market rate.

Down-payment assistance is key for many would-be home buyers who can handle a monthly mortgage payment, but have difficulty scraping up the down payment.

Escalating home prices make that even more challenging and has led about a third of buyers today to tap into some sort of down-payment assistance program, according to the Urban Institute.

Most home buyers seeking mortgages don’t put the traditionally standard 20 percent down on a property. The median down payment was 13 percent in 2018, according to the National Association of Realtors.

Already, renters have opted out of leases as their home-closing date nears—only to learn their much-needed assistance is in jeopardy, Realtor.com reported.

However, former FHA head Ed Golding, now an adviser to the Urban Institute, says HUD is correct to rein in national down-payment groups. After all, the housing crisis a decade ago was set off when buyers who weren’t able to afford their loans began defaulting.

REAL ESTATE

GILBERT SUN NEWS AN EDITION OF THE SUNDAY EAST VALLEY TRIBUNE | JUNE 16, 2019

SALES from page 1

Cromford Report noted.

“These were not the only new records. The monthly median sales price of $278,000 is a new record high. The annual median sales price is also at a new record high at $265,900,” it added.

Average price per square foot “is nowhere near setting a new record, because the homes being sold today are much larger than those being sold at the last peak,” it said Current trends also still favor sellers, the report said, and a small bright spot for buyers involving available homes for sale may not last much longer.

The report found that June so far continuing May’s strong showing, noting that the first week of this month saw 1,932 closings – “a very large increase” over the same period of time a year ago and “a record number for the first week of June,” the report said.

“It is unlikely that anyone would have predicted a May like this back in January,” it said, citing the sluggish start of the year.

“June looks pretty good too, but it has almost no chance of beating May. June 2019 starts and ends with a weekend and has only 20 working days, so we should expect a 9 percent fall in sales and dollar

volume during June compared with May,” the report said.

It also had this warning for buyers who were hoping to see more inventory and a leveling in prices: “Although June is very likely to deliver lower volume numbers than May, the balance between buyers and sellers is swinging hard in favor of sellers.

“Supply is still higher than last year, but it is dropping faster than it did at this point a year ago. New listings are arriving at roughly the same rate as 2018 so the reason supply is falling is that homes are going under contract faster than last year.”

Cromford recently expressed puzzlement over some poor reviews of the metro housing market.

“We are still seeing pessimistic commentary about the housing market in

many national press reports,” it said.

“It is extremely hard to reconcile that commentary with the facts on the ground in Greater Phoenix. I suppose things must be a lot worse outside Arizona. In the ARMLS database we are recording the highest ever spending on housing.”

Nationally, Realtor.com reported that the dollar volume for all closed sales in May was $3.64 billion.

“This is the highest number we have ever recorded, surpassing the prior record set in June 2018,” the site said.

Although Realtor.com reported that real estate agents see the “housing market is tipping in favor of buyers,” that appears to mean that the rate of price increases is slowing – a trend analysts have been citing most of this year so far.

“Existing-home sales slipped relative to last month and last year,” said Mike Fratantoni, chief economist for the Mortgage Bankers Association.

“However, the unadjusted data shows some strength,” he added. “We view it as a positive that inventories continue to increase, although the supply of homes on the market remains relatively tight and the pace of home-price increases continues to decelerate.”

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MOVE from page 4

Check mover’s registration with the Federal Motor Carrier Safety Administration and have a U.S. DOT number. Arizona has no registration or professional licensing requirements for movers.

Beware of extremely low estimates.

Dishonest moving companies will lowball estimates and then illegally demand more before loading the truck.

Ask about charges or additional fees.

Moving companies may charge additional fees for travel time, packing materials, stairs or gas, and/or have minimum charges. Get a detailed, upfront and written estimate.

Move valuable items separately by yourself.

Have proper insurance. Most moving insurance is based upon weight and not the value of your goods, so expensive heavy items may not have enough basic coverage if damaged in the move. Most insurance companies will require you to purchase additional insurance if you want to cover the cost of any mishaps beyond the basic level of coverage. Read the insurance coverage and ask questions before signing any contract.

If a company holds goods hostage, call police and call the AG at 602-542-5763.

Gilbert Real Estate Snapshot Provided by the Amy Jones Group Your Local Real Estate Team (480) 250-3857 | www.amyjonesgroup.com

@AmyJonesGroup Each office is independently owned and operated

...a Tradition of Trust

• Average Days on Market: 51 days Down from 54 Days Last Month

• Active Listings: 822 Down from 910 Listings Last Month

• Monthly Sales: 583 Up from 446 Sales Last Month

• Listings Under Contract: 692 Down from 695 Listings Under Contract Last Month

• Average Sales Price: $385,742 Up from $380,802 Last Month

• Monthly Supply of Inventory: 1.5 Down from 1.9 Monthly Supply Last Month

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GILBERT SUN NEWS AN EDITION OF THE SUNDAY EAST VALLEY TRIBUNE | JUNE 16, 2019

7276 S DEBRA DR • Gilbert

4509 S Banning Drive Better than new and ready for YOU!!

Outstanding opportunity to own a 5 bedroom, 3 bath home in Gilbert!

Gray plank tile, stainless appliances, gourmet kitchen with upgraded granite, lots of storage space, espresso cabinets and butlers pantry. Upgraded carpet and pad in bedrooms, and large open great room. Enjoy YOUR community facilities, pool, splash pad, work out facility and so much more. Seriously, such a fantastic neighborhood. Gilbert Regional Park will be 1.5 miles away!! Close enough to enjoy the new park, without all the traffic. Come see this OUTSTANDING home. You won’t be disappointed.

Welcome to this custom built, oasis haven in the luxurious Weston Ranch gated community.

Beautifully manicured desert landscaping on huge 3 4 acre lot, with premium rock elevation and grassy area leading up to gated courtyard. Interior courtyard is complete with foliage and fountain, and features separate entrance to casita. Perfect for in-laws or a guest suite, casita has private bath, fridge, microwave and sink. Inside the main home, you’re welcomed by the majestic 12 foot high foyer to the separate formal living room to one side and dining room with butler’s pantry on the other. High 10-foot ceilings and chandeliers throughout, with carpet, tile and real hard wood inlay flooring in all the right places.

CALL TODAY FOR PRIVATE SHOWING!

List price is $380,000

Janet Rogers

Tim Boyles

602-565-0192

6709 S LYON DR

Listed for $995,000

480-776-7066 • tim.viewhomesinphoenixaz.com

SPOTLIGHT home

Luxury Private Golf Course living in the beautiful gated community of Siena at Seville in Gilbert. This 3434sf, 3 car garage TW Lewis custom home by David Weekley features 4 bedrooms, 3.5 baths plus an office/5th bedroom, spectacular views of the mountains, golf course & country club, & has been expertly designed & decorated from top to bottom. From the moment you walk through the gated front courtyard with detailed stone work and through the front door, you’ll feel your cares melt away as you take in the classic charm & grace of this welcoming open floor plan. With both formal & family space complete with impressive details, you’ll glide thru the butler’s pantry & into the gourmet kitchen with built-in GE Monogram stainless steel appliances, 5 burner gas cooktop with custom vent hood large slab granite counter island, staggered antique glazed cabinetry extended thru the eat-in kitchen, tiled back splash & trash compactor. Continue to the private master retreat with French door & views of the golf course. The custom master bath is open & light with dual sinks, make-up vanity, tiled snail shower, separate soaking tub & large walk-in closet. On the other side of this impressive split floor plan you will find 2 roomy guest bedrooms that share a jack-n-jill bath & another spacious guest bedroom ensuite complete with a full designer bath. There is also a private office/5th bedroom & a powder bath, custom window coverings, shutters & designer touches throughout. Outback you will enjoy the entertainer’s backyard with built-in BBQ & stone fireplace surrounded by a cactus garden. Enjoy the incredible sunrise and sunsets of Arizona living from your very own backyard oasis. Seville Golf and Country Club is Gilbert’s premier master planned golf course community with community parks, four resort style pools with water slides, beach volleyball, tennis courts, Seville Sports and Fitness Club and children’s club & activities - all with optional membership for residents. This dream home is waiting to be yours!

Listed for $754,000

REAL ESTATE GROUP

(480) 250-3857 INTEGRI FIRST www.AmyJonesGroup.com REALTY Each office independently owned and operated

REAL ESTATE

GILBERT SUN NEWS AN EDITION OF THE SUNDAY EAST VALLEY TRIBUNE | JUNE 16, 2019

When seeking a home, consider days on the market

GSN NEWS SERVICES

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any buyers understand that knowing a home’s days on market (DOM) is absolutely critical intel.

Why? Because the number of days a home spends on the market directly affects the price of a home. Plus, this information can be used to the buyer’s benefit to negotiate a lower price. “’Days on market’ is the number of days that a property has been listed on the local multiple listing services (MLS) until a seller has accepted an offer and signed a contract,” said Ryan Substad, a real estate investor and owner of NorthWestPropertySolutions.com. It can also be referred to as “time on market” or “market time.”

When browsing home listings, buyers should always take a look at the number of days on market to determine how other buyers are reacting to the property.

A house that has only been on the market a few days typically means that home could go at the asking price or higher, said one Realtor. But a home that has been on the market for a longer period of time, say 187 days, is likely overpriced in most markets.”

This is usually a sign the seller seriously misread the market.

While a high DOM can be a sign to buyers that something is wrong with the house, it can also indicate a potential bargain.

“Buyers and their agents can use days on market as a search filter to identify homes that have been listed for a long time,” said Brian Davis, a real estate investor, landlord, and co-founder at SparkRental.com.

While DOM can indicate sellers who are refusing to budge on their asking price, it can also identify sellers who haven’t received offers and who may be open to a dramatically lower offer. Because the last thing sellers want is for their house to get

stale on the market.

“A home with a high DOM tends to get overlooked because it becomes the ‘rotten banana,’” said Burmester. “It could be a beautiful home that was just overpriced from the start, but after weeks or months on the market, everyone wonders, ‘What is wrong with this house?’”

And that perception can be difficult to recover from.

Generally speaking, the longer a house is on the market, the more there’s the potential for buyers to score a great deal.

“Depending on the market, a home that’s been on the market for a long time begs for negotiation in a real estate agent’s mind,” said Burmester.

Buyers and their agents can often learn more about the seller’s urgency to sell by calling the property’s listing agent.

“Ask probing questions about why the property has sat so long on the market,” said Bryan Stoddard of HomewaresInsider.com.

Also feel out the seller’s openness to

lower offers. While listing agents can’t violate their fiduciary responsibility to their sellers, you can usually gauge a seller’s openness to lower offers based on how the listing agent responds.

You can then arrive at an offer with your agent by researching recent comparable sales.

Be sure to ask your agent to do a deep dive on a listing’s full history so you will know exactly how long the home has been for sale.

An overpriced home can be the result of sellers who think their house is the best in the neighborhood and won’t deviate from that idea, no matter what.

“Some sellers don’t understand that buyers set the market numbers,” noted Burmester.

You can figure out your home valuation by entering your address into an online home value estimator, which will give you a free evaluation of what your home is worth, based on recent home sales in the area, among other things. But that’s just a starting point—remain objective and talk in-depth with your agent to avoid a high DOM. From Realtor.com

YO U R N E I G H B O R H O O D H O M E S A L E S

23728 S STONEY LAKE Drive Sun Lakes, AZ 85248 3 BD 2 BA 1,997 SQFT $425,000

1553 E OAKLAND Street Chandler, AZ, 85225 4 BD 2 BA 2,060 SQFT $339,900

This Beautiful Milano Floor Plan home has a GORGEOUS Golf Course View and is in the GATED ADULT COMMUNITY of OAKWOOD. This 3/2 has a DEN, Vaulted Ceilings, Neutral tile/ carpet/paint, & Water Softener! The kitchen features tons of cabinets, breakfast bar & is open to the Family Room. The spacious Master bedroom has walk-in closet, double sinks & tile shower. Reserve your private showing today. ALL FURNITURE CAN BE PURCHASED OUTSIDE OF CONTRACT (Couches, Dressers,Beds,Patio Furniture,Tables,and Paintings)

Welcome to your dream home! This home was recently updated and is move in ready. Some of the new upgrades include new concrete in the driveway and walkway with new desert landscaping in the front and backyard. A fresh coat of interior and exterior paint for a modern look. Vaulted ceilings for a bright & open feel. The kitchen has been updated with new recessed lighting, Quartz counter tops and white cabinets. The Bathrooms consist of new fixtures including toilets, mirrors and lighting. Plus this house has Solar panels. Come see or call now as this house will go quickly.

Tim Boyles US Air Force Veteran Weichert Realtors Courtney Valleywide tim.viewhomesinphoenixaz.com

THINKING ABOUT SELLING? CALL TIM, YOUR LOCAL REAL ESTATE PROFESSIONAL

480-776-7066

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GILBERT SUN NEWS AN EDITION OF THE SUNDAY EAST VALLEY TRIBUNE | JUNE 16, 2019

2123 S PENROSE DR

Gilbert, AZ 852957

5 BD • 3 BA • 3,037 SQFT

Must see this CENTRALLY LOCATED GILBERT RESIDENCE! This immaculate residence boast of 5 Bedrooms 3 Baths 4 car tandem garage located in the desirable Gateway Ranch Subdivision. This property boasts of 3037 sq ft and is situated on a HUGE 13,036 sq ft lot with no homes directly behind you!! Your new residence is complete with UPGRADES GALORE! Residence is close to great schools, San Tan Mall, Shopping, dining a freeways. Make this one yours today. Call us to schedule your private showing 480-428-2999

Listed for $474,900

1571 E SARATOGA CT

Gilbert, AZ 85296

5 BD • 4 BA • 3,796 SQFT

Must see this centrally located gilbert residence! This immaculate residence boast of 5 bedrooms 4 baths 3 car garage located in the exclusive silverstone ranch subdivision. This property boasts of 3796 sq ft and is situated on a huge 14,601 sq ft cul de sac lot! Your new residence is complete with upgrades galore! Large family room, eat in kitchen, custom wood shutters, recessed lighting, stone fireplace, stainless steel appliances, gas stove, double ovens, full bed/full bath downstairs, rv gate, resort style back yard, pebble sheen style pool, spa, waterfall feature, covered patio, built in grill, fire pit, huge back yard, ground level trampoline and close us 60 and 202 freeways, dining and shopping!

Listed for $539,900 Kevin McKiernan & Frank Gerola Venture REI | Investor/Realtor 32 N. Gilbert Rd. • Gilbert, AZ 85234 480.363.4893 kevin@kevinrei.com