Gilbert Edition – July 2021

GILBERT EDITION 2021 R E A L E S T A T E E D…

GILBERT EDITION

2021 R E A L E S T A T E E D I T I O N

ONLINE AT

VOLUME 3, ISSUE 11 JULY 21AUG. 24, 2021

Gilbert riding strong seller’s market

IMPACTS

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State of themarket

Homes are selling faster and at higher prices in Gilbert over the past year.

HAMMER & STRINGS CONSERVATORY

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July 2020- June 2021 July 2019- June 2020

See more REAL ESTATE DATA

INSIDE Average home sale price SOURCE: WEST AND SOUTHEAST REALTORS OF THE VALLEYCOMMUNITY IMPACT NEWSPAPER 12 Number of homes sold Average days on market

While inventory has been low, buyers have competed ercely for homes, like this one in Estates at North Shore, real estate experts say. (Tom Blodgett/Community Impact Newspaper)

BY TOM BLODGETT

U.S. Census estimates, but only about 32,000 homes were built, about 0.3 per person coming in. “We have underbuilt horribly for the population that’s coming in,” said Celeste LaRoque Wolfe, a Realtor from Realty One, which serves the Chan- dler-Gilbert area. “We just can’t keep up with it.” The result, LaRoque Wolfe and oth- ers said, is an exceptionally strong sell- er’s market. Sellers have needed to do little in the way of repairs or oering home warranties and have even been

able to get buyers to make concessions in areas like inspections or appraisals. People who are waiting for this real estate bubble to burst will be disap- pointed, experts said. It is not a bub- ble, and experts do not expect a real estate crash like the one that occurred during the Great Recession. However, signs from later in the spring and into summer show the strength of the sell- er’s market is waning. What that means, the experts said, is it will take longer to sell a home and

MR. THAI BISTRO 2021 REAL ESTATE EDITION

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The Gilbert residential real estate market has mirrored the trends around much of the nation as sales prices soared in the winter and early spring, local data shows. Real estate professionals tell tales of low inventory, high competition, bidding wars and fast turnarounds on home sales. The reason, the real estate professionals said, is a simple one: supply. Maricopa and Pinal counties’ population increased about 290 people per day in 2020, according to Vintage

MARKET SNAPSHOT

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CONTINUED ON 14

INSIDE INFO

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THIS ISSUE

ABOUT US

Owners John and Jennifer Garrett launched the rst edition of Community Impact Newspaper in 2005 with three full-time employees covering Round Rock and Pugerville, Texas. We have expanded our operations to include hundreds of employees, our own printing operation and over 30 hyperlocal editions across three states. Our circulation is over 2 million residential mailboxes, and it grows each month with new residents and developments.

HIGHLIGHTS FROMTHISMONTH

FROMAMY: This month’s edition looks at the real estate market. It’s fair to say that housing prices in Gilbert have been on re this year. In our cover story, we talk with experts in the eld to gain their insights as to how long this trend will continue, if we’ve already seen the market peak and what this means for residents looking to buy or sell right now. Amy Lawson, PUBLISHER

Community Impact Newspaper teams include general managers, editors, reporters, graphic designers, sales account executives and sales support, all immersed and invested in the communities they serve. Our mission is to build communities of informed citizens and thriving businesses through the collaboration of a passionate team. Our core values are Faith, Passion, Quality, Innovation and Integrity.

FROMTOM: Seeing impending growth in the Val Vista corridor area, Chandler USD moved quickly to build another high school in the area. Despite COVID-19’s eects on construction, the district now is set to open the new Arizona College Prep this month, which will draw from the Gilbert area as well as Chandler. My Chandler colleague Alexa D’Angelo provides a closer look at the new campus (see Page 8). Tom Blodgett, EDITOR

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BUSINESS &DINING Local business development news that aects you

TRANSPORTATION &DEVELOPMENT Regular updates on area projects to keep you in the know

SCHOOL, CITY & COUNTY We attend area meetings to keep you informed

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GILBERT EDITION • JULY 2021

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IMPACTS

Businesses that have recently opened or are coming soon, relocating or expanding

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PHOTOS BY TOM BLODGETTCOMMUNITY IMPACT NEWSPAPER

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www.caferio.com/locations/ higley-and-baseline

oers various law services and document preparation. It has one walk-in pro bono Saturday per month. 602-455-1902. http://mymodernlaw.com 11 Southern Arizona Health Services Phoenix opened an oce May 10 at 538 S. Gilbert Road, Ste. 106, Gilbert. It pro- vides RNs, LPNs and CNAs to long-term care and senior living facilities. 480-666-7499. www.sazhealth.com 12 Sushi Rock & Grill opened June 22 at 3306 S. Higley Road, Gilbert. The Japanese restaurant serves sushi, salads 13 Wingstop opened a location July 12 at 4049 E. Williams Field Road, Gilbert. The chain specializes in chicken wings with a number of sauces or dry rubs rang- ing from mild to hot and sweet to savory. 480-219-9014. www.wingstop.com COMING SOON 14 Berry Divine Açaí Bowls anticipates opening in July at 2586 S. Val Vista Drive, Gilbert. It serves açaí-based bowls and smoothies as well as coee. No opening and soup. 480-306-8829. www.sushirockgilbert.com 15 Premier Ballet Conservatory plans to open in August at 874 E. Warner Road, Gilbert. It will be home to the Youth American Ballet Company and oer classical ballet training and performance opportunities for students with personal- ized dance training and curriculum for all levels. 480-843-1973. http://premierballetconservatory.com 16 Social Axe will be opening at 2530 date has been announced. https://berrydivineacai.com

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5 CM Medical Aesthetics opened April 1 at 1511 S. Higley Road, Gilbert. It oers medical-grade facials, chemical peels and microneedling. 480- 452-9541. www.facebook.com/cmmedicalaesthetics 6 The Tucson-based chain of submarine sandwich shops eegee’s opened its rst Valley location July 15 at 3535 E. Baseline Road, Gilbert. The chain is known for its frozen fruit drink, called an eegee. The restaurant is open for dine-in, takeout and drive-thru service. 480-885-0183. https://eegees.com 7 Frenchie Pizza opened July 8 at 3765 S. Gilbert Road, Gilbert, in the Crossroads Towne Center. It serves thin-crust pizza and a thin-crust-like dish called a amme. The restaurant comes from the Buschtetz family that runs Copper & Logs, B Gastro- bar and Chandler’s Cuisine & Wine Bistro. 480-306-7776. https://frenchiepizza.com 8 L&L Fresh Hibachi Sushi opened May 26 at 1495 N. Higley Road, Ste. 103, Gilbert. It is a Japanese restaurant that serves fresh express hibachi sushi and other grilled dishes. 480-577-8818. www.hibachisushigilbert.com 9 Matcha Grove, a café and bakery, opened June 18 at 81 S. McQueen Road, Ste. 105, Gilbert. It serves drinks based from matcha, a powder ground from green tea leaves, and gluten-free and dairy-free bakery items. 480-826-3013. www.instagram.com/matchagrove 10 Modern Law Express opened July 6 at 2196 E. Williams Field Road, Gilbert, in the San Tan Village shopping center. It

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E. HUNT HWY. NOWOPEN 1 Aria Beauty Lounge opened May 4 at 1530 S. Val Vista Drive, Ste. 101, Gilbert. It oers a luxury salon suite for indepen- dent beauty professionals. 480-267-5919. https://ariabeauty.net 2 Beyond Aesthetics opened June 28 at 3530 S. Val Vista Drive, Ste. 111, Gilbert. It specializes in rejuvenating aging skin. Its services include microneedling, Botox, dermal llers, Kybella, medical weight loss, mesotherapy, chemical peels, stem cell facials and laser treatment.

HUNT HWY. 480-535-8100. https://beyondaestheticsclinic.com 3 Buono’s Pizza Gilbert opened June 3 at 1464 E. Williams Field Road, Ste. 108, Gilbert. It serves New York-style pizza. 480-899-1200. www.buonosgilbert.com 4 Café Rio Mexican Grill opened a loca- tion June 30 at 1515 N. Higley Road, Gil- bert. It is the fourth Gilbert location and second to open in the past three months. The restaurant serves made-from-scratch Mexican food with fresh ingredients. 480-597-1515.

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COMMUNITY IMPACT NEWSPAPER • COMMUNITYIMPACT.COM

TODO LIST

August events

COMPILED BY TOM BLODGETT

AUGUST 19 THROUGHAUG. 28 ‘THEWIZARDOF OZ’ Actors Youth Theatre brings the classic story of Dorothy and her little dog Toto—and the Scarecrow, Tin Man and Cowardly Lion—to the stage in a young performers edition. The group follows the Yellow Brick Road to Oz as Dorothy hopes to return home to Kansas. 7 p.m. (Thu.-Sat.), 3 p.m. (Sat.). $15 (advance purchase), $17 (day of show). Tuscany Theatre, 861 N. Higley Road, Ste. 105, Gilbert. 480-907-7050. www.aytaz.org 20 THROUGHOCT. 2 ‘THE ADDAMS FAMILY’ This musical about the macabre family kicks o the 2021-22 season. Wednesday Addams, the daughter of Gomez and Morticia, has fallen in love. Everything changes for the family on the night they host a dinner for Wednesday’s “normal” boyfriend and his parents. 7:30 p.m. (Thu.-Sat.), 4 p.m. (Sat.). $26 (youth tickets must be pre-purchased at box oce or website), $42. Hale Centre Theatre, 50 W. Page

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‘SIGNS OF THE TIMES’ HD SOUTH

RELOCATIONS 19 Grand Master Kim’s Elite Tae Kwon Do School moved May 26 to 3050 E. Queen Creek Blvd., Ste. 102, Gilbert. The school focuses on building condence and discipline for students of all ages. 480-857-2004. www.elitetaekwondoschool.com IN THE NEWS The Gila River Indian Community an- nounced June 18 a fourth casino is in the works just south of Chandler. The casino will be located south of the intersection at Gilbert Road and Hunt Highway. The project is expected to take 18-24 months to design, according to the release. No other project details had been announced as of press time.

S. Val Vista Drive, Ste. 103, Gilbert. The axe-throwing venue will have two arenas for group events; four walk-in lanes; serve beer, wine and food; and will have a number of vintage video games, which will be set for free play. No opening date has been announced. https://socialaxethrowing.com/gilbert 17 The Sugar Bar , a candy store and bar combination, anticipates opening at 960 E. Warner Road, Ste. 6, Chandler, in October. The business promotes itself as Arizona’s rst bar and candy store, which will cater to all ages. 480-589-5246. www.thesugarbar.com 18 Wicked Rain will be a Pacic North- west craft beer bar at 1817 E. Baseline Road, Gilbert. It will have a selection of beers from more than 30 breweries rotating on draft. The owners hope to open in October. www.wickedrain.com

This program looks at the “Golden Age of Signage” in Arizona as the rise of car travel in the 1940s, ‘50s, and ‘60s inspired restaurants, motels, curio shops and gas stations to put up large, bright signs to make an impression. Marshall Shore, known as “Arizona’s Hip Historian,” is the presenter of this visual program that looks at the signs’ cultural signicance. Registration is required. 10:30 a.m.-noon. Free (members), $5 (nonmembers). HD South, 10 S. Gilbert Road. 480-926-1577. https://hdsouth.org

Ave., Gilbert. 480-497-1181. www.haletheatrearizona.com

Find more or submit Gilbert events at communityimpact.com/event-calendar. Event organizers can submit local events online to be considered for the print edition. Submitting details for consideration does not guarantee publication.

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GILBERT EDITION • JULY 2021

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TRANSPORTATIONUPDATES E. GUADALUPE RD.

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E. ELLIOT RD.

ONGOING PROJECTS 1 Recker Road improvements The town will complete Recker Road improvements from Loop 202-Santan Freeway to Ray Road to minor arterial road standards, including four lanes, a raised median, landscaping, bike lanes, sidewalks and street lights. Status: Construction is approximately 60% complete. The majority of median work is complete. Trac control has been moved to allow completion of the curb and gutter and sidewalk on the west side of Recker Road. Timeline: January 2020-September 2021 Cost: $3.94 million Funding sources: town of Gilbert, developer contributions 2 Val Vista Drive widening The town is widening Val Vista Drive from Appleby Road—about where Val Vista narrows to one lane in each direction—to Riggs Road. The result will be a six-lane section from Ocotillo Road to Merlot Street with a raised landscaped median, bike lanes, sidewalks and street lights. It would then reduce to four lanes to the south. Trac signals will be installed at Appleby, Ocotillo and Chandler

RIGHT ON RED LEGAL OFFMARKET STREET

Heights roads. Status : Trac restrictions are one lane in each direction. The project is approximately 85% complete. Base paving is still ongoing. Light poles in the median are going up along with pavers and landscaping. Timeline: March 2020-August 2021 Cost: $25.96 million Funding sources: town of Gilbert, Maricopa Association of Governments 3 Lindsay Road/Loop 202 interchanges An interchange at Lindsay Road and the Loop 202 will be built to provide access to the Santan Freeway and a frontage road system on the north side of Loop 202 between Lindsay and Gilbert roads. Status: Trac restrictions on Lindsay Road began in March and will remain throughout the remainder of the project. The project is coordinating trac control with Germann Road improvements. Construction is 40% complete. Timeline: October 2020-January 2022 Cost: $18.15 million Funding sources: town of Gilbert, Maricopa Association of Govern- ments, developer contributions

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Drivers can turn right on red as of July 7 at the intersection of East Williams Field Road and South Market Street across from SanTan Village. The intersection formerly did not allow right turns on red lights for trac turning from South Market Street to go east on Williams Field Road. While right turns are now permissi- ble, drivers making right turns must rst yield to drivers making u-turns. Signage at the intersection has been updated to reect the change.

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ALL INFORMATION ON THIS PAGE WAS UPDATED AS OF JULY 13. NEWS OR QUESTIONS ABOUT THESE OR OTHER LOCAL TRANSPORTATION PROJECTS? EMAIL US AT GILNEWSCOMMUNITYIMPACT.COM.

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COMMUNITY IMPACT NEWSPAPER • COMMUNITYIMPACT.COM

TOWN&EDUCATION

News from Gilbert, Gilbert Public Schools, Higley USD & Chandler USD

COMPILED BY TOM BLODGETT

NUMBERTOKNOW

Districts nalize budgets for 202122

Recycling changes under way in town GILBERT The town’s expansion of its recycling pilot program was set to begin July 19. Gilbert is asking residents to only put four types of items into recycling bins for collection: plastic bottles, jugs and cards; metal food and beverage containers; paper; and attened cardboard. Those items are the only ones considered to have value in the recycling market. The town’s goal is for compliance by September.

MEETINGSWE COVER Gilbert Town Council Aug. 3, 17, 6:30 p.m. 6860 S. Power Road, Gilbert 480-503-6871 • www.gilbertaz.gov Gilbert Public Schools Board July 27, 6 p.m. Aug. 10, 24, 6 p.m. 140 S. Gilbert Road, Gilbert 480-497-3300 www.gilbertschools.net Higley USD Board July 21, 5 p.m., Aug. 11, 5 p.m. 2935 S. Recker Road, Gilbert 480-279-7000 • www.husd.org Chandler USD Board Aug. 11, 7 p.m. 1525 W. Frye Road, Chandler 480-812-7000 • www.cusd80.com Follow us on Twitter: @impactnews_gil Cost of renovations on Gilbert Municipal Building I, being paid from town funds. Construction will include replacing exterior glass, HVAC systems, roong, ooring, xtures, furniture and enclosing the second-story balcony on the building’s north side. $15.38M

The three school districts that serve Gilbert passed their scal year 2021- 22 budgets in June. The districts’ maintenance and operations budgets cover day-to- day operations, including salaries. Unrestricted capital budgets cover items such as construction, buildings, buses, technology and textbooks. Additionally, Higley USD placed a $95 million bond on the November ballot, while Chandler USD put a 15% maintenance and operations budget override on the ballot.

DISTRICT BUDGETS Gilbert-area school district governing boards approved their 2021-22 budgets.

Maintenance & operations

Capital

Gilbert Public Schools

$20.33M

Higley USD $260.91M $106.67M

$23.56M

Chandler USD

$333.11M

$36.23M

SOURCES: GILBERT PUBLIC SCHOOLS, HIGLEY USD, CHANDLER USDCOMMUNITY IMPACT NEWSPAPER

Building renovationsmovemeetings, departments

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GILBERT The town’s Municipal Building I has closed for renovations for approximately one year. The closure of the 50,000-square- foot building at 50 E. Civic Center Drive means some town departments will move elsewhere in the complex, and meetings also will change venues.

Gilbert Town Council will meet at the Public Safety Training Facility, 6860 S. Power Road, Gilbert, in the Atlas Auditorium. The Gilbert Plan- ning Commission and Redevelopment Commission will meet at the Gilbert Police Department amphitheater, 75 E. Civic Center Drive.

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GILBERT EDITION • JULY 2021

EDUCATION Campus opening ushers in new era for Arizona College Prep

ARIZONA COLLEGE PREP HIGH SCHOOL

E. QUEEN CREEK RD. The new school is built to have a smaller-campus feel than other Chandler USD high schools. The school has a 2-square mile boundary, but any student can attend there through open enrollment.

$84M TOTAL COST

306,818 SQ. FT.

SCHOOL BOUNDARY

BY ALEXA D’ANGELO

the halls of the new facility located at Gilbert and Brooks Farm roads in Chandler this school year. “We will maintain all the sta and students from the other campus and with them, we will keep the culture that is so important to ACP,” he said. “It’s all about the connections students make here. We are tight- knit and want to make sure we do everything we can to ensure kids are valued as individuals and get to the road they want to continue on after The new high school is 306,818 square feet, according to district ocials, and construction—which was still ongoing in early July—will be largely completed by the time the school opens to students July 21. high school.” Newfacility

1,200 ENROLLMENT

In 2007, the rst iteration of what is now Arizona College Prep High School opened at Hamilton High School as a school within a school designed to give students an alternative to Chan- dler USD’s larger high schools with 3,000-4,000 students on a campus. The students and sta moved into their own space—the old Erie Elemen- tary School—in 2012 and got renamed Arizona College Prep-Erie. There, the students and sta stayed for nearly 10 years without ballelds for students and without space to grow the student body, school ocials said. July 21 marks the start of the school year and the opening of Arizona Col- lege Prep High School—the district’s newest campus—which will house the Arizona College Prep students and sta in their rst state-of-the-art high

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SOURCE: CHANDLER USDCOMMUNITY IMPACT NEWSPAPER

roads and Ocotillo and Chandler Heights roads is set for the school, but Bickes said students from anywhere in the district, which includes portions of Gilbert, can attend through the district’s open enrollment policy. “We oer the full range of honors and [Advanced Placement] classes in addition to regular classes and special education classes,” Bickes said. “Our aspirations are to build a personalized high school experience to meet the needs of each individual student.” The school sees 99% of students matriculate to a college or university. Former Superintendent Camille Casteel said it was an honor for this campus to be the last built in her 25-year tenure as superintendent before she ocially retired in July. “Teachers moved in [in late June], and the excitement at the campus is palpable,” she said. “It’s a great place for families and another wonderful option for our students.” Bickes said the full-service facility is creating as much excitement among students as it is sta. “I watched a baseball practice here the other day, and I don’t know who

was more excited, the students or the coach,” he said. “We had sports teams before, but they always practiced somewhere else.” School pride Bickes said the new campus will be heavily inuenced by the student body, just like at the previous campus. He said he believes it is important to the ACP community that students have an inuence in the way things are done. “Seniors run the rst day of school,” Bickes said. “They create a vision for what they want the school year to look like and set the tone that rst day. Their motto, they decided for the year, is ‘2022: The start of something new.’ I think kids talking to kids can be more impactful sometimes than adults talking to kids. This is their school, and the atmosphere is really up to them.” Bickes said even with the opening of the larger campus, Arizona College Prep High School will not lose the quality that makes it unique. “We all say it’s a family, and we want to be that family at this new campus, too,” he said. E. RIGGS RD.

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Bickes said the school’s gymwill not be ready as the year begins. “The facility is beauti- ful,” he said. “It’s really a new beginning for ACP.” The facility oers seven sports spaces and seven buildings in addition to a gym, a cafeteria and a

school facility, the school’s principal, Robert Bickes, said. The $84 million bond- funded facility is outtted with a football eld; baseball and softball elds; a soccer eld; classroom buildings; and room for electives, such as culinary arts, orchestra and choir.

“IT’S ALL ABOUT THE CONNECTIONS STUDENTS MAKE HERE.” ROBERT BICKES, PRINCIPAL

bookstore. Students at this campus, in keeping with ACP tradition, will con- tinue to wear uniforms—the only high school in the district that requires it. Arizona College Prep High School will, for the rst time in its history, have attendance boundaries with the new campus. A 2-square-mile bound- ary between Cooper and Lindsay

“The demand continued to grow as we went on,” Bickes said. “The rst graduating class had eight seniors. Eventually around 800 students were interested in the campus, and it kept growing.” Bickes said he anticipates about 1,200 students will walk through

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Owner Karali Hunter said many things fell into place when the conservatory was starting, including getting the 9-foot-1-inch Bösendorfer Concert Grand piano.

BUSINESS FEATURE

Liam Chase practices piano at Hammer & Strings Conservatory. (Photos by Katelyn Reinhart/Community Impact Newspaper)

Hammer &Strings Conservatory School brings credentialed instructors for music education to Gilbert F rom the iconic classical compositions to the melodic sound of a wind chime, music can be recognized anywhere. Karali Hunter, Liam Chase has taken piano lessons at Hammer & Strings for the past three months. His sister, Lilly Chase, has been taking cello lessons for that same amount of time. Both had been playing their instrument of choice for several years from their home in Queen Creek before seeking out Hammer & Strings. BY KATELYN REINHART

STUDIONAMES Karali Hunter names her pianos after famous composers, so when she opened the conservatory, she named the studios after the pianos in the room or other favorites of hers. PROKOFIEV PIANO CHOPIN PIANO COPLAND VOICE LIND VOICE SHOSTAKOVICH GUITAR ASHKENAZY GROUP

owner of Hammer & Strings Conservatory, learned that a quality education in music may be much harder to nd. With nine instructors and more than 100 students, Hammer & Strings Conservatory has sur- vived a pandemic, building renovations and trying things like “mommy and me” group lessons. Hunter said the quality of the instructors is what sets Hammer & Strings Conservatory apart from other establishments. “It doesn’t matter what age you are, what level,” she said. “If you’re here, you’re getting elite level trainings.” Hunter, who has a doctorate degree from Ari- zona State University’s music program, said all the instructors either have a master’s degree in music or are performers who are in high demand. Initial interest in music may bring students to Hammer & Strings, but the quality of the lessons keep them coming back. Areas of study include piano, violin, cello, viola, voice and guitar.

MOZART GROUP LISZT CONCERT

“Adulthood is about eighty years long and there is this small window of opportunity to reach your full potential,” Lilly and Liam’s mother, Nancy Chase, said. “I take them here because I want them to have that opportunity.” Pianos can be seen throughout the multiple rooms of the conservatory; chairs lie gathered around the auditorium in preparation for someone to take center stage. As guidelines across the state lift restrictions on social gatherings, Hunter said she is excited to ll more of those seats. There will be an open house at Hammer & Strings Conservatory from 9 a.m. to 1 p.m. Aug. 28 to highlight the eorts of the students and instructors. “Students here are auditioning at music schools and getting accepted on scholarships,” Hunter said. “That’s the work that we’re capable of, and that’s the work we’re trying to do.”

Hammer &Strings Conservatory 610 N. Gilbert Road, Ste. 400, Gilbert 480-687-5518 www.hammerandstrings.com Hours: Mon.-Sat. 9 a.m.-8 p.m., closed Sun.

W. GUADALUPE RD.

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GILBERT EDITION • JULY 2021

10

COMMUNITY IMPACT NEWSPAPER • COMMUNITYIMPACT.COM

DINING FEATURE Mr. Thai Bistro Familial, cultural roots mark restaurant K atherine Clements calls her family’s Thai restaurant “nothing special.” Mr. Thai Bistro’s unassuming

BY ELLIE BORST

the kitchen to help his mother chop ingredients. Familial roots can be tasted in nearly every dish—literally. To make the curry paste and bases for some of the soups, Uphasri uses the Thai limes growing from the kar tree in her backyard. It is the same tree her mother-in-law planted there from some seeds more than 30 years ago. “That’s her legacy,” Clements said of her mother, who recently died at age 84. “She left us the tree she planted, and we use it in many of our dishes.” Authentic ingredients and per- sonality dene the Thai restaurant: Knickknacks and family heirlooms decorate the shelves near the cash register; hats from a customer’s visit to Thailand are tacked on the walls. Clements’ ute from when she played in high

storefront, in a strip mall on the cor- ner of Warner and Cooper roads, is in line with Clements’ modesty. But inside, customers will nd a place that upholds valued traditions. The menu, complete with nearly 60 items with spices ranging from mild to Thai Hot, was all devised by chef and owner Paula Uphasri. Uphasri runs the restaurant with her husband, Radar, and help from their two sons, Tiger and River, as well as Clements, Radar’s sister. The family-owned and -operated business took over the space in 2017 after another Thai restaurant moved out from it. After Uphasri had a long career as a head chef at several Thai restaurants around the Valley, opening up her own restaurant was the next natural step for her, Clements said. “If you’re from Thailand, you learn how to cook,” said Radar, who helps with Mr. Thai Bistro’s paperwork, picks up ingredients and keeps up with social media and online reviews while his wife works the kitchen. At the storefront, River, who is 17, stays busy taking phone calls and bagging take-out orders for a steady stream of customers. His older brother, Tiger, usually stays in

The Uphasri family runs Mr. Thai Bistro in northwest Gilbert. From left are: Paula, Tiger, River, Jay and Radar Uphasri, and Katherine Clements. (Photos by Ellie Borst/Community Impact Newspaper)

3 DISHES TO TRY

$14.95

The Khao Soy is a noodle dish popular in northern Thailand made of egg noodles and chicken.

$9.95

$6.95

“WE ALWAYS WANT TOSHOW THE CUSTOMER THAT THIS ISWHAT THAILAND IS ALL ABOUT.” KATHERINE CLEMENTS, OWNER’S SISTER

school hangs next to one of the four corner booths. Sticky rice baskets are suspended from the ceiling to serve as light bulb shades. All the details embody

Popular desserts aremango or coconut ice creamwith sticky rice.

The vegetable spring rolls are stued with a shredded taro.

not only Thai culture but also the Uphasri family. The family wants their customers to understand that they strive to give diners a bona de Thai dining experience, Clements said. “We always want to show the customer that this is what Thailand is all about,” Clements said.

Mr. Thai Bistro 785 W. Warner Road, Ste. 103, Gilbert 480-899-6546 www.mrthaibistro.com Hours: Tue.-Sun. 4-9 p.m., closed Mon.

W. WARNER RD.

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11

GILBERT EDITION • JULY 2021

2021 R E A L E S T A T E E D I T I O N MARKET AT AGLANCE

COMPILED BY TOM BLODGETT

Homes within the six ZIP codes within Gilbert saw more homes sold at a higher average sales price from July 2020 to June 2021 compared to the same time frame in 2019-20. Days on market includes time from a home’s listing to its contract closing.

60

85234

85233

85296

87

85295

SOURCE: WEST AND SOUTHEAST REALTORS OF THE VALLEYCOMMUNITY IMPACT NEWSPAPER

202

85297

June 2019-May 2020 June 2020-May 2021 AVERAGE HOME SALES PRICE

85298

$350,000

85233 SOLD

+18.86%

$416,000

NUMBER OF HOMES SOLD June 2019-May 2020 June 2020-May 2021

$385,000

85234 SOLD

768

926

1,062

+23.12%

-2.21%

+0.97%

+3.77%

$474,000

751

935

1,102

$378,000

85295 SOLD

946

717

906

+20.37%

+9.62%

+11.44%

+21.74%

$455,000

1,037

799

1,103

$378,000

85296 SOLD

+21.43%

July 2019-June 2020 July 2020-June 2021 MEDIANDAYS ON THEMARKET

$459,000

$430,000

85233

85234

85297 SOLD

+18.37%

-30.43%

-30.51%

28.75

20

29.5

20.5

$509,000

85295 -31.03%

85296 -40.68%

$471,000

29

20

29.5

17.5

85298 SOLD

+23.35%

85297 -43.36%

85298 -48.21%

$581,000

35.75

20.25

42

21.75

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COMMUNITY IMPACT NEWSPAPER • COMMUNITYIMPACT.COM

INSIDE INFO UNDERSTANDING REVERSE MORTGAGES With low rates in place due to the coronavirus pandemic, Ray Daniel, reverse mortgage specialist with Fairway Independent Mortgage Corp., said he believes now is an especially good time for senior homeowners to look at reverse mortgage options. Reverse mortgages allow homeowners to convert part of the equity in their homes into cash without having to sell the house or pay additional monthly bills, according to the Federal Trade Commission website. With this loan, if the balance is more than the home is worth, heirs do not have to pay the dierence. But if heirs sell the home, the lender will take the proceeds from the sale as payment on the loan, and the Federal Housing Administration insurance will cover any remaining loan balance, it said. Daniel said there are several misconceptions when it comes to reverse mortgages with the biggest being who owns the home. He said even with the mortgage, the senior continues to own the house throughout their lifetime, and it continues to be in their name. “[Homeowners] can do with it what they want, after they close on the reverse mortgage,” Daniel said. “If ve years later they decide they need to move and be closer to one of their children or grandchildren, they can sell it.” In addition, qualication requirements include age, credit and income, among others. However, there are some cons that come with reverse mortgages including added fees for closing costs and the potential for a reduced equity on the home over time, something to consider for those planning to leave the home for their children and grandchildren. In the case that heirs want to keep the home instead of selling it, the loan must be paid o with another source of funds, but heirs will never have to pay more than the full loan balance or 95% of the home’s appraised value, whichever is less, according to the FTC website. Even so, Daniel said only about 1.5% of adult children inherit a parent’s house and move into it. “If you get a reverse mortgage, that’s going to reduce that amount [of equity], but that amount that an owner took out to live their life they didn’t have to take it out of their savings account or stocks or bonds or investment account,” Daniel said. “So, their investment accounts are larger by the same amount they took cash out of their house.”

COMPILED BY ALI LINAN DESIGNED BY MICHELLE DEGARD

WHAT IS A REVERSEMORTGAGE?

Reverse mortgages allow homeowners, who are often near retirement, to convert part of the equity in their homes into cash without having to sell the house or pay additional monthly bills. Most but not all reverse mortgages are federally insured through the Federal Housing Administration’s Home Equity Conversion Mortgage Program.

PROS AND CONS

Reverse mortgages are not recommended for everyone. Here is a look at some of the pros and cons of this program.

Loan repayments will not be required until: REPAYMENT REQUIREMENTS Last living borrower dies Last living borrower no longer lives in the home as their principal residence including moving to a nursing home or assisted- living care facility Borrower chooses to sell the property. The equity of the home decreases Fees associated with the loan generally higher than with other nancial products; ask lenders about options available Balance of the loan increases over time as does the interest on the loan and the fees associated

Maintain ownership of the home More cash on hand to live in retirement

No mortgage payment during the life of the loan No liability for either the homeowner or the heir for any amount of the mortgage that transcends the value of the home

WHOQUALIFIES?

Qualications for borrowers to apply for a reverse mortgage include:

Must be age 62 or older; for those in a couple, both must be at least 62 years old Must live in home as a primary residence for more than 6 months out of the year Must own the home outright Must not be a delinquent on any federal debt Meet basic credit and income qualications Never miss a monthly payment as owners are still responsible for maintenance, taxes and insurance as long as they occupy their home.

SOURCES: CONSUMER FINANCE PROTECTION BUREAU, WWW.REVERSEMORTGAGEALERT.ORG, FAIRWAY INDEPENDENT MORTGAGE CORP., FEDERAL TRADE COMMISSION, U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENTCOMMUNITY IMPACT NEWSPAPER

TRACKING REVERSEMORTGAGE RATES

*LATEST DATA AVAILABLE AS OF JUNE 24

Arizona reverse mortgage rates from the HECM program are reported each month. Below is the average rate for xed and adjustable rate loans over time.*

Adjustable rate

6% 5% 4% 3% 2% 1% Fixed rate

0

April 2016

April 2017

April 2019

April 2020

April 2021

April 2018

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13

GILBERT EDITION • JULY 2021

CONTINUED FROM 1

A seller’s market The recent spike in prices is the result of a seller’s market fueled by a lack of housing supply.

prices “into the atmosphere,” she said. The issue now is from a lack of supply. “We had 57,000 listings in the [Mul- tiple Listing Service then],” she said. “Where are we going to get 50,000 list- ings today?” Tamboer pointed to the National Association of Home Builders’ Home Opportunity Index, which showed the median income family then could only aord 27% of what was selling before the recession, as opposed to 63% in rst quarter 2021. “You had nobody there [to buy], you know?” she said. “So [prices] had to come down. There’s no way around it. But this time around, over the last 10, now 11 years, we have been under- building for our population, and we slowly turned that into a shortage.” Stapp said the recession did aect the situation today. “What we are living with now is a result of and reaction to the Great Recession,” he said. “The reason we have prices escalated as high and as quickly as we do is a lack of inventory. The Valley continued to grow during and after the Great Recession, but the entire homebuilding marketplace stalled and under-built from 2008 to 2015. We set ourselves up for this problem.” LaRoque Wolfe said she has heard concerns that when forbearance—a temporary pause or reduction in mort- gage payments—comes to an end, the result will be a ood of homes on the market. That will not happen, either, she said. “We have approximately 707,000 homes in forbearance in Arizona,” she said. “But most of those are going to renance. … Probably about 15% will come to the market. Once those come to the market, they’re going to be gone in probably a day.” Lookingahead Tamboer stressed that no one can predict the market. She said she only projects where the market is headed based on the data trajectory from the moment, which now shows the seller’s market weakening. The Cromford Report uses a pro- prietary formula to come up with a market index number showing if it is a buyer’s or seller’s market or if it is in balance. In balance, the index is 100. Anything above 110, she said, is con- sidered a seller’s market. Early in the spring, the index was over 700. On July 1, it stood at 397.7.

“A lot of agents would put the house on the market on a Friday,” she said. “They would say, ‘OK, we’re going to have an open house on Saturday. We’re going to review oers on Sunday and we’re going to make the decision on Monday. And it went that fast.” Mark Stapp, the director of the mas- ter’s in real estate development pro- gram at Arizona State University, said the pandemic further exacerbated the problem for working-poor buyers, a category he said can include residents from teachers to phlebotomists. “In places like the southeast Valley, the greatest share on a percentage basis of new home building growth is built for higher median incomes,” Stapp said. “People are getting pushed out of the market to places like Flor- ence or Coolidge where the price of land is cheaper.” Most new home construction in Gilbert is in the town’s southern ZIP codes of 85297 and 85298, where the median home prices for June rose to about $600,000, according to data from the West and SouthEast Realtors of the Valley. In contrast, the median prices in Florence were $315,000 and in Coolidge $243,500. Dierent fromtheGreat Recession Real estate professionals said they are frequently asked when the market will crash. “When you say ‘crash’ to somebody like me or a real estate agent who lived through 2008, they think of a drop in value by 50%,” Tamboer said. “So that’s why you’re going to be like, ‘Nope, not going to happen.’” The dierence, Tamboer said, lies in what was happening before the Great Recession and what is happening now. Then, overbuilding led to a glut in housing, and investors had pushed

Growingmedian price

The median price for a home in Gilbert has grown consistently in the past few years with 2020 being the highest increase since 2013.

+10.6%

+5.7%

+7.1%

+7.3%

+4.3% +4.1% +3.6%

+22.8%

2012

2013

2014

2015

2016

2017

2018

2019

2020

SOURCE: MARICOPA ASSOCIATION OF GOVERNMENTSCOMMUNITY IMPACT NEWSPAPER

the process will look more like tra- ditional home selling from the past couple of decades with fewer bids and buyer concessions. “If you’re in a weak seller’s market, [prices] won’t rise as fast as right now,” said Tina Tamboer, senior data ana- lyst for The Cromford Report, which provides detailed information on the Greater Phoenix residential resale market. “You might see it like 1% [per month], and that’s a 12% gain a year. That’s pretty amazing.” A ‘critical’ shortageof homes LaRoque Wolfe called the situation a “serious, critical shortage of homes,”

and she said the eects of it have man- ifested in several ways. “Sellers were not even looking at typical oers anymore,” she said. “They had 30, 40 oers on a house, and they were going straight to the cream of the crop.” Sellers are asking buyers to waive the appraisal contingency or forego inspections, she said. Buyers some- times were paying $100,000 over mar- ket value, and buyers trying to use Federal Housing Administration loans or putting down 20% as down pay- ments could not compete. Homes are moving quickly, too, LaRoque Wolfe said.

A housing shortage

Population growth

The Great Recession

The Metro Phoenix residential real estate market’s spiking prices this spring comes from a problem with housing unit supply against population growth. That contrasts with the housing unit glut that preceded the Great Recession.

5%

4.4%

Housing growth

4%

3.2%

3.8%

3%

2.1%

2.8%

2%

1.6%

1%

0.4%

1.2%

0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

SOURCE: U.S. CENSUS BUREAUCOMMUNITY IMPACT NEWSPAPER

14

COMMUNITY IMPACT NEWSPAPER • COMMUNITYIMPACT.COM

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