City of Tempe

Located just east of Phoenix, Tempe is more than a suburban community. It is Arizona’s sixth largest city. The 700-acre Arizona State campus makes Tempe very much a college community; Arizona State’s student enrollment comprises almost 1/3 of Tempe’s population of approximately 160,000. Tempe also has a lively nightlife in the downtown Mill Avenue area.

Tempe got its name from a visitor who compared the banks of the Salt River to Greece’s Vale of Tempe. The city recently refilled the Salt River to create the two miles of waterfront along the Tempe Town Lake.
In the past 20 years or so, Tempe has enjoyed an influx of businesses, including the high-tech industry, as well as financial services and insurance. The city has gained in tourism as well. Growth in the number of residents has spawned the building of expansive industrial parks and dozens of new planned communities.

Tempe’s housing market is one of the most active in the country. Homes prices all over the Phoenix area have recently shown a modest increase, but are still quite reasonable compared to most metropolitan areas. The average price of a Tempe home, as of February 2004, was slightly over $168,000, with an average market time of 61 days. The real estate market tends to move very quickly because there is very little land available for new development; existing homes often sell at or near the asking price.

The college atmosphere and the recent influx of industry and corporate activity have helped create a diverse selection of housing in Tempe. There are custom homes on larger lots, hip downtown lofts and condos, family homes in planned communities, and older homes in more established neighborhoods.
Within the decade, the Tempe downtown area will be home to some 3,500 new residential structures that include lofts, condos, apartments and dormitories.

Merrion Square downtown is a mixed-use complex with residential lofts, office and retail units. It part of the Rio Salado master planned community.

At The Orchidhouse, residents can select a standard floor plan or create their own custom loft residences. Units range from 600 to 2,100 square feet; some have either balconies or patios. The development also has six penthouses.

Breaking ground this year is an eight-story luxury condo high rise on Tempe Town Lake. Edgewater at Hayden Ferry Lakeside will consist of 40 residential condominiums set on the waterfront.