The melt down and subsequent stagnation of Surprise AZ real estate is best surmised though an understanding of the human desire for greed. At the center of this essentially man made disaster, lies a certain yearning for more money or wealth from every single participant. Every single person involved in a real estate transaction for the past four or five years has been somewhat responsible for the breakdown and nowhere else is this an example than Surprise AZ. With mortgage brokers clamoring for more commission, banks ignoring income verification to the homeowners who just could fathom being behind the Jones’ at every level we all failed to some degree.
Built on the hopes and dreams of affordable housing in a suburban family style atmosphere, Surprise was the obvious choice for many families for their new home. What started with low teaser rates and no down payments quickly spiraled out of control and forced owners to pony up thousands of dollars a month for houses they suddenly could not afford. Neighborhoods that were once booming with growth and community are now shadows of their former selves with unsightly disheveled front yards and broken windows.
What happened to Surprise AZ real estate is indicative of what is happening all across the country albeit in slightly different ways. What sets this small town apart is the speed at which it simultaneously grew and deconstructed itself. The city still has promise and plenty of reasons for the average family to move here but the promises of continual growth has caused people and the jobs they need to become much more apprehensive in approaching Surprise AZ.
Over the next coming years, Surprise AZ has some big developments heading this way including Prasada which is destined to be one of the largest developments in Arizona history. The project was recently put on the back burner by developer RED and Westcor but activity is still very much happening on the project. Most recently the city council approved a new development agreement for another master planned community, Desert Trails, which will bring some much needed fresh activity to the most northern part of Surprise.