Categorized | Legal, News

Pegasus Airpark trying to stem foreclosure tide

Posted on 01 June 2009 by Ben Sclair

Restrictions on aircraft (helicopters and VLJs) at Pegasus Airpark (Arizona) are being blamed on a high foreclosure rate. The East Valley Tribune reports that airpark representatives will once again try to overturn a ban on light jets and helicopters in an effort to make the property more marketable. Click the above link to read the rest of the story.

5 Comments For This Post

  1. Debbie Wills Says:
    June 7th, 2009 at 11:15 pm

    The Tribune report is so far off base I can’t help but wonder what is going on! Their report states “11 homes are in foreclosure” and they attribute that to ‘helicopter restrictions’. Someone reports all the lots are sold, but it is clear there are at least a dozen unsold lots held by the developers. Any moron, (never-the-less newspaper reporter) can access almost any county website and check facts. http://www.foreclosurefreesearch.com, a Google ad on the Tribunes own page lists thousands of foreclosures accurately. Not one is in Pegasus Airpark. In fact, I have clients every day looking for homes in that Airpark. There were 2 foreclosures a few years ago and one last year absolutely unrelated to whether or not helicopters were allowed or not. (They were overextended speculators), But those homes are sold and occupied now. There are sixteen new condo hangers about to be released and eight have escrow deposits already. I will not speculate on why the story is so inaccurate, but I can guess!
    Debbie

  2. Ben Sclair Says:
    June 8th, 2009 at 8:53 am

    Debbie, thank you for bringing some local knowledge to this story. Ben

  3. jack dekker Says:
    June 13th, 2009 at 9:35 pm

    thanks Debbie for the great support for Pegasus , some people are proud to live here . For those that dont want to be here I cant wait until they leave!! Jack D.

  4. Gayle Grigsby Says:
    June 29th, 2009 at 1:30 pm

    The ban on jets and helicopters has not caused homes to go into foreclosure but it has made it much more difficult to sell a home or property there as many who would want to buy in Pegasus will simply go where there are no such restrictions such as Stellar Airpark in Chandler, or most other private airparks.

  5. Andrew Wainwright Says:
    August 17th, 2009 at 10:19 am

    As a Realtor that’s had 4 foreclosure homes for sale in the airpark almost a year now I can say the biggest problem are the comparable properties that ultra-conservative appraisers are now using. They are comparing price per foot of a beautiful airpark home with rights to the runway to homes a few miles away without paved streets. Same year, same square foot, but not the same value. We need someone to come along that values the airpark lifestyle to pay what the homes are worth. The local bank who ownes the properties, Mesa Bank, doesn’t want to sell the homes at Queen Creek prices and hurt the value proposition in the airpark. It’s a great runway, fuel facility, hangars, taxiways. We’re all looking forward to it coming back. After Eclipse Aviation went under, I think people are putting less value on “no jets” realizing that a BE-55 or C-421 will do everything they want on the upper end.

    Andrew Wainwright
    Coldwell Banker Residential Brokerage
    480-313-0303

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