Pegasus Airpark trying to stem foreclosure tide

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 […]

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.

9 comments

  1. Debbie Wills

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

  3. jack dekker

    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

    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. 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

  6. Robert Stroud

    It has been a year since I visited this site and I just have to laugh at the difference a year makes.

    There are two brand new owner built homes just about finished. One on Pegasus and one on the main taxiway. Two new hanger homes are just building their pads this week and three new homes are in the plan review stage. Dozens of lots have exchanged hands and all but one of those four Mesa Bank homes have sold and are now occupied. The one not sold does have some kind of issue that is holding up a sale. There are one or two different homes in foreclosure or waiting on a short sale but they have nothing to do with aircraft. They are occupied by people that have their own problems. And there are a few aviation homes with ‘for-sale’ signs up but they are not people in trouble, on the contrary! They are owners that wish to sell and build another home and hanger somewhere else in the airpark for various reasons. (Closer to the runway end-bigger hanger-smaller house-etc.) There is even one beautiful horse home with detached hanger listed on FSBO for well over a million.

    I think a big change has come over Pegasus with the restructuring of the developer itself and getting rid of the Circle G oversight. Where Circle G might have been ok in the past for run-of-the-mill developments, they were an anchor around the neck in Pegasus. They held up plans, demanded silly changes from some owners and ignored infractions from some builders and other owners. And, were inconsistent with design review causing untold stress for everyone. With them gone, and the HOA under strict homeowner control it looks like Pegasus is well on the road to recovery!
    Robert Stroud; Aviation and Marine Home Insurance

  7. Randy Brown

    Now is the time to buy. This place is undervalued. I bought a lot to build on in 5+ years because I see value in buying now.

  8. We are just finishing our new home in Pegasus on the very Southwest corner of the runway. This has been a long time dream to live in an airpark in a rural area. It is quiet, the sky is clear, and life is really good.
    It is really important to open up the airport to helicopters and light jets. This will increase the base that wish to buy and and build here. You must remember that most of the aviation homes are in the 1m to 2m range and like myself, have a 1/2m aircraft in the hanger. We are now supporting the Queen Creek area as well as do almost all of our purchasing in the Queen Creek area. And, most that live here talk “airplane”. Considering living in an airpark, now is the time. Jack McCormick, President of the Baja Bush Pilots.

  9. Robert Stroud

    UPDATE: I just visited Pegasus Airpark again. The four Mesa Bank empty homes that Andrew mentions above are all sold. Three to ‘aviation’ people. Even the Bank home with ‘issues’ has been corrected and sold to an ex-pilot. The two new homes I mentioned above are complete and moved in. Two more huge Aviation Homes are just ready for stucco; both owners are avid pro pilots. ALL THE NEW HANGERS are SOLD……GONZO! Too late to jump on the band wagon now! There is still one tiedown available and a few hangers for rent. I’ll keep watching, maybe someday I too will live there.

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