6 Sept. 20 - Oct. 3, 2008
Community
www.SanTanSun.com
Trade-ups from Page 1
T.W. Lewis implemented the program in 2007 only when there’s no demand for it – that’s when a lot of
in the Phoenix metro area. When a prospective buyer the problems come in.”
expresses interest trading up, T.W. Lewis has the home Gillan believes the success of the Trade Up program
appraised, then hires an area Realtor to complete a is all about fi nding a balance in the current market.
competitive market analysis. Using all of this data to “What’s amazing is that we’ve done over 30 trades
estimate the home’s current market value, the builder and we only own one home right now because we’ve
then provides the homeowner with an offer. priced them right,” Gillan claims. “I hope we haven’t
“Our goal is to be able to offer our buyers a price under-priced them because that just means that we’ve
that is 90 percent of today’s current value,” explains given away money and we don’t want to do that.
Gillan. We’re trying to strike a balance of pricing to length of
If the offer is accepted, T.W. Lewis then purchases ownership.”
the home and attempts to sell it at current market value T.W. Lewis’ current Southern Chandler development
within 60 days in order to break even, given real estate is Valencia, located at Chandler Heights and Lindsay
fees, commissions and other expenses. Gillan states roads. With six different neighborhoods ranging in
that buyers typically choose the Trade Up program price from the mid $500s to the mid $700s, the gated
because of the convenience factor, and the 10 percent community offers walking paths, a major lake system
difference represents the time delay, inconvenience and tot parks, in addition to what Gillan refers to as
and Realtor fees they are able to avoid. the “unsurpassed quality and sophistication” of a T.W.
Roadblocks arise when buyers have an unrealistic Lewis home.
idea of their home’s value. “We love the Trade Up program because we’re
“Our Trade Up program has become our education thrilled that we are able to get more people into one
tool for reality for our buyers,” Gillan says. “It’s like of our homes. And, at the end of the day, if we can sell
‘here’s what we’re dealing with and here’s what we’ll theirs within 60 days, then everything’s good for us.
give you. And it’s not a lowball price, it’s a reasonable We are spending a little bit more work and a little bit
price for you to sell it today.’ The point of the whole more time and effort, but that’s a small price to pay to
program is that it brings everything to a head and
STSN photo by Gordon Murray
keep our market going.”
helps them make decisions on what they should do
CONCERNED: Brent Stark of Sandpiper Shores, a T.W. Lewis
Stark understands T.W. Lewis’ strategy and has
instead of wondering. There are a lot of houses out
development, is concerned the developer’s “trade-up” program
nothing but good things to say about his past and
there that are listed. They say there are 53,000 houses
will hurt the value of neighborhoods.
present neighbors, but is frustrated about the potential
on the market for sale. A lot of them shouldn’t be for Citing a recent example across the street from his future effect on his neighborhood’s value. When he
sale because they’re not going to sell at that price.” home, Stark says that T.W. Lewis bought the home called the builder’s president about the situation,
for $450,000 and then turned around to sell it for Stark was told that this particular sale was likely an
Neighbors concerned about value $396,000. A similar home in the neighborhood sold “oops.”
Area Realtor Curtis Johnson is less enthusiastic two months ago for $440,000. “That oops to me could cost me, and on paper has
about T.W. Lewis’ approach to the trade-up concept. “Have we truly seen a 10 percent drop in value cost me, quite a lot of money, and it really lowers the
“A lot of people have tried a trade-up program,” in just 60 days?” he questions. “I could and would bar for this neighborhood quite substantially,” he
states Johnson. “I’ve had a trade-up program that I’ve understand if this were a distressed sale with says. “What’s kind of sad is that it’s really the state of
used for fi ve or six years at www.soldoribuyit.com. I circumstances beyond the control of a responsible our economy right now in the market here in Arizona.
actually buy homes, but I typically offer between 95 owner. But to have the developer of the development It highlighted to me the severity of what we’re going
and 100 percent of market value for the home instead condone and take steps to facilitate this tells me that through.”
of, like T.W. Lewis, offering substantially below that. If their claim to ‘quality’ is simply nothing more than a Contact Curtis Johnson Realty at
the new buyer ends up paying above what I’ve paid, marketing statement.” www.soldoribuyit.com or call 480-355-4000. Find
the seller gets to keep the difference.” “Builders don’t look out for the community as much more information on Valencia at www.twlewis.com.
Brent Stark, a resident of T.W. Lewis’ Sandpiper as they think they do,” echoes Johnson. “Builders look
Shores community, believes the builder’s program out for the builders. So it’s up to the individual area
Natalie Morris is a freelance writer who lives in Cooper
might be “well intentioned” but has concerns that it will to look out for themselves and up to the planning and
Commons with her husband, two sons and their dog, Bella.
Contact her at Natalie@SanTanSun.com.
negatively impact the value of existing neighborhoods. zoning committee when they let these builders build
Explore herbs, travel, writing at CGCC
SanTan Sun area residents interested in taking a is held 6 to 9 p.m. on Wed., Sept. 24. “Write Young Adult Novels” studies famous authors
fun, informative class without the hassle of homework “Write Children’s Picture Books” examines like J.K. Rowling, Mark Twain, Carson McCullers,
might want to consider taking one of these noncredit the creation of plot, setting, dialogue and poetry Judy Blume and others. Participants complete writing
courses at Chandler-Gilbert Community College. manuscripts for easy, emergent and transitional exercises on point of view, character development,
“From Garden to Kitchen,” held 6 to 8 p.m. on readers. Students practice storyboarding and other themes, setting, story structure and vocabulary
Wednesdays from Sept. 24 through Oct. 8, delves into writing techniques. Class runs from 10 a.m. to noon development. Class is held from 12:30 to 2:30 p.m. on
the entire spectrum of herbs from growing them to on Saturdays from Sept. 27 through Nov. 1. Saturdays, Sept. 27 through Nov. 1.
using them in the kitchen. “Create a Great First Impression” teaches how to Chandler-Gilbert Community College is located
“Become a Modern Nomad” discuses working and create positive fi rst impressions using fi ve easy ways at 2626 E. Pecos Rd. in Chandler. To register, call
volunteering around the world safely. Students also to project the right image. Class is held 6:30 to 8:30 480-732-7080 or visit www.cgc.edu/cont_ed.
learn how to travel better and more affordably. Class p.m. Thu., Sept. 25.
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