Tempe Real Estate
City of Tempe – Home to Arizona State University
Adjacent to Mesa, Tempe shares a similar rich history of ancient Hohokam tribal settlement, which abruptly and mysteriously disappeared in the 15th century.
In 1865, the establishment of U.S. Army Fort McDowell about 25 miles northeast of present day Tempe secured the area and opened up development further down the Salt River.
Tempe was founded in 1871 as “Hayden’s Ferry” by Charles Trumbull Hayden, who built a store, flour mill, warehouses, blacksmith shops and a ferry that crossed the then flowing Salt River. Pioneer Darrell Duppais is credited with suggesting Tempe’s name, adopted in 1879, after comparing the Salt River Valley near a 300-foot tall butte to the Vale of Tempe near Mount Olympus in Greece.
In 1885, the 13th Arizona Territorial Legislature chose Tempe for the site of the Territorial Normal School, which later became Arizona State University, currently the largest public university in the United States.
Today, Tempe boasts a population of about 162,000 people over a 40 square mile area.
The ASU Factor
Understandably, even though Tempe is home to two Fortune 500 companies (US Airways and Insight Enterprises) and many other small and medium sized corporations, such as LifeLock, Fulton Homes, First Solar, and Circle K, much of the local economy centers around ASU.
Despite bordering Phoenix and Chandler, Tempe maintains a “college town” feel. Tempe houses several great performance venues including Gammage Auditorium and the Tempe Center for the Arts.
On New Year’s Eve, the city hosts the Tostitos Fiesta Bowl Block Party, one of the nation’s largest New Year’s Eve parties. The event typically has a national band heading a concert, along with several other local and national bands. Gammage Auditorium was also the site of one of the three Presidential debates in 2004, and Super Bowl XXX was played at Sun Devil Stadium. Additionally, Tempe is the spring training host city of the Los Angeles Angels of Anaheim.
One of Arizona’s largest shopping malls, Arizona Mills, sits near the border with the town of Guadalupe. The city also serves as the first Arizona IKEA branch location, also near the southern boundary. Tempe Marketplace a large open air mall featuring live music and water and laser shows is located just southeast of Tempe Town Lake. Tempe can boast an array of wholesalers and manufacturers including Gummow Manufacturing, specializing in handcrafted wholesale Native American Jewelry.
Mill Avenue, located just west of Hayden Butte, is a shopping and entertainment area in the city popular with pedestrians and students. With the completion of Tempe Town Lake, commercial and high-rise development along the reservoir quickly transformed the cityscape of Mill Avenue and the skyline of downtown Tempe.
Tempe Real Estate
Without the same amount of land available for development in other areas of the Valley, Tempe real estate tends to be older and more established, with the notable exception of high-rise condo projects that have sprung up around Tempe Town Lake, such as Hayden Ferry Lakeside and North Shore Condominiums. As of February 2012, the average sales price of a single family home in Tempe was $181,163. Average condo prices were $110,301.
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(Courtesy of Tempe Tourism Office)