Jim Davis / Arizona Daily Star 2007

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RANCHO RESORT
MAINTANANCE POSITION

GLOBE — At first glance, this three-bedroom, two-bathroom home might seem like a steal for the listed price of $110,000. But in this small copper-mining community 60 miles east of the fringes of the Phoenix area, it's more than many who live or work around here can afford.

While many other parts of Arizona, especially the metro areas, have seen large drops in home values over the past two years, real estate in Globe and neighboring Miami has remained relatively stable since mines in the area reopened in 2006.

"Our economy is strong here — yes, copper has dropped lately — but there wasn't the huge losses you see in the rest of the country," said Angela Antilla, a broker with Oak Realty in Globe.

There also wasn't a big run-up in home prices here while metro areas boomed, Antilla said.

Stronger demand for housing since some the mines reopened has combined with a lack of land that can be developed in the area — Globe and Miami are surrounded by government-owned and reservation land — to keep housing prices relatively stable, Antilla said.

Michelle Yerkovich, a real estate agent with Kachina Properties in Globe, said some families wanting more for their money are buying in Florence, about 50 miles away. She said houses in Globe average between $110 and $150 per square foot, while the average in Florence is around $80.

Rick Reed, who works in the Gila County Probation Department, is one buyer who wound up in Florence. He is selling a three-bedroom home with one and three-quarters baths here and bought a foreclosed home in Florence for $85,000, upgrading to five bedrooms and three baths.

"We are getting a better house, a newer house and paying a lot less money," Reed said. "We couldn't touch a house here."

Antilla said a similar house around Globe would cost around $200,000.

Reed said the new location also will help should he or his wife, a high school health assistant in Globe, decide to work in the Phoenix area.

"We're going to commute for now and see how that plays out," he said. "But none of us are getting rich out here, so we also have options if we choose to relocate in the future."

Yerkovich said potential home buyers should factor in the advantages of life in Globe when looking at prices here.

"It's nice living in a small town — good outdoor activities, people enjoy living out here," she said.