The opening of the first section of the Greater Phoenix light rail is just around the corner, Dec. 27th 2008 to be exact.  Just a few years ago this areas was a wasteland of offices and and suburbanites who disappeared at the sun went down to their distant sleeper communities.  It’s quite different now.  The Phoenix downtown, midtown and uptown areas have a bigger and steadily increasing resident population.

(Photo:  Artur Ciesielski, CCIM)

I think this will be a turning point for Phoenix.  I don’t really know what it will mean for the entire city but it’s bound to have affect for those in the vicinity and even people who won’t use it or care about it; because of residual effects of how others, visitors and businesses view the valley as a whole.
For me the view is improving and the city is maturing.

Real estate investors should have their eye on the opportunities that the light rail presents.  With it, there will be additional appreciation and cause for redeveloping a lot of the land, including large and small lots within walking distance to the rail.
It’s not too late.  In fact, the slow down should spur investors to take advantage of the depressed prices.  There is data out there showing the benefits a light rails system has to real estate owners. 

In Dallas, Portland, San Diego and other cities where light rail projects have been completed there have been increased in values greater then properties not served by the rail.  The possibilities are there, even for single family homes or small apartments.