Tag Archives: Home Buying

Phoenix among top housing markets to watch in 2019

2019 Housing Market Outlook In Phoenix, AZ

Phoenix will be one of the top housing markets to watch in 2019, according to a report from real estate website Trulia.

The analysis, released Thursday, highlights the 10 markets poised for growth in the coming year. Phoenix ranks No. 7 on the list, just behind Fresno, California and ahead of Columbia, South Carolina. Colorado Springs, Colorado topped the rankings.

Trulia examined the 100 largest U.S. metropolitan areas, measuring each on five metrics including job growth over the past year, vacancy rates, starter home affordability and percentage of the population under age 35.

The Valley’s strong job growth, 2.9 percent, in the past year, along with starter home affordability and low vacancy rates helped the market attain its spot in the rankings. According to Trulia, residents in Phoenix spend just 33.7 percent of their income on housing, which signals strong starter home affordability in the market. The Valley also has a ratio of 1.3 of inbound vs. outbound searches on Trulia’s website. That means more people are interested in moving to the market than those searching to move away.

Trulia’s report also zeroed in on the hottest neighborhoods in each top market. In the Valley, it’s Agritopia in Gilbert, which saw home values appreciate 14.6 percent year over year. Homes in the neighborhood also saw the average number of days on market drop by 18 days, according to Trulia.

As the local economy has continued to add jobs and grow, the housing market around Phoenix has seen a healthy year in 2018. Several homebuilders have scooped up land for new communities and restarted once-dormant projects to meet demand. A recent housing study found existing home prices climbed nearly 6 percent in October.

Millennial’s are said to be some of the hottest first-time homebuyers in Phoenix.

Growth (Rank)	Vacancy Rate (Rank)	Share of Income Needed to Afford Median Priced Starter Home (Rank)	Ratio of Inbound-to-Outbound Home Searches on Trulia (Rank)	Share of Population Under 35 (Rank)	Overall Score
1	Colorado Springs, Colo.	3.3% (8)	4.8% (35)	35.4% (63)	1.8 (17)	23.6% (8)	26.2
2	Grand Rapids, Mich.	2.0% (22)	3.7% (16)	23.2% (34)	1.1 (41)	21.7% (30)	28.6
3	Jacksonville, Fla.	2.0% (24)	4.2% (26)	23.4% (35)	2.4 (7)	20.7% (52)	28.8
4	Bakersfield, Calif.	0.6% (56)	6.4% (68)	14.3% (6)	2.3 (8)	23.1% (12)	30.0
5	Austin, Texas	2.5% (14)	3.4% (12)	45.0% (79)	1.1 (47)	24.4% (4)	31.2
6	Fresno, Calif.	1.6% (32)	3.5% (13)	47.1% (81)	1.6 (22)	22.6% (16)	32.8
7	Phoenix, Ariz.	2.9% (9)	4.0% (20)	33.7% (59)	1.3 (32)	20.9% (47)	33.4
8	Columbia, S.C.	0.4% (69)	6.1% (63)	13.7% (5)	2.1 (12)	22.3% (20)	33.8
9	El Paso, Texas	1.0% (51)	5.5% (48)	33.5% (58)	2.4 (6)	23.2% (11)	34.8
10	Oklahoma City, Okla.	2.0% (20)	6.9% (76)	21.1% (27)	1.3 (33)	22.3% (21)	35.4
Note: Rankings from among the 100 largest metros.

Whether you’re looking to buy a single-family home in Phoenix, AZ, a Historic Phoenix home, or, If the condo lifestyle is something you’re considering, or, if it’s all you can afford now, please give me a call for free, no obligation consultation. I specialize and LOVE working with first-time homebuyers and am am FIRM believer that THERE IS NO SUCH THING AS A STUPID QUESTION. I’ll take all the time with you that you need!

Arizona set to add 500,000 jobs during next eight years

August 6th, 2018

Arizona is poised to add 1 million new residents between now and 2026 as well as more than 500,000 jobs to continue growing the state’s economy.

Arizona expected to gain 500,000-plus jobs, 1 million residents by 2026. Downtown Phoenix District Booming.

The statistics, from the Arizona Office of Economic Opportunity, paint a picture of a state once waylaid by the Great Recession as it continues to find its economic footing, according to a report by the Arizona Republic.

Those numbers would see the biggest growth in Phoenix and Maricopa County, already the state’s most populous region. The population is expected to grow from about 4.9 million to 5.5 million in the metro area during the next eight years.

The state’s population likely would rise to 8.1 million by 2026.

While those numbers are big, it’s not the kind of growth the state saw during the 1990s. Yet the county’s job growth could top out at 2.1 percent annually during that span.

What it could mean for Maricopa County and Arizona is increased influence on a business scale in the state where things already tip toward Phoenix. Politically, it could mean more clout in Washington for the state as increased representation at least following the 2020 Census.

That kind of political clout would continue to bolster Arizona’s industries that deal with federal contracts, notably the defense and aviation industries that have a large number of companies doing work in the region and state. During the second quarter, companies in the state received $2.26 billion in defense contracts.

Arizona already is a tight labor market, with the unemployment rate at 4.7 percent in June.

New Metro Phoenix Condo Sales Soar, Will Prices Keep Climbing?

Is the Phoenix Metro Condo Boom Back?

July 31st, 2018

A stabilizing housing market and population gains will help Arizona’s economy expand faster than the nation’s again this year, though the gap will narrow, according to a forecast released April, 2018. Condo sales in Phoenix, AZ booming as a result.

These are the key findings:

Another year of solid growth: Arizona’s economy, which expanded 2.6 percent in each of the past two years, is poised to grow 2.7 percent this year, according to the forecast by BMO Capital Markets.

Wages are a big part of it: Personal income in Arizona has historically lagged, but the state seems to be catching up a bit. Wage growth in Arizona, up 7.4 percent over the past four quarters, is running at one of the fastest paces in the nation, according to the report.

Then there’s housing: Two of Arizona’s largest employment sectors, real estate and government, have exerted a drag on the state’s economy. However, heady population gains and a low foreclosure rate bode well for real estate.

“The Arizona housing market is still battling the effects of the 2008 housing crisis but could finally be normalizing after a prolonged recovery,” wrote economists Michael Gregory and Priscilla Thiagamoorthy of BMO Capital Markets in Toronto.

Expanding population helps: Housing and other sectors of the Arizona economy have been aided by an influx of residents for the state.

“If population continues to grow and labor market conditions tighten, the state may have a greater need for housing supply,” and condos are becoming extremely attractive, according to the report.

Arizona’s population recently passed 7 million, with the state adding about 80,000 more net migrants last year.

Another recent report, from the International Franchise Association, identified Arizona as a top-five state for franchising activity this year, an indication that small businesses could do better partly due to population growth.

U.S. picture improving: Arizona’s gains come against the backdrop of a strengthening U.S. economy.

The nation’s economy grew 1.5 percent and 2.3 percent in 2016 and 2017, respectively. BMO expects that will improve to 2.6 percent this year.

“The dominant (national) theme is improving manufacturing prospects prodded by increasing business investment stoked, generally, by late-cycle capacity constraints and tax cuts,” wrote Gregory and Thiagamoorthy. “Factories are also benefiting from expanding exports, reflecting stronger global growth and a weaker U.S. dollar.”

If the condo lifestyle is something you’re considering, or, if it’s all you can afford now, please give me a call for free, no obligation consultation. I specialize and LOVE working with first-time homebuyers and am am FIRM believer that THERE IS NO SUCH THING AS A STUPID QUESTION. I’ll take all the time with you that you need!

Metro Phoenix Home Prices Rising Fastest in Affordable Neighborhoods

If you’re one the fence about buying a home in Phoenix, it’s time to get off. It’s been a long, hard road to recovery for metro Phoenix’s boom-and-bust-battered housing market, but it’s back, and then some.

But some Valley neighborhoods are there, back to 2006 price levels, and higher and other neighborhoods are very close.

As expected, millennial first-time homebuyers are propelling the recovery.

Metro Phoenix home prices are rising the fastest in many of its most affordable, centrally located neighborhoods, from downtown Phoenix to central Mesa, where young buyers want to live and can afford houses.

2017 was a good year for the housing recovery in the Phoenix area. Almost one-third of the Valley’s ZIP codes posted double-digit-percentage increases in prices last year, according to The Arizona Republic/azcentral Street Scout Home Values report.

Street Scout is azcentral’s neighborhood and housing site that provides property valuations, home sales data, real estate news and listings.

Street Scout exists to make our community stronger, more informed and more connected. We’re a news organization with deep roots here, but we’re also a modern media company that’s pushing the boundaries of what we think about when we say “content.” Stunning real estate photography, comprehensive neighborhood guides, accurate, timely data and expert analysis provide you with what you need to find the best place to call home.

But there is concern buyer demand for affordable homes is beginning to outpace the supply. And there’s always worry in Arizona about the possibility of another housing bust when prices climb for a few years.

Phoenix, AZ Recession Rebound

In nearly 30 Phoenix-area neighborhoods, prices have rebounded to 2006 levels or even higher, data from The Information Market shows.

Most of those areas still have median home prices below $300,000.

“Last year was a strong one for the Valley’s housing market, particularly the more affordable neighborhoods closer in,” said Tina Tamboer, senior housing analyst with the Cromford Report. “Only 2004, ’05 and 2011 were better years for home sales, and those weren’t normal years.”

The housing boom inflated home prices and sales between 2004 and 2006, and then investors drove up sales as foreclosures climbed and prices plummeted from 2010 to 2012.

Home prices have doubled in many Phoenix-area neighborhoods since the bottom of the market. Besides the 30 ZIP codes where home prices have bounced back from the crash, values in another 40 neighborhoods are within 10 percent of recovering.

Fastest-growing home prices In the Phoenix Metro Area

Aysia Williams and Benjamin Hughes rented in downtown Phoenix’s historic Woodland historic district for about a year before deciding to buy their first home.

“We fell in love with the area, but saw prices and rents climbing fast,” Williams said. “We knew we wanted to buy, but there was a lot of competition for the houses we liked.”

Woodland is part of the 85007 ZIP code,one of central Phoenix’s more affordable neighborhoods. The area, which has also attracted many investors, saw its overall median home price climb 10 percent to more than $192,000 in 2017. Sales in the area jumped nearly 20 percent last year.

Home prices in their neighborhood on the western side of downtown have rebounded from the crash and are almost 2 percent higher than they were in 2006.

Aysia and Benjamin were so lucky and bought from their wonderful neighbor, who didn’t want to sell to an investor.

The couple’s house, for which they paid less than $250,000 a few months ago, wasn’t even listed for sale.

People talk about the gentrification of central Phoenix pricing too many first-time buyers out. But more high-end home sales in the area help other more affordable areas like Woodland and Coronado Historic District improve, too.

Buying a house in the hot 85007 neighborhood of Phoenix included graffiti art in the backyard of Ben Hughes and Aysia Williams’s home.

‘First-time homebuyer market is exploding in Phoenix, AZ’

Stephanie Silva and Billy Horner moved to Chandler, AZ, from Chicago for the warmth last March.

“We wanted to rent first to see if we liked the area and a ‘shovel-free life,’ ” said Silva, who works in Tempe. Horner works in downtown Chandler.

The couple recently bought a home for under $275,000 in the central Mesa, AZ ZIP 85210, almost halfway between their jobs. Prices in the still-affordable neighborhood climbed 9 percent, and sales rose 38 percent last year.

Home values just rebounded back to 2006 levels in their neighborhood, where the median price is about $215,000.

“We are on a quiet, cozy block in a home with a pool and a yard,” Silva said. “So far, it is everything these Midwest transplants could ask for.”

The couple’s real-estate agents said if more people don’t decide to sell in the popular, affordable neighborhoods closer in, then it will soon get even tougher for first-time buyers.

“The first-time homebuyer market is exploding. So many people are done with renting and dealing with landlords,” Matthew Coates said. “But we are seeing a deficit of homes available.”

The number of Valley homes for sale priced under $350,000 is down almost 20 percent from last year, according to the Cromford Report.

Some potential buyers are giving up

Nils and Heather Hofmann began looking for a home midway between their jobs in Deer Valley and Chandler more than a year ago. Their budget was $300,000.

The couple, who was renting in north-central Phoenix, put their home search on hold last fall after seeing dozens of houses. The ones they liked usually sold before they could get an offer in.

“I think we must have seen more than 80 houses,” Heather Hofmann said. “We wanted to buy where we were renting, but prices were too high.”

The couple decided to stop looking for a while late last summer because it became too frustrating. But then they found out Heather was pregnant, resumed their search and upped their price to $400,000.

The Hofmanns bought a home last month in north Phoenix’s Desert Ridge neighborhood, close to several freeways for their commute.

The median home price in the Desert Ridge area is about $485,000, up 5 percent from 2016.”

Looking farther outside of Phoenix Proper for Real Estate to Buy

The metro Phoenix suburbs farthest out were hardest hit by the crash and have been the slowest to recover.

But both sales and prices are again climbing in those areas, including the West Valley suburbs of Goodyear, Surprise and Buckeye and southeast Valley areas of Queen Creek and Maricopa.

The median home price in the Buckeye ZIP code 85326 is up almost 10 percent from last year to $192,000. But the area’s home values are still about 19 percent off the 2006 peak.

Will 2018 be the year for Phoenix?

Metro Phoenix home prices continue to climb in most neighborhoods.

The median Valley home price is now about $253,000, up from $235,000 a year ago.

Some homeowners and national market watchers see price increases in the Valley and are concerned about another bubble.

“The housing market is very solid now. But there’s nothing that shows we are heading for another crash.

Metro Phoenix’s December 2017 median price of $250,000 is still below the high of $260,000 from 2006.

Housing market watchers say 2018 could be better than 2017 for prices and sales.

Whether this is the year the area’s median market reaches that 2006 level depends on whether first-time buyers can find homes they can afford.

“Either low inventory numbers for homes for sale will restrict sales because buyers can’t find houses in their price range or Millennials, the driving force behind our market, will be able to and decide to buy,” said Tom Ruff, housing analyst with The Information Market, owned by the Arizona Regional Multiple Listing Service.

“That, coupled with an improving economy, will lead to increased sales in 2018,” he said.

Whether you’re buying or selling a home in Central or Downtown Phoenix, or just have some questions about anything at all in or about any one of the historic districts in Phoenix, I’d be very happy to help you! Just call or email me anytime.

Historic Phoenix Sees Major Rejuvenation ‘Between the Sevens’

Some of Phoenix’s most desirable neighborhoods to live can be found in an area that’s commonly referred to as “between the sevens,” which is the region between Seventh Avenue and Seventh Street throughout Downtown, Midtown and Uptown Phoenix.

Home to historical neighborhoods like “The Windsor,” prominent office buildings and iconic retail centers, the area between the sevens is also becoming an increasingly attractive place to work and play as new commercial real estate projects take shape, blending modern needs with the area’s rich history.

The latest projects range from adaptive reuse transformations of a former grocery store and other businesses into multifamily communities or trendy bars and restaurants. It also includes the modernization of older office buildings to meet current standards with lots of natural light, high ceilings, large open floorplates and easy connection to amenities.

Whether its people or companies, everyone is looking for a connected place that’s walkable, vibrant and linked to other amenities and uses, says City of Phoenix Economic Development Director Christine Mackay.

In addition to providing great transit options such as light rail, buses and the Grid Bike Share program to get around, Midtown and Uptown also boasts incredible dining and shopping options as well as prime office locations for major corporate companies.

Mackay says the rejuvenation of Midtown started in 2016 when Banner Health moved its corporate headquarters to the Banner Corporate Center on Thomas and Central Avenues.

Banner retrofitted an old building, bringing it to the 21st century, explains Mackay, which signaled to other large corporate tenants that the area and surrounding communities would support regional and/or national headquarters.

From there, the 2828 North Central building renovated its bottom floor to include a co-working shared space that’s currently occupied by Mod Phoenix. Meanwhile, the owners of the 2020 On Central building renovated all of its lobbies and shared spaces, which eventually led Facility Source to lease office space.

“Those three things really set the stage for other building owners to come in and start making dramatic changes,” Mackay says.

Now, Midtown is experiencing office renovations across the board because so many of the existing buildings were constructed in the 1970s and 80s.

Mackay also describes an incredible and growing demand to live in Midtown and Uptown. “It’s cultured. It has night life, distinctive dining and pretty much everything is local. It’s exactly what people are looking for today,” she says.

In addition to new office product and multifamily units, the area between the sevens has also seen a surge in new retail projects as it’s becoming more widely well-known as a foodie hotspot with an eclectic and tasty mix for restaurants and bars.

Mackay says, “The restaurants, culture and nightlife is really what’s drawing people into this Central City to live.” In fact, she says, there are not less than 100 restaurants in that area for people to choose from.

Mackay points to the success of projects like The Yard, along Seventh Street and Missouri Avenue, as an example of the pent-up demand for restaurants nearby, which has spurred other retail and dining destinations to follow like The Colony, built by LGE Design Build in 2016.

Looking ahead throughout Midtown, Mackay says, the renovations of Park Central Mall is “the last missing piece before the area returns to full throttle.” Meanwhile in Uptown, she predicts, the completion of Arrive Phoenix will “really prove the market and show what a destination hotel looks like in that area.”

ARRIVE Phoenix

DEVELOPER: Vintage Partners; Venue Projects

GENERAL CONTRACTOR: Venue Projects

ARCHITECT: Arrive Hotel & Restaurants

LOCATION: 400 & 444 W. Camelback Rd., Phoenix

SIZE: 45,000 SF; 79-rooms

VALUE: $20M

START/COMPLETION: Q1 2018 – Q4 2018

Located at what’s been called the Valley’s “hottest intersection” by the Urban Land Institute of Arizona, the project transforms a trio of mid-century gems into Uptown Phoenix’s newest dining, entertainment and urban hotel hub. The two-acre site will also host a boutique coffee shop, poolside taco bar, gourmet ice creamery, and nautical-themed rooftop craft cocktail bar featuring 360-degree city views. For the project, Vintage Partners teamed up with Venue Projects, the visionary developers behind The Newtown and other successful adaptive reuse projects like Windsor/Churn and The Orchard along Central Avenue.

First Place-Phoenix

DEVELOPER: First Place AZ

GENERAL CONTRACTOR: hardison/downey construction

ARCHITECT: RSP Architects

LOCATION: 3001 N. Third St., Phoenix

SIZE: 81,525 SF; 56-units

VALUE: $15M

START/COMPLETION: January 2017 – March 2018

The $15 million residential property for adults with autism and other neuro-diversities will be a first-of-its-kind facility that First Place AZ plans to expand into a worldwide model. First Place AZ Founder, President and CEO Denise Resnik started the nonprofit to ensure that housing and community options are as bountiful for people with autism and other neuro-diversities as they are for everyone else. The project provides a one-of-a-kind approach that combines apartments, a residential training program and a national leadership institute to advance more independent and community integrated living options.

The Curve at Melrose

DEVELOPER: P.B. Bell

GENERAL CONTRACTOR: M.T. Builders

ARCHITECT: Studio 15 Architecture Inc.

LOCATION: 4333 N. Sixth Dr., Phoenix

SIZE: 204-units; 308,618 SF

START/COMPLETION: August 2016 – Early 2018

The Curve will consist of 204-luxury apartments in a vibrant and eclectic urban Melrose District neighborhood positioned within walking distance of Indian Steele Park, light rail as well as numerous locally owned shops and restaurants. Included in the property’s luxury amenities are several that were selected by public vote in 2015, which include a resort-style pool and spa along with an outdoor kitchen and gas grills. P.B. Bell also worked with the Seventh Avenue Merchants Association on plans to reserve three display windows at the property to spotlight community-curated work and displays.

The Osborn

DEVELOPER: Trammell Crow Company; High Street Residential

GENERAL CONTRACTOR: Chasse Building Team

ARCHITECT: ESG Architects

LOCATION: SWC of Seventh Avenue & Osborn Road, Phoenix

SIZE: 190-units; 45,000 SF (retail)

START/COMPLETION: July 2017 – August 2019

The Osborn is a mixed-use grocery anchored retail shopping center and multifamily development. The project sits on a 5.96-acre site located in the heart of Midtown Phoenix where the city’s oldest Bashas’ grocey store, originally built in 1956, used to be located. The site benefits from immediate adjacency to many major employers, desirable affluent neighborhoods, abundance of social venues and high visibility with over 50,000 vehicles passing per day.

Uptown Plaza

DEVELOPER: Vintage Partners

GENERAL CONTRACTOR: Kitchell

ARCHITECT: Nelsen Partners

LOCATION: 100 E. Camelback Rd., Phoenix

SIZE: 116,787 SF

START/COMPLETION: 2014 – June 2016

The Valley’s first retail center located outside of Downtown Phoenix is being restored to its former glory and street appeal as a result of wall-to-wall renovations over the last three years. The property’s renovation aims to restore this iconic shopping center — originally constructed in 1955 by the Del Webb Co. — to its stylish brick-lined, mid-century roots and appeal. The 11-acre renovation includes restoring the original brick façade, adding new landscaping and successfully securing a variety of local, regional and national tenants like Shake Shack, Lou Malnati’s Pizzeria, Huss Brewing Company’s flagship taproom, Creamistry, Flower Child and more. The latest phase included updates to the exterior of AJ’s Fine Foods.

The Grid

DEVELOPER: ABI Multifamily

GENERAL CONTRACTOR: Alexander Building Company

ARCHITECT: Corgan

LOCATION: 5227 N. Seventh St., Phoenix

SIZE: 16,281 SF

VALUE: $3M

START/COMPLETION: Q4 2017 – Q2 2018

The two-story adaptive reuse project will transform the former Uptown Phoenix office building into a refreshed Class A office for ABI Multifamily on the top floor and co-working space on the first floor. A large multipurpose room will be used for entertaining, training and a yoga room open to the community. The design repurposed raw industrial materials, while still maintaining a sleek modern feel. In addition, a perforated metal canopy and second skin will be added to create new dynamic exterior spaces while protecting the building from the harsh summer sun of the desert.

Dignity Health Third Avenue Parking Garage Expansion

DEVELOPER: Dignity Health

GENERAL CONTRACTOR: JE Dunn Construction

ARCHITECT: GLHN Architects & Engineers

LOCATION: 2929 N. Third Ave., Phoenix

SIZE: 177,000 SF

VALUE: $11M

START/COMPLETION: December 2017 – July 2018

While the area’s public transit options like buses, light rail and Grid bikes have made commutes easier, parking is often a top-concern for companies and tenants considering a move to the Central City. That’s why the Dignity Health’s St. Joseph’s Hospital and Medical Center in Phoenix is embarking on a campus-wide parking solution that will add approximately 500 new spaces.

Park Central

DEVELOPER: Plaza Companies; Holualoa Companies

GENERAL CONTRACTOR: DPR Construction

ARCHITECT: richärd+bauer architecture

LOCATION: 3121 N. Third Ave., Phoenix

SIZE: 337,000 SF

VALUE: $57M

START/COMPLETION: Q4 2017 – Fall 2018

“Our goal is to transform Park Central into a truly innovative and exceptional work environment for companies in the ‘New Economy,’” says Sharon Harper, president and CEO of Plaza Companies, which also led the the successful transformation of the Los Arcos Mall in Scottsdale into the ASU Scottsdale Innovation Center – SkySong. As Phoenix’s first-ever mall, Park Central benefits from an exceptional location and unique retail history. In total, 337,000 square feet will be revitalized into several distinct districts, each with its own identity.

If you are interested in a free consultation to see if buying a Phoenix home is a better option for you, please call or email me today. You may be surprised at what you learn. I have access to programs that offer down-payment assistance with money you do not have to pay back.

Whether you’re buying or selling a home in Central or Downtown Phoenix, or just have some questions about anything at all in or about any one of the historic districts in Phoenix, I’d be very happy to help you! Just call or email me anytime.

Tuft & Needle Buys Historic Paper Heart Building on Grand Avenue

Mattress retail startup and Phoenix cheerleaders Tuft & Needle have purchased an historic and iconic building on Grand Avenue.

Owners JT Marino and Daehee Park bought a 6,000-square-foot building at 750 Grand Avenue, most recently known as the Paper Heart, a performance space, music venue, gallery, coffee shop and bar.

The building opened in the 1960s as a Quebedeaux Chevrolet, and was designed by Victor Gruen, the Austrian architect known as “the father of the American shopping mall.”

The Paper Heart was opened by Scott Sanders in 2000 and ran until the end of 2007. The space was one of the early participants of downtown Phoenix’s First Fridays art walk.

Steph Carrico and JRC, owners of the Trunk Space — a long-standing Grand Ave. music venue that has since moved— were involved in the Paper Heart as well.

Park and Marino heard about the space and its history from the Grand Avenue community, and decided to purchase it to preserve the building and the lower Grand Avenue corridor, according to representatives.

The T&N headquarters is across the street on Grand Avenue.

Marino and Park then established Grand Paper Heart, LLC in fall 2016 to purchase the building, which has a full cash value of $512,200, according to Maricopa County records.

T&N declined to disclose the purchase amount, and are not sure what they plan to do with the building.

“We just want to make sure while we’re investing in this area that the other buildings are preserved,” said company representatives.

Marino and Park were runners-up in the Phoenix Business Journal’s 2016 Businessperson of the Year.

Real estate around Grand Avenue is soaring and many believe it’s the next Roosevelt Row where all cool things happen as part of Garfield Historic District and Roosevelt Historic District. Districts near Grand Avenue like Woodland Historic District and Oakland Historic DIstrict are still hidden gems with values increasing more rapidly than other districts. These districts border the core of downtown Phoenix and are walking distance to the State Capitol and other government buildings.

If you’re interested in buying or selling a home in any of these districts or surrounding historic districts, call Laura Boyajian at (602) 400-0008, a Historic Phoenix Real Estate Specialist.

10 Housing Markets to Envy in 2017

DAILY REAL ESTATE NEWS | THURSDAY, DECEMBER 01, 2016

The national housing market is largely predicted to moderate in 2017, but a handful of metros are expected to beat expectations. In fact, 10 markets are looking like hot-beds for growth in the new year with Phoenix, Arizona being number one.

Realtor.com®’s research team has flagged markets that will likely see average price gains of 5.8 percent and sales growth of 6.3 percent in 2017. Those gains would exceed next year’s anticipated national growth of 3.9 percent in home prices and 1.9 percent in home sales.

As such, real estate professionals in these 10 markets should expect a booming business in 2017. Realtor.com® notes these are the hottest housing markets to watch in the new year, based on price and sales gains:

1. Phoenix–Mesa–Scottsdale, Ariz.

2. Los Angeles-Long Beach-Anaheim, Calif.

3. Boston-Cambridge-Newton, Mass.-N.H.

4. Sacramento–Roseville–Arden-Arcade, Calif.

5. Riverside-San Bernardino-Ontario, Calif.

6. Jacksonville, Fla.

7. Orlando-Kissimmee-Sanford, Fla.

8. Raleigh, N.C.

9. Tucson, Ariz.

10. Portland-Vancouver-Hillsboro, Ore.-Wash.

Why are expectations so high for these 10 markets? Realtor.com®’s research team notes that strong local economies and population growth are helping to fuel sales. Also, the top 10 housing markets have other commonalities, such as relatively affordable rental prices, low unemployment, and large populations of millennials and baby boomers.

Top Housing Trends for 2017
Next year’s predicted slowing price and sales growth, increasing interest rates and changing buyer demographics are setting the stage for five key housing trends:

Millennials and boomers will dominate the market – Next year, the housing market will be in the middle of two massive demographic waves, millennials and baby boomers – that will power demand for at least the next 10 years. Although increasing interest rates have prompted realtor.com® to lower its prediction of millennial market share to 33 percent of the buyer pool; millennials and baby boomers will still comprise the majority of the market. Baby boomers are expected to make up 30 percent of buyers in 2017 and given they’re less dependent on financing, they are anticipated to be more successful when it comes to closing.
Midwestern cities will continue to be hotbeds for millennials – Midwestern cities are anticipated to continue to beat the national average in millennial purchase market share in 2017 with Madison, Wis.; Columbus, Ohio; Omaha, Neb.; Des Moines, Iowa; and Minneapolis, leading the pack. This year, average millennial market share in these markets is 42 percent, far higher than the U.S. average of 38 percent. With strong affordability in 15 of the 19 largest Midwestern markets, realtor.com^® expects this trend to continue in 2017 even as interest rates increase.
Slowing price appreciation – Nationally, home prices are forecast to slow to 3.9 percent growth year over year, from an estimated 4.9 percent in 2016. Of the top 100 largest metros in the country, 26 markets are expected to see price acceleration of 1 percent point or more with Greensboro–High Point, N.C.; Akron, Ohio; and Baltimore–Columbia–Towson, Md., experiencing the largest gains. Likewise, 46 markets are expected to see a slowdown in price growth of 1 percent or more with Lakeland–Winter Haven, Fla., Durham–Chapel Hill, N.C.; and Jackson, Miss., undergoing the biggest shift to slower price appreciation.
Fewer homes on the market and fast moving markets – Inventory is currently down an average of 11 percent in the top 100 metros in the U.S. The conditions that are limiting home supply are not expected to change in 2017. Median age of inventory is currently 68 days in the top 100 metros, which is 14 percent – or 11 days – faster than U.S. overall.
Western cities will continue to lead the nation in prices and sales – Western metros in the U.S. are forecast to see a price increase of 5.8 percent and sales increase of 4.7 percent, much higher than the U.S. overall. These markets also dominate the ranking of the realtor.com® 2017 top housing markets, making up five of the top 10 markets on the list (Los Angeles, Sacramentoand Riverside, Calif., Tucson, Ariz., and Portland, Ore.) and 11 of the top 25 (Colorado Springs, Colo.; San Diego; Salt Lake City; Provo–Orem, Utah; Seattle. and Oxnard–Thousand Oaks–Ventura, Calif.)

REPORT: Phoenix Ranked Second-Best Metro Area For Homeowners

Bankrate.com Aug 31, 2016

The Phoenix metro area is the second-best in the nation for homeowners, according to a Bankrate.com report released Wednesday.

Portland, Phoenix, Atlanta, Las Vegas and Minneapolis/St. Paul round out the best metropolitan areas for homeowners, according to the report. Bankrate.com is a leading aggregator of financial rate information and this marks their first time releasing such a report.

The study reviewed eight factors: home affordability; price appreciation; property taxes; homeowners’ insurance, energy and maintenance costs; foreclosures and how rapidly rents rose over the past six years for which data are available.

Phoenix ranked high on the list for several reasons, including strong home-price appreciation, few foreclosures and inexpensive homeowners’ insurance, according to the report.

“Phoenix was one of the best cities in all the categories we looked at,” said Claes Bell, Bankrate.com analyst. “We were looking to see which cities were the best for attainability, sustainability, affordability and if there was a rewarding financial benefit to owning a home in these areas.”

The Phoenix area scores fifth lowest on the scale of rent hedging, which is a way of measuring rent increases compared with the home price appreciation. In Phoenix, house prices have also been rising faster than rents over the past five years, contributing to the Valley’s high ranking. The Phoenix metro area had the tenth highest energy cost among the 50 metro areas, a reflection of high air conditioning bills during the summer months, according to Bankrate.com.

Home values plunged during the housing bust, but now they are recovering, according to Bankrate.com, and the pace of home appreciation in Phoenix in the last five years is second fastest among the 50 largest metro areas.

The greater Phoenix area also has bounced back from the foreclosure crisis. For the last three years the city has had the second lowest foreclosure rate among top metro areas.

“Builders stopped building during the housing bubble and now demand beats out supply,” Bell said. “Phoenix is no different in that way from the rest of the country. What’s different is the property tax rate and the affordability of the home itself. In cities like New York and L.A., housing costs are half to three-quarters of a person’s annual income.”

Strong home-price appreciation over the past five years is a common thread in Phoenix, Atlanta and Las Vegas. The Twin Cities’ best housing attributes are strong home-price appreciation and a dearth of foreclosures.

Hartford, Connecticut ranks last because of high carrying costs: It has above-average property tax, energy, homeowners’ insurance and maintenance fees. The New York City metro area is second-worst due to high property taxes, minimal home-price appreciation and expensive maintenance costs. Only Los Angeles (fourth-worst) prevented a northeastern sweep of the bottom five (Providence is third-worst and Buffalo is fifth from the rear), according to the report.

“Major cities in the middle of the country did really well in this ranking,” Bell said in a press release. “Out of the top 15 metro areas, only one is within 250 miles of an ocean. Homeowners in America’s largest coastal cities face a number of challenges, ranging from sky-high mortgage payments gobbling up an outsized portion of homeowners’ incomes to high property insurance rates, especially in hurricane-prone areas, and our ranking reflects that.

It’s a terrific time to buy or sell a home in the Phoenix Metro area.

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Mortgage Rates Hover Near All-Time Low

HISTORICPHOENIXDISTRICTS.COM DAILY REAL ESTATE NEWS | FRIDAY, JULY 01, 2016

Fixed-rate mortgages this week dropped to their lowest averages of the year, which analysts attribute to the fallout from last week’s “Brexit” vote.

The 30-year fixed-rate mortgage averaged 3.48 percent this week, only 17 basis points from its all-time record low of 3.31 percent in November 2012, Freddie Mac reports.

“In the wake of the Brexit vote, the yield on the 10-year U.S. Treasury bond plummeted 24 basis points,” says Sean Becketti, Freddie Mac’s chief economist. “This extremely low mortgage rate should support solid home sales and refinancing volume this summer.”

Freddie Mac reports the following national averages for the week ending June 30:

30-year fixed-rate mortgages: averaged 3.48 percent, with an average 0.5 point, falling from last week’s 3.56 percent average. Last year at this time, 30-year rates averaged 4.08 percent.
15-year fixed-rate mortgages: averaged 2.78 percent, with an average 0.4 point, dropping from last week’s 2.83 percent average. Last year at this time, 15-year rates averaged 3.24 percent.
5-year hybrid adjustable-rate mortgages: averaged 2.70 percent, with an average 0.5 point, falling from last week’s 2.74 percent average. A year ago, 5-year ARMs averaged 2.99 percent.

Source: Freddie Mac

It’s never been a better time to buy a home. Money is inexpensive but that doesn’t mean you should spend a lot, unless you’re wealthy, of course. Call Laura B. for a free consultation on buying a home in any one of the Historic Phoenix Districts, historic adjacent, Uptown, Midtown, Downtown, Scottsdale, Biltmore, Paradise Valley, Arcadia or Surrounding suburbs.