Tag Archives: Phoenix Real Estate

Phoenix Real Estate with Historic Roots Now For Sale

November 20th, 2017 – Downtown Phoenix Journal

As part of the recent settlement of litigation between the United States and the Barron Collier Company, the federally-owned 15-acre parcel located at the northeast corner of Central Avenue and Indian School Road is now “For-Sale.” The land, which is located amid the booming Uptown Phoenix real estate market, is being marketed as the “Uptown Phoenix Parcel.”

The parcel was recently transferred by Barron Collier Companies to the United States for sale under an agreement that resolved Collier’s legal obligations to the United States dating back to the Congressionally approved 1988 Arizona-Florida Land Exchange Act – a deal that originally included the historic 72-acre Historic Phoenix Indian School site that had been operated as a school for Arizona Indian students for almost 100 years until its official closure by the Bureau of Indian Affairs in 1990.

historic,uptown,phoenix,real,estate,neighborhood,land,sale,agenrThe 15-acre Uptown Phoenix Parcel is located across from a light rail station, just one block south of the Camelback Road and Central Avenue, which was recently named by the Urban Land Institute of Arizona as one of the Valley’s most lucrative intersections for commercial and residential development.

Proceeds from the sale of this Historic Phoenix parcel will be deposited into the Inter Tribal Trust Fund and Navajo Trust Fund administered by the United States for use by tribes in Arizona to seed educational programs and services such as tribal libraries, preschools, childcare facilities, youth foster homes, tutoring and academic counseling for tribal youth, among other programs. Most of these programs have been placed on hold in recent years due to limited funding and uncertainty surrounding the future of these Trust Funds.

Many of Arizona’s current tribal leaders attended the Phoenix Indian School in their youth. When it closed, Congress made sure that the funds generated from the disposition of the property could be used to support a positive and enduring legacy for both the former Indian School, and the future of Indian education in Arizona. While the history of the Phoenix Indian School has been written, tribal leaders also look forward to supporting a new legacy that the sale of this long vacant property now represents.

“We are very pleased to see the that remaining 15-acre property, which is so steeped in the history of tribes in Arizona, will finally have an opportunity to be developed and hopefully become another Phoenix cultural highlight in the future of Uptown Phoenix,” says Inter Tribal Council of Arizona Executive Director, Maria Dadgar. “Not only will the sale of this property begin a new chapter for the City of Phoenix, the funds generated from the sale will also serve the future of Indian education in Arizona as Congress originally intended. Tribal leaders view this as a positive step in the history of the Indian School property,” says Dadgar.

The federally-owned Uptown Phoenix Parcel will be sold by a competitive online auction hosted by the Government Services Administration’s online site www.RealEstateSales.gov and will open for bids later this year.

The Inter Tribal Council of Arizona, Inc., was first established in 1952 to provide a united voice for tribal governments located in the State of Arizona on common issues and concerns. Currently, ITCA’s membership includes 21 of the 22 Tribes of Arizona.

Historic Roosevelt Home 2017 Tour Explores Phoenix’s Rich History

The annual Historic Roosevelt Neighborhood Home Tour will be taking place Sunday, November 19 from 10 a.m. to 3 p.m. Presented by the Roosevelt Action Association, this tour will feature many historic properties in Phoenix’s “first suburb.”

Craftsman Bungalow,Historic,Phoenix,Roosevelt,neighborhood,District,real estate

A perfect example of an early twentieth century home in Roosevelt Historic District

The tour will take you through neighborhoods built in the late 19th century to the 1930s, from McDowell to Van Buren, and Central to 7th Avenue. This tour will explore the history of the featured homes as well as the turn of the century architecture, including bungalows, Neoclassical, Tudor, Period Revival and Southwest Vernacular homes.

The Roosevelt Neighborhood was the first neighborhood in Phoenix to receive historic designation, one of 35 historic neighborhoods in Phoenix. It is considered the city’s first suburb, and was the home to several prominent early Phoenicians.

Learn about the residents, the historic architecture, and so much more as you walk down the 100-year old streets alongside towering, century-old palm trees and explore the rich history of Phoenix.

The Roosevelt Action Association holds this informative historic home tour every year to promote the understanding of Phoenix’s past, and to foster neighborhood pride. There will also be food trucks and a craft fair, making this a perfect family event.

The self-guided tour tickets are $13 through Nov. 18 and $16 day of event. Guests can buy tickets to tour guided by “hip historian” Marshall Shore for $22 through Nov. 18 and $25 day of event.

If you go:

What: The Historic Home Tour
When: Sunday, November 19, 10 a.m. to 3 p.m.
Where:  Between McDowell and Van Buren, from 7th to Central Avenues.
Tickets: Buy online through Nov. 18 or at the event on Nov. 19. Visit rooseveltneighborhood.org

The Historic Roosevelt Neighborhood is a modern name for a series of historic neighborhoods that grew North of the city between 1893 and 1930 and it spans from McDowell to Van Buren and from Central Ave to 7th Avenue. Every year, The Roosevelt Action Association hosts a family friendly and informative historical home tour where you can explore turn-of-the-century architecture (Bungalows, Neoclassical, Tudor, Period Revival and Southwest Vernacular Homes).

The 120-Year-Old Clinton Campbell House Is Slated for Demolition

TUESDAY, JUNE 13, 2017 AT 6 A.M By Robrt L. Pela

Historic Phoenix Real Estate

It looks like Historic Phoenix is about to lose another old building. This one, the Clinton Campbell house, is among a handful of 19th-century homes left downtown. It’s slated for demolition later this summer.

Historic,Phoenix,real estate, Clinton Campbell House“There are only about 50 houses that are this old in the entire city,” says Steve Dreiseszun, a historic preservationist and one of the advocates of the Clinton Campbell house. “We think it could be adaptively reused and incorporated into a residential redevelopment.” The home, Dreiseszun argues, could stand “as a bridge to the past” as part of the new owner’s residential development plan.

Located downtown at 357 North Fourth Avenue, between Fillmore and Van Buren Streets, the 120-year-old house was built by Clinton Campbell, a well-regarded Phoenix builder. Several of Campbell’s other buildings still stand, and are protected by the U.S. National Register of Historic Places. These include the El Zaribah Shrine Auditorium on West Washington Street and ASU’s President’s House, a western Colonial structure built in 1907.

Glasir Capital Partners LLC, a development firm, paid $750,000 for the Campbell parcel in 2015. The sale included the house and two vacant lots on either side of it. Glasir planned to demolish the building, arguing that restoring it would cause “an unnecessary economic hardship.”

Following protocol, the developer was required to prove that financial burden before getting the go-ahead to tear down the former Campbell home. The company’s defense is hard to deny. Rehabbing the building would cost about $400 per square foot, Glasir reported, an exorbitant amount for an unassuming reclamation project. Real estate math suggests that a restoration of the house would cost $200,000 more than what the home would be worth on the market.

In March of last year, Glasir filed a demolition permit after determining the building’s age and significance wouldn’t keep them from tearing it down. A month later, the Historic Preservation Commission initiated a historic overlay, which usually results in historic designation and special zoning from the city. It’s a popular stalling tactic that can prevent demolition of a significant building while preservationists regroup.

But the Campbell building’s poor condition ultimately outweighed its value as an historic Phoenix home. The house has been damaged by fire and would require significant repairs before it could be moved to another lot, an increasingly popular means of saving old buildings here. Relocating the building would, the new owners determined, be too costly. Moving the house would require that power lines in its path be repositioned, another added expense to relocation.

The city offered no financial assistance in saving the building, having spent its 2006 historic preservation bond money on other projects. National historic tax credits weren’t an incentive for the developers, either. In the end, relocation and preservation of the building was going to top out at more than $500,000.

An appeal filed last week looks like a final attempt to save the house. “It’s not a lost cause,” Dreiseszun insists. On June 19, he reports, community members will present adaptive reuse alternatives to the developer and members of Historic Preservation.

“People say, ‘Well, it’s just one building, you should let this one go,’” Dreiseszun says. “But eventually we can ‘just one’ ourselves into having no architectural history at all.” 

Historic Phoenix Home Tours for Winter and Spring 2017

Visit historical homes in Revival, Norman and bungalow styles in the Coronado Historic District near downtown Phoenix in this tour’s 30th year along with Encanto-Palmcroft, Cave Creek and more.

Need a little inspiration to get your home and yard in shape? Home and garden tours are a great way to get home-improvement ideas while discovering new parts of the Valley. Check out our list, which leads into peak home-tour season in spring 2017.

2/12: 29th Annual Willo Historic Home Tour and Street Fair

English Tudor Home In Willo District Phoenix

An Example of an English Tudor In Willo Historic District

With over 900 homes, Willo is Phoenix’s biggest historic district. Once a year, Willo opens its doors to visitors with around 12 homes and the historic firehouse available to tour. The event also includes a classic car show, a beer and wine garden and a street fair with local vendors.

Details: 10 a.m.-4 p.m. Sunday, Feb. 12. Willo Historic District, Third Avenue and West Monte Vista Road, Phoenix. $18. willohistoricdistrict.com.

2/26: Coronado Home & Garden Tour: Historically Modern

1930 Coronado Historic District Tudor

Built in 1930 in the Coronado Historic District

Visit historical homes in Revival, Norman and bungalow styles in the Coronado Historic District near downtown Phoenix in this tour’s 30th year. A street fair featuring local vendors, food trucks, bicycles and classic cars is part of the celebration.

Details: 10 a.m.-4 p.m. Sunday, Feb. 26. Coronado Park, 1717 N. 12th St., Phoenix. $17 online, $20 day of; $5 for ages 5-12, free for 4 and under. thecoronadoneighborhood.com.

3/12: Cave Creek Homes and Garden Tour

cave creek, az,historic,tour,history,real,estateFour contemporary and historical homes will open on this self-guided tour. They include the Hamline Residence, which was one of the original five homes built in Carefree, and the Binkovitz Residence, a modest mid-century modern home. No children under age 12 are admitted.

Details: 10 a.m.-4 p.m. Sunday, March 12. Cave Creek Museum,  6140 E. Skyline Drive, Cave Creek. $35 through March 6; $40 after. cavecreekmuseum.com.

3/26: Encanto/Palmcroft Historic Home Tour and Street Fair

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Encanto-Palmcroft Historic District

This stately Phoenix historical district hosts a home tour every two years. Visit several homes and learn about their history. Once you park, a trolley will take you to stops on the tour and to a street fair at Holly Street and 12th Avenue that includes entertainment, food and local vendors. There will also be a 21-and-over raffle.

Details: 10 a.m.-4 p.m. Sunday, March 26. 2102 N. 12th Ave., Phoenix. $18 advance, $20 day of. encantopalmcroft.org.

4/2: Modern Phoenix Home Tour

For those fascinated with the Valley’s mid-century modern architecture, this is a must-do event. This year, the tour explores Paradise Gardens. The event has morphed into Modern Phoenix Week, with talks, socials and other activities.

Details: Sunday, April 2. Tickets go on sale Wednesday, Feb. 1. modernphoenixweek.com.

A DAY IN THE LIFE AT CORONADO COMMONS

The lifestyle at CORONADO COMMONS includes experiencing numerous restaurants, shops and a very walkable neighborhood just steps from your door. Coronado Commons 325 E Coronado Rd. Phoenix, AZ 85004

coronado commons,roosevelt,downtown,phoenix,luxury,lifestyleYour wait is over. Finally, a modern community close to all the action. Coronado Commons was developed by Riley/Smith Development, whose principals are highly respected residential developers. Years of experience and dedication have culminated in this livable downtown luxury property. Minutes away from the Light Rail, Phoenix Art Museum, Roosevelt Row, sporting events, entertainment, education, food, and culture.

In the heart of the Midtown area, residents are minutes from the Central Arts District, Downtown Phoenix, Arcadia and much more. With so much just minutes away imagine all of the neighborhood gems you’ll have to enjoy.

Coronado Commons offers its owners the best of both worlds–midtown culture and downtown living, all in the heart of a historic neighborhood. Restaurants, bars, coffee shops, event venues, art galleries are all within walking distance. Need to get around town? A few minutes by car or Uber will have you in Downtown Phoenix, Sky Harbor Airport or the Biltmore Corridor. Come see this gem of a new townhome community nestled in the heart of Phoenix.

Midtown
2 bedroom / 2.5 bathroom, 1731 sf

With 2 big bedrooms and 2 1/2 baths, you have everything you need and more in this dynamic space. The Midtown offers the Office/Den/Studio at the ground floor entry; flexible space however you want to use it! The Owners Suite is designed for today with walk–in closet, dual sinks and luxurious shower. As with all our plans, you’ll get large open kitchens, over-sized great–rooms and private patios to complement your new Urban Lifestyle!

Uptown
3 bedroom / 3 bathroom, 2150 sf

Big space for your big life! Uptown offers the Office/Den/Studio with convenience bath; flexible space however you want to use it! These end–unit only 3 bedroom homes deliver the light and views you want. The deluxe Owners Suite offers a large walk–in closet, dual sinks, extra counters and luxurious shower. As with all our plans, you’ll get large open kitchens, over-sized great–rooms and private patios to complement your new Urban Lifestyle!

Residence Features

  • Luxury Finishes
  • 10 ft+ Ceilings
  • Light, Open Interior Spaces
  • Attached Two Car Garages
  • Gas Cooktop and Oven
  • Energy Star Rated

Common Area Amenities

  • Resort Style Pool and Lounge Chairs
  • Covered Outdoor Community Grilling Area
  • Secured courtyard
  • Grass Dog Walk
  • Secured Direct access to
    Safeway and Starbucks
See what your day could look like living at Coronado Commons by calling Laura Boyajian at 602-400-0008 today to arrange a private tour.

Elvis Presley, Johnny Cash music publisher’s estates look to sell prominent Phoenix land

Jan 13, 2017

Land is for sale at the southwest corner of Indian School Road and Central Avenue in midtown Phoenix neighboring Willo Historic District, Encanto-Palmcroft Historic District, FQ Story, Alvarado and Ashland Place districts.

That is one of the busiest intersections in the region and is also on the Metro light rail systems. The land is owned by real estate entities managed by trusts of the Aberbach family.

arizona, commerical,real,estate,elvis presley,president richard nixon,

Richard Nixon and Elvis Presley

Julian J. Aberbach, who died in 2004, was the music publisher for Elvis Presley. Music publishers do deals related to song writing and royalties when compositions are used.

Public records and real estate databases show land at the Indian School/Central land is owned by Aberbach Investments LLC and Vembec LLC.

Those entities are managed by estates for Julian J. Aberbach and his family.

Greg Vogel’s Land Advisors Organization is marketing the land.

The corner was previously home to an AM/PM gas station which is no longer there, parking lots and a Yoshi’s restaurant.

Vogel said the land for sale totals approximately 3 acres with an asking price of $50 per square foot.

Vogel sees the Indian School/Central land as a good spot for a new apartment development.

Julian Aberbach and his late brother Joachim Jean Aberbach were in the music publishing business and forged deals with Elvis Presley, Ray Charles and Johnny Cash.

Julian Aberbach died in 2004 at age 95.

The New York Times outlined in his obituary the business ties to Presley whom he first forged a deal with in 1955. That included telling Presley to hire songwriters to provide him more music.

“I gave Elvis a check for $2,500, an advance against the royalties of his stock ownership,’’ Aberbach said in a 2002 interview with Billboard magazine according to the Times obit. “And he promptly went to the Cadillac dealer and got a pink one.”

Elvis first appeared on the “Ed Sullivan Show” in 1956.

Land Advisors is a leading real estate firm in the state and region. Vogel’s group forged the deal that is bringing Lennar-developed apartments to the northwest corner of McDowell Road and Central Avenue.

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.

historic,phoenix,homes,real,estate,buy,sellReal 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

Housing Forecast Chart for 2017The 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. PhoenixMesaScottsdale, 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:

  1. 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.
  2. 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.
  3. 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 GreensboroHigh Point, N.C.; Akron, Ohio; and BaltimoreColumbiaTowson, Md., experiencing the largest gains.  Likewise, 46 markets are expected to see a slowdown in price growth of 1 percent or more with LakelandWinter Haven, Fla., DurhamChapel Hill, N.C.; and Jackson, Miss., undergoing the biggest shift to slower price appreciation.
  4. 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.
  5. 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; ProvoOrem, Utah; Seattle. and OxnardThousand OaksVentura, Calif.)

Architects to Take Over Historic Phoenix Building

Sep 19, 2016

An international architecture firm has leased and will renovate a historic mid-century building in Phoenix.

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A rendering of the interior

Minneapolis-based Cuningham Group Architecture has leased the Farmers & Stockmens Bank Building at Washington and 50th streets near Papago Park.

The 6,000-square-foot building was built in 1951 by famed Los Angeles architect William Pereira.

He also designed the Transamerica Pyramid in San Francisco, Luke Air Force Base in Glendale, CBS Television City in Los Angeles, the Arizona State Prison in Florence and much of Los Angeles International Airport.

The Washington Street building has a historic designation from the city of Phoenix.

Cuningham Group currently has its Phoenix offices near First Avenue and McDowell Road north of downtown Phoenix.

The architecture firm plans on moving this fall.

“For a firm such as ours that deeply respects good design, it is an honor to make this landmark our home,” said Cuningham Group Principal Nabil Abou-Haidar. “There is a clean-lined simplicity to the building that remains attractive to this day. It is certainly an approach we bring forward in contemporary architecture for our clients, and in our other offices around the world.”

Cuningham’s Phoenix office has approximately 20 architects and designers.

The firm’s project portfolio includes work in South Korea, China as well as Disney’s California Adventure.

Cuningham Group is leasing the 1950s era bank building from owners Mike and Gary Smith. They own Phoenix-based Jokake Companies, which acquired the property and in partnership with the city of Phoenix in 2015.

They restored the building’s exterior.

“We are delighted we were able to save the historic property,” said Jill Clements, president of Jokake Real Estate Services. “There are not many historic buildings left in the Phoenix area. So when we were able to save this one, we were thrilled. The Smiths are happy to be working with such a prestigious architectural firm as Cuningham Group and look forward to their long-term tenancy at the property.”

Call Laura Boyajian for all of your Historic Phoenix Homes Buying and Selling needs.

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.

phoenix,az,market report,real estate,historic,bestPortland, 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.