Metro Phoenix's housing market recovery has been long and slow. But it's on track.
And this year is poised to be the best year for home sales and prices in the Valley in nearly a decade.
Last year, home prices, sales and new construction rebounded from 2014's disappointing results. Foreclosures continue to shrink.
Last December, the Federal Reserve raised interest rates for the first time in ten years. The last time the Federal Reserve raised interest rates the housing bubble of the 2000's popped, setting off the worst housing market since the Great Depression.
The housing market "recovered" over the past five years as the Federal Reserve lowered interest rates to zero percent and engaged in three rounds of "quantitative easing" (QE) that involved printing money to buy about $2 trillion worth of near worthless mortgage backed securities from the nation's largest banks and about $2 trillion of U.S. Treasury Bonds from Uncle Sam.
Read more... https://smaulgld.com/rate-hike-mean-real-estate/?subscribe=success#blog_subscription-5
A new development venture is building three infill condominium projects in metro Phoenix, further cementing the trend toward high-density in the Valley.
Liv URBN recently started construction on The Mason, a Frank Lloyd Wright-inspired project with 33 high-end townhomes in north Central Phoenix.
A new luxury home brokerage called Launch is drawing some of metro Phoenix's top real estate agents.
Scottsdale-based Launch, started by Valley real estate entrepreneur John Vatistas earlier this month, has already added well-known Valley agents Sandra Baldwin, Ronnie Gilbert, Robert Joffe, Heather Maclean, David Newcombe and Chris Morrison to its roster.
Predicting if and when Millennials will buy homes is a big money question for the real estate industry.
A group of up-and-coming Millennial leaders from metro Phoenix shared their opinions Wednesday on how they and their peers view housing with more than 1,000 of Arizona's top real estate executives at Urban Land Institute Arizona's annual Trends Day conference.
Like many in the digital currency community, I'm tired of the "bitcoin is dead" line that has permeated mainstream coverage of high-profile software developer Mike Hearn's decision to quit the "failed" bitcoin experiment.
Yet if we contemplate this misguided storyline, there's much to learn from it. It's up to those of us who believe this technology truly matters and that, in some shape or form, it will change the world, to shift the narrative.
Read more... http://www.coindesk.com/bitcion-dead-block-size-mike-hearn/
In a world of social media and technology, networking has become commonplace. Once a year, the world's biggest and most powerful networking event, the World Economic Forum's annual meeting, takes place in Switzerland.
Last week, world leaders met in Davos to discuss the biggest challenges facing the global economy in 2016: Crushing markets and currencies, the falling price of oil, global inequality, migration, the rise of technology, and the threat of another recession.
Warm Regards,
Lillian Wong
Sr. Loan Officer
NMLS 630337
Prospect Mortgage
14635 N. Kierland Blvd. Ste. 100
Scottsdale, AZ 85254
Cell 480 650 5412
Fax 877 220 7982
www.lillianwong.net
Join in going green. Please do not print this email unless it is absolutely necessary.
In a year-end Douglas Elliman market report, the theme that unites South Florida real estate trends just may be recovery. In large part, single-family homes outperformed condos, and prices inched upward. As inventories climbed, sales volumes slid. Several records were set. In Palm Beach, records were set on price per-square-foot, which came in at more than $2,000.
Call it an eyesore. Call it a piece of Arizona history. However you want to describe the Phoenix Trotting Park — it can be yours for $16.5 million.
The 194 acres that encompass the massive, abandoned horse-racing track hit the market in late December. The structure, located near the interchange of Loop 303 and Interstate 10, has been vacant for more than 50 years.
A $2 billion Ritz-Carlton resort and luxury residential community is scheduled to break ground in Paradise Valley this spring, setting the stage for the high-end hotel brand to re-enter the Phoenix-area market by the end of 2018.
Read more... http://www.azcentral.com/story/news/local/scottsdale/2016/01/15/new-ritz-carlton-coming-paradise-valley/78846796/
An out-of-state publicly traded homebuiler has taken aim at another Atlanta-based homebuilder.
Scottsdale, Ariz.-based Taylor Morrison Home Corp. (NYSE: TMHC) is buying Atlanta-based Acadia Homes & Neighborhoods LLC for $85 million.
Read more... http://www.bizjournals.com/atlanta/news/2016/01/08/taylor-morrison-buying-atlanta-homebuilder-for-85.html
Demand for new homes in metro Phoenix is climbing so rapidly that contractors can't get them built fast enough.
New home permits were up more than 40 percent in 2015 from 2014. And an early tally for December shows it will be best month for new home sales in several years.
Two large towers could be coming to Tempe's growing skyline.
A proposal calling for two 23-story apartment high-rises with more than 500 units along the south side of Tempe Town Lake will face a city panel's review in early January.
Buyers looking to get their hands on some Fannie Mae mortgage servicing rights have that opportunity.
Interactive Mortgage Advisors announced earlier this week that it is acting as the exclusive broker of a $1.5 Billion Fannie Mae bulk residential mortgage servicing rights portfolio.
Supporters of a 1930s-era building at the Arizona state fairgrounds missed their deadline to develop a plan to prevent demolition, though the building is still standing. And activists scrambled to save old buildings from incoming development in the downtown Roosevelt Row arts district, with mixed success. It was another busy year for preservationists racing to save Phoenix history.
Read more... http://www.azcentral.com/story/news/local/phoenix/2015/12/25/11-phoenix-buildings-lost-wrecking-ball/76262386/
More than a decade after plans started for a 1,250-lot neighborhood in Goodyear, development finally is on track to begin.
El Cidro Ranch is planned for the area south of Lower Buckeye Road and east of Citrus Road and construction is expected to begin early next year. Home sizes will vary from 35 feet wide to 45 feet wide and feature varying architecture styles, thanks to a development amendment passed by Goodyear City Council on Dec. 14.
Read more... http://phoenixmetroproperties.com/real-estate-news/goodyear-housing-plan-progresses-after-11-years
American homeowners are finally digging out of the financial crater formed by the mid-2000's real estate crash.
Single-family house prices in nearly 40% of 401 metro areas were at or above their pre-recession peak in the third quarter, according to an analysis of CoreLogic Case-Shiller home-price data by Moody's Analytics.
Read more... http://www.usatoday.com/story/money/2015/12/29/home-prices-peak/78030138/
If you're thinking of buying or selling in 2016, think about these market factors.
For one, commercial real estate is doing well, recovering still from the Great Recession. In particular, development along the 303 and communities bordering is robust. Commercial real estate includes residential, five units and more, retail, manufacturing, industrial and office.
Read more... http://www.azcentral.com/story/money/real-estate/2015/12/31/housing-2016-factors-consider-new-year/78018578/
With only a few days left before a year-end deadline, the Frank Lloyd Wright School of Architecture announced Tuesday it has raised the $2 million needed to earn financial independence and avoid shutting down.
Tempe has settled a lawsuit that clears the way for redevelopment of a high-profile property that could be anchored by a dine-in movie theater.
A $175-million hotel and residential complex called WaterView is the latest big-ticket development unveiled for Scottsdale's bustling downtown district, situated along the Arizona Canal near Scottsdale and Camelback roads.
Many first-time homebuyers in metro Phoenix are struggling to find houses in their price range.
It doesn't help they can borrow less to buy with an FHA loan than first-timers in other cities where home prices are lower.
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