Existing-home sales edged up in May
an article from MSNBC.com, reports that according to the National Association of Realtors, sales of existing single-family homes and condominiums rose by 2% to an annual rate of 4.99 million units last month. The median price of existing homes sold in May dropped to $208,600, a fall of 6.3% from a year ago. The strength in sales reflected gains in several parts of the country. Sales were up 5.5% in the Midwest, 4.6% in the Northeast and 2% in the West. Senior economist for the Realtors, Paul Bishop, said that for the past few months sales have been rebounding in parts of the country that had been hardest-hit by the housing bust, while sales have weakened in some areas that formerly had been immune from the overall downturn.http://www.msnbc.msn.com/id/25389849/
Friday, June 27, 2008
Monday, June 23, 2008
Open House Buyers are out and about!
The buyers are out there!
Yesterday Sunday 6/22/08 on a hot 114 degree Arizona Sunday, I sat one of my listings on 85th in Westwing Mountain from 12:30 to 4:00om. To my disbelief, there were 6 couples through my open house. This was a sign that the buyers are out there looking and they are ready to buy. Two of the buyers are relocating from Kentucky and Ohio. Looking in the $500,000 to $900,000 range! They are out there and looking...no matter what the newspaper is reporting the actual people are out there and buying.
I have also been studying the sales to list price in the last 30 days and the spread has been decreasing from the sales spreads from 6 months ago. As an agent that has lived in the Valley for over 22 years, we have something special here in the valley...no natural disasters, yes it is hot, but better than dealing with the midwest winters! We also have an expanding job market, where years ago, Arizona was a retirement area. Our technoligical and medical fields are growing and there are more than 10,000 residents moving here a month! We are on the road to recovery, we need to be patient and remember that our houses are homes and we need to remember that when we see the investor home down the road go on the market with no furnishings and heart in the home at all!
Yesterday Sunday 6/22/08 on a hot 114 degree Arizona Sunday, I sat one of my listings on 85th in Westwing Mountain from 12:30 to 4:00om. To my disbelief, there were 6 couples through my open house. This was a sign that the buyers are out there looking and they are ready to buy. Two of the buyers are relocating from Kentucky and Ohio. Looking in the $500,000 to $900,000 range! They are out there and looking...no matter what the newspaper is reporting the actual people are out there and buying.
I have also been studying the sales to list price in the last 30 days and the spread has been decreasing from the sales spreads from 6 months ago. As an agent that has lived in the Valley for over 22 years, we have something special here in the valley...no natural disasters, yes it is hot, but better than dealing with the midwest winters! We also have an expanding job market, where years ago, Arizona was a retirement area. Our technoligical and medical fields are growing and there are more than 10,000 residents moving here a month! We are on the road to recovery, we need to be patient and remember that our houses are homes and we need to remember that when we see the investor home down the road go on the market with no furnishings and heart in the home at all!
Saturday, June 21, 2008
New Development Launch
New developments launching despite down market...
Misty Williams, Tribune
For many Valley builders, launching new housing developments amid a languishing real estate market and ailing economy isn't an option.
Experts say most are still busy purging excess speculative houses.
But a few builders are bucking the trend and starting work on new master-planned communities with thousands of homes - betting the right price and location will entice buyers.
Tempe-based Fulton Homes opened sales today for its latest project, called Ironwood Crossing - a 2,100-home master-planned community near Queen Creek.
"Houses are selling if they're priced right, if they're in good shape and in a good area," said Dennis Webb, Fulton's vice president of operations.
Located at Ironwood and Ocotillo roads, the development is closer to the urban center than areas like Johnson Ranch and Florence, but it's still affordable, Webb said.
And price is key.
When Fulton began planning out the project three years ago, prices were originally set from the mid-$200,000s up to $450,000.
Now, houses start at just less than $150,000 for starter homes and reach up to $300,000 for a more-than-4,000-square-foot house.
The company was able to cut prices by redesigning the houses, Webb said. Laminate countertops became standard instead of granite. And 10-foot ceilings were lowered to 9 feet.
"It doesn't sound like a lot, but it makes a big difference," he said.
Fulton isn't the only builder moving forward on projects.
Blandford Homes recently started work on a 1,200-home development, called Mountain Bridge, at McKellips and Hawes roads in northeast Mesa.
"Just because the market is down doesn't necessarily mean it wouldn't be a good time to enter the market," said Ben Sage, head of Houston-based Metrostudy's Arizona division.
Some builders want to be prepared for the market's return. Others have poured so much money into projects, it's not that much more expensive to build some model homes, Sage said. In Blandford's case, the local builder isn't burdened by dozens of other communities like some larger builders, he said.
Fulton, a private company, also has an advantage over big public builders which must answer to stockholders, Webb said. Fulton is still profitable, he added.
"We haven't just given away houses because we had to," Webb said.
John Fioramonti, with Scottsdale-based Meyers Builder Advisors, said this is the first time he's seen Fulton offer homes less than $200,000. Even so, they'll be competing with dozens of other new-home communities and prices that are closer to $120,000, Fioramonti said.
"Queen Creek is just a tough area," he said.
Still, Queen Creek is well-positioned to feed growing employment centers, such as the Phoenix-Mesa Gateway Airport area in Mesa and parts of Gilbert, said market analyst RL Brown.
Blandford also has a good location, which is one of the last areas to build in that part of Mesa and is close to employment centers, Brown said.
"Everybody's commute-sensitive right now," he said.
Misty Williams, Tribune
For many Valley builders, launching new housing developments amid a languishing real estate market and ailing economy isn't an option.
Experts say most are still busy purging excess speculative houses.
But a few builders are bucking the trend and starting work on new master-planned communities with thousands of homes - betting the right price and location will entice buyers.
Tempe-based Fulton Homes opened sales today for its latest project, called Ironwood Crossing - a 2,100-home master-planned community near Queen Creek.
"Houses are selling if they're priced right, if they're in good shape and in a good area," said Dennis Webb, Fulton's vice president of operations.
Located at Ironwood and Ocotillo roads, the development is closer to the urban center than areas like Johnson Ranch and Florence, but it's still affordable, Webb said.
And price is key.
When Fulton began planning out the project three years ago, prices were originally set from the mid-$200,000s up to $450,000.
Now, houses start at just less than $150,000 for starter homes and reach up to $300,000 for a more-than-4,000-square-foot house.
The company was able to cut prices by redesigning the houses, Webb said. Laminate countertops became standard instead of granite. And 10-foot ceilings were lowered to 9 feet.
"It doesn't sound like a lot, but it makes a big difference," he said.
Fulton isn't the only builder moving forward on projects.
Blandford Homes recently started work on a 1,200-home development, called Mountain Bridge, at McKellips and Hawes roads in northeast Mesa.
"Just because the market is down doesn't necessarily mean it wouldn't be a good time to enter the market," said Ben Sage, head of Houston-based Metrostudy's Arizona division.
Some builders want to be prepared for the market's return. Others have poured so much money into projects, it's not that much more expensive to build some model homes, Sage said. In Blandford's case, the local builder isn't burdened by dozens of other communities like some larger builders, he said.
Fulton, a private company, also has an advantage over big public builders which must answer to stockholders, Webb said. Fulton is still profitable, he added.
"We haven't just given away houses because we had to," Webb said.
John Fioramonti, with Scottsdale-based Meyers Builder Advisors, said this is the first time he's seen Fulton offer homes less than $200,000. Even so, they'll be competing with dozens of other new-home communities and prices that are closer to $120,000, Fioramonti said.
"Queen Creek is just a tough area," he said.
Still, Queen Creek is well-positioned to feed growing employment centers, such as the Phoenix-Mesa Gateway Airport area in Mesa and parts of Gilbert, said market analyst RL Brown.
Blandford also has a good location, which is one of the last areas to build in that part of Mesa and is close to employment centers, Brown said.
"Everybody's commute-sensitive right now," he said.
Friday, June 20, 2008
At Kierland, demand for luxury living remains strong
by Peter Corbett - Jun. 19, 2008 10:46 AMThe Arizona Republic
NORTHEAST VALLEY - There is no shortage of luxury condominiums on the market these days, but buyers are laying out seven figures for lofty perches in the midrise towers at Kierland Commons.
That includes ninth-floor penthouses and condos at the Plaza Lofts at Kierland Commons, which overlook a golf course and the area's suburban office parks and shopping centers.
And just blocks to the north is the Landmark at Kierland, which sold one of its 3,600-square-foot penthouses this week for more than $2.1 million...
http://www.azcentral.com/community/nephoenix/articles/2008/06/19/20080619sr-biz0620realestate-ON.html
by Peter Corbett - Jun. 19, 2008 10:46 AMThe Arizona Republic
NORTHEAST VALLEY - There is no shortage of luxury condominiums on the market these days, but buyers are laying out seven figures for lofty perches in the midrise towers at Kierland Commons.
That includes ninth-floor penthouses and condos at the Plaza Lofts at Kierland Commons, which overlook a golf course and the area's suburban office parks and shopping centers.
And just blocks to the north is the Landmark at Kierland, which sold one of its 3,600-square-foot penthouses this week for more than $2.1 million...
http://www.azcentral.com/community/nephoenix/articles/2008/06/19/20080619sr-biz0620realestate-ON.html
Scottsdale Golf Real Estate Update
Home resales in Phoenix hint at rebound,
An article from the Phoenix Business Journal, reports that according to Realty Studies at Arizona State University, there were 5,740 May home sales in the Phoenix area, up about 200 sales from April. When compared to May of 2007, about 800 more homes were sold in May of this year. The report also shows of the 5,740 resale homes sold in May, 1,475 were recorded foreclosed home transactions. The 2008 year-to-date total is 16,280 traditional sales and 6,435 foreclosures. Home values are also continuing to decrease as the median sales price for the traditional market was $223,500 in May, while the foreclosed properties had a median price of $179,465. In 2007, the median prices were $265,000 and $217,225, respectively.http://phoenix.bizjournals.com/phoenix/stories/2008/06/16/daily63.html?b=1213588800^1653606
An article from the Phoenix Business Journal, reports that according to Realty Studies at Arizona State University, there were 5,740 May home sales in the Phoenix area, up about 200 sales from April. When compared to May of 2007, about 800 more homes were sold in May of this year. The report also shows of the 5,740 resale homes sold in May, 1,475 were recorded foreclosed home transactions. The 2008 year-to-date total is 16,280 traditional sales and 6,435 foreclosures. Home values are also continuing to decrease as the median sales price for the traditional market was $223,500 in May, while the foreclosed properties had a median price of $179,465. In 2007, the median prices were $265,000 and $217,225, respectively.http://phoenix.bizjournals.com/phoenix/stories/2008/06/16/daily63.html?b=1213588800^1653606
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