Eye On Arizona
Arizona Housing, Travel, Golf, Real Estate
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Archive for March, 2009
Real Estate’s Golden Triangle: Arizona, California, and Nevada: Presents an Opportune Time for Real Estate Investors
By: Ann Belfield
As credit markets begin to free up, mortgage rates at historic lows, and the prices of real estate at affordable levels, creates an opportune time to invest in real estate in the “Golden Triangle” states of California, Nevada and Arizona. These Golden Triangle states experienced exponential growth in property values during the real estate boom, now they are experiencing upheaval in their market value, providing a lush opportunity for investors to capture. Eventually, when the market turns around, the prices of real estate in the Golden Triangle are predicted to rise quicker than other areas because of their location, climate and amenities. These are the sought after states for a reason, not just to investors, but to people all over the world. To begin with: California.California
California’s temperate climate, job opportunities and coastal beauty are just a few of the reasons many want to live in and own real estate in California. California is still viewed as the “golden land” of opportunity by people residing in other countries. Silicon Valley is the land of innovation, the land of Google, Apple, Adobe, Stanford, Berkeley, along with many other technology startups, universities and high tech innovators. Hollywood, need I say more?…the world knows about it and the film industry enriches our lives with entertainment. From San Diego, to Newport Beach, to Carmel, to San Francisco, to Sausalito, just to name a few, are destination areas people love to live in, tour, experience, and enjoy.
California’s Housing Market
According to Bloomberg.com, California’s home prices dropped 41% last month from a year earlier, bringing the median price down to $247,590 for a single-family home. A year ago, in February 2008, the median single-family home price was $418,260. While this pricing seems low, it is based on all of California, rather than specific regions. It includes the inland areas that are experiencing severe price deflation.
When looking at regions in California, the single-family home value in San Diego-Carlsbad-San Marcos region, according to Zillow.com, is $358,509, reflecting a decline of 34.4% from the peak value of $546,299. In Los Angeles-Long Beach-Santa Ana region, the value is $431,486, reflecting a decline of 32% from the peak value of $603,835. The San Francisco-Oakland-Fremont region’s value is $549,086, reflecting a decline of 28% from a peak value of $713,734. Although the drop is brought on by the numerous amounts of foreclosures on the market, today’s pricing in California creates a high degree of affordability, making it an opportune time to invest and buy property.
Nevada
Nevada is the entertainment state of the United States and, Las Vegas alone, draws over 37 million visitors from all over the world per year. The climate of Las Vegas, though not as sunny as its neighboring state Arizona, still enjoys over 280 sun filled days a year and offers many beautiful tourist attractions. One such attraction is Lake Mead which draws over 10 million visitors a year.Nevada’s Housing Market
According to Zillow.com, the Las Vegas-Paradise Metropolitan Statistical Area market experienced a year-over-year decline of 27% for single-family homes, bringing the current median price down to $196,458 from a peak of $313,275. The median condo is priced at $124,181.
Arizona
Arizona is a destination choice for many to live as part-time and full-time residents. The ideal winter climate makes Arizona a prime destination spot for retirees living in colder regions to call home during the cold season in their home states. The majestic beauty of travel spots like Sedona, the Grand Canyon, Lake Havasu, and Lake Powell draw tourists from all around the world. Many times when people visit Arizona they come back to it because there are so many unique areas to explore and they become hooked on the climate and the Arizona lifestyle and want it for their life.Arizona’s Housing Market
During the boom was a difficult time to make a purchase, but now is an ideal time. It is a buyer’s market, and with a year-over-year decline of 22%, the median single-family home price of $186,712 for the Phoenix-Scottsdale-Mesa Metropolitan Statistical Area makes it affordable compared to peak median pricing of $288,719. The median condo is priced at $137,288.
Sources:
Bloomberg.com. 25 March 2009.
Zillow.com. Zillow Real Estate Market Reports. Fourth Quarter: October-December 2008.
Top Five Reasons to Purchase Real Estate in the Red Rock State of Arizona
By: Ann Belfield
The top five reasons to purchase real estate in the red rock State of Arizona and the Phoenix area: climate, beauty, activities, range of housing types and, yes, economics. Below is an overview of the reason why many choose to purchase a home in Arizona and the greater Phoenix area.
1: Climate of Blue Skies full of Sunshine
The number one reason many people choose to move here is due to Arizona’s geographical location. With over 300 days of sunshine a year, there is no other state, possibly country, that can compare to our beautiful, dry, sunny climate.2: Beauty & Majesty of Arizona
Not only is Arizona a state people migrate to for the warmth, it is full of majestic beauty that makes the state a dynamic place to live. From the snow capped mountains of Flagstaff to the saguaro crested mountains of the McDowell’s, from the majestic red rock formations of Sedona, Red Mountain, Papago Park, the Grand Canyon, to the barren mesas of the higher desert, to the tropical style resorts of Scottsdale to the rugged western style atmosphere of ghost towns like Jerome, Arizona offers so much dynamic beauty that captures people’s interests.3: Activities in Arizona
In addition to the wonderful climate and beauty of Arizona, the Phoenix area offers sporting events, like spring training with the Cactus League, Phoenix Suns Basketball games, wonderful western style culture in Old Towne Scottsdale, sophisticated shopping boutiques in Scottsdale and Phoenix, miles of hiking and mountain biking trails through the Tonto National Forest, McDowell Mountains, Estrella Mountains, White Tank Mountains and the San Tan Mountains, and boating and water skiing at Lake Pleasant, Apache, Roosevelt and Saguaro Lakes, and tubing down the Salt River.4: Range of Housing Types in the Phoenix Area
Real Estate for Your Lifestyle… From the luxury dream home nestled amongst the mountains in the desert, to city lofts and condos, to gorgeous golf course frontage homes, to master planned communities, Arizona offers something for everyone. Whether you are in search of a dream home, condo, townhome, loft, commercial space, you can find it in Phoenix, Arizona.
5: Economics of Arizona’s Housing Market
With historically low interest rates, many housing types to choose from, a buyer’s market, now is a great time to purchase real estate in the red rock state of Arizona. Housing is now much more affordable in the Phoenix market than it was three years ago and buyers are now in the driver’s seat.To move forward on your house search explore this site, or feel free to contact me with specific details on your property search.
Monday’s Market Snapshot: The 85207 Housing Market
By: Ann Belfield
March 23, 2009, Monday’s Market Snapshot, of the 85207 Housing Market, in Mesa, Arizona,
reveals there are presently 539 active listings, with an average median list price of $561,382. Since January 1, 2009, 126 homes were sold, the majority, 122, were under $1 Million, while 4 homes closed over $1 Million, with average sales price of $2,293,750. On average, homes that sold under $1M were on the market for 125 days, while those that sold over $1M were on the market for an average of 242 days. The table below presents an overall snapshot for Monday, March 23, 2009, of the active, pending and closed single-family homes in 85207, along with an overview of the active and closed homes under $1M and equal to or over $1M. For more information on the 85207 zip code area, or surrounding areas in Mesa, Gilbert, Queen Creek and Scottsdale, click here or search to start your home search in the Phoenix area click here
Monday, March 23, 2009
Snapshot: The 85207 Single-Family Housing Market
Eye On Az.com
Home Status
# of Listings
Avg. List/Sold Price
Avg. Approx Square Feet (SF)
Avg. List or Sold Price/Approx SF
Avg. Cumulative Days on Market
Active
539
$561,382
2,891
$162.11
172
Pending
88
$252,986
2,097
$105.25
132
Closed
126
$312,844
2,346
$114.51
128
Homes Under $1M
Active
474
$380,730
2,524
$140.21
160
Closed
122
$271,551
2,220
$108.35
125
Homes Equal to and Over $1M
Active
64
$1,892,417
5,653
$328.70
254
Closed
4
$2,293,750
6,136
$299.29
242
Source: ARMLS.Flexmls.com 09 March 2009. Information deemed reliable, but not guaranteed.
Arizona in the National Limelight Again: President Obama to Speak at ASU’s Spring Commencement Ceremony
By: Ann Belfield
After President Obama chose Mesa, Arizona, to release his Making Home Affordability Plan in February 2009, three months later, he once again, brings Arizona into the national limelight. On May 13th, over 8,000 lucky graduates from Arizona State University, along with their parents and guests, will hear President Obama speak at their commencement ceremony.
What makes Arizona so fortunate to be in the national limelight again? Could it be the location, the economic upheaval Arizona has experienced, the majestic beauty of the State that draws the President here, or a mix of all three? The President’s speech will be intriguing to hear, in the midst of a staggering unemployment rate and a dim job market for most graduates. It stands to be inspiring as well. He will lead graduates over the next four years of his Presidency and the way he gauges and strategizes the economic climate of the United State has the potential to make or break their future. Will he bring graduation presents for those who cannot find a job – in the form of another economic stimulus? A few Billion $$$? Maybe the President will make Arizona his second home, up the street from Senator McCain.
Fun Events to Explore In Phoenix: Weekend of March 20th
Scottsdale: Enjoy the 19th National Festival of the West at West World, March 19th-22nd. The festival features a Western Music Jamboree, Mountain Man Encampment, Shopping Expo, and much more. Show hours are 10am-7pm. On Friday, March 20th, Kids Under 12 are FREE. For Ticket Info call 602.996.4387. West World is located at 16601 N Pima Road, Scottsdale, AZ, off 101 North, near Frank Lloyd Wright Blvd.
Phoenix: Come explore the wonderful Spring Butterfly Exhibit at the Desert Botanical Gardens, March 7th – May 31st, Daily from 9:30am-5pm.Also, do not miss out on the spectacular Chihuly glass exhibit at the Desert Botanical Gardens. The Nature of Glass Exhibit continues now until May 31st at the Desert Botanical Gardens. Reservations are required for this special exhibit, and are best reserved online. The Gardens number is: 480.481.8188 and it is located at 1201 N Galvin Pkwy, Phoenix, AZ just south of Mc Dowell Road.
Apache Junction: Arizona’s Renaissance Festival, continues this weekend through March 29th. The Festival is located at 12601 East Highway 60 in Apache Junction.
Cactus League Baseball Game Schedule for the San Francisco Giants, Chicago Cubs, and Anaheim Angels can be viewed here.
