Phoenix Home Sales News for April 2008
May 13th, 2008 categories: Market Trends, Phoenix real estate
April 2008 Phoenix Home Sales News from PhoenixMarketTrends.com
The buzz is out. ASU Polytechnic has put our their April numbers for Greater Phoenix real estate sales and all the blogsites are shaking with activity, some just putting out numbers while other are commenting about those putting out number and then putting them out themselves, then others are…So what’s the break down.
In April 5,585 homes sold compared to 4,855 last year. That’s quite an increase. From what the report shows the pick up in sales is for lower priced homes. There is a lot of short sale, foreclosed and distressed properties being sold for very low prices, especially on the outskirts of Phoenix metro. Its the higher end homes that are stagnating now with high inventory and lower sales. This is probably the reason that year on year median home price for the Phoenix valley declined to $210,000 from last years $265,000.
Affordability is up, loans are available and buyers as well as inventory now see the opportunity and can act on it. Getting rid of the starter home stock should help with sales up the food chain but this may not happen because many of the homes sold are vacant anyways so there is no one to move up.
The increased activity is good but, is it a sign of a return? Probably not. The market is simply stabilizing at the bottom which may last a while and fluctuate both down and up.
A Coutrywide economist seems to think we are in for additional turmoil after a bit of peace this year.
“Home prices will stabilize for the remainder of this year with many forecasting a permanent bottom. The next leg down for this economic and credit cycle will begin next year with another government stimulus package to follow. Patience will be rewarded to those that don’t chase the first bounce off a temporary bottom. Those with debt should liquidate into strength and build savings for the opportunities that lie ahead in 2010 and beyond.”
Is this relevant for Greater Phoenix? Probably, but each neighborhood and segment moves differently.
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Are Smaller Houses Becoming More Popular in Phoenix?
May 12th, 2008 categories: Architecture, Market Trends
The houses of the future will be smaller. 60% of buyers surveyed by the National Association of Home Builders would prefer to have a smaller house but with more features.
So far this does not seem to be a trend in Phoenix as the average home square footage has been steadily growing. It was 1700 median square feet in early 2007 and its 1800 in 2008.
There are more people looking for quality vs. quantity, a good layout vs many rooms and access to entertainment without having to drive too much.
I hope this trends comes into its own. The building of smaller more efficient homes would use less energy and be easier to maintain not to mention less material to build.
Often is more about layout, use of space and quality of space then quantity of space that determines the quality of life in a house of apartment.
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Crisis in the Phoenix real estate market.
May 10th, 2008 categories: Edits
I was reading a book by Dr. Robert Anthony and in one of the chapters he states, “All problems are really opportunities in disguise. The Chinese realized this. Their symbol for crisis is made up of two symbols: one for problem, and one for opportunity.
Can you see how this relates to real estate and the current market?
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Nice Bottom
May 9th, 2008 categories: Market Trends
Has the Phoenix real estate market entered the bottom of the real estate cycle? There seems to be more chatter that in fact it has. This chatter extends to printed material as well as online and in the streets. Personal Real Estate Investor publisher “…is going on the record as calling the first quarter of 2008 the bottom of the U.S residential real estate market.” and Cyril Moulle-Berteaux has an article titled, The Housing Crisis if Over, coming to a similar conclusion, that indeed it may be over.
The numbers indicate a similar conclusion and April resale numbers look very good indeed.The bottom is good. It means stability if nothing else and stability breeds confidence. Home prices are more affordable and though we may be at the bottom for quite a while as we go through the inventory.
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Tempe Condos: From Boring to Enticing
April 28th, 2008 categories: Architecture, Phoenix real estate
I visited, recently, a few luxury condo projects in Tempe. It is fascinating to see how much better a product is offered by those who have a Vision.
First project: which name i won’t mention- they speak about exceptional attention to detail, but it is disappointing- they lack it- or rather there are no details you could pay attention to. 
The models are a proof that the builder “knew better” and apparently did not hire an interior consultant. The result is a boring place and the only luxury is the price, and views maybe, if you are high enough, which pumps up the price, surely.
Second project: Bridgeview by IBI/HB Architects
Excellence- both inside and outside.
What a pleasure it is to see a more adventurous approach to such important places like kitchens and baths. If the old marriage of a low grade, plain granite counters with cherry or knotty alder cabinets gives you goosebumps, this is a place to go! Many models have high gloss, lacquered cabinets with great choices of granite, you will see more ceramic tile, mosaic tile in the baths and much more. Irregularly shaped rooms remind me of the famous Crystal Point, the valley’s first high rise; they are large and easy to plan.
In addition to amenities that are common in high rises, here you also can enjoy a zen garden, a library with a fireplace, and a putting green. There is a wide price rage from $700’s for 1,168 sf condo to $5 M for close to 5,000 sf two level penthouse with 2 beautiful staircases in both wings. (finishes to be chosen by buyer)
Third project: Centerpoint by Avenue communities- there is so much about it! You have to visit the place- the concept is exactly what we need in the valley. The whole idea here is about well being, people, creating a community where it is easy to connect. From an utterly unique 23,000 sf backyard located on the 7th floor, thru 6,500 sf market, cafe ,grocery; Trattoria M with chef Michael of Michael’s at the Citadel; to PurVine-novel educational venture where you will be able to learn the art of wine making, produce your wine – this place of 800 homes will become a true landmark not only for Tempe.
Intrigued?
Call me for a private tour. Joanna 602-358-1392
View Homes and Condos for Sale in Tempe at SearchValleyHomes.com
PhoenixTrends.com to see what’s selling and active in your neighborhood.
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For relaxing and pleasure pursuits this Phoenix home may be it.
April 23rd, 2008 categories: Homes Worth Buying
This may just be one of the better places to spend some time with good neighbors and friends. A large courtyard with a view of the city and the mountains. A few tables and more chairs, there is enough room for them at the outside fireplace where you can heat up in the cool evenings of the Arizona spring of fall or grill some organic free range chicken sausage on a stick, and have lots of beer, dark ales or a porter.
In the huge, quiet garden enjoy the fireplace and a good conversation in the built in heated spa while listening to the 2 water falls on the other end of the yard, flowing into the pond. Does this spark your interest? Well, this beautiful home is for sale. It’s not an ordinary remodel… it has been completely redone inside and outside, but it’s also in wonderful neighborhood just a short walk away from some of the best hiking trails in the Phoenix valley.
Besides this picture there there are 74 others at www.22place.com plus full details about the home and the area. Priced at $575,000. Just to entice you even more. It has a 4 car garage.
Excited! Call Joanna at 602-358-1392
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What’s going on with the Phoenix real estate market?
April 23rd, 2008 categories: Market Trends
That questions is loaded as is every answer to it! The only real answer is, is that it’s at best an educated guess, but there are some things that make things clearer. We’ll get to those later.
Take a look at the chart or homes sold in Phoenix for the last 3 years. Note that in the last 2 years, 2006 and 2007, sales of homes dropped or stayed pretty flat from January to February except in 2008 the sales from January to February increased followed by an increase in March. What does it mean?
It means that April will be a critical month for determining the what trend the current Phoenix market is following and where we may be in the real estate cycle. My take on it is that we are at or near the bottom especially if you take into consideration the price per square foot. It looks and feels, in the gut, like were at the bottom.
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