New housing and economic data for Q3 of 2012 was recently released by Realtor.com and once again, Phoenix has made the list of the 'Top Turnaround Towns' in the United States. These numbers reflect the overall Phoenix market but if you look at individual neighborhoods and cities like Scottsdale, Paradise Valley and Arcadia, you will find very similar results. Through the first 3 quarters of 2012, Phoenix has come surging back as pricing has gone up, inventory has been reduced and unemployment has also decreased. … [Read more...]
Archives for October 2012
Rental Market’s Big Buyers
October 29, 2012 by Leave a Comment
Wall Street Journal, October 4, 2012 by: Craig Karmin, Robbie Whelan, Jeannette Neumann - Blackstone Group LP BX +0.07% has become the biggest U.S. investor in single-family rental homes by spending more than $1 billion since the start of 2012 to acquire more than 6,500 foreclosed houses in eight metropolitan areas, according to people briefed by Blackstone. The firm also is finalizing a loan for at least $300 million from Deutsche Bank to support this business, these people said. Numerous private-equity … [Read more...]
Scottsdale Homes For Sale Update
October 17, 2012 by Leave a Comment
Scottsdale continues to be a destination for both tourism and residency. The city offers Western character as well as world class high end shopping and nightlife. Scottsdale real estate encompasses both North Scottsdale with communities such as DC Ranch, Grayhawk, and Desert Ridge Lower Scottsdale with communities such as McCormick Ranch, Kierland, and Old Town. As a result, the real estate in Scottsdale continues to improve as our current market transitions from a distressed level into healthier territory. Some of … [Read more...]
Highlights From The Greater Phoenix Housing Report
October 12, 2012 by Leave a Comment
Mike Orr, who is Arizona State University's Director of Real Estate Theory & Practice at W.P. Carey School of Business, recently released his monthly report and there are some interesting & positive trends from his report. Here are some highlights that we thought were worth noting: The median sales price of single family homes is up 33.7% from $112,500 to $150,000 comparing August 2011 to August 2012 The average price per square foot on single family homes is up 24.6% from $77.53 to $96.02 comparing … [Read more...]
Morgan Stanley Predicts 7 to 9 Percent Growth in Housing
October 4, 2012 by Leave a Comment
Investment firm Morgan Stanley has high hopes for the housing market’s recovery this year and next. "We expect to see 2012 end with an increase of 7 to 9 percent for the year in aggregate home prices after considering seasonality effects for the remainder of the year, with the possibility of a 10 to 12 percent increase on the bullish side and a 4 to 6 percent increase as the bear case," according to Morgan Stanley analysts in its latest Housing Markets Insight report. "We view the bear case outcome to be … [Read more...]
Low Inventory Creating Buyer Frustration
October 2, 2012 by Leave a Comment
Low inventories of homes for-sale are becoming troubling to home buyers, Inman News reports. Almost every major market in the U.S. has posted double-digit decreases in for-sale listings. "The buyers tend to become a little frustrated as they are seeing homes that they want to 'think about' and before they can even get home to discuss it there are already multiple offers on the property," Sheri Moritz, a real estate broker with Keller Williams' Wake Home Team in Raleigh, N.C., told Inman News. In Raleigh, … [Read more...]
Phoenix Home Prices Are On The Rise
October 2, 2012 by Leave a Comment
More metro Phoenix homeowners may soon be able to sell for a profit, albeit a small one, as home prices in the region continue to rise. Arizona State University's latest real-estate report shows the median home price in the Phoenix area climbed again in April to $140,000 -- 25 percent higher than the year before. Helping push up prices is a limited supply of homes for sale and a growing pool of buyers. If those trends hold, the outlook is for home prices to keep rising, which could be good news for many … [Read more...]
The Wall Street Journal to launch new real estate section
October 2, 2012 by Leave a Comment
The Wall Street Journal said its new weekly section covering the global luxury real-estate market will debut Friday and be called Mansion. The section, which will be led by editor Emily Gitter, will appear in the Journal every Friday in the U.S. Certain content will appear each week in the Journal's Europe and Asia editions. The new standalone section, first disclosed in July, is one of several investments the newspaper is considering at a time when its parent company, News Corp. (NWSA, NWS.AU), is preparing … [Read more...]
