by Dru Bloomfield on April 17, 2009
Earlier this week, I read the Phoenix Real Estate Market by Tom Ruff on the John Hall & Associates blog.
Lots of good info that validates some of my experience with lender owned properties over the past month, plus brings to light some additional encouraging news about our local real estate market.
- Phoenix area home sales are up.
- Foreclosure sales are down.
- Foreclosure notices are up.
- Pending trustee sales are being postponed.
- Foreclosures now appear to be being released onto the market in a staged manner.
- Banks are checking on home occupancy prior to foreclosure, and if occupied, attempting to work with occupant.
- Also, the price per square foot for pending foreclosures is now higher than those recently sold.
And, directly from Tom’s report:
In our 25 years of compiling data, we have always considered March a bellwether month. March will normally tell you how the summer will trend all the way through August. Don’t ask me why, it’s just one of those things you notice after 25 years. March is telling us sales volume is up and continuing to climb, the rate at which median home prices are falling is declining, clearly signaling prices are approaching their much anticipated bottom.
I highly recommend reading the whole report.
(Originally posted at Click2AZ.com.)
by Dru Bloomfield on January 2, 2009
by Dru Bloomfield on August 3, 2008
My son attends Chaparral High School in the Scottsdale school district, and has loved watching the construction over the past year, as buildings have been erected and demolition has started. I’ve been taking photos over the past several months, anticipating the final removal of the 200 building.
Today, I got a Google alert where a Chaparral graduate posted a recent photo and invited alumni to comment with memories of the building. Stop by Austin Hamilton’s blog and make a note or two. I know that I’m not the only one taking photos. Beside Austin’s post, I see people stopped regularly snapping photos.
Building 200 – Pre-demolition
Progress has been delayed due to asbestos containment procedures.
One of the new classroom buildings is in the background. As of this week, this east parking lot was paved and ready for striping.
The new Administration building has been open and occupied since late last school year.
I’ll stop by in the next week or so and get some new photos. I know a lot of students and alumni are excited to see the renovations completed.
A few more details:
From the contractor, McCarthy: $50 million in new construction and renovation work is underway in two phases in the center of Chaparral’s 2,300-student campus. Phase one includes the construction of a multi-purpose gym (with five sports courts), auditorium additions and a central plant, while Phase two comprises construction of a new main classroom structure and administration building.
From CHAPTS, the parent teacher organization, where the summer newsletter outlines a few of the challenges related to parking for the first semester of this coming school year: Summer 2008 Newsletter.
For more information on Scottsdale schools, see:
Scottsdale Schools Start August 11th
Scottsdale Public School Contact Information, Attendance Boundaries, and Start Dates
by Dru Bloomfield on June 29, 2008
The long awaited McCormick Ranch entrance update is looking better by the day. This past week the horse sculptures were installed.
Click on the photo to see a larger version. Three sculptures have been installed. One sculpture at the left most part of the photo just above the water line, and then two more over the water features.
Again, you can click on the photo to get a close up view.
The sculptures are even more beautiful close up.
Keep an eye on the progress. It looks like the entrance will be done soon, and I’m looking forward to seeing what it looks with all the plantings completed. This is one project that’s been well worth the wait!
by Dru Bloomfield on June 22, 2008
One of my blog readers emailed me a link to the following real estate yesterday. Thank you, Jim!
6 Real Estate Bargains
The article, provided by Fortune Magazine on CNNMoney.com, showcases the six cities that they’ve identified as the best real estate markets for deals.
In Miami, sales dropped 40% last year and prices are down 21%. Excess inventory is creating opportunity.
Las Vegas experienced a huge run-up several years ago, with annual price increases of 50% annually. Now being one of the hardest hit cities, prices have dropped over 22% in a year.
The Phoenix area (which includes Scottsdale, Mesa, Gilbert, Glendale, Avondale, and more) is next on the list. According to the article, home values have fallen an average of 8% and a rising foreclosure rate, but w know that in some areas priced have dropped 20-30%, or more.
San Diego has also experienced a drop of almost 10% in real estate prices over the past year. And now, home sale activity is picking up, and in some cases multiple offers are coming in on freshly discounted homes.
Tampa felt falling real estate values, too, 17.5% in the past year. With a strong local economy, it’s positioned for a recovery that may come earlier than in other markets.
And number six on the list is Denver, Colorado. Denver did not experience the big price run up, and so values have remained stable, and attractive. While the other five cities are all in the Sun belt, the article points out that some retirees are actually looking for an active moutain-oriented life style.
As time moves forward, all of these markets will recover, and getting started with your research now, will give you a head start, so that you can make your buying decisions, armed with current and complete market information.
I suggest contacting one of the following Realtors, if you are interested in learning about one of the markets outside the Phoenix area:
