Community Summary
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The Phoenix metro area ranked 12th in AOL Shopping’s annual list of top cities for online holiday shopping. 74% of Phoenix metro area Internet users will shop online this year, a higher percentage than in New York or Los Angeles. Phoenix was ranked 18th last year.
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Scottsdale was ranked the 6th popular summer tourist destination in the U.S. by a survey of jet owners and members of Flight Option. Scottsdale Airport shows the number of jets in and out of the city in June, July and August has increased 27% since 2005.
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Plans for another retail center in Chandler were submitted this month by the developers of Downtown Ocotillo. “We are investing more in south Chandler because of the dynamic employment and quality residential growth.” Downtown Ocotillo, to be constructed in late spring 2008, will feature a live-work-dine-shop environment.
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- The median existing-home price for all housing types in the Greater Phoenix area was $235,000 in October 2007, steady with the prior month (a $100 increase), and reflected a 6% decrease to last year’s $250,000.
Source: Realtor.org; ARMLS
Janet's Note:
Median price range is not a good market comparison in my opinion. Median price range is ONLY a gauge and is not a good way to truly assess values
*Please note that 85331 zip codes is the Town of Cave Creek, Phoenix and Maricopa COunty Island and not a good gauge for values.
Click to View Home Value Chart
- New home permits for October 2007 totaled 1,325; down 43% from October 2006’s total of 2,341 permits.
- Resale closings reached 3,533 in October 2007; down 44% from the same period last year.
Janet's Note:
Let's not forget how much it was UP!
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- Phoenix new vehicle registrations were down 14% in September 2007– 16,547 now compared to 20,230 in September 2006. Year to date registrations are down 9% year over year.
Source: Polk
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- Overall occupancy level – October 2007: 70.0% October 2006: 70.6%
- In 2006, Arizona’s 34 million visitors spent $18.6 billion, up 6% year-over-year. On average, tourists spent $50 million a day in the state, the majority in Maricopa county.
- Phoenix International Raceway is expected to have an overall economic impact of more than $500 million on Arizona this year, more than the upcoming Super Bowl. The latest NASCAR race brought in more than 200,000 people.
- Phoenix will host the 58th NBA All-Star Game which will tip off February of 2009. The event is figured to produce a direct spend of at least $40 million.
Source: Smith Travel Research ; AZ Dept. of Tourism
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The Town of Cave Creek encompasses approximately 31 square miles. The town is now working with the State Land Department to annex additional State Land parcels to the West which would enable 11 square miles of additional preservation land.
If the town is successful in its efforts, Cave Creek will have 40% of its land preserved and largely used for recreational horseback riding and hiking. Taking into consideration the Town's density, there would be 55% open space! Bordering the Tonto National Forest to the north, the town already has access to almost 3 MILLION ACRES of recreational land!
City of Scottsdale, "Once the final leg of the Sonoran McDowell Preserve is completed, One-third of the City of Scottsdale will be preserved. There is very little developable land left in the City of Scottsdale.
If there is any question of your Real Estate purchase being a wise investment in Scottsdale, Cave Creek or Carefree, look no further than the old rule of supply and demand! Where else can you live with so much open space to enjoy, great weather and beautiful views!" |
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Mohr Homes Newsletter
Winter 2008
The Business Journal of Phoenix
Friday November 23, 2007
by Angela Gonzalez
Burgeoning ranks of excelling schools could
be a boon to business recruitment
Nearly 400 of Arizona's schools are "excelling," according to the Arizona Department of Education's recently released achievement profiles. Those include 14 percent of the state's charter schools and 22 percent of those in public school districts.
This report comes as Arizona is trying to attract knowledge-based employers and talent to its work force, despite its reputation for having a poor public education system ...
<Read the Complete Article Here>
The Business Journal of Phoenix
Friday December 28, 2007
by Jan Buchholz
Commercial thrives, despite residential downturn
A gigantic apartment complex portfolio and two downtown office buildings were among the largest commercial real estate deals of 2007, marking a year that sizzled in sharp contrast to the downtrodden residential sector.
By far, the largest commercial deal in the Valley was a $427.5 million apartment portfolio of 12 properties. It may be the largest deal in Phoenix commercial real estate history. Called the Bascom Apartment Portfolio, the properties are peppered across the Valley.
Coming in second was Collier Center I, which sold for $176.8 million. That may, however, not hold as the second-priciest deal. Another downtown office center, One and Two Renaissance Square, is in escrow and reportedly will close at a sale price of more than $270 million.
Another big deal was the Allred Cotton Center, an office park in the West Valley, which changed hands in March. That was followed by Chase Tower downtown, a senior housing community in Sun City West, an office complex northeast of Phoenix Sky Harbor International Airport, a coveted land parcel in Paradise Valley, an office complex in north Scottsdale, an apartment complex near Tempe Town Lake and another apartment ...
<Read the Complete Article Here>
The Business Journal of Phoenix
Thursday April 5, 2007
by Adam Kress
Phoenix again claims top spot for job growth
As per the usual, the Phoenix area is No.1 for new jobs.
Arizona State University's Blue Chip Job Growth Update ranks the area first among the nation's largest metro markets for employment growth between February 2007 over February 2006.
The area's 4.8 percent increase in total nonagricultural employment represents 89,200 new jobs. In metropolitan markets with less than 1 million workers, the Gulfport-Biloxi, Miss., area ranked No. 1, posting a 14.5 percent gain equating to 13,500 jobs.
Among states, Utah holds the top position in nonagricultural job growth for February, with a 4.4 percent increase, representing 52,000 jobs. Michigan remains in last place, with a 1 percent decrease, losing nearly 45,000 jobs.
Overall, the U.S. economy grew by close to 2 million jobs in February 2007 over February 2006, an increase of 1.5 percent.
CNN Money.com
By Les Christie, CNNMoney.com staff writer
10 fastest-growing U.S. counties
Maricopa County, Arizona Ranked #1
Population: 3,768,123
Increase (July 2005 - July 2006): 129,642
Maricopa added more residents to its population in the 12 months ended July 1, 2006, than live in the city of Savannah, Georgia.
Its main city, Phoenix, has grown from a modest desert town into the sixth-largest city in the nation.
Growth for the county as a whole has been explosive, from less than a million in 1970 to 3.8 million today. The population has increased by about 700,000 since 2000.
Helping to drive growth is a diversified economy; many high-tech and telecoms companies have relocated to the area in the past few decades. And the climate attracts many seasonal visitors, adding to a strong tourism industry.
Seattle Post-Intelligencer
October 27, 2006
By: John Cook
Complaint accuses Zillow of misleading consumers
The National Community Reinvestment Coalition, a Washington, D.C.-based nonprofit that promotes equal access to credit and capital for underserved communities, is taking aim at real estate Web site Zillow.com.
In a 12-page complaint filed with the Federal Trade Commission, NCRC insists that Zillow's home-valuation tool is inaccurate and misleading. An audit by NCRC reveals that Zillow's so-called "Zestimates" are wrong over 67 percent of the time, and many home owners have expressed concerns about valuations that are too high or too low.
NCRC Executive Vice President David Berenbaum says the complaint is in no way tied to NCRC's close relationship with the Center for Responsible Appraisals & Valuations; he says the coalition is worried about low-income home owners falling prey to unscrupulous lenders that use inaccurate valuations from Zillow.
However, Don Kelly of the Appraisal Institute notes that no bank he knows of uses Zillow's Zestimates when writing mortgages.
<Read the Complete Article Here>
The New York Times
October 26, 2006
By: David Leonhardt
Fed Leaves Key Rate Unchanged
The Federal Reserve Board left its key short-term interest rate alone yesterday at 5.25 percent.
No rate hikes are expected soon. Federal Reserve Board Chairman Ben S. Bernanke has vowed to fight inflation, which is up 3.4 percent for the year. Barring an increase in inflation, many analysts expect the Fed to hold its key rate at 5.25 percent until the middle of next year.
The goal is to bring the economy to a 3 percent growth rate with inflation at 1 percent to 2 percent, economists say.
“'I think the Fed is feeling very good about the way the economy is developing,” says Stuart Schweitzer, a strategist at J. P. Morgan Asset and Wealth Management. “The housing slowdown is proceeding, but it’s not spiraling downward, and the rest of the economy is doing O.K.”'
<Read the Complete Article Here>
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