Dean Foust
This development has gotten very little ink (in fact the only publicly accessible story I could turn up on it was this one from last June) but the Chicago Mercantile Exchange quietly began trading futures contracts on home resale values last May. The contracts are based on the Standard & Poor's Case-Shiller Metro Area House Price indexes, which track price changes of existing homes in 10 major metro markets. I’m no financial planner, but sounds like it would be perfect for an individual who, thanks to the bubble, has too much of their wealth tied up in housing, or an individual who bought it at the peak of the market and is now terrified that a downturn could leave them upside down.
Not sure that futures are for the small investor, but you could imagine that this could lead the financial wizards of Wall Street to start creating Exchange Traded Funds based on the Case-Shiller index. Of course that could take a couple more years and might end up being too late for homeowners who ride the market back down again.
Read more >>
Thursday, August 31, 2006
Single-family Home Sale Report - July 2006
Single-family Home Sale Report Arizona Multiple Listing Service Links to ARMLS Data:
ARMLS July Home Sales Report 2005
ARMLS July Home Sales Report 2006
(scroll way down to view a summary of the stats)
ARMLS July Home Sales Report 2005
ARMLS July Home Sales Report 2006
(scroll way down to view a summary of the stats)
| July 2006 | July 2005 | % Change | |
|---|---|---|---|
| Sales Volume | 5,565 | 8,649 | -36% |
| Average Price | $325,733 | $305,167 | +7% |
| Median Price | $265,000 | $243,000 | +9% |
| Listed | 44,623 | 12,634 | +253% |
Friday, August 25, 2006
Tempe housing strong, but prices declining
Close-in location helps sales despite cautious buyers
Betty Beard
The Arizona Republic
Aug. 25, 2006 12:00 AM
Home prices have been slipping this year in Tempe but it is expected to remain a strong market because of its close-in location.
"Tempe is one of the faster moving parts of town right now, in addition to downtown Phoenix," said Tempe Realtor Kent Gagon. "
Houses seem to be selling closer to average list prices."Houses near Arizona State University and those priced under $300,000 are selling especially well, and some homes are getting a lot of traffic, Realtors say.
Read more >>
Betty Beard
The Arizona Republic
Aug. 25, 2006 12:00 AM
Home prices have been slipping this year in Tempe but it is expected to remain a strong market because of its close-in location.
"Tempe is one of the faster moving parts of town right now, in addition to downtown Phoenix," said Tempe Realtor Kent Gagon. "
Houses seem to be selling closer to average list prices."Houses near Arizona State University and those priced under $300,000 are selling especially well, and some homes are getting a lot of traffic, Realtors say.
Read more >>
Sunday, August 20, 2006
First-time buyers catch a break
Discounts and aid programs counter higher prices and open doors to ownership
Catherine Reagor
The Arizona Republic
Aug. 20, 2006 12:00 AM
The housing market's woes are generating opportunities for first-time home buyers.
Despite higher home prices and interest rates, fledgling buyers are finding more options and more time to look because of a record number of homes for sale.
More sellers are motivated to cut prices. Some real estate agents are willing to cut commissions to make a deal. There's more financial aid than ever to help people get into homes of their own.
Read more >>
Catherine Reagor
The Arizona Republic
Aug. 20, 2006 12:00 AM
The housing market's woes are generating opportunities for first-time home buyers.
Despite higher home prices and interest rates, fledgling buyers are finding more options and more time to look because of a record number of homes for sale.
More sellers are motivated to cut prices. Some real estate agents are willing to cut commissions to make a deal. There's more financial aid than ever to help people get into homes of their own.
Read more >>
Housing slowdown leads to economic index decline
The Business Journal of Phoenix - 11:56 AM MST Friday
by Mike Sunnucks
The Business Journal
A national economic index is on the decline as a slowed housing market in Phoenix and other major cities begins to take a toll on the overall economy.
The Conference Board's leading index declined slightly, down 0.1 percent in July with slowed housing permits being the main cause of the dip.
Read more >>
by Mike Sunnucks
The Business Journal
A national economic index is on the decline as a slowed housing market in Phoenix and other major cities begins to take a toll on the overall economy.
The Conference Board's leading index declined slightly, down 0.1 percent in July with slowed housing permits being the main cause of the dip.
Read more >>
Saturday, August 19, 2006
Tempe leaders say condos near ASU are too tall
By Garin Groff, Tribune
August 18, 2006
Tempe took a chunk out of plans to build the East Valley’s tallest building in its downtown. The city’s leaders said the 30-story condo project called University Square was too high for a building on University Drive.
The City Council decided Thursday that the development was OK only if the developer lopped some floors off two of the three towers. The developer wanted one tower to climb to 345 feet — and up to 370 with equipment — but Tempe capped the buildings at 300 feet.
Read more >>
August 18, 2006
Tempe took a chunk out of plans to build the East Valley’s tallest building in its downtown. The city’s leaders said the 30-story condo project called University Square was too high for a building on University Drive.
The City Council decided Thursday that the development was OK only if the developer lopped some floors off two of the three towers. The developer wanted one tower to climb to 345 feet — and up to 370 with equipment — but Tempe capped the buildings at 300 feet.
Read more >>
Friday, August 18, 2006
Housing downturn will hurt
Aug. 17, 2006 12:00 AM
Want to make a million bucks in real estate? Start with $5 million, or so the old joke goes.
Nobody's laughing now. Metropolitan Phoenix, more dependent on the housing industry than any other major city, is facing its greatest immediate economic challenge in at least 16 years as the real estate boom ends.
Read more >>
Want to make a million bucks in real estate? Start with $5 million, or so the old joke goes.
Nobody's laughing now. Metropolitan Phoenix, more dependent on the housing industry than any other major city, is facing its greatest immediate economic challenge in at least 16 years as the real estate boom ends.
Read more >>
Thursday, August 17, 2006
Three Red Flags to Consider When Screening New Tenants
By Andrea Coombes
From MarketWatch
One key to managing rental property successfully is choosing the right tenants, said Janet Portman, an attorney, author of "Every Landlord's Guide to Finding Great Tenants" and a managing editor at legal publisher Nolo.
Often, that decision goes dreadfully wrong. "Landlords who don't screen carefully end up with poor tenants," Portman said. "When they have to evict...they almost always come out on the losing end financially.
That's because evictions often drag on for a long time, she said. Plus, "to rub salt in the wound, if the tenants want to take revenge and trash your property, then you've really been burnt -- and that happens all the time."
Read more >>
From MarketWatch
One key to managing rental property successfully is choosing the right tenants, said Janet Portman, an attorney, author of "Every Landlord's Guide to Finding Great Tenants" and a managing editor at legal publisher Nolo.
Often, that decision goes dreadfully wrong. "Landlords who don't screen carefully end up with poor tenants," Portman said. "When they have to evict...they almost always come out on the losing end financially.
That's because evictions often drag on for a long time, she said. Plus, "to rub salt in the wound, if the tenants want to take revenge and trash your property, then you've really been burnt -- and that happens all the time."
Read more >>
Winery, bakery among developer's plans for mill
Jahna Berry
The Arizona Republic
Aug. 17, 2006 12:00 AM
A winery and an Italian-style bakery could join boutiques, non-chain shops and mid-rise condos by the Hayden Flour Mill site.
Avenue Communities tonight will seek city approval of an agreement that would transfer the flour mill project from MCW Holdings to Avenue.
Avenue's proposal is the latest vision for the area by the mill, and the historical mill silos would be preserved under the deal.
Read more >>
The Arizona Republic
Aug. 17, 2006 12:00 AM
A winery and an Italian-style bakery could join boutiques, non-chain shops and mid-rise condos by the Hayden Flour Mill site.
Avenue Communities tonight will seek city approval of an agreement that would transfer the flour mill project from MCW Holdings to Avenue.
Avenue's proposal is the latest vision for the area by the mill, and the historical mill silos would be preserved under the deal.
Read more >>
Monday, August 14, 2006
Money Magazine's Best Places To Live 2006
And the winners are...Americans are flocking to places that offer big-city opportunities and amenities -- with a lot more green space and a lot less stress. See the top 10 Great American Towns.
1. Fort Collins, CO
2. Naperville, IL
3. Sugar Land, TX
4. Columbia/Ellicott City, MD
5. Cary, NC
6. Overland Park, KS
7. Scottsdale, AZ
8. Boise, ID
9. Fairfield, CT
10. Eden Prairie, MN
Read more >>
1. Fort Collins, CO
2. Naperville, IL
3. Sugar Land, TX
4. Columbia/Ellicott City, MD
5. Cary, NC
6. Overland Park, KS
7. Scottsdale, AZ
8. Boise, ID
9. Fairfield, CT
10. Eden Prairie, MN
Read more >>
Historic Hayden Mill is due face-lift
By Garin Groff, Tribune
August 14, 2006
The developer of the 30-story Centerpoint Condominiums is planning to put its mark on one of downtown Tempe’s most important pieces of history, the Hayden Flour Mill.
Avenue Communities LLC will likely take over redevelopment efforts on a Valley landmark that has sat idle for the past decade.
Read more >>
August 14, 2006
The developer of the 30-story Centerpoint Condominiums is planning to put its mark on one of downtown Tempe’s most important pieces of history, the Hayden Flour Mill.
Avenue Communities LLC will likely take over redevelopment efforts on a Valley landmark that has sat idle for the past decade.
Read more >>
Sunday, August 13, 2006
Home resales at 7-year low for July
Correction in housing market continues after robust '05
Betty Beard
The Arizona Republic
Aug. 12, 2006 12:00 AM
By now it's obvious the traditional surge of home sales in the summer isn't happening this year. Actually, it's worse than that.
The latest numbers on housing resales from the Arizona Real Estate Center at Arizona State University show that sales of single-family homes throughout the Phoenix area in July were the weakest since July 1999.
In Tempe, the number of homes sold fell from 270 to 160 from July to July, and the median price rose from $270,000 to $286,000.
Betty Beard
The Arizona Republic
Aug. 12, 2006 12:00 AM
By now it's obvious the traditional surge of home sales in the summer isn't happening this year. Actually, it's worse than that.
The latest numbers on housing resales from the Arizona Real Estate Center at Arizona State University show that sales of single-family homes throughout the Phoenix area in July were the weakest since July 1999.
In Tempe, the number of homes sold fell from 270 to 160 from July to July, and the median price rose from $270,000 to $286,000.
Home builders turn eye to Indian land in NE Valley
Catherine Reagor
The Arizona Republic
Aug. 13, 2006 12:00 AM
New homes will keep going up on metropolitan Phoenix's fringes, stretching its boundaries as more people move to the area.
The Valley will grow south toward Tucson, west past the White Tank Mountains and north toward Prescott. But its growth to the east is likely to come to a halt.
Metro Phoenix is already bumping into Native American land on its eastern fringes. And developers can't just hop over the Salt River or Fort McDowell reservations bordering Scottsdale and Fountain Hills the way they have leaped over other obstacles, including giant chunks of state land, as the Valley grows to the south, west and north. If they tried, they would run into the vast, undevelopable Tonto National Forest on the other side of the reservations.
Read more >>
The Arizona Republic
Aug. 13, 2006 12:00 AM
New homes will keep going up on metropolitan Phoenix's fringes, stretching its boundaries as more people move to the area.
The Valley will grow south toward Tucson, west past the White Tank Mountains and north toward Prescott. But its growth to the east is likely to come to a halt.
Metro Phoenix is already bumping into Native American land on its eastern fringes. And developers can't just hop over the Salt River or Fort McDowell reservations bordering Scottsdale and Fountain Hills the way they have leaped over other obstacles, including giant chunks of state land, as the Valley grows to the south, west and north. If they tried, they would run into the vast, undevelopable Tonto National Forest on the other side of the reservations.
Read more >>
Saturday, August 12, 2006
3 bid to build Town Lake arts showcase
Katie Nelson
The Arizona Republic
Aug. 12, 2006 12:00 AM
Three arts groups are bidding for 12 acres of prime city land to build an arts destination that could include performing, showroom and retail space, and would give the public a peek at how artists think and create.
"We're going after the wine money, not the beer money," said Jackob Andersen, one of the developers. "We don't want to take anything from Mill Avenue. We want to add to it."
Read more >>
The Arizona Republic
Aug. 12, 2006 12:00 AM
Three arts groups are bidding for 12 acres of prime city land to build an arts destination that could include performing, showroom and retail space, and would give the public a peek at how artists think and create.
"We're going after the wine money, not the beer money," said Jackob Andersen, one of the developers. "We don't want to take anything from Mill Avenue. We want to add to it."
Read more >>
Thursday, August 10, 2006
For some, renting makes more sense
By Noelle Knox, USA TODAY
There's been a debate ever since Micki Seibel and Jan Leger told their friends they were going to sell their home in the heart of San Francisco and rent an apartment.
"Half think it's great. The other half have been trying to talk us out of it," says Seibel, 34, who works for MyNewPlace, a new online apartment search firm.
Read more >>
There's been a debate ever since Micki Seibel and Jan Leger told their friends they were going to sell their home in the heart of San Francisco and rent an apartment.
"Half think it's great. The other half have been trying to talk us out of it," says Seibel, 34, who works for MyNewPlace, a new online apartment search firm.
Read more >>
July's Resale Numbers Continue to Slow
Thursday, August 10, 2006
MESA, Ariz. - With 5,545 recorded sales, the resale home market in July continued the slowing trend. Although this activity is slightly above the 5,460 sales of June 2006, it is well below last year's 10,200 recorded sales. Historically, resale housing activity in June and July is one of the better times of the year. This is the weakest July since 5,240 sales were recorded in July 1999. So far in 2006, there have been a total of 41,835 sales, while it stood at 68,235 sales in 2005 YTD. While it was very unlikely that the market could have sustained the level of 2005, the current level of activity is very comparable to that recorded in the years of 2003 YTD (41,200 sales) and 2004 YTD (56,745 sales).
The primary news of the last year's housing market was the rapid rise in the median home price from $194,000 in January to $260,000 in December. For July 2006, the median home price of $264,900 was a retreat from the record $267,000 in June, but was above the $255,000 recorded a year ago.
Read more >>
MESA, Ariz. - With 5,545 recorded sales, the resale home market in July continued the slowing trend. Although this activity is slightly above the 5,460 sales of June 2006, it is well below last year's 10,200 recorded sales. Historically, resale housing activity in June and July is one of the better times of the year. This is the weakest July since 5,240 sales were recorded in July 1999. So far in 2006, there have been a total of 41,835 sales, while it stood at 68,235 sales in 2005 YTD. While it was very unlikely that the market could have sustained the level of 2005, the current level of activity is very comparable to that recorded in the years of 2003 YTD (41,200 sales) and 2004 YTD (56,745 sales).
The primary news of the last year's housing market was the rapid rise in the median home price from $194,000 in January to $260,000 in December. For July 2006, the median home price of $264,900 was a retreat from the record $267,000 in June, but was above the $255,000 recorded a year ago.
Read more >>
Maple-Ash neighborhood seeks historic designation
Maple-Ash neighborhood seeks historic designation
Katie Nelson
The Arizona Republic
Aug. 10, 2006 12:00 AM
Tempe's oldest existing neighborhood soon could receive a special historic designation, making it the fourth neighborhood in the city with the protective measure.
Maple-Ash is between downtown and Tempe's largest employer, Arizona State University.
As a result, it has some of the hottest real estate in the city, known for its cozy bungalows with lots of character and big trees.
Read more >>
Katie Nelson
The Arizona Republic
Aug. 10, 2006 12:00 AM
Tempe's oldest existing neighborhood soon could receive a special historic designation, making it the fourth neighborhood in the city with the protective measure.
Maple-Ash is between downtown and Tempe's largest employer, Arizona State University.
As a result, it has some of the hottest real estate in the city, known for its cozy bungalows with lots of character and big trees.
Read more >>
Wednesday, August 09, 2006
Tempe lands luxury hotel at Town Lake
By Donna Hogan, Tribune
August 9, 2006
The first Arizona Le Meridien, a renowned, upscale European hotel brand, has landed on the banks of Tempe Town Lake.
The $105 million, 4.5-star luxury level hotel, topped by the requisite privately owned condos, is expected to break ground in spring and start welcoming guests by fall 2008, said Tod Decker, president of Valhalla Development Group
Read more >>
August 9, 2006
The first Arizona Le Meridien, a renowned, upscale European hotel brand, has landed on the banks of Tempe Town Lake.
The $105 million, 4.5-star luxury level hotel, topped by the requisite privately owned condos, is expected to break ground in spring and start welcoming guests by fall 2008, said Tod Decker, president of Valhalla Development Group
Read more >>
Sticker shock kills Phoenix state land sale
Prime site in Desert Ridge
Catherine Reagor
The Arizona Republic
Aug. 9, 2006 12:00 AM
Home builders had a chance to buy a prime piece of land in northeast Phoenix's Desert Ridge development Tuesday. But sticker shock kept them on the sidelines.
No builder or investor was willing to pay the Arizona State Land Department's $150 million asking price for the 325-acre parcel of state land near the busy intersection of Loop 101 and Arizona 51.
For the past few years, land in Desert Ridge sparked bidding wars as home prices and sales in the area soared. In January, a condominium developer paid a record $1 million an acre for a piece of land in Desert Ridge.
Read more >>
Catherine Reagor
The Arizona Republic
Aug. 9, 2006 12:00 AM
Home builders had a chance to buy a prime piece of land in northeast Phoenix's Desert Ridge development Tuesday. But sticker shock kept them on the sidelines.
No builder or investor was willing to pay the Arizona State Land Department's $150 million asking price for the 325-acre parcel of state land near the busy intersection of Loop 101 and Arizona 51.
For the past few years, land in Desert Ridge sparked bidding wars as home prices and sales in the area soared. In January, a condominium developer paid a record $1 million an acre for a piece of land in Desert Ridge.
Read more >>
Sunday, August 06, 2006
Foreclosures are on rise in Valley
Aug. 6, 2006 12:00 AM
More Valley homeowners are in danger of losing their homes than at any point in more than a year.
In July, notice of trustee sales, which are a lender's first step toward foreclosing on a house, climbed in metropolitan Phoenix to their highest level since early 2005.
Last month, 837 homeowners got notices that they were at least three months behind on their mortgage payments. Those notices mean their mortgage firms are getting ready to evict them and auction off their houses on the courthouse steps.
Read more >>
More Valley homeowners are in danger of losing their homes than at any point in more than a year.
In July, notice of trustee sales, which are a lender's first step toward foreclosing on a house, climbed in metropolitan Phoenix to their highest level since early 2005.
Last month, 837 homeowners got notices that they were at least three months behind on their mortgage payments. Those notices mean their mortgage firms are getting ready to evict them and auction off their houses on the courthouse steps.
Read more >>
Infill housing units looking for owners
Ken Alltucker
The Arizona Republic
Aug. 5, 2006 12:00 AM
A developer purchased and razed a house on 12th Street once owned by a prominent Valley architect and will build an eight-unit residential project on the site.
The "George" housing development, named for architect George Christensen, will include duplex-style homes wedged on a sliver of land at 5600 N. 12th St. between Camelback and Bethany Home roads.
Backers of the project are describing it as a classic infill project more commonly found in dense urban cities such as Chicago or New York. They hope the urban cachet lures buyers willing to pay at least $725,000 per unit.
Read more >>
The Arizona Republic
Aug. 5, 2006 12:00 AM
A developer purchased and razed a house on 12th Street once owned by a prominent Valley architect and will build an eight-unit residential project on the site.
The "George" housing development, named for architect George Christensen, will include duplex-style homes wedged on a sliver of land at 5600 N. 12th St. between Camelback and Bethany Home roads.
Backers of the project are describing it as a classic infill project more commonly found in dense urban cities such as Chicago or New York. They hope the urban cachet lures buyers willing to pay at least $725,000 per unit.
Read more >>
Saturday, August 05, 2006
Developer scales down housing proposal
Shalimar residents' objections to 5-story buildings are heard
Katie Nelson
The Arizona Republic
Aug. 3, 2006 12:00 AM
Shalimar community members have reached a truce of sorts with the developer who had wanted to build a high-rise in their central Tempe neighborhood.
The community's claws came out this year over plans to put five-story condominiums on the Tri-City Baptist Church property. Neighbors were livid at the idea of having buildings reaching five stories tall on the southeastern corner of their neighborhood at Southern Avenue and Price Road.
About 700 people signed a neighborhood petition saying they would protest any plan that called for density higher than the single-family homes that surround the 9-acre church property.
Read more >>
Katie Nelson
The Arizona Republic
Aug. 3, 2006 12:00 AM
Shalimar community members have reached a truce of sorts with the developer who had wanted to build a high-rise in their central Tempe neighborhood.
The community's claws came out this year over plans to put five-story condominiums on the Tri-City Baptist Church property. Neighbors were livid at the idea of having buildings reaching five stories tall on the southeastern corner of their neighborhood at Southern Avenue and Price Road.
About 700 people signed a neighborhood petition saying they would protest any plan that called for density higher than the single-family homes that surround the 9-acre church property.
Read more >>
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