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Real Estate News

Analysts Still Bank On 7% Home Appreciation

April 29, 2014 by · Leave a Comment 

Despite a weak quarter in existing-home and new-home sales, Wall Street analysts say they still expect home prices to increase by 7 percent this year. “We continue to expect home-price appreciation to moderate from the torrid pace of mid-2012 to 2013, supported by improving employment and growth prospects,” according to analysts from Morgan Stanley. Analysts from Barclays echoed that, saying they... 

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Arizona Construction Association files Chapter 7

April 26, 2014 by · Leave a Comment 

After almost 60 years of serving as an industry mouthpiece, the Arizona Construction Association has filed for Chapter 7 bankruptcy. The nonprofit advocacy group filed on Wednesday in the U.S. Bankruptcy Court, District of Arizona, according to records obtained by the Phoenix Business Journal. In a Chapter 7 bankruptcy proceeding, a company generally goes out of business and a trustee is appointed... 

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Expert says Phoenix home prices becoming more normal

April 19, 2014 by · Leave a Comment 

A real estate expert says it’s costing less to buy a home here.”The median single family sales price is $195,000. This is the lowest since August of last year,” said Dean Wegner. “In fact, home prices have slowly been going down every month this year.”But that’s not a bad thing. “Last year we saw double digit appreciation, and that’s unsustainable,”... 

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$37 million midrise luxury condo project headed for downtown Scottsdale

April 17, 2014 by · Leave a Comment 

A $37 million midrise condominium project is planned for Old Town Scottsdale, marking the re-emergence of a market sector that has been largely dormant for several years. The eight-story project, called Envy, will be located on roughly a one-acre lot at 75th Street just south of Camelback Road. It will feature 90 for-sale condo units ranging from 800 to 1,750 square feet and starting at $425,000. There... 

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New Phoenix housing market numbers define new normal

April 16, 2014 by · Leave a Comment 

The Phoenix housing market has been enjoying a renaissance of sorts since the 2011 recovery, but the latest real estate report from Arizona State University is showing a significant and sustained downturn to single-family-home sale prices. Experts say this is indicative of a noticeable shift from a sellers to a buyers market while luxury real estate — generally thought of as any single-family... 

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Buying is still cheaper than renting in Tucson and Phoenix

April 10, 2014 by · Leave a Comment 

To own or rent, that is the question that continues to weigh on the minds of potential homebuyers everywhere. While the gap may have narrowed over the past year due to rising mortgage rates and home values, buying is still a better bargain than renting in most communities across the country – including Phoenix and Tucson — according to an online real estate company. Trulia recently reported... 

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Phoenix named “Top 10 Market for First-Time Homebuyers for 2014”

March 28, 2014 by · Leave a Comment 

The top 10 markets for first-time home buyers this year include seven metropolitan areas in Sun Belt states, plus the areas around Pittsburgh and Philadelphia, according to a new report by realtor.com®. Pittsburgh topped the study’s ranking, which examined five key factors that make particular markets ideal for first-time buyers: market popularity, prices, inventory, time on market and unemployment... 

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“Property Wars” TV Star fined for operating AZ real estate business without license

March 26, 2014 by · Leave a Comment 

Oops. “Property Wars” reality TV star John Ray has been fined a $10,000 civil penalty by the Arizona Department of Real Estate for conducting real estate activities without a license for two and a half years. The fine was outlined in a Feb. 27 consent order, which stems from the ADRE’s cease-and-desist order against Ray late last year, according to research by the Phoenix Business Journal. “Ray... 

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Home truths: A surprisingly shaky recovery

November 24, 2013 by · Leave a Comment 

The city that proved that America’s housing market is rising from the ashes was, fittingly, Phoenix. From property-bubble peak to post-financial crisis trough, home prices in Arizona’s biggest metropolis plunged by more than half, as demand dried up and foreclosures soared. Low interest rates and slowly reviving consumer confidence, however, plus a bunch of private-equity firms convinced that there... 

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Despite inventory shortages, homebuyers looking for bargains this winter

November 23, 2013 by · Leave a Comment 

Prospective homebuyers hoping to buy a home in the next four months say the lack of inventory is their biggest challenge, but many believe winter is a good time to buy because sellers are motivated to sell and more willing to negotiate. That’s according to a survey of more than 1,300 visitors to realtor.com conducted from Nov. 7-16, which found 45 percent of buyers in the market said there’s... 

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