SunLakes of AZ Blog

Using Open Source for work and play

June 2017

You're reading the: Finance, Real Estate column.

Economic Notes for the Week of December 24th

by Karl Schroeder for Finance, Real Estate

Manufacturing related news:

(-) Superstorm Sandy’s impact is still being felt in the manufacturing sector.  The December Empire State Manufacturing Survey came in at -8.1, weaker than the expected -1.0.  The general business conditions for New York manufacturers have been declining at a modest pace for five consecutive months.  The new orders index dropped to -3.7 from November’s +3.08.  The shipments index decreased six points from the prior month to 8.83.  Manufacturers in the New York City metro area reported roughly 7% lower revenues in October and about 5% revenue loss in November because of Sandy.  Indexes for the six-month outlook remained weaker than their levels earlier this year, though most future indexes were higher than in November.

(+) The Philadelphia Fed released its December 2012 business outlook survey.  The district’s manufacturing conditions beat market expectations.  The current activity index was up 8.1%, reversing the downward trend of -10.7% in October due to Sandy’s impact.  New orders, shipments and employment activities all improved.  The survey’s future indexes predict increased activity over the first half of next year.

Real estate related news:

(+) The National Association of Home Builders Housing Market Index rose by one point to reach 47 in December, marking its eighth consecutive rising month.  Yet the index trails the median forecast.  Meanwhile, builder confidence in the market for newly built, single-family homes grew to the highest level since April of 2006.

(-) Housing starts in November declined by 4.1% to an annual rate of 565,000 in the single-family category, lower than the October figure of 589,000.  In the multi-family category, November had an annual rate of 861,000 housing starts, 3% below October’s estimate of 888,000 but up 21.6% since November 2011.  The decline in starts was felt mostly in the West and to a lesser extent in the Midwest.  Data on housing starts were a little disappointing from month-over-month comparison but continued improving in terms of year-over-year reading.

(+) Overall building permits exceeded investors’ expectations.  Multi-family permits posted a solid 3.6% month-over-month gain with an annual rate of 899,000.  Single-family permits were at a rate of 565,000, 0.2% weaker than the October figure.

(+) Existing home sales for November rose 5.9% to an annual rate of 5.04 million, exceeding expectations by 3.8%.  Sales were 14.5% higher than last November’s 4.4 million-unit pace.  The South saw sales rise the most with a 7.9% increase and the West gained the least with a 0.8% increase.  Not only did the number of completed sales transactions pick up, but home prices also recovered due to the low supply in inventory.  The total housing inventory at the end of November fell 3.8% to 2.03 million, which represents a 4.8-month supply. This is the lowest inventory level since September 2005.  As a result, the national median existing home price was up 10.1% year-over year in November, marking the ninth consecutive monthly price increase.
Read the rest of this entry »

No Comments

Sun Lakes Home Appreciation June 1, 2012

by Amy Jones for Real Estate

Are homes appreciating in Sun Lakes, AZ?  That’s a question I get almost daily due to the news of how the Phoenix Metro area has seen 25% appreciation in the last 12 months.

Unfortunately, we are not seeing that appreciation frenzy in Sun Lakes, or any active adult community that I am aware of.

Here’s a chart that shows the last 2 years of home appreciation and it’s easy to see we’ve fallen over the last 2 years.  BUT, the good news is our values as of May 2012 are slightly higher at a median of $184,500 than they were 1 year ago May 2011 at $182,625.  A great sign that our Sun Lakes real estate market is correcting.  The year before in May 2010, Sun Lakes median sales price was at $230,000, quite a fall from 2010 to 2011 but encouraging that this past year we are seeing a little appreciation!

Stay tuned!

Sun_Lakes_Home_Appreciation

Information courtesy of the Cromford Report

 

No Comments

Sun Lakes AZ Home Prices…where are the now?

by Amy Jones for Real Estate

The Sun Lakes real estate market typically trails the real estate market of the surrounding non-active adult communities by about a year.

Why does this matter?  Because the Phoenix Metro real estate market is exploding.  Low inventory is creating a supply and demand issue.  Multiple offers are received on properties listed for just a few hours with bidding wars driving prices up!

Here’s a chart that illustrates the average sales price per square foot in the Phoenix Metro area over the past couple years where it’s easy to see how quickly values are rising.

Phoenix-Monthly-Average_Sales_Price_per_Square_Foot

Prices started going up when inventory started going down.  Here’s a snapshot of the inventory of homes for sale in the area over the last year.  We are down to below half of the number of homes for sale this year as compared to last year at this time.

phoenix-metro-home-inventory

This is great news for Sun Lakes homeowners because we are starting to see the fall of the home inventory in Sun Lakes as well.  Will it create a supply/demand issue in Sun Lakes?  If history is any indicator, the answer to that question would be “most likely”.

sun-lakes-az-home-for-sale-inventory

The great news for buyers is that Sun Lakes is not seeing bidding wars at this time.  So, if you’re in the market for a home, it’s a great time to be a buyer here.  Prices are lower than they have been for years and if we’re really as close to the “bottom” of the real estate market, we’ve got nowhere to go but up.  So, don’t wait to long or you’ll be just like buyers in the rest of the Valley saying…”we wish we would have bought sooner.”

Amy Jones Group – RE/Max Infinity
2450 S. Arizona Ave   Chandler, AZ
Phone: 480-250-3857 
Email:  Amy@AmySellsAZ.com
Blog: http://www.sunlakesblog.com/

 Top Producing Sun Lakes REALTORS Sun Lakes Residents

No Comments

Why home buyers LOVE Sun Lakes, Arizona

by Amy Jones for Real Estate

Why do home buyers LOVE Sun Lakes, Arizona?  It’s real simple.

When you purchase a home in Sun Lakes, you’re purchasing a country club lifestyle.  Golf Courses, Swimming Pools, Tennis, Fitness Centers, Racquet Ball, Pickle Ball, Billiards, Clubhouses, Restaurants, Miles of Walking Paths…the list goes on.

My buyers, Bill & Dianne Stoutenberg from Alberta Canada said it best~

“Amy had asked us what type of lifestyle and property we were interested in? We did not realize how important the lifestyle question was until we looked at various properties in Mesa, Gilbert and Chandler. Amy showed us several properties in those areas and we quickly realized we did not want to buy just another home in another city suburb. We wanted a winter vacation country club lifestyle.

Amy showed us several properties in Sun Lakes Oakwood area and the associated amenities. We were impressed with the 27-hole golf course, 3 swimming pools (heated for winter use), the beautiful club house, other recreation facilities and community security. The area was kept in immaculate condition and the people we met were very friendly.”

So what is the age demographic in Sun Lakes? Here’s where most people have a mis-perception.  Sun Lakes differs from many active adult communities.  The 2010 census profile best illustrates this point.

Population:  13,505

Ages:
Over 55:   12,317
Under 55:   1,188

Yes… you read it correctly almost 10% of the population living in Sun Lakes, AZ is under the age of 55 (including…my husband & I!)

Federal law (Fair Housing Amendments Act of 1988) to Title VIII of the 1969 Civil Rights Act requires communities intended for residents 55-years of age or older only need have 80% of the residents who must be 55-years of age or older.

This is great news for the buyer today who wants a country club lifestyle and fits the age criteria!

Amy Jones, REALTOR
RE/Max Infinity ~ www.YourSunLakesLifestyle.com ~ 480-250-3857

No Comments

Create a House Hunt Checklist

by Joan Byrnes for Real Estate

 The Home

Space is one of the first things people notice when touring a home. Are there enough bedrooms to accommodate the household? How spacious are storage closets? Square footage and the practicality of the floor plan are elements that demand major consideration. Is there a garage or a basement? These are some standards you should have set in your head before beginning your home search, but it doesn’t hurt to add these elements to the checklist. After you’ve evaluated the space, take time to note the condition of the home. Some suggest breaking it down further into interior and exterior conditions. Look specifically for dampness and odors, age and condition of the roof as well as the functionality of gutters and downspouts. Finally, don’t forget to make note of extra perks such as a fireplace, great landscaping, fences, a patio/deck, and sun screens as well as overall energy efficiency.

The Neighborhood

One of the most common things homebuyers look for in a neighborhood is safety. Individuals want to feel secure in their new surroundings. How close are you to police and fire stations, the hospital or schools? Does the neighborhood provide trash services? Don’t forget to investigate these issues by creating a physical or mental checklist.

Convenience

Location, location, location is becoming a greater concern for many homebuyers. When looking at a home, take the time to figure out how far you would be from the grocery store, shopping, highways, local amenities, etc. These are just some things you want to ask yourself as you evaluate the location of a home.

Take the time to look at all aspects of the property and surrounding area-from the actual structure to the neighborhood, and location will help you make a more accurate and informed decision when choosing a home.

 

No Comments

Joan’s Real Estate Corner… 1 Million Foreclosures Delayed Until 2012

by Joan Byrnes for Real Estate

Syndicated from Daily Real Estate News | July 14, 2011 |

An estimated 1 million foreclosure-related notices for defaults, auctions, and home repossessions that should be filed by lenders this year will be pushed back until next year, according to the latest report by RealtyTrac.

While the delays could give home owners more time to catch up on their payments and try to avoid foreclosure, housing experts warn this means the looming shadow inventory of distressed properties likely will continue to plague the real estate market even longer.
Read the rest of this entry »

No Comments

Features

Columns

main navigation