Home Prices Remain Well Below Market Highs

Source:  KJZZ 91.5 (Phoenix)
1/14/14
By  Dennis Lambert

Click HERE for an audio of this KJZZ report.

A new housing report from Arizona State shows the red-hot metro Phoenix housing market has been cooling off.

Mike Orr of the W.P. Carey School of Business says the median price of a single-family home has increased 23 percent in the last year, to $200,000, but we’re still far from where prices were.

“If you go all the way back to June of 2006, we were at a high point there of around $190-a-square-foot and right now we’re still below $130,” Orr said.

He says despite a lackluster November, metro Phoenix home prices have increased 40-to-45 percent in the last two years, and that is discouraging bargain-seeking investors.

The Cost of Waiting to Buy

Courtesy of Keeping Current Matters/The KCM Blog

1/15/14

COMMUNITY HAPPENINGS

Looking for some fun things to do?  Links to  the biggest events in the Valley for January, February, March, and April can be found for the following events on the left sidebar at pookbellini.com:

JANUARY

CELEBRATION OF FINE ART (1/11-3/23)

BARRETT-JACKSON CAR AUCTION (1/12-19)

PF CHANG ROCK & ROLL MARATHON (1/19)

WASTE MANAGEMENT PHOENIX OPEN (1/27-2/2)


FEBRUARY

WASTE MANAGEMENT PHOENIX OPEN (1/27-2/2)

SCOTTSDALE PARADA DEL SOL PARADE (2/8)

SCOTTSDALE ARABIAN HORSE SHOW (2/13-23)

CELEBRATION OF FINE ART (1/11-3/23)
CACTUS LEAGUE BASEBALL (2/26 - 3/29)

SCOTTSDALE PARADA DEL SOL RODEO (2/27-3/2)


MARCH

CELEBRATION OF FINE ART (1/11-3/23)
CACTUS LEAGUE BASEBALL (2/26 - 3/29)

SCOTTSDALE PARADA DEL SOL RODEO (2/27-3/2)

SCOTTSDALE ARTS FESTIVAL (3/14-16)

ARIZONA BIKE WEEK (Pre-Rally) (3/28-4/1)

MC DOWELL MOUNTAIN MUSIC FESTIVAL (3/28-3/30)


APRIL

PHOENIX FILM FESTIVAL (4/3-10)

ARIZONA BIKE WEEK (4/2-6)

SCOTTSDALE CULINARY ARTS FESTIVAL (4/8-13)

PAT'S RUN (4/26)

Echo Canyon Reopens

After a year of renovations, the Echo Canyon trailhead has reopened to hikers.

There is currently a 6 month ban on dogs on the trail.

Heading out to Barrett-Jackson this year?

Here is the AZcentral Guide:
2014 Barrett-Jackson Collector Car Event

Pook's Message - 1/5/14

On New Year's Day, some of my dearest friends joined me in serving dinner to the families at Ronald McDonald House on the campus of Phoenix Children's Hospital.  This was the 4th year that my friends and I started our new year this way.   Sometimes it's just family members that come for dinner, after spending the day at their child's bedside in the hospital and sometimes young patients also come with their families. These are patients who don't need to be in-patients at the hospital, but need to be nearby for chemo or other special procedures.  Many of them come from the far corners of our state and, if not for RMH, these families would have the added burden of paying for long-term accommodations during this extremely stressful time.  The families are always very appreciative of the meal we serve them and many are comforted not just by our "comfort food," but by our presence.  While some prefer to keep to themselves, others are grateful for the opportunity to talk about their child and share their story.  This year, one woman spent a good deal of time talking to us and, as we spoke, I asked her about a ribbon pin that she was wearing.  She explained that it was a pin for "ComfyCozys for Chemo," an organization that donates (and sells) special T-shirts designed with zippers, pockets and slits to allow access to chest-ports without exposing the child’s body and to allow for storing of the IV lines preventing tangling and pulling on their clothing.  She told us that through grants and donations, this organization (started by a mother who lost her young daughter to leukemia) donates these beautiful tie-dyed shirts to children in hospitals here in Arizona.  The story of ComfyCozys for Chemo can be found at their website.  Please take a moment to check it out.  Also, if you have an interest in cooking and serving a meal at one of the two Ronald McDonald Houses here in the Phoenix area, it's easy to check out their meal calendar and to sign up.  Feel free to call me if you want some "how to" information.  I'm happy to share information about how our group does it.

All is Calm in Phoenix Market

KnowWPCarey Podcast
December 23, 2013

In a recent podcast from the WP Carey School of Business at Arizona State University, Michael Orr, Director of Real Estate, reported  that things quieted down in the Phoenix market in November and December.  While demand is down and we are currently looking at a more "balanced" market for buyers and sellers, activity is stronger in the luxury real estate market, due to easier availability of jumbo loans and positive increases in the stock market.  While Orr said he expects that total sales for 2013 will be down from 2012, he  said "That’s partly because the number of distressed homes is down.  The sales of non-distressed are probably up slightly because distressed sales are down dramatically, the total will be a little lower. Prices will have gone up a large amount, but not quite as much as in 2012."  He anticipates a slower rate of appreciation in 2014 than was seen over the past two years.

According to Orr, author of the W. P. Carey School’s monthly housing report, "The Phoenix real estate market, known in recent years for its volatility, is ending the year on a quiet note... a trend that started in July and continued through October, as supply increased primarily because of a drop in demand."

To listen to the entire podcast (or read the transcript), click HERE.

Mortgage Rates Edge Higher Entering 2014

Courtesy of REALTOR®mag
Daily Real Estate News | Friday, January 03, 2014

Fixed mortgage rates continued an upward climb this week, with the 30-year fixed-rate mortgage starting the year more than a full percentage point higher than last year at this time, Freddie Mac reports in its weekly mortgage survey. 

"Mortgage rates edged up to begin the year on signs of a stronger economic recovery,” says Frank Nothaft, Freddie Mac’s chief economist.
 
Freddie Mac reports the following national averages for mortgage rates for the week ending Jan. 2: 

• 30-year fixed-rate mortgages: averaged 4.53 percent, with an average 0.8 point, up from last week’s 4.48 percent average. Last year at this time, 30-year rates averaged 3.34 percent. 
• 15-year fixed-rate mortgages: averaged 3.55 percent, with an average 0.7 point, rising from last week’s 3.52 percent average. A year ago, 15-year rates averaged 2.64 percent. 
• 5-year hybrid adjustable rate mortgages: averaged 3.05 percent, with an average 0.4 point, rising from last week’s 3 percent average. Last year at this time, 5-year ARMs averaged 2.71 percent. 
• 1-year ARMs: averaged 2.56 percent, with an average 0.5 point, holding the same average as last week. A year ago, 1-year ARMs averaged 2.57 percent. 

Source: Freddie Mac

3 Bold Predictions for the Phoenix Real Estate Sector in 2014

Phoenix Business Journal

Article by Kristena Hansen

Dec 26, 2013, 8:33am MST  (Updated: Dec 30, 2013)

What can we expect in the Phoenix real estate sector in 2014? 

"Experts say the housing market should see less dramatic price gains, higher interest rates and dissipating interest from Wall Street investors. Meanwhile in the commercial sector, a we’re likely a few years away from a healthy recovery. Here’s a closer look at what to expect in 2014..."

• Prediction No. 1: The housing market keeps recovering, but at a slower rate.
•  
• Prediction No. 2: Wall Street’s home-buying binge passes
•  
• Prediction No. 3: Construction industry still struggling 

 Click for HERE the entire article.   

Searches and Stats for Paradise Valley and Scottsdale

Golf Course Properties in the Paradise Valley and Scottsdale Area

Paradise Valley Luxury Properties

Scottsdale Properties

Paradise Valley Stats

Scottsdale Stats

The Cromford Report - December 2013
Courtesy of Fidelity National Title Agency      
          Click HERE for  Luxury Market Report        
          Click HERE for Northeast Valley Market Report

Contact me for other locations.