Investors are noticing the Phoenix real estate market and are BUYING!  Talk in the investor circles is that the Phoenix market has bottomed out (haven’t I been saying that?) and now is the time to buy. 

Forbes Magazine has taken note and named Phoenix one of the top 10 Real Estate Investment Markets in the country.

The investors that are buying in the Phoenix area today are a different type of investor than that who played havok with our market 3-4 years ago.  This investor is wiser.  Is not playing real estate mogul without a clue as to how that is done in the real world.  These investors know what they’re doing and they’re coming with cash in hand vs the “no money down” investors that finally burst our bubble during the boom.

Today’s investors are coming from out of state and Canada.  They’ve been watching our market for a couple years now and feel now is the best time to buy.  Good news at last for sellers in the valley.

So where did we rank?  Number 9.  But, if you look at the 5 largest cities we ranked as the most affordable.  Add to that our great schools, good highway system, beautiful new communities and outstanding weather…Well, it’s a no-brainer.  The Valley of the Sun just can’t be beat.

The top 10 cities for great real estate investment opportunities are…drum roll please…

#1 New York City, #2 Washington DC, #3 Los Angeles, #4 San Francisco, #5 Seattle, #6 Boston, #7 Chicago, #8 Las Vegas, #9 Phoenix and #10 Orlando.

Another often-asked question by buyers moving to the area from out of state.  Just how do Phoenix area salaries compare to the rest of the country? 

We have a relatively strong economy here, but not as strong as it was over the last couple years.  The national mortgage crisis and the severe decrease in new home construction is a major contributing factor in our economic decline. 

But what ARE workers earning in the Phoenix area? Here are just a few annual incomes as reported in Phoenix Magazine.

• Cashier $21,190
• Child/family/school social worker $33,910
• Computer systems analyst 70,240
• Criminal Investigator $54,090
• Database administrator $58,620
• Drywall & ceiling tile installer $30,840
• Electrical engineer $77,080
• Floral designer 23,680
• Landscape worker $20,570
• Lawyer $110,000
• Librarian $43,370
• Physical therapist $63,730
• Physician assistant $64,320
• PR specialist $44,850
• Registered nurse $58,880
• Restaurant cook $21,440
• Security guard $22,300
• Teacher’s assistant $20,160
• Truck driver $39,190
• Waiter/Waitress $17,460

What are the in demand jobs locally?

• Aerospace industry (including everyone from assemblers to accountants, managers to IT)
• Accounting field (especially experienced accountants and CPA’s)
• Financial jobs including tax accountants, public accountants, financial analysts etc
• IT field
• Engineering field
• Computer services
• wast managment
• security business
• Health care workers at all levels

What’s the least in demand industry…construction and mortgage-related jobs.

Next…where’s the best place to work?

Getting around the East Valley will get easier as of July 21, 2008 as the final section of the 202 will be opened for traffic.  As a Realtor, this is something I’ve been anxiously anticipating for years. The Loop 202 has become my favorite highway, but don’t tell anyone or it will soon become clogged just like the others.  As of now, commuting is still pretty much a breeze except for some minor backups during rush hour. 

The entire Loop 202 crosses Chandler, Gilbert, Mesa and Tempe before intersecting with Loop 101, AZ 51 and I-10 and will certainly help to ease congestion. 

The 4.5 mile section that is opening next Monday from University Drive to Power Road cost $195 Million Dollars and was the most complex due to the amount of dirt that had to be excavated and flood control barriers that had to be built.  You may remember construction was delayed last summer when one of the concrete beams resting on a 25 foot high bridge toppled, creating a domino effect and causing 9 other girders to fall.  Wonder how you lean concrete beam on a 25 foot high bridge?  Was it lunch time and someone said…Oh…I think I’ll just leave it here for a minute?  Did lunch drag on that someone forgot where he had put the concrete beam?  Kinda makes you wonder. 

Anyway…Happy Commuting!

The secret must be out that Chandler is the place to be.  According to the ASU-Repeat Sales Index which compares sales over the last 3 month, Chandler was one of two cities in the Valley that saw the lowest depreciation.  (Is that like saying my dog is not as ugly as the rest?) 

This is truly good news for Chandler who, along with Sun City West, were the only 2 communities that did not experience 2 consecutive declines in home prices Jan-Feb and Feb-Mar.

Chandler’s home prices fell 9.2% from February to March of 2008, after dipping 9.4% from January to February. 

The Valley saw double digit month to month declines in March for the first time ever.   This is likely a reflection of not only excess of inventory, but also that sellers arre finally coming to terms with the fact that they have to price their homes competitively to sell. 

Tempe dropped 8.6% in February and followed that with a 12.1% drop in prices in March.  This is surprising as Tempe has historically held value better than other areas of the valley due to the market being driven by the presence of ASU’s main campus.

Mesa’s home prices dropped 13.3% in March

The ASU-RSI relies on repeat sales data for the same house and is considered a better and more reliable way to measure sales vs using the median home prices.  It breaks the sales data into 5 Phoenix geographic area: Southeast, Southwest, Northeast, Northwest  & Central.

Visit www.AmySellsAZ.com to search the Arizona MLS and for complete weekly market updates on Phoenix East Valley Real Estate.

Amy Jones specializes in residential, vacation homes & cabins, as well as retirement communities in the communities of Ahwatukee, Chandler, Fountain Hills, Gilbert, Maricopa, Mesa, Paradise Valley, Queen Creek, Scottsdale, Sun Lakes, Tempe and the White Mountains communities of Pinetop/Lakes & Show Low. 

The Oakwood Dobson Gate in Sun Lakes has been a central point of controversy for a number of years.  Sun Lakes Oakwood is a guard gated community that is conveniently located right smack in the center of a major thoroughfare, Dobson Road.  If you are travelling northbound between Queen Creek Road and Riggs Road, you cannot utilize Dobson Road just past the Ocotillo intersection unless you own a home in the Oakwood Subdivision OR if you know someone within the subdivision and can call them using the Sentex System at the Dobson Road Gate to be buzzed in. 

If you are travelling southbound and manage to enter the community through the guard gate on Riggs Rd, you will still need a gate pass to exit through the Dobson Gate.

Effective July 1, 2008, the Sentex system will be removed and all visitors will have to enter through the manned guard gates at Riggs Rd.  This is sure to be an inconvenience until it becomes the norm.  I live in Oakwood and most of my visitors do come through the Dobson Gate utilizing the Telex System.  Now they’ll have to drive a few extra miles around to the Riggs Gate.  Not a big deal in the grand scheme of life..but I’m sure I’ll hear about it!

Just when I thought marketing schemes couldn’t get much wackier, I hear about The Arbors at Branch Creek in Tampa, Florida.  Sales in this condo conversion community have been sluggish, so developers thought making one of the two pools in the community “clothing optional”. 

The AP article about the community shares that  “The complex Web site shows a barebacked woman meditating next to a steaming hot tub, and promises: “You’re going to be very comfortable with our dress code. Our residents are welcome to shed more than their inhibitions as they enter the gates of Eden. Because when our residents come home after a busy day in the working world, they want to completely unburden themselves, shed the trappings of the outside world … and be totally free.” 

Uhhh… no, not really.  I can’t think of anything that would make me less comfortable than sitting around my community pool surrounding by naked people.  The model in the video aside, I’ll venture to guess that most of the “unburdened bods” who have freed themselves from the burden of a bathing suit are probably not anything I would want to see.  I know they’re calling it the “Gates of Eden”, but I’m pretty sure Adam & Eve never ate a Big Mac, Fries & a Shake.

I wonder if this idea will catch on?  There are plenty of condo communities in the valley where sluggish sales are pretty common.  If it does…maybe buying stock in sun block would be a smart move. 

The temperature’s rising in the Valley of the Sun…but it’s not just the sun that’s hot.  What began as a “feeling” I had 3 months ago is now a reality that the “experts” are reporting on.  Yes, the Phoenix metro real estate market is showing signs of life again! 

For the first time since July of 2005, the local resale housing market sales have jumped by 15% over this time last year.  April 2008 posted 5,585 recorded sales compared to 4,855 sales in April 2007 (and increased significantly in just one month…4,335 in March 2008).

Prices have made owning a home affordable for many today who were squeezed out of the market during the peak of our sales boom in 2005.

Foreclosures have played a large part in the price reductions and now make up 44% of all houses selling under $200,000.  Last year, foreclosures made up only 16% of the market.

Bottom line….the “Bottom” just may be here.  So if you’ve been fence sitting…don’t wait too long. That great deal you’ve been watching may be gone tomorrow and you’ll be singing the “ShouldaWouldaCoulda” song again.

Check www.AmySellsAZ.com for complete weekly market updates on Phoenix East Valley Real Estate.

Amy Jones specializes in residential, vacation homes & cabins, as well as retirement communities in the communities of Ahwatukee, Chandler, Fountain Hills, Gilbert, Maricopa, Mesa, Paradise Valley, Queen Creek, Scottsdale, Sun Lakes, Tempe and the White Mountains communities of Pinetop/Lakes & Show Low. 

The Real Estate Market in the Phoenix East Valley continues to show improvement.  Almost all cities show a reduction in active listings and steady buyer activity.  Interesting to note that homes that are selling are typically NOT short sale listings.  In Maricopa where there is a very high ratio of short sale listings for example, of the 48 homes that went under contract last week, only 5 were short sale listings.  We continue to see a high value in homes that are well cared for with a seller who has realistic expectations.  This is the type of home that IS selling. 

The East Valley just last week dipped below 12 months of inventory.  In a normal, balanced market we carry an average of 6 months worth of inventory. 

There was 15.7 months worth of inventory in the East Valley during the last week of October, 2007. We have experienced a gradual reduction in that inventory most noticeably over the last 4 weeks and this could be confirming that we have finally hit bottom.  If so, we should notice a plateau over the upcoming months with a gradual return to normal appreciation.  Good news for homeowners in the East Valley!

For more Information visit Chandler Arizona Real Estate.  This information was provided by Amy Jones, a multi-million dollar top producing Realtor with RE/MAX Elite. Amy specializes in residential, vacation homes & cabins, as well as retirement communities in the communities of Ahwatukee, Chandler, Fountain Hills, Gilbert, Maricopa, Mesa, Paradise Valley, Queen Creek, Scottsdale, Sun Lakes, Tempe and the White Mountain communities of Pinetop/Lakeside & Show Low.  Search the Arizona MLS.

The media is quick to jump on the gloom and doom bandwagon regarding the current real estate market around the country.  Why aren’t they reporting on what’s been happening in the Phoenix Metro area over the last few weeks?

The market reports are reflecting a recent steady improvement to our market (see chart below). 

Yes, Buyers are buying and sellers are smiling.  Let’s shout it from the rooftops…or at least from our nightly news?

For more Information visit Chandler Arizona Real Estate.  This information was provided by Amy Jones, a multi-million dollar top producing Realtor with RE/MAX Elite. Amy specializes in residential, vacation homes & cabins, as well as retirement communities in the communities of Ahwatukee, Chandler, Fountain Hills, Gilbert, Maricopa, Mesa, Paradise Valley, Queen Creek, Scottsdale, Sun Lakes, Tempe and the White Mountain communities of Pinetop/Lakeside & Show Low.  Search the Arizona MLS.

…and stop the imposition of a new tax on your home, business or property. 

The No New Tax On Our Homes initiative will prohibit the double taxation of your home, land, or commercial real estate in Arizona by banning a real estate transfer tax through a constitutional amendment on the November 2008 ballot.

Real estate transfer taxes would make private proprety ownership out of reach for many people.  Arizona’s ability to provide affordable housing, create small business ownership opportunities and help seniors and low-income residents keep their homes must be protected.

A real estate transfer tax creates double taxation, weakening the economy by making it harder for owners to sell their property and reducing the equity property owners have worked hard to build.

Tell your firends to vote YES (I know…that’s confusing) on the NO NEW HOME TAX BALLOT MEASURE!

For more Information visit Chandler Arizona Real Estate.  This information was provided by Amy Jones, a multi-million dollar top producing Realtor with RE/MAX Elite. Amy specializes in residential, vacation homes & cabins, as well as retirement communities in the communities of Ahwatukee, Chandler, Fountain Hills, Gilbert, Maricopa, Mesa, Paradise Valley, Queen Creek, Scottsdale, Sun Lakes, Tempe and the White Mountainscommunities of Pinetop/Lakeside & Show Low.  Search the Arizona MLS.