Archive for Scottsdale Real Estate News
House of Representatives Pass Anti-Deficiency Fix – SB1004
Posted by: | CommentsI just received word that the House of Representatives unanimously passed SB 1004 . With this fix, Arizona will continue to operate as a deed of trust state with the protections that have been in place since 1971. SB 1004 repeals and replaces ARS §33-814 which essential returns the statute to its original status prior to the passage of SB 1271. This bill passed as an emergency pass which means it will go into effect as soon as signed by Governor Brewer.
First Quarter 2007 Ranks Arizona Appreciation #25
Posted by: | CommentsFirst Quarter 2007 Ranks Arizona at 25 with a annual 5.22% appreciation
I just read the latest statistical report from OFHEO (Office of Federal Housing Enterprise Oversight) and it’s always nice to read good news about Arizona real estate.
Now, granted, the news isn’t as good as it is for Utah, Idaho or Washington – but we had our day. If you have held property for the last five years, you experienced 93.76% appreciation and if you are an old timer (since 1980), then you have seen 332.35% increase. Let’s keep things in perspective – not bad! Arizona currently ranks as number 25 with a .13 % appreciation for the first quarter of 2007 and an annual appreciation (2nd Q 2006 – 1st Q 2007) of 5.22%.
The housing market is never static in the United States and this report just shows how varied it can be. Seven states show double digit appreciation while seven other states had less than 2% appreciation and even some depreciation.
First all the good news:
- Nationally, home prices grew faster over the past year than did prices of non-housing goods and services reflected in the Consumer Price Index. House prices rose 4.3 percent, while prices of other goods and services, excluding shelter, rose 1.6 percent.
- The states with the greatest rates of appreciation between the first quarter of 2006 and the first quarter of 2007 were: Utah (17.0%), Idaho (12.3%), Montana (11.7%), Wyoming (11.7%), and Washington (11.6%).
- The Metropolitan Statistical Areas (MSAs) with the greatest rates of appreciation between the first quarter of 2006 and the first quarter of 2007 were: Wenatchee, Washington (25.6%), Provo-Orem, Utah (19.7%), and Salt Lake City, Utah (19.1%).
- Of the 20 cities with the greatest four-quarter appreciation, five are in Washington state.
Now – the bad news:
- The states with the lowest rates of appreciation for the same period were: Michigan (-0.7%), Massachusetts (-0.6%), Nevada (0.6%), Ohio (0.8%), and New Hampshire (1.1%).
- The MSAs with the lowest rates of appreciation for the same period were: Punta Gorda, Florida (-4.6%), Sacramento-Arden-Arcade-Roseville, California (-4.4%), and Modesto, California (-4.4%).
One sure thing is that for most homeowners in the United States, the historic trend of housing, just like the stock market, goes up.
For more details about the OFHEO report, click here. For maps and the full ranking of U.S. cities, and states, click here.
Scottsdale Projects Win Architectural Awards at The Golden Nugget
Posted by: | CommentsArizona and Scottsdale took numerous awards at the recent Golden Nugget Awards
The Golden Nugget Awards, sponsored by PCBC (Pacific Coast Builders Conference) were awarded in San Francisco recently. Of more than 500 projects, Scottsdale received quite a few. In fact, in the 44 year history of the award program, Arizona developers and architects had their best year ever. The Judges’ Award of Excellence was given to the City of Scottsdale for the beautiful public works project – the Chaparral Water Treatment Facility located at the southeast corner of Hayden Rd and McDonald. You might not have known it was a water treatment plant, but if you are a resident or frequent visitor of Scottsdale, you probably drove by it during it’s lengthy construction.
The Casitas at Silverleaf won a Gold Nugget Grand Prize for Detached Residential Project of the Year. Developer: DMB Associates, Inc. Architect: CSE & Associates, BBG Architects. Silverleaf is a exclusive luxury community located in DC Ranch, Scottsdale.
The following commercial buildings and homes won Golden Nugget Awards of Merit:
- A private residence at Silverleaf, Scottsdale – Custom Home over 10,000 square feet
- Casitas at Silverleaf, Scottsdale – Single Family Detached Home between 3601-4000 square feet and Single Family Detached Home between 4001 -4500 square feet
- The Clubhouse at The Golf Club Scottsdale
- Trader Vic’s, Scottsdale – Specialty Project
- Naiff/Cohen Residence, Scottsdale – Custom Home under 5000 sq ft
- DLB Residence – Custom under 5000 square feet
11 Acres of Trust Land Will be Auctioned This Week
Posted by: | CommentsThe Arizona State Land Department announced the sale of 269 acres of land in the North Phoenix Desert Ridge area as the highest land sale in department history. Rightpath Limited Development Group purchased the parcel for $149.45 million, which is $555,535.00 per acre, and is planning to develop a residential community.
This comes as good news in our Arizona market as the last record land sale set in August 2005 when Toll Brothers and Pulte Homes also purchased land in the Desert Ridge area for $135 million.
Arizona State Land Commissioner Mark Winkleman proudly proclaimed, “This is a remarkable sales price and a milestone for the State of Arizona which sends a clear message that the market is strong and very interested in the lands Trust has to offer.” Read direct from State Land Commissiioner