Numbers
According to Grubb & Ellis Commercial Realtors in their "Phoenix Housing Market" report dated
10.21.09 there are good reasons to live in Phoenix. We are blessed with population growth, affordable housing, highly educated population, low cost of doing business and no earthquakes, tornados, hurricanes, "Santa Ana Fires" or snow. Concerns are foreclosures, credit conditions and low home appraisals. Arizona will grow from 5.1 million in 2000 to 6.7 million in 2010. Phoenix metro population growth will hit 4.4 million in 2010, 4.5 million in 2011, 4.65 million in 2012 and almost 4.8 million in 2013 according to the Eller College of Management, University of Arizona. Phoenix metro employment took a hit in 2009 losing almost 200,000 jobs since a peak of 1.925 million in 2007. In 2007 we were just above 3% unemployment and as of September of this year, almost 9%. In 2008 105,000 Californians came here and as of September of this year barely 52,000. Texas, Illinois, Colorado and Washington round out the top feeder states for Arizona. Income growth went from 1.7% in 2008 to a negative 3% through the 3rd quarter of this year.
In 2000 there were 5.1 million people in Arizona. According to the Maricopa Association of Governments
in 2050 there will be 16 million. What do you think those numbers look like for Michigan? We will weather
this time and come out stronger than most of our western neighbors. Will your home come back to the same market value as what we paid for them in 2006 or 2007? No. But it will be better here than in most other places. 
Last week in our corner of paradise there were 2 new listings - both bank offered. 1 price reduction, 1 pending and one close for a bank offered Tercera. It is all spelled out on the spreadsheet for mls changes this past week. The San Felice at 3524 E. Expedition Way came on the market today offered by the bank at $474,700. I was in it back on 9.28.07 and notes indicate is a nice home with a few upgrades. Custom paint, gas cooktop, slab granite counters, under cabinet lighting, backsplash is slab granite to bottom of cabinets, stainless appliances and sink. Master bath and all secondary bedrooms are white cultured marble. Backyard was nicely done and the home had a security system. It does back to Pinnacle Peak Road so there will be a noise factor and resale will likely take a 10-15% hit due to location.
Have a great week. Hug your kids.
Tags: aviano, desert ridge, phoenix, real estate, villages, toll brothers, Arizona
