ASU: Phoenix home values up 25% from a year ago
Phoenix Business Journal by Kristena Hansen, Reporter
Date: Thursday, May 31, 2012, 12:19pm MST – Last Modified: Thursday, May 31, 2012, 5:54pm MST
A new housing report from Arizona State University released today shows the metro Phoenix housing market continues making strides toward recovery, yet is still tussling to regain its balance.
Median single-family home prices last month in Maricopa and Pinal counties were up 25 percent from the same time last year, while the average price per square foot also rose 16.5 percent, according to the study byMichael Orr, a real estate expert at ASU’s W.P. Carey School of Business in Tempe.
For example, a home valued $112,000 in April 2011 was worth $140,000 by last month, the report said.
Certain areas of the Valley that took a particular beating during the recession, such as El Mirage, Glendale, Maricopa and Tolleson, are now seeing some of the greatest rebounds. The pricing boost also applies to condominiums and townhomes, Orr said in a statement, with their values up 23 percent year-over-year.
Although prices continue on the upswing, the “unusual lack of supply” of resales on the market is instigating a large imbalance of buyers and sellers, Orr said.
Total inventory in April dropped by more than half (or 56%) from last year’s figures, and therefore played a major role in the 12 percent year-over-year decline home sales saw that same month.
“Demand remains strong in the market, as evidenced by multiple-bid situations for the majority of resale home listings,” Orr said. “Most homes priced well are attracting multiple offers within a couple of days. Up to 20 or 30 offers for a home are becoming common, and often, many offers exceed the asking price.”
And while metro Phoenix’s foreclosures were down 62 percent from last April, the report said, “one note of concern” was the 4.7 percent increase in homeowners who received foreclosure notices from their mortgage lenders, Orr said. Banks, however, continue enticing struggling homeowners to short sale in lieu of foreclosure.
Feel free to contact Walter Unger regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs
OPPORTUNITIES
http://www.loopnet.com/profile/14101172900/Walter-Unger-CCIM/Listings/
Please go to my web-site and get all the newsflashes and updates in Commercial and Investment Real Estate daily
Also if you register and become a member you will have access to the In Distress Commercial properties from Pima andPinalCountyand the Trustee Sales for Commercial Properties fromMaricopaCountyon the member’s page.
Follow me on Facebook:
http://www.facebook.com/ungerccim
Follow me on Twitter:
file:///C:/Users/win7user/Desktop/follow.htm
Follow Me on Likedin:
http://www.linkedin.com/pub/walter-unger-ccim/15/782/920
Follow Me on Google+
https://plus.google.com/u/0/b/114560883588623379451/
MORE!!!
COMMERCIAL REAL ESTATE SHORTSALE / EXPAND AND UPGRADE
Central and Southern Arizona.
Walter Unger CCIM, CCSS, CCLS
I am a successful commercial Real Estate Broker inArizonanow for 15 years and I worked with banks and their commercial REO properties for 2 years.
1.
WHETHER YOU LEASE OR OWN
NOW IS THE TIME FOR YOU TO EXPAND OR UPGRADE.
In my opinion we are at or near the bottom of the Commercial Real Estate cycle inArizona and now is the time for you to expand or upgrade on your Commercial Real Estate. The prices on deals I may get you will not be around forever.
2.
IF YOU OR ANYBODY YOU KNOW IS IN TROUBLE WITH YOUR BUSINESS, AS MANY AMERICANS ARE IN THE MOMENT, AND ARE ABOUT TO LOSE YOUR COMMERCIAL PROPERTY, PLEASE CONTACT ME. IF YOUR BANK IS BEHAVING BADLY I MAY BE ABLE TO HELP YOU GET OUT OF SOME OR MAYBE A LOT OF FUTURE HEADACHES.
If you have any questions about the 1 or 2 above, I will gladly sit down with you and share my expertise and my professional opinion with you. Obviously I am also in this to make money, but it could be a win-win situation for all of us.
Please reply by e-mail walterunger@ccim.net or call me 520-975-5207 (cell) 602-778-5110 (office direct).
Thank You
Walter
Walter Unger CCIM
Associate Broker
Kasten Long Commercial
2821 E. Camelback Road, Suite 600
Phoenix,AZ85016
Cell: 520-975-5207
Direct: 602-759-1202
Office : 602-445-4141
Fax: 602-445-4188
Delivering the New Standard of Excellence in Commercial Real Estate
My Listings:
http://www.loopnet.com/profile/14101172900/Walter-Unger-CCIM/listingslink
Disclaimer of Liability
The information in this blog-newsletter is for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
0 Comments
Trackbacks/Pingbacks