High End Homes in Scottsdale help market but......

Scottsdale, Ariz: High-end homes help market, prices, from the USA TODAY, reports that the upper-end market in Scottsdale is holding steady and propping up overall home prices, which are relatively flat, according to Mike Deutch, president of the Scottsdale Area Association of Realtors. "The luxury home market has fared a little better than the rest of the market over the last year or so," added Mike Glover of Prudential Arizona Properties. Still, sales volume at the top end of the market isn't enough to make up for the skidding sales for homes priced below $700,000. Compared with May of last year, single-family home sales in Scottsdale overall are down nearly 23%. The article says that a median priced home in Scottsdale would be around $630,000 with 5 bedrooms, 3 baths and 3,339 square feet. The article also notes that there are a record 45,175 single-family homes for sale in the Valley.

http://www.usatoday.com/money/economy/housing/closetohome/2007-07-23-close-scottsdale_N.htm

Scottsdale resale numbers down...PRICES UP!

Fron the Arizona of Real Estate & Business Journal August 2007

While the Scottsdale resale home market declined from 535 to 420 recorded sales, the median sales price increased from last year's $615,000 to $617,000. The median resale home price is $711,000 ($683,000 in April) in North Scottsdale and $320,000 ($333,000 in April) in South Scottsdale. The townhouse/condominium sector in Scottsdale declined slightly from 305 to 295 sales, while the median sales price increased from $261,500 to $273,250

Listen to NPR's Here & Now on the Valley's Development

http://kjzz.org/news/arizona/archives/200707/hereandnowdevelopment

Valley is home to four the nation's fastest growing suburbs

Forbes: Valley home to four of nation's 10 fastest-growing suburbs, from the Business Journal of Phoenix, reports that according to a survey released this week by Forbes magazine, Buckeye, Surprise, Goodyear and Avondale all come in the top 10 fastest growing suburbs in the U.S., according to Census Bureau data. Buckeye was the second-fastest growing suburb in the U.S. from 2000 to 2006, growing from 10,147 to 29,615, a jump of 192 percent. Surprise came in third growing from 32,000 to 86,000, a 166 percent increase. Goodyear's came in sixth with its population growing from 19,500 to 47,400, a 143 percent increase. Avondale came in ninth with its population growing from 37,000 to 75,400, a 102 percent increase. Twenty of the fastest growing suburbs were in Texas and 18 were in California.

http://phoenix.bizjournals.com/phoenix/stories/2007/07/16/daily23.html?jst=b_ln_hl

Light Rail boosts the Central Corridor rental rates

Investors, light rail boost Central Corridor rental rates, from the Arizona Republic, reports that office lease rates in the Central Corridor have risen to $23.62 per square foot, driven by less expensive properties attractive to investors, and by the light rail which is expected to fuel future growth and activity in the corridor. The $23.62 average lease rate is up more than $6.00 per square foot from two years ago. In addition, the vacancy rates are significantly lower than they were only a couple of years ago. The numbers signal a resurgence of sorts for a submarket that has long "played second fiddle" to more exclusive areas such as the Camelback Corridor or the Scottsdale Airpark, said Charles Miscio, first vice president with CB Richard Ellis's Phoenix office. The article also notes the per square foot office lease rates for other market areas of the Valley, including the Camelback Corridor at $33.23, Scottsdale Airpark at $29.32, Glendale at $27.78, Downtown Phoenix at $27.61 and Downtown Mesa at $15.66.

http://www.azcentral.com/arizonarepublic/business/articles/0717biz-centralcorridor0718-ON.html

Collier Center sells for nearly $177 million

Collier Center sells for nearly $177 million, from the Arizona Republic, reports that the 23-story Colliers Center building in downtown Phoenix has sold for $176.8 million, the biggest office sale in the Valley's history. The sale shows that Phoenix continues to be an attractive market for investors, said Jim Fijan, executive vice president with CB Richard Ellis, who helped broker the sale. The building, which has a total of 512,000 square feet, was 96 percent occupied at the time of sale, which closed June 28th. That works out to $ 345.31 per square foot.

http://www.azcentral.com/business/articles/0716biz-collier0717-ON.html

Price Rebound in 2008 is Expected....should you buy now?

Home prices expected to rebound in 2008, from MSNBC.com, reports that the prices of new and existing homes are expected to bounce back next year after a dreary 2007, according to the latest prediction by the National Association of Realtors yesterday. The NAR expects existing homes sales to rise to nearly 6.4 million in 2008, up from the 2007 estimate of 6.1 million. New homes are expected to rise to 878,000 in 2008, from the estimated 865,000 this year. Existing home prices are expected to rise 1.8 percent to a median of $222,700 in 2008 after a 1.4 percent decline this year. The median new home price should rise 2.2 percent next year after a 2.6 percent drop in 2007. "Markets that sharply reduce new construction in 2007 will generally experience respectable price increases in 2008," said Lawrence Yun, NAR senior economist. http://www.msnbc.msn.com/id/19710279/ <http://www.msnbc.msn.com/id/19710279/>