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Mary Maxie » Greater Phoenix Real Estate Mostly Good News

Greater Phoenix Real Estate Mostly Good News

Greater Phoenix Real Estate Mostly Good News

Massive West Valley development to launch – Two Phoenix-area developers, John F. Long Properties and the Alter Group, are planning a massive mixed-use commercial development in the West Valley that will span Phoenix, Avondale and Glendale.  The project is made up of three separate parcels totaling 1,500 acres and likely will take decades to complete, the developers said.  Over the course of its development, the project is expected to create 3 million square feet of employment space, generate at least 10,000 West Valley jobs and rake in $500 million in construction costs.  Read article:
http://www.azcentral.com/business/realestate/articles/2011/10/21/20111021massive-west-valley-development-launch.html

Investors See Bigger Profits From Rising Rents – Rental demand and prices continue to soar, and investors are cashing in.  Rents are rising at a 5.17% annual rate — up from last year’s 4.72% rate.  Renters are increasingly showing an appetite for single-family homes owned by investors.  Investors make up anywhere between 20 and 40 percent of monthly existing home sales, according to home-sale data.  Read article:
http://realtormag.realtor.org/daily-news/2011/10/21/investors-see-bigger-profits-rising-rents

Renters Spending 5% More Than Home Owners – Rising rents are forcing renters to outspend homeowners on housing costs.  Since 2005, homeowners’ housing expenses have climbed from 31.9% of their household budget to 33.2%.  However, renters’ expenses have jumped from 35.6% to 38.4% during that same time period, according to the October CoreLogic U.S. Housing and Mortgage Trends.  Read article:
http://realtormag.realtor.org/daily-news/2011/10/26/renters-spending-5-more-home-owners

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Mary Maxie, Associate Broker, Prudential Arizona Properties

GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS

 

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