Archive for March, 2019

2019 Arizona Real Estate Market Update and predictions

I attended a class on real estate recently and listened to Bill Grey, ASU professor on real estate and very well informed on past and current issues.  He mentioned many interesting views about varied subjects that affects the future of Arizona which I will share with you.  Many of which we take for granted.

  • Arizona private land ownership is rare: 43% of AZ land is owned by the Federal Government, 26% is owned by Indian reservation, 12% is owned by State of AZ Trust to build schools. So, only 19% is owned by private citizens like us.
  • Arizona home ownership: Sixty five percent can afford to own a home. This is a drop from 75 percent from years ago because mortgage loans are tougher to get.
  • Arizona home sales: Looking bright. Many people are moving to AZ from California, Utah, Colorado, Washington because of low cost of living, jobs, weather and quality of life.
  • Rental Market in Arizona: Booming and rent is increasing. A legislation to cap rental increase would help.
  • Arizona median Age: 35.5 years old
  • Arizona unemployment rate: 4.3 percent
  • Arizona median income: $56,000
  • US median home income: $60,000
  • US median home prices – $250,000
  • AZ population: 1.7 million , growth rate is 1 million  per 10 years
  • AZ largest employer: Banner Health Care
  • Retail market prediction: Malls without experience will close and convert to medical offices, restaurants. Dollar store, 99 cent store, Goodwill are gaining demand. Middle American stores like Macy’s, Penny’s are struggling. Luxury stores are doing well.
  • Industrial Market: Many distribution hubs are staying or moving to AZ because it is cheaper – Dicks, Ace etc…
  • Entertainment centers are gaining success. Customers are looking for fun experience such as top golf.  Golf courses are on a decline.
  • Challenges facing Arizona: Lack of water, huge national debt, available land, education.

 

*Information and figures provided were based on March 18, 2019 and are subject to change.

March 23, 2019 at 12:56 pm Leave a comment

What would you do if the house you made an offer on was used to shoot porno films?

A couple rescinded their offer on a Paradise Valley home after they found out that the house was used for pornographic films.

What are the porn laws in Arizona? When selling real estate, the Seller is not obligated to disclose the type of business the house was used for. Other items that are not required to be disclosed in Arizona when selling a home are as follows:

The home being the site of a natural death, suicide or homicide or any other crime classified as a felony.
The home being owned or occupied by a person exposed to HIV or AIDS.
The home being located in the vicinity of a sex offender.

The Buyer has the right to cancel within allowable time frame due to their inspection or morale standard but Arizona law doesn’t prohibit the sale of the house regardless of its past. It will just have to wait for the right Buyer.

 

March 10, 2019 at 1:58 pm Leave a comment


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