ICON Living | March

MARCH | APRIL 2019

SUNDAY A’FAIR MARCH 3, 7, 24, 31 & APRIL 7 Celebrating its 32nd season, Sunday A’Fair features free outdoor concerts in Scottsdale Civic Center Mall by top Arizona musicians, along with an arts-and-crafts market, fun activities for children and families and free docent-led tours of the sculptures in the park. Delicious foods from the grill, snacks, cocktails, beer, wine and soft drinks are also available for purchase.

Maricopa County By The Numbers MARCH 2019 1/7/19 – 2/7/19

5,099 $

TOTAL #

CLOSED

338,876

98

70 AVG DAYS ON MARKET

LIST/SELL PRICE RATIO

Can Age Influence Home Value?

[

[

Hiking Arizona

AVG SOLD PRICE

Invest your real estate dollars where the population is growing. Data shows wherever young, workingage people are moving, housing is in higher demand and fetches higher selling prices.

Source: Trulia.com

C a l l T o d a y T o S e l l Yo u r H o m e F a s t e r a n d F o r M o r e M o n e y

ERI C NU GEN T REALTOR®

ICONLIVINGRE.COM ERIC.NUGENT@ICONLIVINGRE.COM 480.478.0550

ICONLIVINGRE.COM T E X T 4 8 0 . 478. 1906 WI T H Y OU R NAME F OR A C HANC E T O WI N A $100 GI F T C AR D If your home is currently listed, this is not a solicitation for that listing.

Residential Real Estate

By Michael Orr

Pesto Bruschetta Appetizers GoodNes

EVENT CALENDAR

CLIMBING TO NEW HEIGHTS

MARCH | APRIL 2019

Spring Training Valley Wide | February 21st - March 26th MLB.com/spring-training

Arizona Bao Festival Phoenix | March 24th Phoenix.org/event/arizona-bao-fest The Arizona Bao Festival will be the place to satisfy your bao cravings! Enjoy steamed buns, gua, bao, BBQ pork buns, sweet buns from bakeries, and creative interpretations from over 10 local businesses.

Tbut first-time visitors seeking outdoor adventures will be

hose who live in Arizona know it’s not all cactus and coyotes,

2

018 was a successful year for the Greater Phoenix residential resale market in both price appreciation and sales volume. For the overall market, price trends capping off 2018 are as follows according to Arizona Regional MLS sales:

• The annual average price per square foot rose 8.1% from $150.37 to $162.51 • The annual average sales price increased 8.8% from $297,317 to $323,562

Arizona Bike Week Phoenix | April 3rd - 7th AzBikeWeek.com

• The annual median sales price gained 8.4% from $239,900 to $260,000

The Original Arizona Bike Week has been the Biggest and Best Motorcycle Rally and Bike Festival in the Phoenix area for 22 years. Whether you’re a first time attendee or long-time veteran, Arizona Bike Week 2019 promises to deliver a rally like you’ve never seen before. ABW is a growing event and each year brings more parties, activities and attractions to the Phoenix & Scottsdale area than the year before.

Sales volume decreased, but a miniscule 0.1% from an annual rate of 93,519 to 93,420. This makes 2018 the 5th highest year overall for sales transaction volume. Total dollar volume increased 8.6% from $27.8 billion to $30.2 billion, placing 2018 in a close second place overall for total money spent on residential resale transactions.

Phoenix Pride Parade Phoenix | April 6th -7th PhoenixPride.org/events/pride-parade The 2019 Phoenix Pride Parade brings our diverse LGBTQ and allied communities together for a weekend of camaraderie and celebration of our past, present and future. The Parade brings over 2,000 individual participants with decorated vehicles, colorful floats and thousands of walkers.

With over 15,000 spectators, the Parade features our Grand Marshals, local luminaries, music, and fun along the 3rd Street route from Thomas to Indian School.

Scottsdale Culinary Festival Scottsdale | April 13th -17th ScottsdaleFest.org Enjoy fine restaurants, chefs, tasting experiences and live music in April while supporting arts charities. Highlights of the festival include 40 local restaurants, 30 craft breweries, 20 bars, teen cooking challenge, chef demos, family zone, wine tasting and more!

The market continues to favor sellers in 2019, but not nearly as much as it did at the beginning of 2018 as potential buyers are grappling with affordability issues. The monthly average interest rate rose to 4.64% in December 2018, up 0.69% from the previous December’s 3.95%. For homes with a median sales price of $260,000 in Greater Phoenix, that equates to approximately $100 added to the monthly payment. Meanwhile, homes continued to appreciate over the course of 2018. Buyers who decide to shoulder the extra $100 per month on a $260,000 home will be purchasing one that’s approximately 1,845 square feet; nearly 100 square feet smaller than if they had purchased last year.

Builders continued to focus primarily between $300,000 and $500,000 in 2018 with 41% of their sales landing in this range. However, they also sold 24% more models in the low $200s last year; especially in the areas of Pinal County, Buckeye and Avondale. New homes sold between $200,000 and $250,000 in 2018 were 1,811 square feet on average compared to resale homes sold through the MLS at an average of 1,647 square feet.

Flip sales were strong throughout most of 2018 until the last few months.

The slowdown in flips could be in response to declining profit margins. Flip investors had been averaging at least a 30-35% between the acquisition and sale price over the past 7 years. However increasing acquisition costs have pushed their margins down to just under 26% as of November 2018.

Overall the Greater Phoenix housing market is considered healthy going into 2019, however appreciation rates over 8% are not sustainable going forward. As the seller market weakens, higher price ranges may see more sellers offer interest rate buy-downs while the lower price ranges may see higher percentages of seller assisted closing costs and concessions.

REAL ESTATE

corner

delighted to discover that the 48th state is a diverse landscape of desert, mountains, canyons, rivers and more. Whether you’re hoping to get a little exercise in the cool mornings or gear up for days of serious exploration, Arizona has an abundance of hiking opportunities.

Camelback Mountain is one of the most recognizable peaks in the metro Phoenix area and surely the most popular hike.

It’s a moderate 1.2 miles with a fairly steep climb. You’ll want to go early to avoid the crowds and quickly rising temperatures most of the year, but the city panorama is worth the effort. About an hour east of the city you’ll find the Lost Dutchman State Park in the Superstition Mountains. The area includes Flat Iron Trail among others that can be done in a few hours and some connect to day camping sites.

Heading south to Tucson, you can tackle the Finger Rock Trail up to Mount Kimball in the Catalinas. It’s a steady grade of abour five miles that will give you a workout and mountain views.

A lesser known hike on the outskirts of town is the King Canyon Trail which offers up miles of flora and fauna that will lead into Saguaro National Park.

Thousands of tourists visit Sedona year-round to take in the red

IN GOOD TASTE

Soak up some sun and head to a ball game!

Arizona is home to 15 teams during the spring training season with stadiums located throughout the valley. Enjoy the last few spring training games before the baseball season begins.

sandstone rocks, cliff dwellings and spiritual vortex. Just a few of the many hikes include the Boynton Canyon Trail, Devil’s Bridge Trail and Dogie Trail.

A must-do for any dedicated climber is Humphreys Peak in Flagstaff. It’s Arizona’s highest elevation – over 12,000 feet – and takes about 8-10 hours.

There are, of course, a vast number of routes in and around the Grand Canyon for hikers of all levels. Many of them like the South Kaibab Trail and Havasu Canyon Trail require permits and involve several days of backpacking and camping to complete.

Monument Valley sits on the Arizona/Utah border, providing ancient vistas of stunning rock formations. The Wildcat Trail is the only way to explore without a Navajo guide and will take about three hours to step back in time.

Hikers of all levels need to venture out responsibly when exploring Arizona, no matter what the topography and temperatures are. Be sure to have adequate water, proper shoes and gear, and let someone know where you’re going and when you are returning. Knowledge is your best provision and you can find details of distance, altitudes, weather and more at HikeArizona.com. For an indepth list of the many diverse hikes around the state, visit ArizonaHighways.com/explore/hiking. Have fun!

Appetizers P E S T O B R U S C H E T TA

INGREDIENTS 1/3 cup

Refrigerated pesto with basil

¾ to 1 cup

Part-skim ricotta cheese

1 tbl

Extra virgin olive oil

1

Baguette, sliced

Ground black pepper Salt

DIRECTIONS Place bread slices on baking sheet. Lightly brush tops with olive oil.

Broil for about 1 minute or until lightly golden. Turn over and toast other sides until golden.

Spread about 1 rounded teaspoon ricotta over each piece of toast. Top with about ½ teaspoon pesto. Season with salt and pepper. Garnish with greens.

GoodNes.com

EVENT CALENDAR

CLIMBING TO NEW HEIGHTS

MARCH | APRIL 2019

Spring Training Valley Wide | February 21st - March 26th MLB.com/spring-training

Arizona Bao Festival Phoenix | March 24th Phoenix.org/event/arizona-bao-fest The Arizona Bao Festival will be the place to satisfy your bao cravings! Enjoy steamed buns, gua, bao, BBQ pork buns, sweet buns from bakeries, and creative interpretations from over 10 local businesses.

Tbut first-time visitors seeking outdoor adventures will be

hose who live in Arizona know it’s not all cactus and coyotes,

2

018 was a successful year for the Greater Phoenix residential resale market in both price appreciation and sales volume. For the overall market, price trends capping off 2018 are as follows according to Arizona Regional MLS sales:

• The annual average price per square foot rose 8.1% from $150.37 to $162.51 • The annual average sales price increased 8.8% from $297,317 to $323,562

Arizona Bike Week Phoenix | April 3rd - 7th AzBikeWeek.com

• The annual median sales price gained 8.4% from $239,900 to $260,000

The Original Arizona Bike Week has been the Biggest and Best Motorcycle Rally and Bike Festival in the Phoenix area for 22 years. Whether you’re a first time attendee or long-time veteran, Arizona Bike Week 2019 promises to deliver a rally like you’ve never seen before. ABW is a growing event and each year brings more parties, activities and attractions to the Phoenix & Scottsdale area than the year before.

Sales volume decreased, but a miniscule 0.1% from an annual rate of 93,519 to 93,420. This makes 2018 the 5th highest year overall for sales transaction volume. Total dollar volume increased 8.6% from $27.8 billion to $30.2 billion, placing 2018 in a close second place overall for total money spent on residential resale transactions.

Phoenix Pride Parade Phoenix | April 6th -7th PhoenixPride.org/events/pride-parade The 2019 Phoenix Pride Parade brings our diverse LGBTQ and allied communities together for a weekend of camaraderie and celebration of our past, present and future. The Parade brings over 2,000 individual participants with decorated vehicles, colorful floats and thousands of walkers.

With over 15,000 spectators, the Parade features our Grand Marshals, local luminaries, music, and fun along the 3rd Street route from Thomas to Indian School.

Scottsdale Culinary Festival Scottsdale | April 13th -17th ScottsdaleFest.org Enjoy fine restaurants, chefs, tasting experiences and live music in April while supporting arts charities. Highlights of the festival include 40 local restaurants, 30 craft breweries, 20 bars, teen cooking challenge, chef demos, family zone, wine tasting and more!

The market continues to favor sellers in 2019, but not nearly as much as it did at the beginning of 2018 as potential buyers are grappling with affordability issues. The monthly average interest rate rose to 4.64% in December 2018, up 0.69% from the previous December’s 3.95%. For homes with a median sales price of $260,000 in Greater Phoenix, that equates to approximately $100 added to the monthly payment. Meanwhile, homes continued to appreciate over the course of 2018. Buyers who decide to shoulder the extra $100 per month on a $260,000 home will be purchasing one that’s approximately 1,845 square feet; nearly 100 square feet smaller than if they had purchased last year.

Builders continued to focus primarily between $300,000 and $500,000 in 2018 with 41% of their sales landing in this range. However, they also sold 24% more models in the low $200s last year; especially in the areas of Pinal County, Buckeye and Avondale. New homes sold between $200,000 and $250,000 in 2018 were 1,811 square feet on average compared to resale homes sold through the MLS at an average of 1,647 square feet.

Flip sales were strong throughout most of 2018 until the last few months.

The slowdown in flips could be in response to declining profit margins. Flip investors had been averaging at least a 30-35% between the acquisition and sale price over the past 7 years. However increasing acquisition costs have pushed their margins down to just under 26% as of November 2018.

Overall the Greater Phoenix housing market is considered healthy going into 2019, however appreciation rates over 8% are not sustainable going forward. As the seller market weakens, higher price ranges may see more sellers offer interest rate buy-downs while the lower price ranges may see higher percentages of seller assisted closing costs and concessions.

REAL ESTATE

corner

delighted to discover that the 48th state is a diverse landscape of desert, mountains, canyons, rivers and more. Whether you’re hoping to get a little exercise in the cool mornings or gear up for days of serious exploration, Arizona has an abundance of hiking opportunities.

Camelback Mountain is one of the most recognizable peaks in the metro Phoenix area and surely the most popular hike.

It’s a moderate 1.2 miles with a fairly steep climb. You’ll want to go early to avoid the crowds and quickly rising temperatures most of the year, but the city panorama is worth the effort. About an hour east of the city you’ll find the Lost Dutchman State Park in the Superstition Mountains. The area includes Flat Iron Trail among others that can be done in a few hours and some connect to day camping sites.

Heading south to Tucson, you can tackle the Finger Rock Trail up to Mount Kimball in the Catalinas. It’s a steady grade of abour five miles that will give you a workout and mountain views.

A lesser known hike on the outskirts of town is the King Canyon Trail which offers up miles of flora and fauna that will lead into Saguaro National Park.

Thousands of tourists visit Sedona year-round to take in the red

IN GOOD TASTE

Soak up some sun and head to a ball game!

Arizona is home to 15 teams during the spring training season with stadiums located throughout the valley. Enjoy the last few spring training games before the baseball season begins.

sandstone rocks, cliff dwellings and spiritual vortex. Just a few of the many hikes include the Boynton Canyon Trail, Devil’s Bridge Trail and Dogie Trail.

A must-do for any dedicated climber is Humphreys Peak in Flagstaff. It’s Arizona’s highest elevation – over 12,000 feet – and takes about 8-10 hours.

There are, of course, a vast number of routes in and around the Grand Canyon for hikers of all levels. Many of them like the South Kaibab Trail and Havasu Canyon Trail require permits and involve several days of backpacking and camping to complete.

Monument Valley sits on the Arizona/Utah border, providing ancient vistas of stunning rock formations. The Wildcat Trail is the only way to explore without a Navajo guide and will take about three hours to step back in time.

Hikers of all levels need to venture out responsibly when exploring Arizona, no matter what the topography and temperatures are. Be sure to have adequate water, proper shoes and gear, and let someone know where you’re going and when you are returning. Knowledge is your best provision and you can find details of distance, altitudes, weather and more at HikeArizona.com. For an indepth list of the many diverse hikes around the state, visit ArizonaHighways.com/explore/hiking. Have fun!

Appetizers P E S T O B R U S C H E T TA

INGREDIENTS 1/3 cup

Refrigerated pesto with basil

¾ to 1 cup

Part-skim ricotta cheese

1 tbl

Extra virgin olive oil

1

Baguette, sliced

Ground black pepper Salt

DIRECTIONS Place bread slices on baking sheet. Lightly brush tops with olive oil.

Broil for about 1 minute or until lightly golden. Turn over and toast other sides until golden.

Spread about 1 rounded teaspoon ricotta over each piece of toast. Top with about ½ teaspoon pesto. Season with salt and pepper. Garnish with greens.

GoodNes.com

MARCH | APRIL 2019

SUNDAY A’FAIR MARCH 3, 7, 24, 31 & APRIL 7 Celebrating its 32nd season, Sunday A’Fair features free outdoor concerts in Scottsdale Civic Center Mall by top Arizona musicians, along with an arts-and-crafts market, fun activities for children and families and free docent-led tours of the sculptures in the park. Delicious foods from the grill, snacks, cocktails, beer, wine and soft drinks are also available for purchase.

Maricopa County By The Numbers MARCH 2019 1/7/19 – 2/7/19

5,099 $

TOTAL #

CLOSED

338,876

98

70 AVG DAYS ON MARKET

LIST/SELL PRICE RATIO

Can Age Influence Home Value?

[

[

Hiking Arizona

AVG SOLD PRICE

Invest your real estate dollars where the population is growing. Data shows wherever young, workingage people are moving, housing is in higher demand and fetches higher selling prices.

Source: Trulia.com

C a l l T o d a y T o S e l l Yo u r H o m e F a s t e r a n d F o r M o r e M o n e y

ERI C NU GEN T REALTOR®

ICONLIVINGRE.COM ERIC.NUGENT@ICONLIVINGRE.COM 480.478.0550

ICONLIVINGRE.COM T E X T 4 8 0 . 478. 1906 WI T H Y OU R NAME F OR A C HANC E T O WI N A $100 GI F T C AR D If your home is currently listed, this is not a solicitation for that listing.

Residential Real Estate

By Michael Orr

Pesto Bruschetta Appetizers GoodNes