One Lexington Lifestyle | Kevin Owens

Market Predictions for 2015 ... from realtor.com A new year is about to dawn—and the outlook on the housing market is definitely brighter. After all, 2014 was the best year in the U.S. economic recovery since the recession of 2008-2009.

Kevin Owens | Your One Lexington Real Estate Specialist

JANUARY | FEBRUARY 2015

YOUR ONE LEXINGTON REAL ESTATE SPECIALIST

OneLexington L I F E S T Y L E

With an accelerating economic recovery fueling job and income growth, prospects are good for homeowners and would-be home buyers.

PHOENIX – RANKED IN THE TOP 10 HOUSING MARKETS TO WATCH IN 2015

GET BOWLED OVER

Phoenix consistently hammers home market growth through new construction. Because it’s one of the top five markets for new construction, the sprawling desert city continues to see an increase in overall population and household growth.

Household growth is anticipated to increase by 7% over the next five years…

One Lexington By The Numbers in 2014

KEVIN OWENS, REALTOR®

Kris Pesic, Escrow Officer

28 years experience with Old Republic Title in Camelback Corridor

602.631.3706 direct | KPesic@ortc.com 2375 E Camelback Rd #180 | Phoenix, AZ 85016

95

DAYS AVERAGE TIME ON MARKET

SALES

22

IN 2014

297.19

$

97% OF LIST PRICE

Thinking of Selling?

Call Kevin Owens today at 480.217.9184 ISSN-1939-943X Produced by Desert Lifestyle Publishing • 480.460.0996 • www.DesertLifestyle.net

Party Time in Arizona!

Potential Buyers Out Of Penalty Box

AVERAGE PRICE PER SQFT

All information is deemed reliable but not guaranteed. The properties on this list have been listed/sold by various members of the MLS.

If your home is currently listed, this is not a solicitation for that listing. Owned and operated by NRT, LLC.

Greater Phoenix Real Estate Update

TOTAL NUMBER OF

HOMES SELL FOR

kevin@fineAZliving.com www.fineAZliving.com

SINCE JANUARY 2014

480.217.9184

AVERAGE SALES PRICE HAS INCREASED

15%

Your One Lexington Real Estate Specialist

Soothe Your Soul

Stockyards Tenderloin Chili Photography | fisheye-photography.net

And although the market hasn’t fully recovered from the recession, it continues to be relatively affordable and income is expected to grow at a higher pace in 2015.

One Lexington 2014 Year in Review Exclusively Presented By Kevin Owens

In Good Taste

Event Calendar

The Stockyards StockyardSteakhouse.com | 602.273.7378

JANUARY | FEBRUARY 2015

STOCKYARDS TENDERLOIN CHILI INGREDIENTS 2 lb ground beef 4 cloves garlic (minced) 1 large white onion (medium dice) 2 14 oz cans tomatoes (small dice) 2 14 oz cans ranch style beans 2 4 oz cans green chiles 1 small can tomato paste 1 qt beef stock 2 tbsp chili powder 1 tbsp cumin 1/2 tbsp crushed red pepper 1/2 tbsp cajun spice

1/2 tbsp oregano 2-3 dashes Tobasco 1-2 tbsp salt 1-2 tbsp pepper 1/4 c slurry (cornstarch and water) Garnish with chopped red onion and grated Jack or Cheddar cheese

HELLO SPORTS FANS! If you’re into football (and a bit of golf, too), have we got some news for you: Where can you be at five major sporting events over the span of roughly 30 days all within one warm, sunny state? It’s Arizona, of course, where from the end of December through February 1, you can catch some serious sports action at the Fiesta Bowl (December 31), the Cactus Bowl (January 2), the Pro Bowl (January 25), the Waste Management Phoenix Open (January 26 through February 1), and of course, the Super Bowl (February 1). So book your tickets— or if you’re lucky enough, your own private jet—and get ready to touch down in the Valley of the Sun for some stupendous sporting excitement.

No doubt, the biggest draw to Arizona during this action-packed time is Super Bowl XLIX, held this

DIRECTIONS: Cook ground beef over medium high heat in a large soup pot until browned evenly. Drain, remove beef from pot and set aside. Use a small amount of the beef fat to cook the garlic and onions over medium heat in the same large pot until translucent. Add the drained ground beef to the onions and stir well. Add the tomatoes, beans, chiles and all the other ingredients besides the cornstarch slurry. Stir well and cook over medium heat until the mixture just starts to boil and then turn down and simmer for at least a half hour.

Add the cornstarch slurry, bring back to a simmer for a few minutes and serve topped with the chopped red onion and grated cheese.

Ground beef can be a variety of meats. Stockyards will trim the fat from filet mignons and New York strips for ground beef in the chili, but have also used ground buffalo and ground elk. Either of these options are delicious.

Homemade cornbread is the perfect complement to homemade chili!

year at the University of Phoenix Stadium. In case you didn’t know it, the Super Bowl is a major social and sporting scene. In fact, according to Forbes magazine the Super Bowl is among the biggest worldwide events for private jet travel, with an estimated 5,300 business and private jets journeying to Arizona the week of Super Bowl XLIX. There’s also a lot of eatin’ going down on Super Bowl Sunday, the second highest day of food consumption in the U.S., second only to Thanksgiving. This is tailgating in serious style.

And Phoenix is ready to host the Super Bowl like never before.

Since last hosting the big game in 2008, the city has pumped some $4 billion into new downtown development including 250,000 square feet of new retail space, a completed Phoenix Convention Center, 20 miles of light rail, 1,500 new hotel rooms, and more than 30 new restaurants. Ticket holders will also want to check out

Super Bowl Central, a 12-block pedestrian-friendly area in downtown Phoenix, which will serve as the hub of Super Bowl activity for fans, sponsors, media, and the NFL itself. Estimated to attract one million attendees, this hub will host football-themed activities, a nightly fireworks show, an autograph and concert stage, local food trucks, beer and wine gardens, and television network broadcast stages. Party central!

But let’s not forget about the Pro Bowl, held every year to highlight the NFL’s best and brightest as voted by the players, coaches, and fans, which will also be held at University of Phoenix Stadium. Fun fact: This game will be only the third time a Pro Bowl and Super Bowl are held in the same location, making Arizona the place to be this year for football fun. Throw in two college football bowl games and a major golf tournament, and you can see why Arizona is this season’s sports hot spot. See you at the stadium!

R E S I D E N T I A L R E A L E S TAT E U P D AT E

by Mike Orr – Director of Real Estate Studies at ASU’s WP Carey School of Business and Principal of The Cromford Report

Between September 2011 and September 2013 the Greater Phoenix housing market staged an impressive two year recovery with monthly median sales prices rising almost 70% from the extreme lows of the housing crash.

However in the 14 months since then we have seen the median sales price add only 3.5%, not a great deal higher than inflation.

Clearly the market in 2014 is very different from 2013, and for many reasons. Many investors left the Phoenix market when the flood of foreclosures abated. Normal home buyers had frequently complained about being outbid by investors, but once investor demand declined, demand from ordinary home buyers has proven insufficient to fill the gap and sales volume has been low ever since September 2013.

Frequently quoted reasons for the low demand include • Many potential buyers have insufficient savings for a down payment • Existing student debt discourages the taking on of further debt for home purchase

• Millennials deferring starting families until much later in their life than previous generations • Large numbers of people are still in the penalty box following a foreclosure or short sale • Difficulty in getting approval for a loan with less than perfect credit history • Weak growth in income for the average household Many ordinary home buyers appear to have decided to sit on the sidelines for one or more of these reasons. At the same time, many potential sellers still have home loans in excess of their home value, particularly those who bought or refinanced between 2004 and 2008.

Home sale transaction volumes are lower in 2014 than they were in 1999, and this is especially true for new home sales, which are running at about one third of normal. The only sector of the market that is firing on all cylinders is the very high end. Homes over $2,000,000 are selling in larger numbers than they have since 2006.

Currently prices are moving sideways and we are unlikely to see further moves upward until demand shows

some significant growth from its current level. Such growth is certainly a possibility. Many people who were foreclosed in 2008 will return to full eligibility in 2015 after seven years in the penalty box. Moves are also afoot to loosen credit restrictions in mortgage lending and there is also talk of lower down payments becoming acceptable to Fannie Mae & Freddie Mac. If these come to fruition then 2015 should turn out to be a busier year than 2014.

Barrett-Jackson Collector Car Auction WestWorld of Scottsdale | January 10-18 480.663.6255 | Barrett-Jackson.com Established in 1971, Barrett-Jackson, the world’s leading collector car auctions and automotive lifestyle events, specializes in providing products and services to astute classic and collector car owners and automotive enthusiasts around the world. With an unprecedented expert staff who have over 130 years of combined experience in the automotive field, Barrett-Jackson offers the most diverse and desirable inventory accompanied with trustworthy and transparent customer service.

25th Annual Celebration of Fine Art Hayden Road & Loop 101 | January 17- March 29 480.443.7695 | CelebrateArt.com The Celebration experience is unique. The opportunity to meet 100 working artists, visit their studios, find out how and why they do what they do and participate in their creative processes is something that you simply won’t find anywhere else. Visitors can meet the artists and watch them working in the full spectrum of art media: oil, watercolor, pastels, sculpture and assemblages to glass, ceramics, stone, furniture, jewelry and more. Works range from realistic to impressionistic, western realism to contemporary, landscapes to still life.

P.F Chang’s Rock ‘N’ Roll Marathon CityScape | January 18 800.311.1255 | RunRocknRoll.Competitor.com Check out the course that tours through the three host cities of Phoenix, Scottsdale, and Tempe! The Marathon and Bike Tour start in Downtown Phoenix from CityScape while the Half Marathon and Mini Marathon are looped courses launching from Downtown Tempe.

Waste Management Phoenix Open TPC Scottsdale | January 26-February 1 602.870.0163 | WMPhoenixOpen.com Annually sporting the largest crowds on the PGA Tour, the Waste Management Phoenix Open has gained legendary status for being unlike any other golf tournament. Not only is it one of the fifth oldest events on the PGA Tour schedule, it also features one of the most unique holes on Tour – the famous 16th. The 16th hole at TPC Scottsdale is normally a routine 162-yard, par-3, but come tournament week the hole is completely transformed into a stadium with enough room for 15,000 screaming fans. Combine that with 132 of the top golfers on the PGA Tour and it’s easy to see why this event has grown to where it is today.

Scottsdale Arabian Horse Show WestWorld | February 1-22 480.515.1500 | ScottsdaleShow.com The largest event of its kind in the world attracting hundreds of thousands of spectators. The show has grown from 50 to nearly 2,400 horses, bringing top owners, trainers and breeders from around the world to compete for a chance to win. In addition to exciting competitions, gala parties, educational seminars and an international cuisine court, the event features more than 300 vendor booths, offering everything from lavish jewelry, clothing and works of art.

In Good Taste

Event Calendar

The Stockyards StockyardSteakhouse.com | 602.273.7378

JANUARY | FEBRUARY 2015

STOCKYARDS TENDERLOIN CHILI INGREDIENTS 2 lb ground beef 4 cloves garlic (minced) 1 large white onion (medium dice) 2 14 oz cans tomatoes (small dice) 2 14 oz cans ranch style beans 2 4 oz cans green chiles 1 small can tomato paste 1 qt beef stock 2 tbsp chili powder 1 tbsp cumin 1/2 tbsp crushed red pepper 1/2 tbsp cajun spice

1/2 tbsp oregano 2-3 dashes Tobasco 1-2 tbsp salt 1-2 tbsp pepper 1/4 c slurry (cornstarch and water) Garnish with chopped red onion and grated Jack or Cheddar cheese

HELLO SPORTS FANS! If you’re into football (and a bit of golf, too), have we got some news for you: Where can you be at five major sporting events over the span of roughly 30 days all within one warm, sunny state? It’s Arizona, of course, where from the end of December through February 1, you can catch some serious sports action at the Fiesta Bowl (December 31), the Cactus Bowl (January 2), the Pro Bowl (January 25), the Waste Management Phoenix Open (January 26 through February 1), and of course, the Super Bowl (February 1). So book your tickets— or if you’re lucky enough, your own private jet—and get ready to touch down in the Valley of the Sun for some stupendous sporting excitement.

No doubt, the biggest draw to Arizona during this action-packed time is Super Bowl XLIX, held this

DIRECTIONS: Cook ground beef over medium high heat in a large soup pot until browned evenly. Drain, remove beef from pot and set aside. Use a small amount of the beef fat to cook the garlic and onions over medium heat in the same large pot until translucent. Add the drained ground beef to the onions and stir well. Add the tomatoes, beans, chiles and all the other ingredients besides the cornstarch slurry. Stir well and cook over medium heat until the mixture just starts to boil and then turn down and simmer for at least a half hour.

Add the cornstarch slurry, bring back to a simmer for a few minutes and serve topped with the chopped red onion and grated cheese.

Ground beef can be a variety of meats. Stockyards will trim the fat from filet mignons and New York strips for ground beef in the chili, but have also used ground buffalo and ground elk. Either of these options are delicious.

Homemade cornbread is the perfect complement to homemade chili!

year at the University of Phoenix Stadium. In case you didn’t know it, the Super Bowl is a major social and sporting scene. In fact, according to Forbes magazine the Super Bowl is among the biggest worldwide events for private jet travel, with an estimated 5,300 business and private jets journeying to Arizona the week of Super Bowl XLIX. There’s also a lot of eatin’ going down on Super Bowl Sunday, the second highest day of food consumption in the U.S., second only to Thanksgiving. This is tailgating in serious style.

And Phoenix is ready to host the Super Bowl like never before.

Since last hosting the big game in 2008, the city has pumped some $4 billion into new downtown development including 250,000 square feet of new retail space, a completed Phoenix Convention Center, 20 miles of light rail, 1,500 new hotel rooms, and more than 30 new restaurants. Ticket holders will also want to check out

Super Bowl Central, a 12-block pedestrian-friendly area in downtown Phoenix, which will serve as the hub of Super Bowl activity for fans, sponsors, media, and the NFL itself. Estimated to attract one million attendees, this hub will host football-themed activities, a nightly fireworks show, an autograph and concert stage, local food trucks, beer and wine gardens, and television network broadcast stages. Party central!

But let’s not forget about the Pro Bowl, held every year to highlight the NFL’s best and brightest as voted by the players, coaches, and fans, which will also be held at University of Phoenix Stadium. Fun fact: This game will be only the third time a Pro Bowl and Super Bowl are held in the same location, making Arizona the place to be this year for football fun. Throw in two college football bowl games and a major golf tournament, and you can see why Arizona is this season’s sports hot spot. See you at the stadium!

R E S I D E N T I A L R E A L E S TAT E U P D AT E

by Mike Orr – Director of Real Estate Studies at ASU’s WP Carey School of Business and Principal of The Cromford Report

Between September 2011 and September 2013 the Greater Phoenix housing market staged an impressive two year recovery with monthly median sales prices rising almost 70% from the extreme lows of the housing crash.

However in the 14 months since then we have seen the median sales price add only 3.5%, not a great deal higher than inflation.

Clearly the market in 2014 is very different from 2013, and for many reasons. Many investors left the Phoenix market when the flood of foreclosures abated. Normal home buyers had frequently complained about being outbid by investors, but once investor demand declined, demand from ordinary home buyers has proven insufficient to fill the gap and sales volume has been low ever since September 2013.

Frequently quoted reasons for the low demand include • Many potential buyers have insufficient savings for a down payment • Existing student debt discourages the taking on of further debt for home purchase

• Millennials deferring starting families until much later in their life than previous generations • Large numbers of people are still in the penalty box following a foreclosure or short sale • Difficulty in getting approval for a loan with less than perfect credit history • Weak growth in income for the average household Many ordinary home buyers appear to have decided to sit on the sidelines for one or more of these reasons. At the same time, many potential sellers still have home loans in excess of their home value, particularly those who bought or refinanced between 2004 and 2008.

Home sale transaction volumes are lower in 2014 than they were in 1999, and this is especially true for new home sales, which are running at about one third of normal. The only sector of the market that is firing on all cylinders is the very high end. Homes over $2,000,000 are selling in larger numbers than they have since 2006.

Currently prices are moving sideways and we are unlikely to see further moves upward until demand shows

some significant growth from its current level. Such growth is certainly a possibility. Many people who were foreclosed in 2008 will return to full eligibility in 2015 after seven years in the penalty box. Moves are also afoot to loosen credit restrictions in mortgage lending and there is also talk of lower down payments becoming acceptable to Fannie Mae & Freddie Mac. If these come to fruition then 2015 should turn out to be a busier year than 2014.

Barrett-Jackson Collector Car Auction WestWorld of Scottsdale | January 10-18 480.663.6255 | Barrett-Jackson.com Established in 1971, Barrett-Jackson, the world’s leading collector car auctions and automotive lifestyle events, specializes in providing products and services to astute classic and collector car owners and automotive enthusiasts around the world. With an unprecedented expert staff who have over 130 years of combined experience in the automotive field, Barrett-Jackson offers the most diverse and desirable inventory accompanied with trustworthy and transparent customer service.

25th Annual Celebration of Fine Art Hayden Road & Loop 101 | January 17- March 29 480.443.7695 | CelebrateArt.com The Celebration experience is unique. The opportunity to meet 100 working artists, visit their studios, find out how and why they do what they do and participate in their creative processes is something that you simply won’t find anywhere else. Visitors can meet the artists and watch them working in the full spectrum of art media: oil, watercolor, pastels, sculpture and assemblages to glass, ceramics, stone, furniture, jewelry and more. Works range from realistic to impressionistic, western realism to contemporary, landscapes to still life.

P.F Chang’s Rock ‘N’ Roll Marathon CityScape | January 18 800.311.1255 | RunRocknRoll.Competitor.com Check out the course that tours through the three host cities of Phoenix, Scottsdale, and Tempe! The Marathon and Bike Tour start in Downtown Phoenix from CityScape while the Half Marathon and Mini Marathon are looped courses launching from Downtown Tempe.

Waste Management Phoenix Open TPC Scottsdale | January 26-February 1 602.870.0163 | WMPhoenixOpen.com Annually sporting the largest crowds on the PGA Tour, the Waste Management Phoenix Open has gained legendary status for being unlike any other golf tournament. Not only is it one of the fifth oldest events on the PGA Tour schedule, it also features one of the most unique holes on Tour – the famous 16th. The 16th hole at TPC Scottsdale is normally a routine 162-yard, par-3, but come tournament week the hole is completely transformed into a stadium with enough room for 15,000 screaming fans. Combine that with 132 of the top golfers on the PGA Tour and it’s easy to see why this event has grown to where it is today.

Scottsdale Arabian Horse Show WestWorld | February 1-22 480.515.1500 | ScottsdaleShow.com The largest event of its kind in the world attracting hundreds of thousands of spectators. The show has grown from 50 to nearly 2,400 horses, bringing top owners, trainers and breeders from around the world to compete for a chance to win. In addition to exciting competitions, gala parties, educational seminars and an international cuisine court, the event features more than 300 vendor booths, offering everything from lavish jewelry, clothing and works of art.

Market Predictions for 2015 ... from realtor.com A new year is about to dawn—and the outlook on the housing market is definitely brighter. After all, 2014 was the best year in the U.S. economic recovery since the recession of 2008-2009.

Kevin Owens | Your One Lexington Real Estate Specialist

JANUARY | FEBRUARY 2015

YOUR ONE LEXINGTON REAL ESTATE SPECIALIST

OneLexington L I F E S T Y L E

With an accelerating economic recovery fueling job and income growth, prospects are good for homeowners and would-be home buyers.

PHOENIX – RANKED IN THE TOP 10 HOUSING MARKETS TO WATCH IN 2015

GET BOWLED OVER

Phoenix consistently hammers home market growth through new construction. Because it’s one of the top five markets for new construction, the sprawling desert city continues to see an increase in overall population and household growth.

Household growth is anticipated to increase by 7% over the next five years…

One Lexington By The Numbers in 2014

KEVIN OWENS, REALTOR®

Kris Pesic, Escrow Officer

28 years experience with Old Republic Title in Camelback Corridor

602.631.3706 direct | KPesic@ortc.com 2375 E Camelback Rd #180 | Phoenix, AZ 85016

95

DAYS AVERAGE TIME ON MARKET

SALES

22

IN 2014

297.19

$

97% OF LIST PRICE

Thinking of Selling?

Call Kevin Owens today at 480.217.9184 ISSN-1939-943X Produced by Desert Lifestyle Publishing • 480.460.0996 • www.DesertLifestyle.net

Party Time in Arizona!

Potential Buyers Out Of Penalty Box

AVERAGE PRICE PER SQFT

All information is deemed reliable but not guaranteed. The properties on this list have been listed/sold by various members of the MLS.

If your home is currently listed, this is not a solicitation for that listing. Owned and operated by NRT, LLC.

Greater Phoenix Real Estate Update

TOTAL NUMBER OF

HOMES SELL FOR

kevin@fineAZliving.com www.fineAZliving.com

SINCE JANUARY 2014

480.217.9184

AVERAGE SALES PRICE HAS INCREASED

15%

Your One Lexington Real Estate Specialist

Soothe Your Soul

Stockyards Tenderloin Chili Photography | fisheye-photography.net

And although the market hasn’t fully recovered from the recession, it continues to be relatively affordable and income is expected to grow at a higher pace in 2015.

One Lexington 2014 Year in Review Exclusively Presented By Kevin Owens