Real Estate

Real Estate The 2022 Real Estate Market to See an Increase in Home Inventory

By Shelley Sakala

Happy 2022! Now that we’re done shaking off the confetti from New Year’s Eve, let’s check out what our local real estate market has in store for us.

Last year featured a lot of profit, quick sales, and bidding wars, which frustrated people who watched one home after another get swept up by buyers with deeper pockets. If your plans to buy a house last year got derailed, help is on the way in the form of an increase in home inventory.

During earlier stages of the COVID-19 pandemic, programs were created to offer consumer protection, including a moratorium on foreclosures. Banks also introduced enhanced forbearance programs that allowed homeowners to press the pause button on their mortgage payments. These were designed to help keep people in their homes while navigating the economic hardships of the pandemic. As these programs have now run their course, landlords and banks have begun resuming normal operations – including the unfortunate business of foreclosures. We saw foreclosures spike at the end of 2021, and the trend looks to continue this year. The foreclosed homes will eventually enter the marketplace, boosting available inventory for would-be home buyers. This increase in supply should also help slow down surging home prices. You can still expect prices to increase, but at a slower pace.

Losing a home to foreclosure is a big blow, both emotionally and financially. We saw the effects this had on families back in 2009 (albeit on a much larger scale). While we certainly don’t want to celebrate someone’s misfortune, we can objectively observe its impact on the real estate market. As we get deeper into the new year there will undoubtedly be a rise in foreclosures. And from this hardship, Phoenix home buyers will see opportunity as the wheels of the marketplace continue to turn.

Shelley Sakala is a local realtor and owner of The Sakala Group Real Estate. Learn more at shelleysakala.com.

New Multifamily Community, Kalon Luxury Apartments, is Now Open in Norterra

Kalon Luxury Apartments, a brand new community developed, owned and managed by multifamily housing leaders P.B. Bell is now open in Norterra. Nestled conveniently in the suburban heart of North Phoenix, Kalon Luxury Apartments will offer 215 units of serene apartment living and stunning amenity options for its residents.

Located at 25300 N. 22nd Lane, Kalon Luxury Apartments offers a curated collection of apartment homes with studio, one-, or two-bedroom floor plans ranging from 554 to 1,123 square feet. Each pet-friendly apartment home will come with luxury features including wood style flooring, granite countertops with subway tile backsplash, fully equipped kitchens with Samsung stainless steel appliances, washers and dryers, private patios or balconies and smart home technology, including smart door locks, thermostats and lights, all easily controlled with the MyAPT app by Cox.

“We’re seeing high demand for additional living options within the Norterra area, so we’re excited to provide a product that will best serve the local residential community,” says R. Chapin Bell, CEO at P.B. Bell. “The community’s close proximity to nearby shops, dining and entertainment makes it one of the most desired areas in Phoenix, and we’re excited to be a part of it.”

The community is designed to encourage residents to live a work-play lifestyle and provide urban living in a suburban neighborhood. With a modern take on desert living, Kalon Luxury Apartments offers residents an extensive amenity package such as a 24/7 fitness center, spacious dog park, business center with conference rooms and private individual workspaces, community pool with cabanas, resident clubroom, four floors of elevator access, and more. Along with these amenities, the centrally located community allows residents to enjoy panoramic views of the Sonoran Preserves and a short commute to anywhere in the Valley.

“I’m looking forward to welcoming our new residents,” says Jodi Silva, community manager at Kalon Luxury Apartments. “Residents will have an affluent living experience at Kalon as they enjoy the extensive amenity package and convenience of Smart Home Technology, as well as get creative in the Makers Room, promote healthy living in our Flex Zone, utilize the business hub for work, meetings, and conferences, and so much more. It’s everyday urban living lifestyle in the form of resort-style luxury.”

For more information about Kalon Luxury Apartments, visit kalonapts.com.