7 minute read
Real Estate
School’s Out For Summer and The Summer Selling Season Is Here
By Holly Henbest, Realtor
Most people think the summer is the busiest season for real estate because the kids are out of school and it’s a convenient time to move. But, the reality is that summer is typically one of our slowest selling seasons in Arizona. When the temperatures rise, we typically see real estate start to cool a bit.
While moving during the summer may be the most convenient for families, there are a lot of people who move and don’t have kids, and moving during the hottest months of the year isn’t the most appealing. At the same time, we are seeing continued relocation buyers, as Arizona is a high demand destination.
With all the frenzy that has been happening this year, what should we expect to see with regards to real estate this summer?
Our best guess is that we will likely see more of the same, with potentially a nice opportunity for buyers to seize the moment this summer. Why is that? With COVID-19 restrictions lifting and vaccinations increasing, we expect to see more people traveling this summer. Many people haven’t been on a plane for a year and a half, or longer, so they are excited to take a vacation this summer.
With people leaving town, that could mean fewer people to compete for homes when they get listed. Typically there is a big wave of residents leaving Arizona in July to escape the heat, so if you’re still looking to buy a home, July might be a great opportunity for you to make an offer on a home. There may be fewer bids in the bidding wars.
There is also likely to be some buyer fatigue setting in this summer. For buyers that have struggled to find a home, continuing their search on a 115 degree day may cause them to skip a few homes or select fewer homes to consider. The high temperatures cause a natural human reaction to conserve your energy and get tired more quickly, so buyers will be more selective in their searches, which will potentially lead to less competition for some homes.
We are also starting to see an increase in our supply. It’s very modest at this point, but we are seeing some positive movement regarding our supply challenges. Again, with COVID-19 restrictions easing, we’re seeing more people feeling comfortable with the idea of selling their home. Many people who would have liked to have sold their home in 2020 are now feeling more comfortable with the idea of selling and having their home listed for sale. We will likely continue to see some added inventory from sellers who were hesitant to list their home during the pandemic due to health concerns.
There are several factors to consider when we start to predict what the summer will bring us: relocation, travel, temperatures and inventory. One thing we do know for sure, all indications point that the overall real estate market will continue to thrive.
Do you have questions about buying or selling a home? Give The Henbest Team a call at 480-266-8785.
Holly has been a Desert Ridge resident since 2000 and has been a realtor since 2006. She is the leader of The Henbest Team with Realty One Group. Holly is ranked in the top ½ of 1 percent of Realtors in Arizona and is a Certified Luxury Marketing Expert. She was also ranked #24 in 2019 by the Phoenix Business Journal and recognized by So Scottsdale! magazine as a Real Estate Superstar for 2019.
Scottsdale Development Partners Announces $1.5M Renovation Project at Shops At Dynamite Creek
The Shops at Dynamite Creek is proud to announce that renovations are underway and three new tenants have signed leases at the newly acquired center. Scottsdale Development Partners purchased this $10.5 million center in August 2020 during the pandemic when it was 69 percent occupied and in prime position for revitalization. Under the direction of Scottsdale Development Partners company president David Malin, this 69,755 square-foot center is now 83 percent occupied with a $1.5 million renovation almost complete.
Among the center’s new tenants are Loco J’s Tacos and Tequilas, a full-service sit-down Mexican restaurant and bar, OrthoArizona, a physical therapy facility, and REMAX, a residential real estate office. Malin says Scottsdale Development Partners immediately started planning the renovations once they closed on the property, which include clearing out the natural wash that runs through the center of the property and renovating the exterior walls of the buildings, which were repaired, patched, primed and re-painted with a new color scheme. The shopping center, which is 20 years old, has been re-painted a new white and beige color with black accents. New colored light fixtures were added to the center’s signature water fountain located in between The Creek Patio Grill and Tailgaters. New landscaping and new roof tiles were also just installed.
“Everything you see today and all the renovations that we have completed in the last eight months of ownership is part of our long term vision for the shopping center,” says Malin. “…The shopping center was in need of attention and now it’s great to see the center coming back to life. The Shops at Dynamite Creek is once again a vibrant venue and a center where neighbors and the community can gather for many years to come.”
The leasing velocity has not only picked up, but the existing tenants have noticed the difference.
“It’s amazing the difference we are experiencing having local ownership and local management. Folks in the community are coming out and spending their afternoons and evenings at the center. You can really see the impact firsthand what a huge difference a renovation can have on every business in this center,” says Mike Abraham, owner of The Creek Patio Grill. “We’ve been here for five years running and we are a very successful restaurant but even at our busy restaurant the revitalization efforts have rubbed off, and we just started on a few renovations of our own to both of our patios.”
Malin is negotiating a lease with another sit down restaurant and letters of intent with several other prospective tenants.
ACROSS
1. Ivory, in the bathroom 5. Letter of the ____ 8. Kiln for drying hops 12. Marine eagle 13. Muffin Man’s Drury 14. Zest 15. Landlord’s collection 16. Chieftain in Arabia 17. Frequently precedes “nonsense” 18. *Tabletop fun (2 words) 20. Passage in a coal mine 21. Clear the whiteboard 22. Sean’s mom Yoko 23. Alpine structure 26. Slabbered 30. Clothing border 31. Incense burning container 34. Gauche or Droite, in Paris 35. In a frenzy 37. Unagi 38. Fancy necktie 39. Eye protection, sing. 40. Not dangerous to health 42. Dwight the President 43. Worked the dough 45. *Screen-free message 47. Hairpiece, slangily 48. Libra symbol 50. Buenos ____ 52. *Dirty hobby? 56. African prairie 57. Like family lore 58. Don’t let it hit you on your way out 59. *Ten-pin establishment 60. Challenge 61. Purse to match a gown 62. Lake of Scottish lore 63. *Between ‘game’ and ‘match’ 64. Deliver a tirade
DOWN
1. Belgrade native 2. Dessert sandwich 3. Pavlova, e.g. 4. Tube-nosed seabird 5. Tibetan priests 6. Japanese cartoon 7. Used to be 8. *Explore the great ____ 9. ____ spumante 10. Editor’s mark 11. Craggy peak 13. Official emissary 14. Bird-deposited fertilizer 19. Same as schlock 22. Famous Bobby, on ice 23. *Sidewalk art medium 24. Macho man 25. *Tell jokes, e.g. 26. Sub station 27. Permissible 28. Extract a memory, e.g. 29. Try to prevent 32. It’s not a want 33. ____ Bernie Sanders, abbr. 36. *Guessing game 38. Administer an oil 40. “Don’t make me ___!” 41. With pleasure 44. Full of bunnies? 46. Full of gentleness 48. Ranee’s wrap 49. *Macrame or wood carving, e.g. 50. Expunge 51. Bodily disorders 52. Hermes and Apollo 53. ‘I’ in Greek alphabet 54. Person, place or thing 55. John Wayne’s “True ____” 56. Delivery vehicle
SOLUTION ON PAGE 25.
I’m not just a REAL ESTATE AGENT I’m also your Neighbor CALL ME to get your Home Sold
Michelle Noma, Realtor
KELLER WILLIAMS ARIZONA REALTY 480-639-8502
Michelle@MichelleNoma.com DESERTRIDGELIVING.COM
Join us for a Back to School Bash!
We will be hosting a back to school bash and backpack drive benefi ting Homeward Bound on August 1. Drop off a backpack and enjoy ice cream from a popular food truck!
