Real Estate

Real Estate Is the Real Estate Sky Falling?

By Frank May, Real Estate Agent

You might not hear it like I do since I deal in real estate, but I’m constantly hearing the fear in people’s voices about whether the real estate market is going to crash or not. I understand their concern because I was in this industry back in 2008 when it did crash (and most of the people asking were around then too). A lot of people’s financial lives changed negatively back then so there is reason to have some healthy concern about what is going to happen in real estate.

I try my best to remain unemotional and continually look at the numbers to see what the market is doing. I want to know if inventory is rising or falling and what prices are doing. Right now, our inventory on our MLS is below 6,000 homes, which is incredibly low. We haven’t been that low since this past July. As I type this (in mid-January), there are only 93 homes for sale in 85383. Out of those 93 homes, there are only five homes less than $500,000 and nothing less than $450,000 (and that home will be gone in a couple of days). There are 10 homes listed at $1 million or more! Four homes over $1 million are currently under contract and, in the past 30 days, we’ve had seven homes close for more than $1 million with the highest being $2.75 million.

As you can see, we have no shortage of people wanting to live in 85383, only a shortage of homes. More and more people are hearing about the Upper Westside and they want to be a part of it. They love the newness of the restaurants and businesses. They love the mountain views with the hiking trails. Of course, there’s also the great schools. And, when they get here, they will love the people as well. So, do you need to be scared of a real estate crash coming soon? My opinion right now is based on the numbers and they are telling me the prices are continuing to rise, not crash. I don’t see a crash coming right now, inventory is still too low. If you would like to keep track of your home’s value each month, then send me an email at Frank@MayTeam.com and I will be happy to update you monthly by email.

Frank May grew up in the Valley, graduating from Northwest Christian School and NAU. He is a real estate agent with Keller Williams Realty and has been helping both buyers and sellers for 20 years. Frank May has been a Dave Ramsey Endorsed Local Provider (ELP) since 2003.

Vistancia Begins Development of Northpointe at Vistancia’s Second Phase

Additional 469 Homesites Added to the Elevated Desert Living Community

The award-winning Vistancia master planned community has begun its second phase of development within its Northpointe at Vistancia community, the fourth and final lifestyle community within the 7,100-acre Vistancia master plan.

Set amongst the natural foothills of the Sonoran Desert, and situated among the most elevated and mountainous land area within Vistancia, the 3,450-acre Northpointe at Vistancia community opened for sales last year and has sold nearly 300 homes in its first phase. A total of 469 additional homesites are included in the community’s second phase by three homebuilders – David Weekley Homes, Pulte Homes and Beazer Homes.

David Weekley Homes, who purchased 145 lots in the first phase, purchased an additional 112 lots, located adjacent to The Sovita Club, the community’s private recreation center and amenity park. Their new neighborhood will feature singlestory homes ranging from 2,117 to 3,025 square feet. Pulte Homes purchased an additional 273 lots to expand upon the 180 lots in Phase 1. Nestled around the foothills of White Peak, the new phase includes both single- and two-story homes ranging from 1,841 to 3,826 square feet.

Beazer Homes, a new homebuilder to the Vistancia master plan, will bring 84 homes to Northpointe at Vistancia featuring single- and two-story plans ranging from 1,501 to 2,805 square feet. Additionally, Beazer Homes purchased 51 homesites south of the Central Arizona Project (CAP) in The Village at Vistancia lifestyle community. The parcel located at the southwest corner of Vistancia Boulevard and Westland Road, originally planned for commercial uses, is being developed as single-family residential units and will include 51 homesites.

“We are optimistic about the continued growth of Vistancia and our second phase in Northpointe at Vistancia,” says Mark Hammons, general manager of Vistancia. “The success of our first phase reinforces the desirability of a natural desert setting and an elevated living experience that offers dramatic views unlike anything else offered in the West Valley.”

Northpointe at Vistancia residents have access to The Sovita Club, a 10-acre amenity park and 5,300-square-foot private recreation center. Perched at one of the highest points of the property to take advantage of city views to the south, The Sovita Club includes a resort-style pool, event lawns, multi-use turf court and basketball court, kids’ outdoor play zone, outdoor patio seating and firepit, indoor gathering spaces, a movement and fitness on-demand studio, and access to community pathways and trails.

“The Sovita Club offers a hub of activity and a truly special community experience for Northpointe at Vistancia residents to connect with their neighbors and celebrate the natural outdoors, day-to-night,” Hammons says.

Construction of the new parcels is currently underway and planned to open for sales later this year. For more information about Northpointe at Vistancia, visit liveatnorthpointe.com or call 623-933-6233.