AZ Real Estate 05-29-16

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CATHERINE REAGOR REAL ESTATE

Metro Phoenix housing market has best month in a decade

Are renters well-off? Why it's so hard to afford a rental even if you make a decent salary EMILY BADGER THE WASHINGTON POST

• Last year in America, the median asking rent for a newly built apartment was an astonishing $1,372 a month. That’s about 50 percent more than the typical rent nationwide. It marked a dramatic rise from what brand-new apartments were renting for just a few years ago. • And the steep sum shows a troubling disconnect in the country’s rental market: While pressure has been building on low- and moderate-income households struggling to find affordable housing, we have largely been adding new supply tailored for the wealthy. See RENTERS, Page 3R

THE REPUBLIC

Optima Sonoran Village apartments pictured in Scottsdale.

April just might have been the best month for metro Phoenix’s housing market in a decade. A look at key indicators and some national rankings show why the Valley’s housing market appears to be stronger than it’s been since the boom and crash. Foreclosures fell to the lowest level since 2006. Homebuilding continued to rebound. Phoenix kept its spot as one of most affordable big metro areas for homebuyers. And a national moving survey shows the Valley is one of the top 10 U.S. areas where people are moving. Also, many of the buyers needed for the Valley’s housing market to finally fully recover are here. An April Street Scout survey of Valley homebuyers and sellers found Millennials and boomerang buyers who lost houses to foreclosure during the crash are buying metro Phoenix homes at a pace the market hasn’t seen before.  Home sales in metro Phoenix climbed to 9,041 in April, an almost 8 percent jump from last April, according to data compiled for this column by Arizona housing expert Mike Orr of The Cromford Report. Condominium sales reached 1,637 last month, up 1,514 from April 2015.  The Valley’s median home price rose to $235,000, up from $215,000 a year ago. The median condo price reached $146,500 last month, compared with $142,000 a year ago.  Banks foreclosed on only 231Phoenix-area houses in April, the lowest level since December 2006, according to The Information Market.  Homebuilding in the Valley is up 25 percent from last year’s pace, according to RL Brown Housing Reports.  Despite home-price increases, metro Phoenix is still the eighth most affordable big U.S. metro area to buy a home, according to the latest quarterly ranking from national mortgage firm HSH.com. The Valley has held that spot for the past year.  And finally, moving company UHaul’s annual survey for the most one-way rentals in 2015 came out this week. Metro Phoenix ranked 10th nationally for the most popular place for people to move. Despite the upbeat signs for the See REAGOR, Page 3R

Take a real look at Arizona’s real estate market. Unique insights and must-have info from insiders at The Arizona Republic and azcentral.com. Only at StreetScout.com

SCOTTSDALE | 5211 East Helena Drive | Open Today 1-4PM

ENTERTAINER’S YARD. Elevated fireplace with banco seating, MLS# custom BBQ, lush lawn and covered patio. Split stone accents Bedrooms surround the fire pit, new built-in spa and heated pool with all Bath new equipment. The generous interior has five bedrooms, an office Pool and loft – there’s room for everyone! This original owner home has been beautifully updated. Beautiful island kitchen. Plantation Sq. Ft. shutters, pretty fireplace, high ceilings, wet bar and chic lighting. Parking Enormous master incorporates a private office and large walk-in Lot Size closet. Impressive redone baths. Downstairs fifth bedroom for ZIP Code visitors. Rich hardwood, Travertine and Berber carpet. Garage cabinetry. New exterior paint. In the Magic 85254 Zip Code. Online Pics – Joseph Callaway Price

Brought to you by Those Callaways, (480) 596-5751

- 5440806 -5 -3 - Yes - 3,924 - 3-Car Garage - 9,792 sq. ft. - 85254 - ThoseCallaways.com - $649,000

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PARADISE VALLEY | 5102 North Wilkinson Road | OPEN BY APPOINTMENT

ULTRA-ELEGANT GATED ESTATE. Nestled on two-plus MLS# gated acres, this stunning Southwestern contemporary is designed Bedrooms to impress from top to bottom — and that it does. Wow views of Bath Camelback Mountain. Dramatic portico entry, circular drive w/ Pool multi-head fountain. Magnificent living room w/floor-to-ceiling fireplace column framed by sheer glass doors. Entertainer’s Sq. Ft. dining room. Chic kitchen. View-rich family room w/focal-point ZIP Code fireplace wall. Sun-kissed master w/lavish dual bath. Also: galleria corridors, tony wet bar, wine closet, game room/billiards parlor, Online Pics Price office w/separate entrance. Plethora of patios. Shimmering pool, spa. Barbecue kitchen, ramada, tennis court. Guest home. Visit tourfactory.com/1455036. Inside: details, directions.

Brought to you by Sandra Baldwin, Launch Real Estate

- 5359665 -5 -7 - Yes - 8,736 - 85253 - BaldwinTeam.com - $4,995,000

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