AZ Real Estate 07-10-2016

Page 1

WWW.AZCENTRAL.COM

|| S U N D AY , J U LY 10 , 2 016

|| 1R

R E A C H U S || P H O N E : 6 0 2 - 4 4 4 - N E W S || E M A I L : N E W S T I P S @ A R I Z O N A R E P U B L I C . C O M || A Z C E N T R A L . C O M / R E A L E S TAT E

CATHERINE REAGOR REAL ESTATE

F OR RE N T

F OR RE N T

F OR RE N T

RENTAL HOMES ON THE RISE Neighborhoods reshaped by increase in short-term leases

F OR RE N T

F OR RE N T

F OR RE N T

F OR RE N T

F OR RE N T

MIKE SCHNEIDER | ASSOCIATED PRESS

APOPKA, Fla. - Many of the single-family homes in the Piedmont Park neighborhood of Apopka, Florida, used to be owned by families — the Vargases and the Townes, the Pierces and the Riddles. Now, they’re owned by Blackstone, American Homes 4 Rent and Colony Starwood Homes, companies associated with big real estate investment firms. And the occupants are tenants, not owners. In the decade since the housing boom deflated into a bust, financial firms recognized an investment opportunity in hard-hit areas like this Orlando suburb. Single-family homes lost to foreclosure could be bought cheaply and transformed into rentgenerating income streams. The corporate purchases have spread through Piedmont Park and surrounding neighborhoods, where the percentage of renters rose from a bit over 10 percent to more than 35 percent within a decade. Piedmont Park homeowners complain that the result is more transient neighbors, less engagement at homeowners’ meetings and difficulties reaching absentee corporate landlords. See RENTALS, Page 3R

F OR RE N T

F OR RE N T

Land abounds in Phoenix but there’s not a lot to build on Metro Phoenix is running out of land — land ready for new homes, that is. There are, of course, thousands and thousands of acres of vacant land in metro Phoenix. But as new-home sales continue to rebound in the Valley, the supply of lots prepped and ready for houses is shrinking to the lowest level in many years. Through May, new-home sales were up 38 percent from last year, according to the latest data from RL Brown Reports. Arizona veteran land broker Nate Nathan estimates builders have enough land for about 18 to 24 more months of home construction in the Valley, based on the current pace of sales. Of course, there’s still plenty of vacant land on the edges of metro Phoenix that can be turned into neighborhoods. But much of the available land is raw desert or farmland without streets, utility hookups and designated lots prepped for new homes. It costs money and takes time to prep vacant land to become lots for houses. Builders can spend $5,000 to more than $15,000 per lot. Homebuilders spent plenty to buy large tracts of Valley land in 2003-06. But during the crash, many builders gave those parcels back to lenders because they couldn’t afford to prep and hold onto the land because there were so few new-home buyers. Builders have definitely been more cautious about buying land. Valley land deals had been smaller and less pricey since the crash. Then in March, builders Taylor Morrison Home Corp. and Pulte Homes partnered to pay $100 million for 1,200 lots of state-owned land near north Phoenix’s Desert Ridge neighborhood. It was the highestpriced sale for the Arizona Land Department in several years. Desert Ridge is a popular Valley spot for new-home buyers. So is Peoria. Maracay Home is paying $48 million for almost 475 lots in Peoria, the biggest land deal for a homebuilder in that Valley suburb in a decade. New-home buyers are also paying more now. The median price of a new house climbed to $310,000 in May, according to RL Brown. That’s up from See REAGOR, Page 3R

Luxury Retirement Community for Active Adults Over 62 Come And Experience p The Hospitality! p y

Call Us NOW...

To make reservations to be our guest for a complimentary Lunch and Tour.

For more information, seee our ad inside!

LUXURY RETIREMENT COMMUNITY OF SUN CITY

623-933-1313 • www.wooddalevillage.com

AR-0008572146-01

PARADISE VALLEY | 4829 East Rovey Avenue | Open Today 1–4PM

MILLION DOLLAR VIEWS in Paradise Valley. Prominently set MLS# - 5467041 on over an ACRE lot with commanding Camelback Mountain Bedrooms - 4 views, this magnificent estate will take your breath away. Redone in Bathrooms - 5 1997, the elegant plan has vaulted ceilings, thick crown moldings, Pool - Yes rich hardwood floors and Pella view windows. A culinary vision, the island kitchen has beautiful cabinetry, a Dacor warming drawer Sq. Ft. - 3,556 and built-in refrigerator. Magnificent entertaining spaces. Sitting Parking - 3-Car Garage room master with spa-inspiring bath. Jetted tub. En-suite bedroom. Lot Size - 45,743 Fourth bedroom with fireplace set up as an executive-style office. ZIP Code - 85253 Resort oasis with pool and emerald lawn. Incredible 194SF pool house not included in square footage. – Joseph Callaway Online Pics - ThoseCallaways.com Price - $1,100,000

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

see more inside

PHOENIX | 2570 East Ocotillo Road | Open Today 1–5PM

VIEW-RICH BEAUTY IN GATED BILTMORE MOUNTAIN MLS# - 5460415 ESTATES. Boasting a panorama of magnificent city lights and Bedrooms - 4 mountain views, this hillside hideaway enjoys a quiet cul-de-sac setting next to the Phoenix Mountain Preserve. Dramatic gathering Bathrooms - 3.5 Pool - No spaces w/stone finishes, wood floors, beamed ceilings, skylights. Gorgeous modern kitchen. Sun-splashed family room w/soaring Sq. Ft. - 5,209 arched windows. Posh master retreat. Wood-filled executive office ZIP Code - 85016 w/floor-to-ceiling built-ins. Fire-pit view patio, hot tub. Elevated driveway w/guest parking areas. Gated access to hiking trails. Online Pics - BaldwinTeam.com Price - $1,950,000 Secluded and private, yet very in-town and close to everything. Wow setting ideal for entertaining and/or easy living. Visit tourfactory.com/1592824. Inside: details, directions.

Brought to you by Sandra Baldwin, Launch Real Estate

see more inside


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.