AHWATUKEE REAL ESTATE, AUGUST 3, 2022

REAL ESTATE

Real Estate Guide Markets in Valley cities, towns cooling differently AFN NEWS STAFF

T

he Valley housing market’s cooldown is occurring at different rates in different cities and towns, according to a leading analyst.

The Cromford Report last week said that Queen Creek, Buckeye and Maricopa have become the most attractive areas for homebuyers to score a big deal while Phoenix is among the cities where buyers will have to wait a month before they can try to barter their way to a better deal.

The balance between supply and demand is now so tilted toward buyers,

Bonny Holland

that they could be now calling the shots in Buckeye, Queen Creek and Maricopa, the Cromford Report said, adding that it may depend on their experience in the real estate game.

“Here buyers now hold a distinct negotiating advantage and have a total of 2,243 active single-family detached listings to choose from,” it said. “This compares with 675 just three months ago.

“Because the majority of these areas cater largely to first-time buyers who are less experienced, it can take a few weeks

see MARKET page RE2

Beautifully updated, move-in ready property Sierra Canyon, Foothills Club West!

Offered $899,000 Offered at $1,299,000

See Page 6

SPO OTLIGHT home

ONE OF THE MOST AMAZING LOTS AVAILABLE IN AHWATUKEE!!

5 Acre Lot /Listed for $499,000

Geno Ross

See Page 6

SPO OTLIGHT home

SOLD

Enjoy superb mountain views from custom single-level luxury home in gated Summerhill Estates.

Mike Mendoza

See Page 6

Listed for $1,450,000

Ahwatukee’s #1 Team for Over 30 Years 480-706-7234

D!

www.MendozaTeam.com

Mike Mendoza

!

LD

L SO

SO Sanctuary - Front

Sanctuary - Back

Tapestry Canyon - Front

Tapestry Canyon - Back

Stunning panoramic views from privately gated luxury retreat adorned with vibrant imported Montana stone accents. Prime elevated preserve lot with casita. 5 br, 5 ba with 6,455 sq. ft. Resort-style backyard with negative edge pool, custom artwork, fireplace and built-in DCS bbq.

Majestic Southwest contemporary estate on elevated 1.24-acre hillside lot with stunning mountain and city light views. 5 br, 4.5 ba with 4,924 sq. ft. Resort-style backyard with slate patio, built-in Viking grill, pool, spa, koi pond and ultimate privacy.

Listed for $1,950,000

Listed for $1,325,00

re2

REAL ESTATE

AHWATUKEE FOOTHILLS NEWS | AUGUST 3, 2022

Asking prices are high, but getting cut often AFN NEWS STAFF

R

ealtor.com said the most recent data shows the median home price nationwide at a record-setting $450,000.

For the week ending July 23, the median listing price continued its 32nd straight week of double-digit growth, shooting up by 16.6% over last year.

“However, these sky-high asking prices are just that: an ask,” the website stated.

“Buyers just aren’t biting like they used to. As a result, the portion of home sellers who resorted to cutting their price in June doubled to 14.9% from 7.6% last year.”

Realtor.com Chief Economist Danielle Hale noted, “Although home prices have not retreated, homeowners seem to be aware of the shifting market dynamic.

And it may already be affecting their will-

MARKETfrom page RE1

for these buyers to realize how strong a hand of cards they hold.”

The Cromford Report identified five other communities whether neither buyer nor seller has a distinct advantage in sale negotiations. They include Tempe, Chandler, Surprise, Peoria and Gilbert.

But it’s sellers in those five areas that need to be a little nervous, it added.

“Astute sellers will realize that the situation is very fluid and slipping away from them,” the report said.

“At the current rate of change, Gilbert will become a buyer’s market by the end of the first week in August. Tempe is only a day or two behind Gilbert, while Surprise, Chandler and Peoria will probably

ingness to sell.”

The number of new listings on the market dropped by 6% year over year for the week ending July 23—that’s the third straight week of decline.

“But Realtor.com also noted that inventory overall is up by 30% over a year ago.

“The improvement for buyers essentially means they have four choices today for every three they had one year ago,” Hale explained.

Realtor.com noted that “in a larger context, active listings for the entire month of June remain less than half their level a year earlier.”

“Today’s shoppers have more options,” Hale said. “But the market needs even more before the selection is on par with the pre-pandemic or even the early-pandemic housing market.”

For the week ending July 23, homes lin-

become buyer’s markets by mid-August.”

As for Phoenix, it’s in the same boat as Glendale and Mesa in Cromford Report’s opinion.

They “are seller’s markets but within a couple of days will enter the balance zone between 90 and 110. At the current rate of change, they will become buyer’s market before the end of August. Goodyear and Avondale are two weeks behind these but unlikely to be still seller’s market by the end of next month.”

Four Valley cities – Fountain Hills, Paradise Valley, Scottsdale and Cave Creek – are in a different situation and, in a way, a different world from the average buyer and seller.

Those four communities are largely considered in the domain of luxury housing,

Be Smart.

Choose LendSmart.

Contact Eric Kinneman

for your mortgage needs 602-757-2171.

When you support your local Community businesses, we are all winners, making our Community stronger one closing at a time.

Eric Kinneman, Branch Manager - Ahwatukee Branch. NMLS #212062 | AZ License 0911709

O: 480.477.8464 | D: 602.757.2171 | F: 602.445.0913 | ekinneman@lendsmartmortgate.com | www.erickkinnemanloans.com

gered on the market for the same amount of time as last year.

While the latest monthly figures show homes getting snapped up within 32 days, the website said, this pace seems to be finally bottoming out.

“For the first time in two years, weekly data show that homes aren’t selling faster than in the prior year,” Hale explained.

“They’re not yet taking longer to sell, but if recent trends continue, an increase in the time a home sits for sale is on the horizon.

That should eventually help alleviate buyers’ sense that they need to rush to make an offer.”

According to Freddie Mac, for the week ending July 28, the average 30year fixed mortgage rate dropped to 5.3% – down from the previous week’s average of 5.54%.

“Yet whether this momentary reprieve

where homes $1.5 million and above have not been tilting as sharply and quickly from a sellers’ to a buyers’ market as the rest of the Valley, according to the report.

However, the Cromford Report said Scottsdale is appearing as it will soon join the overall trend dominating the rest of the Valley.

The Cromford Report also suggested bigger changes in the Valley’s housing market could occur before the end of the year.

“Prices have looked wobbly for the last two months,” it said. “But as buyers start to flex their muscles, we should be prepared for more serious consequences. While we cannot forecast accurately several months out, it would be reasonable based on current trends to expect significant declines in average prices, median prices and average price per square foot by the end of 2022. Current trends can – and often do – change, so this is not baked in, just a reasonable base case.”

It also said the rapid growth in inventory might slow down soon but without a corresponding uptick in demand.

“What is going to re-start demand?” it asked. “The most obvious answers are that either interest rates have to come down or home prices have to come down. Either or both of these can increase demand so we can get back to a balanced market again.”

Builders apparently are slowly reacting to the changing housing scene.

for homebuyers will last is anyone’s guess,” Realtor.com said.

“Adding to the turmoil, the Federal Reserve approved yet another interest rate hike on Wednesday of three-quarters of a percentage point – the fourth increase in five months – in its ongoing fight to curb inflation by dampening Americans’ desire to spend or borrow, as most do for housing,” it continued.

“And so far at least, the Fed’s efforts appear to be having the desired effect on homebuyers, many of whom are thinking twice about whether to forge ahead.”

Hale said that because inflation continues to exceed expectations, data show that the Fed’s policy adjustment is cooling housing demand.

“The forward-looking pending home sales data suggests further cooling on the horizon,” Hale added. 

“Single-family permits are now dropping in response to the weak demand but probably not as fast as they should,” the Cromford Report said.

It reported that as of June 30, 17,788 single-family building permits have been issued so far this year in Maricopa and Pinal counties year-to-date – down only slightly from 18,803 last year for the first six months of 2021.

“There were only 2,248 single-family permits issued in June, which is the lowest monthly total since May 2020,” the Cromford Report said.

At the same time, multifamily developers aren’t slowing down at all and are at what the Cromford Report called “a fullbore gung-ho status.”

In the first six months of this year, a record 8,640 multi-family permits were issued in Maricopa and Pinal counties.

“Last year there were 6,871 at the same point and that was considered a lot,” the Cromford Report said. “There were 1,890 issued in June, making it the fourth busiest month ever.” 

GOT NEWS? Contact Paul Maryniak at 480-898-5647 or pmaryniak @TimesLocalMedia.com

REAL ESTATE

AHWATUKEE FOOTHILLS NEWS | AUGUST 3, 2022

How to stay safe from rental scams in the Valley

BY KELLY MERRYMAN AFN Guest Writer

A

s inflation rates have skyrocketed, housing scams are on the rise. Scammers are increasingly targeting renters and potential home buyers.

Across the country, rental and housing scams have cost victims millions. According to the FBI, thousands of people nationwide reported losing hundreds of millions of dollars last year in rental scams, increasing by 64% from the previous year.

This year, the Phoenix area has seen the largest inflation rate in the country, at 12.3%.

Local bureaus around the country have warned that housing scams are likely to skyrocket, taking advantage of individuals looking for affordable housing on the back of some of the highest rent increases we have seen in U.S. history.

Rental and housing scams tend to mani-

re3

fest themselves in one of two ways.

The first is potential tenants filling out a housing application with sensitive details such as their social security number and other personal information and never hearing back from the “landlord.”

The other way these scams manifest are through people being asked for large deposits by “landlords” and not hearing anything once the money has left their hands.

The common thread for these scams is that these rentals are typically listed below market value and tenants are incentivized to submit their application in a hurry due to a shortage in affordable housing and high demand due to inflation.

But how do you avoid getting scammed while looking for affordable housing?

First, never rent without seeing the place in person or sending a trusted contact to see it on your behalf. If you’re unable to be there in person, schedule a video walkthrough.

Typically, in rental scams, the “landlord” advertising the property doesn’t actually

have a way to access the inside. If a “landlord” refuses to show you the inside of a property, it is almost certainly a scam.

Before signing a lease, thoroughly research the rental company or verify the owner of the property. Ask for proof of homeownership (eg. a title deed) in order to verify that the homeowner has the rights to rent out the property.

When working with a large rental company, research their reviews and if you are in email correspondence with anyone, verify that they are emailing you from a legitimate company domain.

Never give out your Social Security number or other personal information without having met the landlord or having done thorough research.

If you are required to provide your Social Security number or other sensitive information prior to viewing the property, it may be a scam.

Conversely, if someone is willing to rent to you without requiring any of the above information at any point in the

process, this may also be indicative of a scam.

If you believe that you’ve been scammed, reach out to the Federal Trade Commission Consumer Response Center, file a claim on the Internet Crime Complaint Center, notify local authorities of the details of your situation and the person who scammed you, contact a legal advisor or lawyer, and leave a negative review on the scam ad to ensure that no one else will fall into this trap.

As trust continues to break down online and financial fraud becomes more prevalent, it is imperative that individuals take steps to mitigate their risk of becoming victims of such scams.

With rising inflation and high demand for affordable housing, it’s more important than ever to stay vigilant while on the search for a new home or apartment and report any suspicious activity.

the last two to three months, mortgage companies are offering more competitive closing costs and interest rates to attract additional buyers.

Many borrowers are continuing to feel the pinch, and some are being priced out altogether due to the sharp rise in interest since the start of the year.

Competition remains strong amongst those who can afford to buy. That pool is steadily shrinking, with applications falling to a 22-year low, according to the Mortgage Bankers Association.

between 20 to 25%, which was a total anomaly. What our market did last year, in terms of appreciation, was what it did the three years before combined.

Forecasts at the beginning of 2022 projected another 20% appreciation. After the year’s second quarter, the forecast has been cut from 20% to 5%.

The mortgage rate increase, alongside the war in Ukraine and inflated gas and grocery costs have widely impacted the projected home appreciation values for the remainder of the year.

All markets are cyclical: real estate, finance, the job market. The rollercoaster can’t always keep going up. The jump in inflation, stock market volatility and negative GDP have all happened very rapidly.

The rate that Arizonans will see in depreciation will be much less than those living in a smaller state. With Arizona’s job growth rate, the desirable geographical location for retirees and young families alike, and general influx of new residents, the housing outlook for Arizona remains strong.

These factors provide enough of a cushion as a local economy and local market to stay afloat.

Retraction, softening, slow down, downturn… no matter what you call it, home value appreciation is not going to go up like last year, or how we initially thought it would at the start of 2022.

With both mortgage and federal interest rates on a turbulent ride this year, we stay the course and continue to help our clients navigate the market according to their plans and priorities.

Kerry Merryman is president and COO of Aura, a cybersecurity firm. 

Are home buyers gaining purchasing power?

BY LOGAN HALL AFN Guest Writer

W

ith inflation rising and the Federal Reserve poised to make steady hikes, mortgage rates are falling after rapid jumps in June.

The average rate on a 30-year mortgage fell slightly last month to 5.76 percent, according to the National Association of Realtors.

Interest rates have come down significantly over the last few weeks – between a half to three quarters of a percent – totaling thousands of dollars of savings over a year.

What does this mean for the average buyer?

Another $20,000 to $40,000 of purchasing power that they did not have a few weeks ago.

With concerns mounting over a possible economic recession and new mortgage applications in a steady decline over

Will the housing market continue to “normalize” over the remainder of the year?

We believe the housing market is going to see a deceleration, and hopefully not depreciation.

A deceleration is expected through the flurry of activity that is listings, closings, days on the market, price reductions, expired listings, etc. In terms of home value appreciation, with each passing month, that figure has reversed.

Last year, homes in Arizona appreciated

What is the trajectory of the rollercoaster?

The downward trends we’ve been seeing month-over-month recently are in as steep of a decline as we saw during the last market correction. The market is softening and softening rapidly.

Logan Hall is the director of operations, development and recruiting at RE/MAX Fine Properties and is in the top 1% of agents worldwide. Information: fineprop.com 

re4

REAL ESTATE

AHWATUKEE FOOTHILLS NEWS | AUGUST 3, 2022

2 Chandler retail centers sell in separate big deals AFN NEWS STAFF

T

wo Chandler shopping centers – including The Falls at Ocotillo – changed owners this month in multimillion-dollar deals.

The Krausz Companies, a national real estate investment and management company in Las Vegas, shelled out $24 million for The Falls, 1025-1095 W. Queen Creek Road, according to Valley real estate tracker vizzda.com.

Built in phases between 2002 and 2006, the strip mall’s nearly 70,000 square feet of retail space sit on 9.17 acres. The sale price equaled $346 a square foot, vizzda said.

Meanwhile, another big retail-center deal occurred in the city’s northern section two weeks ago when the Chandler Pavilions was purchased by Schnitzer Properties of Portland, Oregon, for just under 4082 sqft 5 bedrooms, 4 baths

$30 million, according to vizzda..

Built between 1999 and 2002 at the intersection of 54th Street and Ray Road, the Chandler Pavilions’ five buildings totaling 160,673 square feet of retail space sit on 17.97 acres. The property that was sold represents about a third of a total 400,000 square feet of retail space on that site.

The center is fully leased and includes well-known brands such as REI, Bed Bath & Beyond and Sportsman’s Warehouse and is anchored by Sam’s Club and The Home Depot.

Schnitzer Properties is a 70-year-old real estate investment and development company that recently changed its named from Harsch Properties.

The sale price was nearly three times the $10.5 million that seller Evergreen Properties paid when it bought the five buildings two years ago, vizzda says.

In marketing the buildings, Evergreen

said the Pavilions averages more than 62,000 visits a week and draws an estimated 800,000 unique visitors annually.

It said about 58% of those visitors spend an average minimum of 30 minutes shopping. “Over 70% of visitors are loyal, averaging more than four visits a year,” a marketing brochure also said.

Two downtown Chandler buildings that sold for $6.1 million earlier this month will be giving away to a mini-mall.

Beeline Shops LLC, a subsidiary of Scottsdale-based Southwest Retail, bought the buildings at 315 and 325 S. Arizona Ave. at Frye Road, according to Valley real estate tracker vizzda.com.

One of the buildings already has been razed and the other is gutted.

Once construction is completed, a building totaling 6,400 square feet on less than an acre of land will have room for two more retail establishments in addition to

two prospective tenants the owners already have secured.

Black Rock Coffee Bar and El Taco Santo already will be located in the new structure, according to vizzda and marketing materials it included in its report.

The sale broke down to $953 per square foot, vizzda reported.

Vizzda reported that Southwest Retail Group obtained a $2.9 million mortgage as part of the overall deal.

Prime Commercial Advisors’ marketing brochure is touting the property’s location to Chandler City Hall and 15,000 daytime workers with jobs within a mile of the site.

Southwest Realty Group is a real estate brokerage that provides a variety of services, including development. According to its website, it has developed over six million square feet of office and commercial space in seven states since its formation in 1987. 

Leading Luxury Home Experts

This home is on 1/3 acre lot in one of the best and most sought after locations in the Foothills at the base of South Mountain.

NEW

BLACK ROCK CANYON

CALABREA

15013 S. 6th Pl., Phoenix

$1,495,00

4649 sqft, 6 bedrooms, 4.5 baths Custom luxury home in Black Rock Canyon with stunning front and back mountain views.

RED U T A E F G LISTIN 4212 SqFt, 4 bedrooms, 3 ½ baths

NEW

CANYON RESERVE

3049 W. Cottonwood Ln., Phoenix

Beautiful custom Forte Home located in the prestigious gated community of Calabrea in Ahwatukee

$1,399,000

14222 S. Canyon Dr, Phoenix

$1,999,00

5169 sqft, 5 bedrooms, 4.5 baths

BONNY HOLLAND Ahwatukee Resident and Realtor since 1995

602.369.1085

Bonny@LeadingLuxuryExperts.com

2016 & 2017 BREA Award for Most Sales in Ahwatukee!

Custom Home located in the beautiful, gated community of Canyon Reserve, nestled into the mountain and boasts stunning views all around

www.L

Each Keller Willi

REAL ESTATE

AHWATUKEE FOOTHILLS NEWS | AUGUST 3, 2022

Home sellers still making record profits, report says AFN NEWS SERVICES

F

orget, for a moment, what you’ve heard about a housing correction.

Home sellers continued to rake it in at the fastest pace in more than a decade in the second quarter of the year.

Record-high home prices helped them to sell their properties for about 55.5% more than what they originally paid for them, according to a recent report from real estate data provider ATTOM. That translated into the average home seller earning a $123,869 profit on the sale of their condos and single-family abodes over a short time span. Sellers in the second quarter spent only an average of 5.87 years in their homes before putting them on the market, according to the report.

“Home sellers in the second quarter continued to benefit from the rapid growth in home price appreciation the country has

experienced over the past few years,” Rick Sharga, ATTOM’s executive vice president of market intelligence, said in a statement.

“While price growth may slow down as higher mortgage rates dampen demand from prospective homebuyers, home sellers should continue to profit.”

In addition, all-cash purchases made up just over a third, 35.4%, of sales in the second quarter. That’s the highest percentage in eight years.

Sellers in Florida experienced the biggest increase in their paydays over the past year as Americans flocked to the Sunshine State during the COVID-19 pandemic.

In the Fort Myers, Florida, metropolitan area, sellers received on average about 90.9% more than what they paid for their homes—compared with 47.1% a year earlier. The city is a popular retirement and vacation destination.

Metros include the main city and sur-

rounding towns, suburbs, and smaller urban areas. Only metros with at least 200,000 residents and a minimum of 1,000 sales of single-family homes and condos in the second quarter were included.

“Florida has seen a huge influx of outof-state purchases from both traditional homebuyers fleeing from high-priced, high-tax states like New York and from investors looking for affordable fix-and-flip and rental properties,” Sharga said.

“This influx was fueled in part by employees now having the opportunity to work from home, and opting for a more affordable location which also offered a high quality of life. Florida home prices were a relative bargain compared to states like New York, New Jersey, and California.”

The rest of the metros with the highest year-over-year jump in profits were mainly in Florida, with one in Mississippi, and Yuma, which was at 77.8% com-

pared with 42.7%.

This report was supplied by Realtor.com.

Meanwhile, profits fell annually in only 20, or 11%, of the 183 metros that ATTOM analyzed. Those included some areas of Oregon, Hawaii, Maryland and New York.

Eight counties in the Chicago metropolitan area and six in the New York metro were among the 50 most at-risk real estate markets in the nation, according to a recent report from ATTOM. The rest were mostly on the East Coast, particularly in the Cleveland and Philadelphia metros, in the Midwest, and in inland California.

The report was based on housing affordability, local unemployment rates, foreclosures rates, and the number of mortgages where homeowners owe more than their properties are worth in 586 U.S. counties in the first quarter of 2022.

Realtor.com provided this report. 

#1 TEAM IN CLOSED VOLUME FOR 2021 IN AHWATUKEE WHISTLING ROCK

00 14210 S. 5th St., Phoenix

$1,449,000

Dave Cox:

NEW LISTING

NEW LISTING

LISTING

CANDLEWOOD VIEWS

1117 E Thunderhill Pl, Phoenix

Uniquely Beautiful Mountain Top Home, located in the quaint 12 home gated community of Candlewood View.

NEW LISTING

LISTING

SUMMERHILL

00 725 W. Wildwood, Phoenix 2850 sqft, 3 bedrooms and 2.5 baths

$899,000

This beautiful golf course lot home is in Club West with soaring vaulted ceilings, large bedrooms and a spacious Great Room

LeadingLuxuryExperts.com

iams Office is Independently Owned and Operated.

14406 S. Presario Trl Lot 14, Phoenix

Meghann Holland:

Meghann@LeadingLuxuryExperts.com 480-241-4976 Realtor®

FEATURED LOT

3245 sqft, 3 bedrooms, 2.5 baths

This incredibly well maintained, and gently lived-in home is located in Whistling Rock, a sought after gated community in the Foothills Clubwest.

SIERRA CANYON

Dave@LeadingLuxuryExperts.com 509-869-0358 Team Leader

$1,296,000

4083, 4 (+5) bedrooms, 3.5 baths

$489,900

733,510 sqft lot

Don’t miss out on the opportunity to purchase one of the last remaining lots (16.839 acres) in the beautiful gated community of Summerhill Estates.

re5

FAMILY RUN TEAM

AHWATUKEE FOOTHILLS NEWS | AUGUST 3, 2022

re6

SPO OTLIGHT home ONE OF THE MOST AMAZING LOTS AVAILABLE IN AHWATUKEE!!

LOCATED IN FOOTHILLS MOUNTAIN RANCH ESTATES!! OVER 5 ACRE HILLSIDE LOT WITH STUNNING MOUNTAIN VIEWS FROM EVERY DIRECTION*BUILD YOUR DREAM CUSTOM ESTATE OR BUILD MULTIPLE HOMES ON THIS SIGHT*ZONED R3*THE POSSIBILITIES ARE ENDLESS ON THIS RARE OPPORTUNITY*THERE IS NOT ANOTHER PIECE OF LAND IN AHWATUKEE THAT OFFERS THIS MANY BUILDABLE ACRES*NO HOA*LOCATED AT THE END OF A CUL-DE-SAC*BE THE KING OF THE HILL WITH VIEWS ALL THE WAY TO FOUR PEAKS*PLANS AVAILABLE AND OTHER CUSTOM HOME OPTIONS AVAILABLE FROM A WELL KNOW AHWATUKEE CUSTOM HOME BUILDER*DO NOT MISS THIS AMAZING HILLSIDE LOT IN AN AMAZING LOCATION!!!!

5 Acre Lot Listed for $499,000

Geno Ross (602) 751-2121 www.GenoRoss.com SUMMERHILL ESTATES

725 W WILDWOOD DR , PHOENIX 85045

Enjoy superb mountain views from custom single-level luxury home in gated Summerhill. Exquisite courtyard entry opens to spectacular foyer and gorgeous travertine flooring throughout. Spacious gourmet kitchen boasts large island with bar top, stainless viking appliances, granite countertops, custom alder cabinetry, walk-in pantry, desk and breakfast room. Stacked-stone fireplace in family room. Theatre room with components and recliner seating. Master suite features two-way fireplace, sitting room with wet bar, patio access and connected office.

Meticulously maintained and move-in ready with 2022 interior paint.

Trane hvac units replaced in 2018 and 2019. Backyard amenities include extended covered patio with pavers, built-in bbq, fireplace, plus pebble tec pool with waterfall and spa.

SIERRA CANYON 2850 sqft, 3 bedrooms, 2.5 baths

Floor plan includes both a formal living and dining room. Exquisite touches throughout include 24” polished travertine flooring, plantation shutters, emerson ceiling fans, surround sound speakers, crown molding and solid core 8’ doors. Master bathroom features include granite counters, stone tub and shower surrounds, large walk-in shower with two shower heads including rain head, Jacuzzi tub, raised-panel alder cabinetry and large walk-in closet. Two secondary bedrooms feature ensuite baths. Third secondary bedroom with built-in cabinetry. Fifth bedroom is a den with no closet off of the master suite. Secondary bathrooms all feature stone counters and shower surrounds. Huge laundry room with extra cabinetry, stone counters and sink. Extended outdoor living space from large covered patio with gorgeous pavers throughout. 3-Car-garage with Tesla charging station. Reduced energy costs from existing solar panels.

Beautifully updated, move-in ready property Sierra Canyon, Foothills Club West!

Offered at $899,000

kw

®

Listed for $1,450,000 SONORAN LIVING

kw

KELLER WILLIAMS® REALTY

Bonny Holland

602.369.1085 • www.LeadingLuxuryExperts.com

®

Mike Mendoza

SOLD

SONORAN LIVING

KELLER WILLIAMS® REALTY

480.706.7234 • www.MendozaTeam.com

REAL ESTATE

AHWATUKEE FOOTHILLS NEWS | AUGUST 3, 2022

How market expectations changed dramatically AFN NEWS SERVICES

T

he housing market, which received a turbo boost from the COVID-19 pandemic, has begun to shift.

Surging mortgage interest rates are rippling through the housing market, threatening to upend real estate’s unprecedented year. These changes led the Realtor.com economic research team to revisit its 2022 housing forecast, issued in December, and make some adjustments.

The updated midyear forecast factors reflect these higher rates—and the disruptions they’ve already begun to cause.

Realtor.com expects home prices and mortgage rates will continue to rise, home sales will drop as buyers are priced out of homeownership, and the housing market will continue to cool.

However, in a bright spot for frustrated homebuyers, the number of homes on the market is expected to shoot up.

Realtor.com Chief Economist Danielle Hale says, “More homes for sale will help bring back more balance and sanity to the market.”

480-706-7234 !

LD O S

Circle G at Riggs Ranch

Mortgage rates are now anticipated to hit 5.5% by the end of the year—a rate expected to continue sidelining buyers already grappling with record-high home prices.

Initially, the Realtor.com economists predicted they would hit only 3.6% for 30-year fixed-rate loans. However, rates hit a high of 5.3% last month before settling in at around 5.1%, according to Freddie Mac data.

The lower projection was made before persistent inflation became a thorn in the side of the U.S. Federal Reserve. The Fed is now hellbent on taming those runaway prices by hiking interest rates—causing historically low mortgage rates to soar.

“Rising interest rates have shifted the foundation of the economy as well as the housing market,” says Hale. “It’s causing buyers to make tough trade-offs and disrupting the housing market.”

A median-priced home of $447,000 with a 3.6% mortgage rate would command a roughly $1,626 monthly mortgage payment. (This is for buyers who put down 20% and doesn’t include property taxes or home insurance.)

Boosting the mortgage rate to 5.5%

translates into buyers paying about $400 more a month—nearly $5,000 more a year, and roughly $45,000 over the 30year life of their loans.

Buyers have descended onto the housing market, scrambling to win bidding wars before rates surge even higher. The Realtor.com economists believe prices will be 6.6% higher by year’s end.

While that’s still a conservative estimate given the recent spike in home prices, which rose 17.6% year over year in May, the rise is more than double the 2.9% appreciation economists had foreseen in their original forecast.

“Our home price projection is going up as we’re seeing a lot of sticking power in prices and price growth,” says Hale. “We do still expect home prices to cool, but we’re starting at a higher price point.”

Those budget-busting rates and prices are expected to slow home sales. Instead of the number of home purchases ticking up, the Realtor.com economists now predict sales of existing houses will drop 6.7% compared with last year.

However, no one should panic. Even if

3BR / 3 BA / 2,166 SQFT

Estate living with refined tranquility in exquisite setting.

Meticulous stonework adorns entire exterior of home.

Split master suite plus secondary bedroom could be a separate guest suite. 2015 kitchen remodel and AC.

Listed for $1,790,000

4BR / 2 BA / 1,824 SQFT Enjoy remodeled kitchen, baths, flooring and much more in the heart of Ahwatukee.

Ahwatukee Custom Estates !

LD O S

Listed for $575,000

Crimson Ridge

sales do fall, the real estate market is still on track for a historically good year. Last year was an anomaly with the highest number of closings since 2007. Plus, fewer sales could give inventory levels a boost in a win for buyers who aren’t finding many properties for sale.

“Were it not for last year’s extraordinary sales numbers, this would be a very good year,” says Hale. “We’re a long way from a crash.”

In some welcome news for buyers, all of these forces at play are expected to give the number of homes for sale a big boost.

Inventory is expected to increase by 15% this year. That’s a game changer for the market and is a significant jump from an earlier estimate of just a 0.3% bump.

Builders have found ways to overcome a myriad of challenges, from supply chain woes making it difficult—and expensive—to source materials and appliances to construction worker shortages.

The Realtor.com economists now expect housing starts to hit a 16-year high this year.

Realtor.com provided this report. 

Ahwatukee’s #1 Team for Over 30 Years 7BR / 4.5 BA / 8,873 SQFT

5 BR / 4.5 BA / 4,820 SQFT Custom home in the heart of Ahwatukee with ensuite bathrooms and 2021 exterior paint.

Mike Mendoza MendozaTeam.com

!

LD O S

Listed For $795,000

5 BR / 5 BA / 6,455 SQFT Stunning panoramic views from privately gated luxury retreat with casita on elevated preserve lot.

Sanctuary !

LD O S

Listed for $1,950,000

5 BR / 4.5 BA / 4,405 SQFT Superb mountain views from single-level custom with 2022 interior paint and 2019 HVAC.

Listed for $1,450,000

Listed for $1,395,000

Ahwatukee Custom Estates

re7

Summerhill Estates

AHWATUKEE FOOTHILLS NEWS | AUGUST 3, 2022

re8

Ahwatukee Custom Estates

$1,375,000

SOLD!

Pristine & classy single-level gated tuscan estate! stunning curb appeal w/amazing south mountain views. Grand foyer, entertainment room w/full wetbar & scotsman icemaker, formal dining, family room w/canterra fireplace, kitchen incs :slab granite,alder cabinets,s/s wolf appliances,gas cooktop,miele dishwasher,copper sinks,island, & subzero, most amazing custom stonework ever seen in ahwatukee consisting of marble,canterra,travertine, & granite, large master ste w/sitting area & 2 separate full baths, his/her alder & cedar lined closets, guest suite-2nd master w/ensuite bath & courtyard, extremely private backyard w/covered patio, pebbletec pool w/waterfalls, firepots, firepit, grassy play area, & fully equipped outdoor kitchen, fruit trees inc: apple, orange, lemon, & lime, this dream estate has it all!

Calabrea

SOLD!

$1,339,000

Ahwatukee Custom Estates $1,750,000

Pristine & Classy Gated Estate On A Premium 2/3 Acre Hillside Lot, Private Cul-De-Sac, 6 Bedrooms, 4.5 Baths, 5200 Sqft Of Pure Luxury Finishes, Stunning Views In Every Direction, Iron Door, Butted Glass Windows In Entry & Kitchen, Custom Window Treatments, Decorator Paint, Dome Ceiling Foyer & Groin Vaulted Ceilings In Living Room, Travertine & Hardwood Floors Throughout, 7-Inch Baseboards, Media Room, Dream Kitchen Includes S/S Appliances, Slab Granite Counters, Alder Cabinets, Huge Island, Walk In Pantry, Large Master Suite W/Stone Fireplace, Master Bath W/Jacuzzi Tub, 3 Vanities & Snail Shower, Paradise Backyard W/Travertine In Versailles Pattern, Turf Grass, Pebbletec Pool/Jacuzzi, 4 Water Features, Large Covered Patio, Stacked Stone Bbq, 4 Car Garage W/Epoxy & Storage! Your Dream Estate Awaits!!

SOLD!

5 bedroom / 3 bath, 3,506 SqFt, Cul-de-sac location with huge backyard, sports court, built-in BBQ, mature shade trees, very private backing to wash. Good size SOLD! bedrooms, master downstai5. Features a large office with balcony, plus office/loft with built-in bookcase and 3 full baths. Th� home is perfect for family gatherings one is a show stopper!!! over 4200sqft of luxury on a preserve hillside lot in a cul-de-sac, 5 bedroom, 3.5 bath with andThis previewed with 24family hourroom notice andkitchen appointment only. aentertaining. bonus room, formalCan living &be dining room w/soaring ceilings, w/fireplace, includes:s/s appliances,

SOLD! The best view lot in all of club west!!! this stunning custom gated estate in canyon verde has the best privacy & views you will find in ahwatukee*grand foyer*formal living & dining room*executive office*kitchen includes: custom cabinets w/ antiquing, s/s appliances, cooktop, island, breakfast bar, pendant lighting, & walk-in pantry*butler’s pantry w/wine fridge*family room w/fireplace*upgraded fixtures throughout*large master suite w/sitting area*master bath w/jetted tub, snail shower, & spacious closet*guest suite w/separate entrance*all secondary bedrooms are large*paradise perfect backyard w/covered patio, pebbletec pool & spa, firepit, built-in bbq, flagstone, and putting green*oversized garage w/epoxy & built-in cabinets*this custom estate is a dream opportunity! welcome to paradise!!

slab granite, island, & recessed led lights, breakfast nook, gigantic master bedroom with the most amazing preserve views, custom master bath w/walk-in shower, freestanding tub, his/her vanities, & large walk-in closet, all bedrooms are extremely large with walk-in closets, views from every room, laundry room w/built-in cabinets & sink, extended length 3 car garage w/ epoxy, guest bedroom downstairs, paradise backyard w/covered patio, grassy play area, firepit, & custom new pool & jacuzzi 2020, this amazing home is truly stunning and checks all of the boxes!!

www.GenoRoss.com Donna Leeds

�

TOP GRI, ABR REALTOR

®

949.310.5673

lf"fl!

One of the most amazing lots available in ahwatukee!! Located in foothills mountain ranch estates!! Over 5 acre hillside lot with stunning mountain views from every direction*build your dream custom estate or build multiple homes on this sight*zoned r3*the possibilities are endless on this rare opportunity*there is not another piece of land in ahwatukee that offers this many buildable acres*no hoa*located at the end of a cul-de-sac*be the king of the hill with views all the way to four peaks*plans available and other custom home options available from a well know ahwatukee custom home builder*do not miss this amazing hillside lot in an amazing location!!!!

Foothills $499,000

Mountain Park Ranch $679,000

Canyon Verde $899,000

#

Amazing Remodeled Custom Estate with mountain views located at the end of a cul-de-sac.Over 8000sqft of pure luxury finishes.6 Bedroom,5.5 Baths.Custom Kitchen.Elevator.Executive Office.Basement Media Room.Dance Studio.Huge Backyard with Pool, Jacuzzi, Turf, BBQ, Sportcourt.This Spectacular Estate has it all!!!

1

Ahwatukee Agent 2020

Geno Ross

602.751.2121

wwwBestAgentWUSA.com

Making Ahwatukee

Home Dreams Come True Since 1986

hwatukee s Come True 1986

www.WestUSA.com I 480.893.0600

4505 E. Chandler Boulevard, Suite 170, Phoenix, AZ 85048

Sun City

Foothills Reserve

Scottsdale Troon

SOLD!

$629,500

$325.00

GORGEOUS HOME!! 3 bedroom 2.5 baths 2,469 sq ft. Soaring ceilings as you enter the Formal Living and Dining Area. Kitchen is a Cook’s delight-upgraded staggered Oak Cabinets with Crown molding and Corian Countertops with Island, Gas Stove. Bright Breakfast Nook overlooking beautifully maintained Backyard and Views of Preserve. Nice Loft upstairs and Tons of Natural Light and Mountain Views from Upstairs Bedrooms. Upgraded Ceiling Fans, Sparkling Play Pool with Rock Water Features highlights the amazing Lot position with no rear neighbors and a beautiful backdrop of Desert Preserve!

Fantastic opportunity to own a home in the heart of Sun City right by the newly renovated fairway recreation center and Sun City South Golf Course.

2BD/2BTH provides an excellent retirement opportunity. Home includes leased solar, 12x32 screened in back porch, huge backyard with citrus trees and your very own putting green. New carpet in both bedrooms and living room. Wine pantry. Fresh paint inside. Age restriction is 55+

5 bedroom / 3 bath, 3,506 SqFt, Cul-de-sac location with huge backyard, sports court, built-in BBQ, mature shade trees, very private backing to wash. Good size bedrooms, master downstai5. Features a large office with balcony, plus office/loft with built-in bookcase and 3 full baths. Th� home is perfect for family gatherings and entertaining. Can be previewed with 24 hour notice and appointment only.

Donna Leeds

GRI, ABR

949.310.5673

Ahwatukee Retirement Community

$457,500

SOLD!

Home backs up the 8th Fairway of the Ahwatukee Country Club with great view of South Mountain. Close to Golf, Restaurants, Shopping, the I-10 and Medical Facilities. Sit on your extended covered patio and watch the sun set. Enjoy all the amenities of the Ahwatukee Recreation Center with a large outdoor pool, heated indoor saltwater pool, Sauna, Spa, Gym, woodworking shop and more!

Troy Royston 480-435-3461 troyston61@gmail.com

Skye Top at Troon! Beautiful interior boasts earthy palette, Saltillo tile, soaring plank ceilings, beautiful light fixtures, plantation shutters throughout, & a bright living room w/a cladding stone fireplace that opens to the back patio merging the indoor living with the outdoors. Kitchen features designer paint, upgraded cabinets, granite countertops, stainless steel appliances, recessed lighting, and a breakfast nook. The primary bedroom offers soft carpet, tons of natural light, a walk-through closet, and a lavish ensuite w/a dual sinks vanity & a soaking tub. Breathtaking mountain views from the private balcony!

Custom home on flat 3.3 acres with horse arena and room to roam. City water!

Custom Santa Fe style 4 bedroom with tons of upgrades. Travertine tile galore, family room and other bedrooms also have tile. Kitchen has been upgraded with quartz counter tops, white cabinets and all stainless steel appliances convey. Custom doors and woodwork throughout home. Also, lots of tile work in bathrooms and other upgrades. Over $30,000 spent on upgraded doors and windows.

Donna Leeds

lf"fl!

GRI, ABR

lf"fl!

wwwBestAgentWUSA.com

Ahwatukee

SOLD!

Location location! Conveniently located minutes from I-10, Ahwatukee country Club, park, shopping and dining. Bright open floorplan. New windows in 2015. Tile throughout. Large backyard with covered patio.

Geri Thompson 480-239-7589 thompson_geralyn@yahoo.com

Carlos Martinez 480-751-8866 teammartinez11@gmail.com

�

949.310.5673

wwwBestAgentWUSA.com

$360,000

$580,000

Marty Griffin 602-692-7653 martygriffin@q.com

�

SOLD!

$699,000

5 bedroom / 3 bath, 3,506 SqFt, Cul-de-sac location with huge backyard, sports court, built-in BBQ, mature shade trees, very private backing to wash. Good size bedrooms, master downstai5. Features a large office with balcony, plus office/loft with built-in bookcase and 3 full baths. Th� home is perfect for family gatherings and entertaining. Can be previewed with 24 hour notice and appointment only.

Marty Griffin 602-692-7653 martygriffin@q.com

Jenifer Bulfer 480-297-6968 jbulfer@westusa.com

Thunderbird Farms South

Sun Lakes

Foothills Reserve

Charming Portofino Villa on an AMAZING END LOT in the GATED, ADULT COMMUNITY of Oakwood The Beautiful Entry Opens to Dining & Family Rooms. The EAT-IN Kitchen features WHITE CABINETS, GRANITE Countertops & GAS Stove w/ tons of cabinet/counter space & large Dining Area. The SPACIOUS Master Suite has double sinks, large shower & WALK-IN CLOSET. The 2nd Bedroom is split from the Master, has a WALK-IN CLOSET & next to the full Guest Bath. Plus New 20’’ Tile t/out & Paint, Newer Trane HVAC & lots of cabinets in 2-car garage. COVERED PATIO overlooks the HOA MAINTAINED GREENBELT! COME ENJOY the Good Life w/ golf, tennis, pickle ball, pools/spas, fitness center, clubs, social activities & restaurants!

Beautiful move-in-ready 4 bed, 2.5 bath. 3,002 sq ft. Upgraded kitchen with lots of counters! SS appliances, granite, upgraded cabinetry overlook a highly upgraded pool. Master bedroom deck has INCREDIBLE vistas East, incl. South Mountain. Formal living and dining rooms, upgraded paint and flooring are just part of the fun of this home. A new TESLA solar/ battery system saves tons of $$. Nearby NEW Phoenix city park for hiking and biking, easy access off the 202.

$425,000

Jill Ostendorp 480-678-7308 jillo@homesbyjillo.com

Link Paffenbarger 602-989-7221 linkpaff@gmail.com