Metro Phoenix's housing market ended 2014 on a low note with both home sales and prices down. Homeowners, potential buyers shopping for a house and investors are all curious — even anxious — about what could happen this year. The big issues to watch in the Valley are job and population growth, whether the federal plan to lower mortgage premiums spurs more first-time buyers and what big investors with thousands of rental houses do. Nationally, whether interest rates climb, the success of new low-down payment … [Read more...]
Average Time to Build a House: 6 Months
January 14, 2015 by 1 Comment
The time it takes to build a house in the U.S. varies by year and region. Experts ponder what factors have the biggest impact on construction. Want to get your house built as quickly as possible? Buy land in the South and nail down a construction crew? According to data collected by the U.S. Census Bureau, in 1973 it took, on average, six months to build a single-family home. In 1980, that number was up to 6.9 months, and in 2009 it was up to 7.9. In 2013, the latest data available, it was back down to six … [Read more...]
More Americans Are Going Solo
October 13, 2014 by Leave a Comment
Single adults will change the face of the housing industry The U.S. is becoming a nation of singles. According to the Bureau of Labor Statistics, half of all American adults live in one-person households, and this demographic is heavily influencing the companies that want to reach out to them. Restaurants are including more communal seating to be inclusive for single diners. Multifamily communities are offering shared spaces such as home theaters, outdoor spaces, and work areas so that singles can socially … [Read more...]
Why Prospects of Condo Comeback Are High
October 13, 2014 by Leave a Comment
Condo sales have been on a roller coaster ride in recent years, as the recession hit the sector hard. But is the country ready for a condo revival? In 2005, condo sales surged to 12.7 percent of all home sales. But the financial crisis caused the condo market to recede — even more so than the single-family market — with sales falling to 10.7 percent of all home purchases in 2009. "Condo sales moved sideways several years after the recession before picking up steam again in 2013," CoreLogic Deputy Chief … [Read more...]
There is a Light at the End of the Phoenix Recovery Tunnel
October 13, 2014 by Leave a Comment
Phoenix may have to wait another two years to make it out of the prolonged recovery following the worst economic calamity in four generations. The word from speakers at the SRP Economic Forecast 2015 presented by thePhoenix Business Journal is that 2016 is year of full recovery. A group of more than 700 business professionals gathered at the J.W. Marriott Phoenix Desert Ridge Resort & Spa to hear the advice. It’s been a long, slow climb, and the light at the end of the tunnel has been seen for over a … [Read more...]
6 Design Trends You’ll See More Of
October 13, 2014 by Leave a Comment
What home-design trends will likely catch on in new construction? Builder Online recently spoke to Mollie Carmichael, principal at John Burns Real Estate Consulting, and Nick Lehnert, executive director at architecture firm KTGY, about the design trends that are gaining popularity in the new-home market this year: Private space Baby boomers, empty nesters, and Gen Yers are showing a preference for homes that have more private outdoor spaces, straying from the traditional "public" backyard, according to … [Read more...]
Deco looks to develop $31M condo project in Old Town Scottsdale
August 7, 2014 by Leave a Comment
Deco Communities is developing a $31 million, 100-unit condominium complex in Old Town Scottsdale. The Scottsdale-based apartment and condo developer acquired three vacant land parcels near Earll Road and Drinkwater Boulevard, just south of Scottsdale Stadium. Deco is looking to start construction next year on condos that will have starting prices at $299,000. “Downtown Scottsdale is experiencing strong demand for new condominiums,” said Deco partner Rob Lyles. “Our latest project will bring 100 brand-new … [Read more...]
