Here is what was at the top of the news headlines for the Property Management and Real Estate industries this past week
There are a large number of apartments and condominiums being built around the Phoenix area. Submarkets such as Tempe, downtown Phoenix, Scottsdale, Gilbert and Chandler are slated to see thousands hit the market over the next three years, according to the Marcus report. Most of the construction cranes and construction sites around town are for new apartments and condos.
Since the end of the recession, Phoenix’s real estate market has been steadily increasing. Unfortunately for aspiring homeowners, the weakness of the housing market isn’t due to the lack of decent housing opportunities but is attributed to the lack of educational opportunity. The Valley ranked No. 5 in real estate confidence, but fell to No. 61 for educational opportunity.
Once the epitomic example of the housing market crash, the Arizona housing market is now one of the stronger markets in the country. Increases in home construction and sales can be seen throughout the state. Most representative of the health of the Arizona real estate market is Phoenix, which has made a complete roundabout. Instead of investors acquiring distressed properties, owner-occupant buyers are fueling sales.
House flipping is on the rise in Arizona. “Some people make quite a lot of money doing nothing but buying and selling houses,” said real estate expert Michael Orr with the WP Carey School of Business at ASU. He said home flips are increasing every month and now make up about 7 percent of sales, even more than last year. That’s good and bad news. Beautified eyesores will bring up your home’s value, but investor-owned homes tend to be slightly lower-priced to sell fast.