ResalesScottsdale"s Housing Market Stays Sunny
One of the most popular relocation destinations for snowbirds, Scottsdale, Arizona appears immune to the housing slump that is affecting other parts of the nation, say local Realtors.
"Regardless of the size or cost of the home the lifestyle just doesn"t get any better than living in Scottsdale," says Realtor Mel Harper. "The Scottsdale housing market has been immune to the slump that has otherwise plagued the nation. The typical valley home shot up 76 percent in the last decade to $146,000 and 9 percent this year alone, while in many Scottsdale areas home prices increased from 15 percent to 22 percent. The increase in housing costs has been offset to a great degree by single digit interest rates on 30-year mortgages, which continues to fuel strong market growth. Couple this with low cost new construction and we have a strong buyer and seller market.
Says Realtor Dina Rose Galassini, "Scottsdale enjoys an average of 86 percent sunny days per year. If you"d rather be hot than cold, the Valley is the place to be, as the winter season is fabulous."
Galassini explains, "Although the new-home market has slowed slightly, especially homes over one million in price, sales of existing homes throughout the Valley remain at a brisk pace. The housing market in the Valley is holding up particularly well in an economy that perpetually tinkers on the brink of recession. Low mortgage rates continue to seduce existing home owners to move up, and first home buyers into property ownership. There are rumors of a real estate bubble "popping" in the area, but with a projected seven million people moving to the Valley by 2005, it"s hard to imagine the balloon bursting any time soon."
Certain neighborhoods are doing particularly well, say Realtors.
"The 85260 zip code, with it"s many acre-plus lots, is experiencing a big seller"s market," says Realtor John Izzo. "Inventory for recently remodeled or newer construction acre lots is very low, and I received an overwhelming response to the past two-acre lots I sold this past month. With 85260 being so close to Paradise Valley and the tremendous dollars that area fetches, it"s no wonder buyers in the $350,000 - $600,000 market are waiting for more livable properties to put a sign out front."
Lynn Coleman "Pinnacle Peak is located in North Scottsdale and is an area of residential growth typified by luxury homes and world-class golf courses," explains Realtor Lynn Coleman. "At an elevation approximately 1200" above Phoenix, this area is usually a little cooler and even has an occasional snow flurry during the winter. Located at the North end of the McDowell Mountain range, High Sonoran desert beauty and spectacular views are the order of the day. The completion of the Pima Freeway (101 Loop) will significantly decrease the commute time to downtown Phoenix and the Sky Harbor airport, making this area even more desirable."
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