How Valley Luxury Homes Sell During a Cooling Market

By Angela Gonzales | Phoenix Business Journal Luxury real estate agents continue to close deals at a time when mortgage interest rates have doubled since January. Scott Grigg sold a home in 7 Desert Mountain golf community for $941.47 per square foot. That’s because cash buyers continue to flock to the Valley with millions of …

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Scottsdale Sees Single-Family Building Permit Increase

By Angela Gonzales | Phoenix Business Journal Scottsdale was one of only four municipalities that reported an increase in single-family permits issued between January and the end of September. The homebuilding industry is taking a hit as rising mortgage interest rates are causing buyers to hit the pause button. As a result, Phoenix-area homebuilders have …

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Valley Homebuilders See Big Success with Multi-Gen Living

By Angela Gonzales | Phoenix Business Journal Despite a cooling housing market, two public homebuilders are seeing stronger sales of their multigenerational living product. Miami-based Lennar Corp. and Newport Beach, California-based Landsea Homes Corp. are seeing stronger sales of this unique product amid high rental and mortgage interest rates. Lennar’s Phoenix division was the first …

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More iBuyer Job Cuts as Arizona Housing Market Cools

By Angela Gonzales | Phoenix Business Journal About 2,000 homes in metro Phoenix are owned by the so-called iBuyers, representing a $2 billion investment, according to New York City data analytics firm Parcl Labs. The term iBuyers refers to companies that use tech-focused programs to buy and sell houses quickly. “If iBuyers sold their active …

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How Much Home Price Growth is Slowing in the Valley

By Angela Gonzales | Phoenix Business Journal Home price growth in metro Phoenix is sinking like a lead balloon. For nearly three years, Phoenix had led the nation in home price growth until March, when the metro dropped into second place. It’s been on a steady decline since then, dropping to No. 7 on the …

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Local Builder: Lower Luxury Supply, Greater Demand

By Angela Gonzales | Phoenix Business Journal Rod Cullum, owner of Scottsdale-based Cullum Homes, said his sales team stopped getting calls in May, and didn’t see interest pick up until September. Much of that was because luxury buyers were taking advantage of their travel plans, he said, but rising interest rates also impacted their businesses …

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Rising Rates Cause Layoffs at Phoenix-Area Mortgage Firms

By Angela Gonzales | Phoenix Business Journal A rise in mortgage interest rates over the past several months has caused a drop in refinance applications, leading to mortgage lender layoffs. The robust housing market in 2020 and 2021 created a labor shortage in the mortgage and title industries, causing firms to hire more people to …

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Valley Homebuilders Scramble to Secure Water Sources

By Angela Gonzales | Phoenix Business Journal As drought conditions worsen across the Southwest, some Valley homebuilders are running into problems securing a water supply for their projects. That’s because the Arizona Department of Water Resources — the state agency that issues water certificates — is changing certain groundwater models, causing some developments to come …

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Scottsdale Builder Plans 1,250 Homes Near TSMC Plant

By Angela Gonzales | Phoenix Business Journal Taylor Morrison Home Corp. plans to build 1,250 homes in north Phoenix near the Taiwan Semiconductor Manufacturing Co.’s $12 billion chip plant under construction. The Scottsdale-based homebuilder is in escrow to buy 473 acres near Cave Creek Road and Sonoran Desert Drive in north Phoenix, which is about …

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Valley Luxury Home Market Cooling

By Angela Gonzales | Phoenix Business Journal The buying frenzy in the Valley’s luxury home market appears to have ended. “I don’t feel the market is dead in any way,” said Robert Joffe, co-founder of Launch Real Estate. “There’s just no question it’s a complete slowdown from what it was, but I feel we are …

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