Demand Pushes Valley Year Over Year Home Price Gains to #1

By Angela Gonzales | Phoenix Business Journal Once again, Phoenix has reported the highest year-over-year gains in home price growth, well ahead of other key U.S. cities. With a 9% year-over-year gain in May among 19 cities measured by the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, Phoenix was followed by Seattle, at …

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Forecast: Valley Office Sublease Space will Continue to Grow

By Corina Vanek | Phoenix Business Journal After a major increase in the amount of office space available for sublease in the Phoenix area, real estate experts from JLL expect that amount to only grow due to the coronavirus pandemic. Companies that leased space anticipating growth, or those that have moved large portions of employees …

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Valley Homebuilders Opening More New Communities

By Angela Gonzales | Phoenix Business Journal Even amid the spread of COVID-19, homebuilders are moving ahead with more new communities throughout the Valley. During the past 30 days, sales contracts shot up 28% at a time when demand typically falls during the hot summer months, said Jim Belfiore, founder of Belfiore Real Estate Consulting. …

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Custom Home Lot Sales Going Strong in Metro Phoenix

By Angela Gonzales | Phoenix Business Journal More than 100 custom home lots priced above $1 million have been sold in metro Phoenix during the past 12 months, and COVID-19 doesn’t seem to be impacting sales so far, according to data compiled exclusively for Phoenix Business Journal. Research by RL Brown Housing Markets shows 101 …

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Scottsdale Builder Reports Record June Sales

By Angela Gonzales | Phoenix Business Journal Taylor Morrison Home Corp. has reported the best month in the Scottsdale homebuilder’s history, despite the COVID-19 pandemic. The company finished June 2020 with a 94% increase in net sales orders year over year for a total of 1,715 and a monthly all-time high pace of 4.3 average …

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COVID-19 Spike Could Impact Phoenix Housing Sales

By Angela Gonzales | Phoenix Business Journal Home prices are expected to slump during the summer months nationwide, according to CoreLogic HPI, which reported a 4.8% increase in year-over-year home prices in May nationwide as demand continued to prop up home price growth. Nationwide, CoreLogic HPI Forecast predicts a month-over-month price decrease of 0.1% in …

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Developer Alleges ‘Shakedown’ in Suit Against Paradise Valley

By Brandon Brown | Phoenix Business Journal The developer behind a $2 billion, 122-acre master-planned community in Paradise Valley has filed a lawsuit, alleging in court documents that the town is trying to “shake down” the company for millions of dollars. Five Star Development, which is building the Palmeraie luxury community and accompanying Ritz-Carlton, Paradise …

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Forming Alliances Critical for Black Business Owners

Reprinted by permission of the author Tamala Daniels | REALTOR®, Realty ONE Group My family is part of the Okemah community that was established in south Phoenix. This community consisted of 600 residents of which 98% were African American. Those black residents were only allowed to acquire property, residential or commercial, within this area located …

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Unemployment, Credit Changes May Impact Valley Housing Market

By Angela Gonzales | Phoenix Business Journal As the Phoenix housing market begins to recover from the COVID-19 pandemic, another type of infection could hurt long-term demand. “We need to watch how the credit infection infects the housing market today,” Jim Belfiore, founder of Belfiore Real Estate Consulting in Phoenix, told homebuilders in a recent …

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May Sales a Bright Spot for Valley Homebuilders

By Angela Gonzales | Phoenix Business Journal Homebuilders in Maricopa County saw an uptick in sales during May as residents began to venture out with an itch in their pocketbooks. Homebuilders saw a 9% increase during May over April and increased by less than 1% year-over-year from May 2019, said Jim Daniel, president of RL …

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