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Scottsdale Housing Market Slowing

Scottsdale Housing Market Slowing


The Phoenix-area housing market remains sluggish, with single-family home sales down 11 percent from June 2013 according to a new report issued by the W.P. Carey School of Business at Arizona State University. The home sales may have been down but the pricing was up with an average price per sq. ft. gaining nearly 10% from June 2013 from $117.08 to $128.69. An amazing statistic when comparing available properties from June 2014 to June 2013 is the amount of listings. There are 59% more active listings than July 1, 2013! Foreclosure starts are down 38% from June 2013. The investment activity for residential property from Investors was reduced from 16.1% in May to 14.4% in June. The number of rental homes offered for Lease on ARMLS (excluding vaction rentals) was 4,204 as of July 1, 2014. This is up 5% from a month earlier. However this still represents just 1.2 months of supply. According to the study rental rates are also rising. “We are currently seeing a 6% rise over the last 12 months across the Greater Phoenix Area.” says the report. Phoenix property management company Property Butler will provide a free Rental Analysis. The free Rental Analysis will provide you with comparable recently rented properties in your area to ensure you are getting a market rental rate. Household formation statistics improved in the second quarter of 2014 according to the U.S. Census Bureau. “The first beneficiaries from improving housing creating numbers are usually landlords, and vacancies continue to remain low.” “The supply of available homes for purchase at the bottom end of the market (under $175,000) is very tight. Most attractive homes below this price are being snapped up quickly despite the lack of investor buyers. Above $175,000 we still have more supply than necessary to meet the weak demand,” according to the report. The report is issued by Michael J. Orr the Director for the Center for Real Estate Theory and Practice at...

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New Apartments in South Scottsdale Coming

New Apartments in South Scottsdale Coming


The SkySong area has seen major redevelopment and another is scheduled to be coming on by the end of the year.  SkySong apartments, near Scottsdale and McDowell roads, was the first to hit the market with 325 units.  “In late October, Mark-Taylor will begin delivering 40 units per month over 11 months at its sprawling San Travesia apartment complex just east of SkySong.  When completed, the gated community will have 572 units.” according to an articled published on August 25th in the Arizona Republic. In the article South Scottsdale apartments attracting new residents there is also another development by Chason Development planned for a 154-unit Las Aguas apartment complex where Pitre Buick was formally.  It is on the north side of McDowell and 68th St. “These new residents will affect the overall demographics in the area, which will in time also affect the attraction of new retail and restaurant options in the area that employers in locations like SkySong are already clamoring for the 1,000 daytime employees on site,” said Danielle Casey, Scottsdale’s economic development director.” “Chris Brozina, vice president of Mark-Taylor Development, said he expects San Travesia to bring a “nice mix” of young professionals, “atypical students,” empty-nesters and Baby Boomers in the corridor.” The influx of rental units coming on the market in South Scottsdale will cause increased competition.  It is important to utilize a knowledgeable Scottsdale Property Manager.  The marketing of a rental unit will be very important.  Scottsdale property manager Property Butler markets its rental units to over 200 sites on the internet.  Property Butler market Scottsdale rental properties to Zillow, Realtor.com, Craigslist, and many more.  Scottsdale property management companies do not market properties the same.  Please be sure to research how they market their properties to ensure you are getting the best rental rate you can.  At Property Butler we offer a free rental analysis and will provide you with comparable recently rented properties in your area to ensure you are getting a market rental...

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Forbes Lists Scottsdale as “Best Buy Cities”

Forbes Lists Scottsdale as “Best Buy Cities”


The Phoenix-Mesa-Scottsdale housing market was listed in Forbes as a ‘Buy’ for 2014.  The Forbes article and study analyzed cities looking for opportunities where it appears the prices were still considered under-valued.  In the article  Best Buy Cities: Where to Invest in Housing in 2014 there were 20 markets listed. Forbes teamed up with the Local Market Monitor and pulled data for the largest 100 metropolitan statistical areas (a geographical designation used by the U.S. Census) with populations of at least 575,000.  From there, the choices were ranked primarily on the factors: population, home prices, the local jobs economy.  Each of the Best Buy Cities have high population growth and job growth, relatively low home prices, and are still considered under-valued).  This makes them fairly low-risk investment opportunities to buyers who are smart and know not to overpay according to the article. “The measure presumes that prices will eventually return to this level.  When homes are far under the equilibrium price, investors are getting good buy and can expect to make a good return.  The other important consideration for investors is, of course, a healthy economy.  After all, there is zero point in purchasing a home in a market where population is fleeing.  That why Best Buy Cities are places where opportunities are growing.” states Erin Carlyle of Forbes. “We are in a stage in the economic cycle where job growth-and demand for housing-is accelerating in some markets,” says Ingo Winzer, founder of Local Market Monitor.  “The types of jobs created are often lower-paying, most suitable for renters, younger people who are willing to move from somewhere else and who don’t want to own a house right now but might have a young family and would like to rent one” The Phoenix-Mesa-Scottsdale area has an actual average home price of $196,035 and an ‘Equilibrium Home Price’ of $216,373, resulting in a nine-percent difference with a 41-percent three-year growth forecast to boot. The top housing market on the list was Fort Worth-Arlington,Texas followed by Dallas-Plano-Irving, Texas at...

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