The Hill Group

Things to Do Around Phoenix This Weekend [May 18 - 20]

Joshua Hill — Fri, 18 May 2012 13:00:41 +0000

The Weather Channel said we have another warm and sunny weekend ahead of us, so make sure you get out there and enjoy it! Here are five new and exciting things to do around Phoenix this weekend!

Things to Do Around Phoenix This Weekend

Music in the Garden
When: Fridays, May 11 – June 29, 7:00pm – 9:00pm in May and 7:30pm – 9:30pm in June
Where: Desert Botanical Garden
How: 480-481-8188
Cost: $21, $15 for garden members

Ballet Etudes’ ‘Cinderella’
When: May 18, 2012, starting at 7:00pm; May 19, 2012, starting at 2:00pm and 7:00pm; May 20, 2012, starting at 3:00pm
Where: Chandler Center for the Arts
How: 480-782-2680
Cost: $12 – $17

7 Fingers: PSY Mind-Blowing Circus
When: May 18, 2012, starting at 8:00pm & May 19, 2012, starting at 2:00pm and 8:00pm
Where: Scottsdale Center for the Performing Arts
Cost: $39 and up

Ameri-CAN Canned Craft Beer Fest in Scottsdale
When: May 19, 2012, 12:00pm – 6:00pm
Where: Scottsdale Civic Center Mall
Cost: $25, $100 VIP, $10 for designated driver

Downtown Phoenix Spring Fling Pub Crawl
When: May 19, 2012, starting at 9:00pm
Where: The Pub Crawl check-in is located on Adams Street and 1st Avenue
Cost: $12 in advance, $15 on the day of the event

If you could only attend one of the events above this weekend, which one would it be? Post a comment below and let us know!

Image Credit: Dru Bloomfield on Flickr. CC Licensed.

Condo vs. House: Which property has appreciated more in 2012?

Joshua Hill — Thu, 17 May 2012 13:00:23 +0000

Thanks to the two latest graphs below from The Cromford Report, we can tell a lot about the differences between the single family (SFR) market and the condominium (condo) market here in the East Valley – which includes Scottsdale, Paradise Valley, Fountain Hills, Phoenix, Tempe, Chandler, Mesa, and Gilbert.

Condo vs. House

For one thing, the median sales price of condominiums in the East Valley has actually appreciated more over the last year than the median sales price of single family residences has.

On the other hand, as expected, single family residences are currently selling at a higher median sales price, in part because its median sales price never sunk as low as the median sales price of condos did.

Neither statistic is necessarily more important than the other, but both of them remind us that buying a home is a complex decision. So, before you buy your next home, ask yourself a few questions.

Condo vs. House

1. When I eventually sell this home, will I look back and care more about how much it appreciated, or how much I enjoyed the lifestyle it provided for me?

2. Which is more important? Paying the lowest possible price for a home, or paying the best possible price considering the amenities the home has?

3. In order to debate the true cost of buying a lower-priced condominium vs. a higher-priced single family residence, have I considered the higher costs of owning a condominium (e.g., higher homeowners association (HOA) assessments, higher mortgage interest rates (sometimes), higher down payment requirements (sometimes), higher upfront closing fees, etc.)?

4. If a home’s potential for appreciation is important to me, am I considering its short-term and long-term potential?

If you’ve purchased a condo or single family residence in the last five years, I’d love to hear from you now. Which type of property did you buy, and why?

Source: The Cromford Report

Are There Superfund Sites in Arizona?

Joshua Hill — Wed, 16 May 2012 13:00:13 +0000

Before making an offer on a house here in Arizona, we at The Hill Group ask our clients to review several important disclosures, one of which discusses Federal Government Superfund Sites. This disclosure, titled “Environmental Disclosure Statement Superfund Information,” does two very helpful things.

1. It defines “Superfund” as an “all-encompassing term used to designate areas that may or may not have ground and groundwater contamination within the boundaries designated by the EPA (Environmental Protection Agency).”

2. It provides the contact information for the Arizona Department of Environmental Quality and the Environmental Protection Agency, two agencies whose research aims to protect public health and the environment. For your reference, I’ll also list their contact information below. Between the two websites, you’ll find updated site information and several detailed maps of the various site locations across Arizona and the rest of the nation.

Because of the broad and varying use of the term, there are many designated Superfund Sites across Arizona, but a significantly fewer number of sites than most northeastern states have. **Yeah southwest!** While we can’t tell you whether you should or shouldn’t buy a home located in or near one of these areas, we can show you whether a particular site is positively or negatively affecting the average home prices around it.

The Indian Bend Wash North site in South Scottsdale, for example, is now home to several public golf courses, catch-and-release fishing lakes, shared-use paths, and recreational parks – all of which are amenities known to increase real estate values in Scottsdale.

If you have more questions about real estate near the Indian Bend Wash North site, or any of the other Superfund Sites in the Greater Phoenix Area, let us know in a comment below or feel free to send us an email anytime!

Arizona Department of Environmental Quality
Phone: 602-771-2300

Environmental Protection Agency
Phone: 415-947-8000

Image Credit: skew-t on Wikipedia.

Things to Do Around Phoenix This Mother’s Day Weekend

Joshua Hill — Fri, 11 May 2012 13:00:38 +0000

I know it’s been quiet around The Phoenix Real Estate Blog lately (launching our new and improved Arizona MLS search = no time for blogging) but I’m back today with an exciting list of things to do for Mother’s Day and more upcoming events going on around Phoenix this weekend! It’s forecasted to be a hot and sunny one, though, so break out the sun screen and make the best of it.

Things to Do Around Phoenix This Weekend

‘Topia’ – Ballet Arizona
When: May 2, 2012 – May 26, 2012
Where: Desert Botanical Garden
Cost: $35 – $50

National Public Gardens Day
When: May 11, 2012
Where: 100 gardens nationwide, including Desert Botanical Garden in Phoenix, Boyce Thompson Arboretum State Park in Superior, and the Rose Garden at Mesa Community College
Cost: Free

Ben Bailey
When: May 11, 2012, starting at 7:30pm and 9:45pm & May 12, 2012, starting at 7:00pm and 9:45pm
Where: Stand Up Live
How: 480-719-6100
Cost: $20

Payson Wildlife Fair
When: May 12, 2012, 9:00am – 3:00pm
Where: Green Valley Park in Payson
How: 480-981-9400
Cost: Free

Brunch at Cheuvront
When: May 13, 2012, 10:00am – 3:00pm
Where: Cheuvront
Cost: $34

Brunch at Mission Grille
When: May 13, 2012, 11:00am – 2:00pm
Where: Mission Grille at Tempe Mission Palms Hotel & Conference Center
Cost: $29.95, $14.95 for ages 6 – 12, free for age 5 and younger

Moms Paint Free
When: May 13, 2012, starting at 11:00am and 2:30pm
Where: The Brush Bar
How: 480-947-8700
Cost: $25, moms paint free

Whether you decide to go to any of the events above or do something else entirely, I hope you have a great weekend and a Happy Mother’s Day! And, if you’ve made plans you want to share with the rest of us, feel free to let us know about them in a comment below.

Image Credit: IndyAgent on Flickr. CC Licensed.

Things to Do Around Phoenix This Cinco de Mayo Weekend

Joshua Hill — Thu, 03 May 2012 13:00:43 +0000

In case you haven’t looked at your calendar recently, Cinco de Mayo is this weekend, and as always, the Greater Phoenix area is going to be buzzing with events to celebrate it. If you’re going to be in Phoenix this weekend, don’t make plans until you’ve checked this list below first! Whether you’re going to be near Tempe, Scottsdale, or want to take a day trip north to Sedona, whether you want to keep it low key or let loose, whether you have children to entertain or friends visiting from out of town…this list has something for everyone!

Things to Do Around Phoenix This Weekend

Dana Carvey Stand Up Show (Special Event)
When: May 4, 2012, starting at 8:00pm & May 5, 2012, starting at 7:00pm & 9:45pm
Where: Stand Up Live
How: 480-719-6100
Cost: $35

El Mexcellente! Cinco de Mayo Block Party
When: May 5, 2012, starting at 11:00am
Where: Canteen Modern Tequila and Fat Tuesday of Tempe
How: 480-773-7135
Cost: Free

Cinco de Milagro
When: May 5, 2012, 2:00pm – 6:00pm
Where: Distrito at the Saguaro
How: 480-970-4444
Cost: Free

El Santo Cantina Grand Opening
When: May 5, 2012, starting at 12:00pm
Where: El Santo Cantina
How: 480-584-3801
Cost: Free

Cinco de Mayo Celebration
When: May 5, 2012, starting at 11:00am
Where: Tlaquepaque Arts & Crafts Village of Sedona
How: 928-282-4838
Cost: $10, $5 for children

Cinco de Mayo Celebration
When: May 6, 2012, 11:00am – 8:00pm
Where: Enchanted Island Amusement Park at Encanto Park
How: 602-254-1200
Cost: $7

Cinco de Mayo Salsa Festival
When: May 6, 2012, 1:00pm – 4:00pm
Where: El Pedregal Shops at the Boulders Resort
How: 480-488-1072
Cost: Free

Let’s continue this list in the comments below… If you’ve made plans to do something that didn’t make our list above, add a comment and let us know! We love to hear from our readers.

Speaking of our readers, please help us in thanking, Jonathan, for allowing us to share his stunning photograph of Encanto Park’s waterfall at night in this post. Jonathan is a former Phoenician, a past client of The Hill Group, a friend, and I must say, an outstanding photographer!

Image Credit: boeke on Flickr. CC Licensed.

Phoenix Housing Market Update – April 30, 2012

Joshua Hill — Mon, 30 Apr 2012 13:00:07 +0000

In our ongoing effort to post consistent and timely real estate market updates, here below is a Concise Market Snapshot from The Cromford Report, and my own short commentary afterward. For a frame of reference on this month’s numbers, you may want to take a quick look at my post last month, “Phoenix Housing Market Update – March 30, 2012.”

Average Home Sale Price

Prices are currently rising by about 3% per month and Mike Orr of The Cromford Report believes it is almost certain that Phoenix’s annual home price appreciation will exceed 25% by the end of September 2012. As exciting as this is, we’re still hearing home sellers say they’re still waiting for the average home sale price in their area to rise more. Although I can appreciate any person’s wish for their home to sell for the highest possible price, this concerns me because pricing trends are volatile. Case in point, for at least the last two years, the average sales price in Greater Phoenix has risen through spring and then, without warning, fell in both July and August. Maybe this year, it’s best to strike while the iron is hot.

Number of Houses for Sale

Thanks to the Phoenix area’s rising average home sale price, traditional (i.e., non-distressed) sellers are starting to come back to the market. In fact, the number of non-distressed houses for sale in relation to the number of short sales and bank owned houses for sale rose again in April. But as much as the new inventory was welcomed, it was still not enough to stop the total number of Active Listings from falling – this month it fell by almost 3.5%.

Where are you sellers? The Phoenix housing market misses you!

**If you would like a chart, similar to the one above, prepared for your own city or zip code within the Greater Phoenix Area, just post a comment below, send us an email, or, give us a call the old fashioned way! We would love to hear from you.**

Source: The Cromford Report

Things to Do Around Phoenix This Weekend [April 27 - 29]

Joshua Hill — Fri, 27 Apr 2012 13:00:35 +0000

It’s Friday and the weather around Phoenix this weekend is going to be sunny and warm! How are you going to make the most of it? If you’re not sure yet, this list is for you!

Things to Do Around Phoenix This Weekend

Arbor Day 5K
When: April 27, 2012, starting at 6:00pm
Where: Tempe Town Lake
Cost: $20 in advance, $25 day of the race

Movies in the Park – “Indiana Jones and the Temple of Doom”
When: April 27, 2012, starting at 7:30pm
Where: Center Lawn of the Biltmore Fashion Park
Cost: Free

Phoenix Improv Festival
When: April 27, 2012, starting at 7:00pm & April 28, 2012, starting at 7:30pm
Where: Herberger Theater Center
How: 602-252-8497
Cost: $18.50

My Nana’s Salsa Challenge
When: April 28, 2012, 11:00am – 6:00pm
Where: Tempe Beach Park
Cost: $8 plus $5 for parking

Yoga Rocks the Park
When: April 29, 2012, starting at 2:00pm
Where: Margaret T. Hance Park
Cost: $10

Do you know about something happening this weekend that I’ve missed and want to share with us? Post a comment below and let us know!

Image Credit: kinkisharyo on Flickr. CC Licensed.

Latest Media Coverage of the Phoenix Housing Market Recovery

Joshua Hill — Wed, 25 Apr 2012 13:30:19 +0000

Lately, it’s become a never-ending challenge to keep up with the media’s coverage of the Phoenix housing market recovery, especially now that the spring home buying season is upon us! Nevertheless, I believe it’s good to check in on the court of public opinion every now and then, so here below are three articles posted on three different news websites over the past three months, along with noteworthy quotes I pulled from each. Even if you haven’t been following the Phoenix housing market this year, these articles should get you back up to speed in no time.

ASU: Phoenix housing market showing signs of recovery
February 23, 2012
“According to the data, the median sales price of a single family home is up 6.5 percent in January compared with January 2011. That number is $120,500 as compared with $113,166 a year ago.”

Phoenix-area home prices headed upward
March 31, 2012
“Also, the number of homeowners behind on their mortgages in Arizona continues to fall. So, many market watchers don’t expect another big jump in foreclosures.”

US home prices drop for 6th straight month
April 24, 2012
“Prices in nine cities fell to their lowest levels since the housing bust. The average price in Atlanta fell 17.3 percent in February compared with a year earlier. That’s the biggest annual drop in the history of the index for any city. Still, there were some positive signs in the report: Phoenix, one of the cities hit hardest by the housing bust, has seen five straight monthly gains.”

If you had to pull one noteworthy quote from any of the articles above, tell us, what would it be? We love to hear from our readers!

Image Credit: The Cromford Report

Most Phoenix Home Buyers are not Buying Distressed Properties

Joshua Hill — Mon, 23 Apr 2012 13:30:25 +0000

A surprising new trend regarding Phoenix’s distressed properties has been taking shape over the last six months, but I’ll bet it’s not the trend you’ve been hearing about.

Just below, you’ll see a line chart from The Cromford Report, which shows what percentage of the monthly sales across the Greater Phoenix Area since October 2011 were lender owned properties (“REO”), short sales & pre-foreclosures (“Short Sales”), and normal listings (“Normal”).

REO vs. Short Sale vs. Normal

As you can clearly see, the percentage of home buyers who bought non-distressed properties – or “normal” properties – has increased 20% over the last six months, from 35% to 55%. In other words, most Phoenix home buyers are not buying distressed properties. And that trend isn’t showing any signs of slowing yet either.

Since the supply of available REO and short sale listings has fallen, home buyers have started paying more attention to normal listings. And even though their average sales price per square foot tends to be higher than it is on distressed properties, home buyers are finding plenty of other benefits to purchasing normal listings: their move-in ready conditions, the quicker responses to offers, the ability to request repairs during the Inspection Period, the human interaction you feel when you buy from another person rather than a bank or government agency, and the list goes on and on…

Source: The Cromford Report

A Better Way to Measure Shadow Inventory by State

Joshua Hill — Fri, 20 Apr 2012 13:30:25 +0000

Not too long ago, Mike Orr shared a very helpful list on his website, The Cromford Report. I decided I wanted to share it with you below, because it does a much better job of putting the shadow inventory and the housing crisis into context. Here’s why.

As Mike Orr put it:

“In a state with judicial foreclosure, the lender usually takes far longer to foreclose. This means the number of recorded foreclosures in a given period will be much lower than in a similar state with non-judicial foreclosure. So the number of foreclosures in a month is NOT a good measure of how badly a state is affected by the housing crisis. A much better measure is to determine what percentage of home loans are in some state of delinquency. [...] This data tells us a lot about the true “shadow inventory” – loans that in some sort of trouble but have not yet resulted in a public record to confirm that (e.g. Notice of Default, Notice of Trustee Sale, Lis Pendens, etc.). Here are a few of the most recent numbers issued by LPS for the month of February 2012, showing the percentage of first home loans that are delinquent but have NOT received a foreclosure notice.”

1. Mississippi – 13.5%
2. Georgia – 10.8%
3. Nevada – 10.5%
4. Alabama – 10.1%
5. Louisiana – 9.7%
6. Tennessee -9.7%
7. Maryland – 9.5%
8. Arkansas – 9.2%
9. West Virginia – 8.9%
10. Rhode Island – 8.7%
11. Ohio – 8.7%
12. Indiana – 8.5%
13. Michigan – 8.4%
14. New Jersey – 8.4%
15. Florida – 8.0%
16. North Carolina – 8.0%
17. Delaware – 8.0%
18. Washington – 7.9%
19. South Carolina – 7.9%
20. Pennsylvania – 7.8%
21. Texas – 7.8%
22. Missouri – 7.6%
23. Kentucky – 7.5%
24. Massachusetts – 7.4%
25. New York – 7.4%
26. Illinois – 7.2%
27. Oklahoma – 7.0%
28. Maine – 6.9%
29. Connecticut – 6.9%
30. California – 6.9%
31. District of Columbia – 6.6%
32. New Hampshire – 6.6%
33. Arizona – 6.6%

As of today, Arizona is the most improved state over the last two years. Back in February 2010, Arizona ranked 4th and had a delinquency rate of 12.4%. As you can see above, though, today that number is down to 6.6%.

After years of hearing Arizona called the Top Foreclosure State and the State with the Highest Foreclosure Rate, it’s actually nice to see Arizona ranked so low on a list. Because, in this game, like in golf, the lowest score wins!

Source: The Cromford Report