Much has been written about the havoc investors & speculators created here in our Arizona Market. And while prices have corrected from the craziness of 3 years ago, there are many signs our real estate market is doing just fine in some areas. At least within the walls of Sun City Grand. Vacation and second homes are among the fastest growing segment of the real estate market. And retiring in Arizona is STILL as big a draw as ever. The median prices of the homes here are exactly where they would have been had the boom never happened. Anyone who bought over 4 years ago still has equity in their home. In other words... It isn't all doom and gloom as the media would have you believe. I have buyers I work with from all over the country & Canada. Many of them come here thinking they will be able to get a steal. While the personal circumstances of one seller may mean they are more motivated than their neighbor to sell, it doesn't mean everyone is in dire straights. In fact, many of the people who have bought in an active adult community have expendable income and can sit tight or stand firm on their list price, provided it is priced correctly. I just ran some numbers... homes that closed in the last 3 months versus the same time 5 years ago. Guess what? We had 113 closings in the last 3 months. 5 years ago we had 115. hmmm Not what you would have expected based on the reports you've been reading is it? Having said all that, what IS different is the amount of inventory we have on the market. Right now we have 2-3 times the inventory of a 'normal' market. Technically speaking, we won't see prices turn around until some of that inventory is absorbed. The good news is, our neighbors to the north are in town in droves!!!! And, the Super Bowl fans are rolling into town!!! I don't know, but I think the Sun City Grand real estate market is doing better than many people think. |
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For real estate in the Arizona active retirement communities of Sun City Grand, Sun City West, Corte Bella, Arizona Traditions, Sun City Festival, PebbleCreek and more.
Top 10 Reasons you might want to Retire to Arizona's Sun City Grand
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Is There Light at the End of the Tunnel for the Arizona Real Estate Market?
Loop 303 Noise Abatement Concerns from Sun City Grand, Sun City West & Corte Bella Residents
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Here are actual numbers since Jan. 1st in Sun City Grand.
377 single family homes active
40 pending
26 closed
Last year we only had 24 closings in February. Looks like we could easily double that this year.
Kathy Anderson
You're off to a good start with your blog here. Like the use of your frames, and the photo here is terrific. Also want to thank you for your comment on our penguin article. Much appreciated.
cheers
Thank you for taking the time to write a comment!!! It is so appreciated!
Great looking picture and a really interesting way to give us the facts. The narrative makes the statistics interesting and keeps us there through the whole post.
It sounds like you have a fairly stable market.
Good report.
Thank you Don for your observations!
How are the reverse motgage numbers in that area? Pretty tapped?
Kathy - Glad to hear you market is doing well. The market up in MASS has been going through a pretty major correction. We had gone up for twelve years in a row so we all knew it had to end at some point. Working a lot harder these days :)
Wow what a beautiful picture there. I am glad your market is doing well
Don
Hi Christopher - So far the clients I've worked with didn't have any issues with a reverse mortgage. I have some friends who just signed on for one and are happy with their decision. There might be more issues in the older acitve adult communities but I haven't heard anything yet.
Don & Bill - thank you for your comments! I am encouraged by what I am seeing but we still do have a great deal of inventory to absorb. I'm anxious to see what is on the other side of our busy season (Feb-end of April)
Those builders are who have hurt other areas here in the valley. They are giving away the farm and making it tough on resale in some of the communities. But there are other areas, like Sun City Grand, where we are doing better and seeing signs the market may be making the turn (or at least leveling off).
Hi, Kathy - It sounds like Sun City is doing just fine. We're a little bloated inventory wise as well, but prices are still holding their own for the most part. Nice job on the border as well... I like that a lot.