“World's Most Complete Neighborpedia”
Sponsor a Community — What is Localism? | Register or Sign In
Explore:   What's happening in your neck of the woods?
Home Gregg & Debbie Munson

Gregg & Debbie Munson

Blog_tag

20 YEAR MORTGAGE INTEREST RATE HISTORY/FLAGSTAFF ORGANIC GARDENING

04-17-10
Gregg & Debbie Munson

My featured lender has provided a 20 year mortgage interest rate chart which is quite enlightening. I hope you find it to be of value. It definitely shows that interest's rates are more than excellent. For anyone contemplating a Flagstaff home, the current low interest rates we have should be more than enough to encourage a purchase. Click here to view the chart: interest rate chart

On another note, our local New Frontiers Natural Marketplace food store will sponsor an Organic Gardening class on Tuesday, April 20th 7:00 PM at the Theatrikos Playhouse on 11 West Cherry Ave. Jim Mast, Master Gardener, will reveal the secrets that every wannabe gardener in 'Flagstaff needs to know. This is a class that I will attend as it not only sounds like fun but very informative.

1 Comment
Blog_tag

FLAGSTAFF SHORT SALES AND AZ FORECLOSURES

04-14-10
Gregg & Debbie Munson

have noted that lenders are much more willing to work Short Sales versus facing an AZ Foreclosures on selling. It appears that many lenders are expediting the process and attempting to follow HAFA guidelines. What are you seeing out there?

0 Comments
Blog_tag

FLAGSTAFF, A RETREAT FOR ALL SEASONS

04-11-10
Gregg & Debbie Munson

Hi All: The USA Today newspaper did a nice article on Flagstaff and Flagstaff Homes. If interested, you can access this article by visiting my website, www.GreggMunson.com, and clicking on "Gregg's Flagstaff Real Estate Blog". I hope you enjoy the article. Thanks for reading.

0 Comments
Blog_tag

MARKET STUDY FOR NEW HOUSING STARTS IN FLAGSTAFF AZ

04-07-10
Gregg & Debbie Munson

Hi All: Noted below is a study provided by our local builders and authorities. This analysis seems to indicated that the market bottom has been reached in new constrtuction. I hope you find this analysis to be of value. Please don't heistate to contact me with questions.

FLAGSTAFF CITY AND SURROUNDING AREA STUDY OF NEW PROJECTS THROUGH 2010-2022 (SFR/MFR)
PROJECTS STARTING IN 2005
AZNORTH PROJECTS: PRICE RANGE DESCRIPTION TOTAL UNITS 2010 2011 2012 2013 2014 2015 TOTALS
RIO HOMES (City) Final Phase only 170K-495K SFR/TWN 14 4 10 14
MAJESTIC VIEW I 800K+ SFR 15 1 1 1 1 1 5
MAJESTIC VIEW RANCH 900K+ SFR 9 1 1 1 1 1 5
Butler Condo/Comm/Apts 100K-775K MIXED/CONDOS 150 75 75 150
SWITZER CANYON VILLAGE (City) 125K-925K CONDOS 96 96 96
AZNORTH DOWNTOWN 650K-925K MIXED 16 4 4 4 4 16
TRAILS END (City) 290K-565K MIXED 206 20 20 20 60
FOREST SERVICE TRADE 375K-750K MIXED 300 30 30
NEW PROJECTS ? ? MIXED ? 0
TOTAL 5% 806 0 102 85 111 26 52 376
COMPETITIVE PROJECTS:
CITY:
INFILL (50 OR LESS LOT SUB) 375K+ SFR/TWN 950 50 75 75 75 150 150 575
CANYON DEL RIO 325K-800K MIXED 1000 25 25 50
PONDEROSA TRAILS (REMAINING) 375K-850K SFR/TWN 50 15 15 5 0 0 35
PINE CANYON COUNTRY CLUB 975K+ MIXED (700 UNT) 500 3 10 10 10 10 10 53
AGASSIG ESTATES 900K+ 395k-480k lot SFR 38 2 2 2 6
PINE KNOLLS Remaining 350k+ TWN 40 10 10 20 40
PINNACLE PINES 395k+ TWN 207 5 15 25 0 0 45
FOREST SPRINGS 4th st Remaining 385k+ TWN 100 5 5 5 25 25 65
PRESIDIO IN THE PINES I 225K-500K MIXED 740 15 15 15 15 15 75
PRESIDIO IN THE PINES II 385k+ MIXED 1000 50 50 50 150
CLEARCREEK Remaining 325k+ TWN/CONDO/Apt 300 100 25 25 25 25 25 225
ELDEN ESTATES Remaining 345k+ SFR/TWN 50 25 5 5 5 5 45
MCMILLAN MESA VILLAGE (112ac) 380k+ MIXED 250 20 20 40
RAILROAD SPRINGS 335k+ TWN/MODULAR 45 5 5 5 5 5 25
FAIRWAY AT FLAG RANCH (City) 500K-950K MIXED 200 25 50 50 125
ASPEN PARK "SAWMILL PROJECT" 350k+ MIXED 300 10 12 12 12 46
NEW DEVELOP/MALL HOUSING ? ? MIXED 150 10 10 10 30
APARTMENTS/Condo Conv. ? 900+MO. MF 300 0 0 50 50 25 25 150
TOTALS 6220 153 180 230 329 439 449 1780
COUNTY:
INFILL (50 OR LESS LOT SUB) 450k+ MIXED 1700 30 50 50 10 10 10 160
A-1 MOUNT/FLAGSTAFF MEADOWS 325k+ TWN/SF 336 0 10 10 10 10 10 50
FLAGSTAFF RANCH 850k+ TWN/SF 470 12 20 40 40 40 40 192
NEW DEVELOPMENTS/TWIN ARROWS ? ? SF 750 0 0 0 20 20 20 60
APARTMENTS ? 900+MO. MF 0
TOTALS 3256 42 80 100 80 80 80 462
TOTAL UNITS / BUILT HOUSING UNITS 10282 195 362 415 520 545 581 2618
HOUSING NEEDS (Based on 3% growth backed off for downturnin market) 245 500 515 530 546 563
SURPLUS/SHORTAGE (shortage due to labor force and approval process) -50 -188 -288 -298 -300 -282
FLAGSTAFF CITY AND SURROUNDING AREA NEW PROJECTS THROUGH 2021 (SFR/MFR)
CARRYOVER PROJECTS:
AZNORTH CARRYOVER PROJECTS: PRICE RANGE DESCRIPTION CARRYOVER 2016 2017 2018 2019 2020 2021 TOTALS
TRAILS END 325K-425K MIXED 146 30 30 30 26 0 0 116
FOREST SERVICE TRADE 450K+ MIXED 270 50 50 50 50 50 20 270
NEW PROJECTS ? ? 0
TOTAL 792 416 80 80 80 76 50 20 386
COMP. CARRYOVER PROJECTS:
CITY:
INFILL ALL CARRYOVER 500K+ MIXED 4440 150 150 150 150 150 150 900
COUNTY:
INFILL ALL CARRYOVER 500K+ MIXED 2794 50 50 50 50 50 50 300
TOTAL 7664 7650 280 280 280 276 250 220 1586
NEW PROJECTS START
AFTER 2016:
AZNORTH PROJECTS: PRICE RANGE DESCRIPTION TOTAL UNITS 2016 2017 2018 2019 2020 2021 TOTALS
SECTION 20/OTHER STATE LAND 750+ MIXED 1900 50 150 150 150 150 650
NEW PROJECTS ? MIXED ? 0
REDEVELOPMENT PROJECTS ? MIXED ? 0
AFFORDABLE HOUSING 200K-300K MIXED ? 0
TOTAL 16% 2706 1900 0 50 150 150 150 150 650
COMPETITIVE PROJECTS:
CITY:
NEW (50 OR LESS) 500k+ SFR/TWN 200 30 30 30 30 30 30 180
VILLAGIO MONTANA/ SEC 30 STATE 400K+ MIXED 850 50 50 50 50 50 50 300
LONETREE/I-40 (314ac) "Juniper Point" 450+ MIXED 1500 100 100 100 100 100 100 600
REDEV-STATE LANDS INFILL-ECT 400K+ MIXED 1500 50 50 50 50 50 50 300
APARTMENTS 1100+MO. MF 600 100 100 100 100 100 100 600
TOTALS 4650 330 330 330 330 330 330 1980
COUNTY:
NEW (50 OR LESS) 500k+ MIXED 100 10 10 10 10 10 10 60
SPLITS/SPLITS 500k+ SF 150 10 10 10 10 10 10 60
APARTMENTS 1100+MO. MF 60 10 10 10 10 10 10 60
TOTALS 310 30 30 30 30 30 30 180
TOTAL UNITS / BUILT HOUSING UNITS 6860 640 690 790 786 760 730 4396
HOUSING NEEDS 580 597 615 633 652 672
SURPLUS/SHORTAGE -221 -128 47 199 307 365
TOTALS THROUGH 2016 10128 17142 7014
FLAGSTAFF CITY AND SURROUNDING AREA NEW PROJECTS THROUGH 2027 (SFR/MFR)
CARRYOVER PROJECTS:
AZNORTH CARRYOVER PROJECTS: PRICE RANGE DESCRIPTION CARRYOVER 2022 2023 2024 2025 2026 2027 TOTALS
All Carryover 550+ MIXED 1280 100 100 100 100 100 100 600
TOTAL 1280 1280 100 100 100 100 100 100 600
CARRYOVER PROJECTS:
CITY:
INFILL ALL CARRYOVER 600K+ MIXED 6210 500 500 500 500 500 500 3000
COUNTY:
INFILL ALL CARRYOVER 600K+ MIXED 2624 150 150 150 150 150 150 900
TOTAL 0 10114 750 750 750 750 750 750 4500
NEW PROJECTS START
AFTER 2022:
AZNORTH PROJECTS: PRICE RANGE DESCRIPTION TOTAL UNITS 2022 2023 2024 2025 2026 2027 TOTALS
NEW PROJECTS?STATE LANDS ? MIXED ? 0
REDEVELOPMENT PROJECTS ? MIXED ? 0
AFFORDABLE HOUSING ? MIXED ? 0
TOTAL 0% 0 0 0 0 0 0 0 0 0
COMPETITIVE PROJECTS:
CITY:
NEW & STATE LANDS 900k + MIXED 2500 100 100 100 100 400
REDEVELOPMENT/Other 600K+ MIXED 2500 100 100 100 100 400
APARTMENTS ? MF ? 0
TOTALS 5000 0 0 200 200 200 200 800
COUNTY:
NEW & STATE LANDS 900K+ MIXED ? 0
SPLITS/SPLITS 800K+ SF ? 0
TOTALS 0 0 0 0 0 0 0 0
TOTAL UNITS / BUILT HOUSING UNITS 5000 750 750 950 950 950 950 5300
HOUSING NEEDS 692 713 734 756 779 802
SURPLUS/SHORTAGE 58 95 311 504 675 823
TOTALS THROUGH 2022 Balance: 9828 22142 12314
10250
FLAGSTAFF CITY AND SURROUNDING AREA NEW PROJECTS THROUGH 2033 (SFR/MFR)
CARRYOVER PROJECTS:
AZNORTH CARRYOVER PROJECTS: PRICE RANGE DESCRIPTION CARRYOVER 2028 2029 2030 2031 2032 2033 TOTALS
Old Projects 850+ MIXED 680 100 100 100 100 100 150 650
TOTAL 680 680 100 100 100 100 100 150 650
CARRYOVER PROJECTS:
CITY:
INFILL ALL CARRYOVER 850+ MIXED 7410 800 800 800 800 800 800 4800
COUNTY:
INFILL ALL CARRYOVER 850+ MIXED 1724 156 150 150 150 150 150 906
TOTAL 0 9814 1056 1050 1050 1050 1050 1100 6356
NEW PROJECTS START
AFTER 2028:
AZNORTH PROJECTS: PRICE RANGE DESCRIPTION TOTAL UNITS 2028 2029 2030 2031 2032 2033 TOTALS
NEW PROJECTS 1,000,000+ MIXED ? 0 0 0 0 0 0 0
REDEVELOPMENT PROJECTS 1,000,000+ MIXED ? 0
AFFORDABLE HOUSING 1,000,000+ MIXED ? 0
TOTAL 0% 0 0 0 0 0 0 0 0 0
COMPETITIVE PROJECTS:
CITY:
NEW & STATE LANDS 1,000,000+ MIXED ? 0 0 0 0 0
REDEVELOPMENT/Other 1,000,000+ MIXED ? 0 0 0 0 0
APARTMENTS ? MF ? 0
TOTALS 0 0 0 0 0 0 0 0
COUNTY:
NEW & STATE LANDS 1,000,000+ MIXED ? 0
SPLITS/SPLITS 1,000,000+ SF ? 0
TOTALS 0 0 0 0 0 0 0 0
TOTAL UNITS / BUILT HOUSING UNITS 0 1056 1050 1050 1050 1050 1100 6356
HOUSING NEEDS 826 851 877 903 930 958
SURPLUS/SHORTAGE 230 428 602 749 868 1010
TOTALS THROUGH 2033 Balance: 3472 22142 18670
EXSTING HOUSING UNITS 22,641 City 29780
TOTAL UNITS AT BUILDOUT 51922 YEAR AZ POP % / 2 # UNITS
2033 10,000,000 0.52% 25961 Assumes 50% second homes
11220
6190
Note: This counts every last parcel to be built so we need to assume that 5% of the total units available will not be built (aprox 1000 to 1500 units)
Note: If we assume that 50% of the housing units are second homes, above is the percentage of the state's population that would have ownership in Flagstaff.
17410
3802
21212
AZNORTH
MARKET STUDY AND PROJECTIONS NOTES
NOTE:
All projections are based on market study and map created and completed February 2005 by AZNORTH.
All projections include information and data for Flagstaff city and county. (surrounding area within 15 miles of city center)(pop est City-62,000 County-18,000)
All projections are based on a 3% growth rate with a average household size of 2.8 persons.
In this study we have counted all property. Note that a percentage of infill lots and ranch property will not be available in this growth period.
All projections do include "all building" both single family and multiple family units including apartments.
It is estimated that at the end of 2016 there will be around 10,000+ new and redeveloped units.
Study suggests that Flagstaff will have a shortage of needed units because of the length of construction, planning, labor force and approval process of projects.
Carryover projects includes all past developments with units not built from 2005-2010 & 2011-2022 & 2023-2028
Price range estimated to be the market value at time of sales.(3 % increase per year)
Projections show that we will run out of private, known Forest service traded and known available state lands to be developed by 2023.
Note that "Redev-State Lands Infill-Ect" include all other projects in the city with an estimate of number of units under the city development plan.
Study suggests that we will be out of all private land in 2020 this assumes we will have developed section 20 and 30 of the state land by 2020.
Jobs 56,000 Coconino County, 2.4% per year new jobs, 2006 Wage 38,126 year,
New units needed 2007-2022 16,200 units with 200-250 per year for second homes
Renters v Owners 50%/50%
AZNORTH NOTES:
AZNORTH has land and projects as of February 2005 of 850+ lots. (averages 50 to 100+ units per year through 2016 to 2023)
AZNORTH projections include taking Section 20 (state land) to bid and not owning the entire property, we intend to develop only part of the 1900 units.
AZNORTH intends to be a bidder on section 26 & 30 State Land and this projection does not include any of that inventory.
AZNORTH plans to supply approximately 10% to 20% of all developments as affordable lots to be made available to the city of Flagstaff for their land trust deed program.
AZNORTH has a Forest service trade and a rezoning to do on two projects that may effect the total projections of market share.

0 Comments
Blog_tag

FIRST QUARTER FLAGSTAFF REAL ESTATE MARKET REVIEW

04-04-10
Gregg & Debbie Munson

Hi All: It's been awhile since I have done a market update so here's the latest. Generally speaking, the first few months of the year don't tell much so it's probably best that I do a quarterly report at least in the early months. Well, as you can see, so far this year it looks like were down from 2009. I have noticed that volume is up substantially compared to the first quarter of 2009, but nonetheless, prices are down so far. Perhaps this trend will continue or perhaps the downturn is due in part to the harsh winter Flagstaff has had. Time will tell. Thanks for reading. I will return to doing updates on a more frequent basis. As always, keep the comments coming.

Warm Regards

Gregg Munson

Associate Broker, ABR, CPDE, e~PRO, SFR

CALENDAR YEAR

AVERAGE PRICE

MEDIAN PRICE

AVERAGE DAYS ON MARKET

ANNUAL UNITS SOLD

CUMULATIVE MEDIAN % CHANGE FROM MARKET TOP IN 2006

2006

$458,116

$392,500

91

528

MARKET TOP

2007

$436,511

$375,000

108

479

-4.4%

2008

$417,993

$360,000

120

373

-8.28%

2009

$369,275

$325,000

136

479

-17.19%

1st Quarter 2010

$356,578

$300,000

145

74

-23.56%

*Criteria: Northern Arizona Multiple Listing Service sold data for City of Flagstaff single family homes. The city is defined as North West City, South West City, North East City, and South East City. Condos, townhomes, multi-family, land and commercial properties are excluded as are outlying areas. The exclusion of outlying areas and well as properties other than single family homes will have an effect on values.

0 Comments