Paradise Valley Weekly 313th Edition - May 21, 2016 |
|
Rents were again making headlines locally and nationally last week.
This newsletter has covered extensively the housing supply crisis -- and the consequent investment opportunity -- and those who own rental real estate are hearing sweet music to their ears:
1. Phoenix rents jumped 8% last year. That's significant, especially since we've had continuous increases for 5 years.
2. Rents are so crazy in San Francisco, a company is running an auction bidding process for landlords. Mind you, the average rent for a 2 bedroom in San Francisco is already over $5,000 per month. It's raining money for landlords there.
Nobody can snap their fingers and dramatically increase the supply of housing. As covered last week, there are fast rising regulatory costs making building less economical. Plus, land prices have increased substantially in recent years. Builders are building, but the magnitude of new supply just doesn't even come close to matching demand.
If you've got money sitting in a bank account earning .01%, or in an IRA riding the stock roller coaster, consider an investment in cash flowing residential real estate. You are permitted to use retirement funds to own real estate, it just has to be setup properly to comply with IRS regulations.
To explore the options, please click here or call me at (480) 442-7325. I'll help you evaluate whether there may be properties available that meet your needs. There's no obligation, and as all my clients can attest: there's never a rush to take action.
I'm no genius, but from where I sit there are two clear trends: red hot demand, and slowly increasing supply.
As Warren Buffett says, "When it's raining gold, reach for a bucket."
***
Phil Dunphy from Modern Family couldn't have done it better himself. A bold agent in Birmingham, Alabama has gotten national attention for this amusing real estate listing. Some highlights:
- The perfect starter home to show your parents and friends that you have it together.
- Avoid your guests in the master bedroom.
- Live your dreams through your kids by playing sports in the yard.
- There is a one-year old heat pump. You will likely be the envy of your peer group because of your reasonably priced utility bills.
*** |
| Have you hiked Camelback Mountain lately?
The parking situation is out of control. As temperatures creep up and more people want to hike early, it's getting really challenging.
Check out the awesome drone video that shows just how easy it is. It's like your own private Echo Canyon trail. |
| | ***
Closings A big week with $20.3 million in single family home sales in Paradise Valley.
The low was $760k and the highest sale was over $2.9 million. Average was just under $1.6 million, and $356 per square foot. Those are pretty healthy numbers given that homes sold were, on average, 28 years old. Listings
This week brings 10 new listings, from $899k to $4.85 million.
Just one standout this week:
Custom Southwestern Home on 2.5+ Acres Built in 2003, this charming home has 5 bedrooms, a 5 car garage, and a spectacular lot. First time this home has been on market, offered by the original owner at $4.5 million.
This Week's UNLISTED Properties The off market properties keep on coming! This week from a small condo to a 5 acre parcel. If you are missing out on the "private market" then please click here.
To see all of this week's new MLS listings please click here.
To see everything on the MLS in Paradise Valley please click here.
That's all for this week, I'll be back next week with all the latest in Paradise Valley real estate.
Thank you,
Alex Goldstein(480) 442-7325
Disclaimer: All information is believed to be accurate, but should be verified by the reader and is provided without warranty. Please consult appropriate financial, tax, legal, and real estate advisors before making decisions. This email is not intended to solicit people who are represented by another agent.
(c) 2016 Alex Goldstein PLLC
|
| |
