Phoenix home sales were down 11%. The median price was $160,000.

According to Realtytrac, Home sales in Phoenix for June 2013 were down 11% compared with the previous month, and down 12% compared with a year ago. The median sales price of a non-distressed home was $160,000. The median sales price of a foreclosure home was $122,000, or 24% lower than non-distressed home sales.
http://www.aznativeproperties.com/

Resale homes sales are up, new home sales are down.

Resale homes up 17.2% and new homes sales down 13.4%. Resale homes up is good for the sellers. However new homes sales down hurts the economy because it doesn't help job creation in the construction trades and suppliers. http://www.aznativeproperties.com/

Using equity in your first home to buy a second home?

REALLY?  CNN money has a story suggesting you use the equity in your first home to help you with a down payment on a second home.  REALLY? Are they kidding?  Is that just one of many things that people did in 2005 and during the recent housing boom and got us into the Great Recession? 

How many times have you read story's about people then losing both homes?  Sometimes the first home was one they had owned for 20 years or so. 

Don't get me wrong.  Real Estate is a great investment right now.  But if you have money in one piece of real estate, maybe you should just leave it there.  If you have money in stocks or a savings account and that's not making you much money, maybe that's what you should use.  Always consult a financial advisor because these questions are so personal to your specific financial life. 

Right now, homes are selling well in may areas, especial home for sale in Phoenix.  And many believe, including me, values will continue to go up for about the next year.  However, I admit the values have gone up in the last year faster than expected, but I have a hard time believing they will continue and get us back into another bubble.  If they do, and you use your current equity for another home, that's a big risk.

Think of Las Vegas, you're at the craps table and your up $50k.  If the right dice come up, you win, if not, you lose.  Can you afford to lose? 

http://money.cnn.com/2013/08/16/pf/expert/home-equity/index.html

Pomo Pizzeria in Downtown Phoenix.

Have you been to Pomo Pizzeria on 1st Street and Pierce.  I went there last night and it was great.   There are more and more places to go and things to do in Downtown Phoenix.  That's why There aren't many Condos for sale and the ones that are sell very quickly in the last 4 to 6 months.  If you like living in a vibrant area with a lot of things to walk or ride your bike to, this is it for Downtown Phoenix.

Festivals in Downtown Phoenix this fall.

I'm sure you've heard about all the festivals in Downtown Phoenix and around the valley in the past few years.  Well Festival Season is coming up quickly so get your calendars out and start marking the dates. 

Here's what's coming this fall in Roosevelt Row in Downtown Phoenix.

 Chile Pepper Festival – September 28

Roosevelt Row CDC is presenting the best local restaurateurs, chefs and gourmet food trucks in the Valley to highlight the most delicious chile pepper-inspired cuisine. Onsite chile roasting, live music, a local talent show and (of course) a beer garden and margarita station will also be on the menu.

View Event Details

Buy Your Ticket

Taste of the Trucks – October 26 & 27

The 2013 Taste of the Trucks is a two-day event featuring 50 mouthwatering food trucks (25 each day) sampling their best digs, live music from great local bands and a beer/wine garden to quench your thirst.

View Event Details

Buy Your Ticket

Pie Social – November 16

The annual event features the culinary masterpieces of celebrity chefs and community members alike. This family-friendly neighborhood event raises money for local community improvement projects implemented by Roosevelt Row.

View Event Details

 

If you contact me now at www.AZNativeProperties.com and look at all the cool condos for sale, you can be living the Downtown Phoenix life and just walk to any of these great festivals. 

Arizonan's behind on Mortgage Payments dropped significantly.

Arizona seems to be beating out other states in our recovery from the Great Recession.  I've lived here all my life and although I'm not an economist, it always felt like the recessions in Arizona weren't as bad as other states.  That is until this latest housing bust.  But I've been feeling optimistic and it seems that optimism is paying off.  People late in making their house payments had dropped more in AZ than other states and our values are increasing at higher rates.  There's a lot of reason to be optimistic.  www.AZNativeProperties.com

Artisan Village 1288sf, 2bed, 2bath, 2car garage, $199,900

Check it out, there's only one condo currently for sale in Artisan Village Condominiums.  Artisan Village is very desirable and located in the heart of the Roosevelt Row Arts District.  This is a 2 bedroom, 2 bath and rare to find a 2 car garage.  Just off the I-10 freeway at 7th Street in Downtown Phoenix.  It's easy to get to the Phoenix Sky Harbor Airport, Downtown Tempe and the Biltmore Area. 

The Downtown Phoenix Festival season is coming up, you move in just in time to walk to all the activities in the Downtown area this winter.

Artisan Village Listing

Phoenix Commercial Real Estate picking back up.

Ronald Hanson of the Arizona Republic is reporting that commercial real estate is picking up.  Phoenix Commercial Real Estate often follows residential real estate in the Metro Phoenix market.  As Downtown Phoenix residential sales started to slow down, the commercial market did the same. 

How that Metro Phoenix has been picking back up, the commercial market is following suit. 

Most of the residential building in Central Phoenix, Downtown Tempe, Downtown Scottsdale and the Biltmore Area have been rental or assisting living.  The residential market needs to get a bit stronger before Condos and Town homes start building again.  However, Phoenix Historic Homes are stilling coming on the market and at reasonable prices.

AZ Central whole story