Canadians enjoy a “Perfect Storm”
Canadians enjoy a “Perfect Storm” of opportunities in the Scottsdale real estate market
Celebrating 60 this year, Scottsdale is where the well-heeled live, dine and shop. It is a moneyed enclave with exclusive pockets of real estate and a world- renowned art scene. It’s a tony, touristy town glittering with swanky five-star resorts, spas and 40 of the highest-ranked golf courses in America.
With direct flights from many major cities and 320 days of sunshine a year, this desert jewel knows how to woo her Canadian neighbours.
And now, well into the U.S. housing collapse, this city in the Valley of the Sun is offering up real estate gems with fetching deals on winter homes and rental property.
In 2005, Scottsdale’s real estate market was one of the most expensive in America, its prices driven up by local residents and investors priced out of California. By mid-2006, at the peak of the housing market, homes in Greater Phoenix had more than doubled 2000 levels, according to the National Association of Home Builders.
When the bubble burst in late 2007, the overpriced Phoenix market went into a tailspin, spiralling down 53 per cent compared to the nation’s average of 31 per cent.
But in affluent Scottsdale, prices fell relatively little in 2007 and 2008. In March 2007, according to the Cromford Report, the valley’s housing market daily update, homes in Scottsdale were selling for an average of $302.28 per square foot, more than double the $141.18 per square foot of January 2001 (all prices in U.S. currency).
By 2009, luxury markets in Greater Phoenix began to experience more significant declines, with median home prices in some communities hitting double-digit losses in 2010. By March 2011, Scottsdale homes had dropped 43 per cent to an average of $173.06 per square foot. By April 2011, distressed properties in Scottsdale had pushed foreclosures up to 39.1 per cent.
Cromford Report founder and housing market analyst Mike Orr said communities with little sales activity had experienced a form of inertia that kept home prices artificially high. He said declines in higher-priced communities were necessary to stabilize the local market.
The sixth largest city in Arizona (pop 245,500), Scottsdale basks in the Sonoran Desert in the eastern valley of Maricopa County. It’s bordered by Phoenix to the west, the McDowell Mountains to the east and the McDowell Sonoran Preserve to the north.
Stretching about 50 kilometres north to south, Scottsdale divides into three diverse real estate markets. South Scottsdale, which includes the touristy Old Town and downtown’s high-end, two-million-square-foot Fashion Square mall, is the most affordable section. Central Scottsdale, where Loop 101 meets Scottsdale Road, is influenced by nice golf courses. North Scottsdale, which includes the upscale Kierland Commons, has bigger acreage lots and some of the most expensive homes in Greater Phoenix.
“Don’t miss out on the opportunity of a lifetime!!”
If you are Canadian and looking to invest in Scottsdale real estate contact Amy Koch www.amykoch.com. Now is the Perfect Time to invest in the Phoenix – Scottsdale market so give Amy a call 602-386-7343 or email [email protected]
Edmonton Journal – May 27 2011 – View Article http://www.canada.com/Canadians+enjoy+perfect+storm+opportunities+Scottsdale+real+estate+market/4848127/story.html
