In the city of Phoenix, Arizona, $231,200 is the house value median. In the last year, there has been an increase of 7.3 percent in the value of homes in Phoenix. There has been a prediction made that in the following year, the value of homes will increase by 2.8 percent.
In Phoenix, $167 is the per square foot, list price median. The Metro Area of Phoenix-Mesa-Scottsdale has a lower per square foot list price median of $157.
$280,000 is the presently listed house price median in Phoenix, AZ. For houses that have been sold, $241,300 is the price median.
$1,400 is the cost of rent median in the city of Phoenix. The Metro Area of Phoenix-Mesa-Scottsdale has a higher cost of rent median, which is $1,495.
The foreclosure rate can have a big impact on the value of homes. The lower the foreclosure rate, the higher the value of real estate.
If the foreclosure rate increases massively for a particular area, the value of homes will decrease significantly. If there is a low foreclosure rate for a particular area, the home value will be minimally affected by those foreclosures.
For every 10,000 houses in the city of Phoenix, 0.5 houses are foreclosed. The Phoenix-Mesa-Scottsdale Metro Area has the same foreclosure rate of 0.5 percent. The United States has a much higher foreclosure rate of 1.6.
There is a first step that occurs in the process of foreclosure. It is called mortgage delinquency. Mortgage delinquency is the condition of homeowner missing a mortgage payment.
Mortgage delinquencies are a serious financial matter. This is because when a homeowner has a mortgage delinquency, they are at the beginning stages of what can lead to foreclosure.
If they miss three more mortgage payments, the bank could very well start the process of foreclosure. Since mortgage delinquencies are a serious concern, credit scores can be greatly lowered from them especially if there are multiple mortgage delinquencies.
For Phoenix, AZ, 1.0 percent is the percentage of mortgage delinquencies. The USA has a higher mortgage delinquency rate of 1.6 percent.
Due to the recession of 2008, in the United States, the value of houses dropped more than 20%.
That recession had such a negative effect on the real estate economy, that a large number of homeowners are presently underwater regarding their mortgages.
Being underwater on a mortgage means that the owner of the home has a mortgage debt that exceeds the value of their house. 11.3% of homeowners in Phoenix are underwater regarding their mortgages. The Metro Area of Phoenix-Mesa-Scottsdale has a lower underwater rate of 10.6%.
Moving on to commercial real estate, there has been an industrial property sale of $48.5 million of Southwest Industrial Center in Phoenix. It is located at 7775 West Buckeye Road in Phoenix, AZ. The purchaser is CBRE Global Investors Acquisitions, LLC, which is based in Los Angeles, CA. The seller is Hines, of a global real estate company which is located in Houston, Texas.
The location of Southwest Industrial Center is superb. For the West, it is one of the most highly sought after and biggest industrial markets.
For those who become lease holders, there is an immediate advantage of having vacant space available now for further lease up. Stable in-place income is also another advantage.
Southwest Industrial Center has 684,420 square feet and it was built in 2015.
There is a clear height of 32 feet in Southwest Industrial Center. It is also a class A cross-dock distribution facility.
In 2011, the annual median household income in the city of Phoenix, Arizona was $43,960.
A good source to immerse yourself into learning about the Arizona multifamily market is Arizona Multihousing Association – http://www.azama.org/
To find out more about apartment real-estate in Phoenix, go to http://www.biggerpockets.com/
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