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SOURCE: Desert Property Investor
Desert Property Investor this morning examined reports of a recent upsurge in Phoenix new home sales as an additional indicator of the housing recovery.
Phoenix, AZ (PRWEB) January 04, 2013
Jan 2, 2012: Relying on a news report from KTAR Voice of Arizona, Desert Property Investor announced its decision to support indications that an influx of new home buyers have been drawn into the Phoenix market, in lieu of the standard, deep-pocketed real estate investor.
Desert Property Investor surmised that these new buyers have been attracted by low interest rates and current high valuations of Phoenix property. DPI was aided in its decision by several statistical highlights brought out in the KTAR report, most notably-- that new single family home sales were up 37% in 2012 compared to '11, and new home sales held 12% of residential property market share, compared to 7% the previous year.
Desert Property Investor surmised that the new home segment of the Phoenix housing market is now situated to compete with a fast-dwindling foreclosure inventory, creating for the rank and file consumer a viable alternative to resale markets dominated by cash-rich corporate investors. Desert Property was further encouraged by the "positive domino effect" created by the surge in Phoenix new home sales as a complement to marketing foreclosures and Phoenix vacation rentals: namely, that land speculators, developers and builders are now moving aggressively into Phoenix to fill the demand for new homes. KTAR cited a particular New York investor, GTIS Partners, with plans to develop 400 residential lots for 3,900 single family homes.
Desert Property Investor applauded the surge of new home buyers in Phoenix, as reported by KTAR Voice of Arizona. DPI viewed this phenomenon as a facet of the housing recovery heretofore overlooked, in the shadow of a frenetic Phoenix resale market. DPI, encouraged by this news, pointed to the corresponding uptick in land development and new construction as "groundwork" for a fully comprehensive and streamlined housing recovery, heading into 2013.
About Desert Property Investor:
Desert Property Investor examines the ongoing pitfalls, services, and legislation relative to residential property investment opportunities in the California, Nevada and Arizona deserts.
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