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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
PINAL COUNTY, AZ
Posted on 11/01/2006 00:00 AM | Link | Post Comment
At one point last year Pinal county, AZ. was the fastest growing county in America attracting new home builders, speculators and newly retired people looking for a cheaper alternative to Phoenix/Scottsdale/Mesa. Casa Grande is Pinal are the largest cities in the county, located about 30 miles SE from Phoenix on the way to Tuscan. Pinal derived it's name from the fact that the town is home to no less than 7 prisons. But, even the housing slowdown may have caught up to Pinal:
1. Pinal County home sales drop below 1,000 mark
from the Phoenix Business Journal, reports that single-family home resales in Pinal County dropped to 850 recorded transactions in the third quarter, compared to 1,180 in the second quarter and 1,110 in the first, according to numbers released by the Arizona Real Estate Center at ASU. The median home price in Pinal County in the third quarter was $199,900, down from $211,000 in the second quarter and $214,000 in the first quarter. The third quarter median price is 77 percent of the median price in Maricopa County, which sits at $260,000. Jay Butler, director of the Real Estate Center at ASU, attributes the drop in resales to the incentives that new home builders are offering on new housing, such as free pools, specially priced upgrades and gift cards.
2. Resale housing market declines
from the Arizona Republic, also reports on the drop in Pinal County resales. It states that sales fell 42 percent from the third quarter of 2005 and 28 percent from last quarter. Jay Butler, director of the Real Estate Center at ASU said that he expects the prices to stabilize at around $200,000. Bill Murdoch, an associate broker-manager with ReMax 2000's Queen Creek office, said the market is cooling from "last year's insanity". He predicted that first-time buyers and investors would return to Pinal County's resale market once the median price dips under $190,000. "You can still get a nice return, but not like the killing you could make last year," he said. "People that understand that will do just fine."
1. Pinal County home sales drop below 1,000 mark
from the Phoenix Business Journal, reports that single-family home resales in Pinal County dropped to 850 recorded transactions in the third quarter, compared to 1,180 in the second quarter and 1,110 in the first, according to numbers released by the Arizona Real Estate Center at ASU. The median home price in Pinal County in the third quarter was $199,900, down from $211,000 in the second quarter and $214,000 in the first quarter. The third quarter median price is 77 percent of the median price in Maricopa County, which sits at $260,000. Jay Butler, director of the Real Estate Center at ASU, attributes the drop in resales to the incentives that new home builders are offering on new housing, such as free pools, specially priced upgrades and gift cards.
2. Resale housing market declines
from the Arizona Republic, also reports on the drop in Pinal County resales. It states that sales fell 42 percent from the third quarter of 2005 and 28 percent from last quarter. Jay Butler, director of the Real Estate Center at ASU said that he expects the prices to stabilize at around $200,000. Bill Murdoch, an associate broker-manager with ReMax 2000's Queen Creek office, said the market is cooling from "last year's insanity". He predicted that first-time buyers and investors would return to Pinal County's resale market once the median price dips under $190,000. "You can still get a nice return, but not like the killing you could make last year," he said. "People that understand that will do just fine."
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