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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". |
What the realtors are saying
Posted on 11/16/2006 05:08 AM | Link | Post Comment
Housing: What the Realtors Are Saying from MSNBC.com,
reports on the National Association of Realtors annual convention in New Orleans and what Realtors are saying about the current housing market. The article states that there is a big difference between last year's annual event and this years, with existing home sales expected to fall 9 percent in 2006, and new homes expected to decline 17 percent. In some markets, prices have begun to fall too. Despite the slowdown, NAR's chief economist David Lereah remains optimistic, stating that only 26 percent of the U.S. home markets got overheated, with speculators driving up the prices by more than 20 percent annually. The article mentions Phoenix, Las Vegas, southern Florida and California as the markets that faced challenges, adding that Lereah said that those markets could remain soft into 2008.
Developments rising in shadow of reactors from the Arizona Republic,
reports that housing developments are moving closer to Palo Verde Nuclear Power Plant in Tonopah, and that thousands of homeowners are expected to move within the plant's 10-mile emergency notification zone during the next two decades. Development plans have been filed with Maricopa County for eight master-planned communities, most north and east of Palo Verde, with more than 107,000 dwelling units on 33,000 acres. Even with the housing slowdown, speculation has continued to drive up prices around Tonopah. The price per acre has more than tripled to almost $60,000 an acre between Interstate 10 and the nuclear power plant during the past three years, local real estate agents said. Developers within 10 miles of Palo Verde must provide emergency horns within their subdivisions and signs indicating routes of quick access in the event of an evacuation.
High-end home buyers attracted to condos leaving homes behind from the Arizona Republic, reports that many high end homeowners are selling their homes to move into luxury condos closer into the city and amenities such as shopping, dining and entertainment. The article talks about two such buyers; one couple who moved into the Optima Biltmore condo project, the other couple buying a condo at Kierland Commons, and their reasons for doing so. Condo sales have slowed along with the Valley's home market, but the luxury sector has been more stable than the overall market. Through early October, 2,031 homes priced at $1 million or more had been sold in the Valley. That is on pace to top last year's total of 2,285. With luxury condos selling for $1 to $4 million, or roughly $400 to $800 per square foot, the pool of potential buyers is a fairly elite group.
reports on the National Association of Realtors annual convention in New Orleans and what Realtors are saying about the current housing market. The article states that there is a big difference between last year's annual event and this years, with existing home sales expected to fall 9 percent in 2006, and new homes expected to decline 17 percent. In some markets, prices have begun to fall too. Despite the slowdown, NAR's chief economist David Lereah remains optimistic, stating that only 26 percent of the U.S. home markets got overheated, with speculators driving up the prices by more than 20 percent annually. The article mentions Phoenix, Las Vegas, southern Florida and California as the markets that faced challenges, adding that Lereah said that those markets could remain soft into 2008.
Developments rising in shadow of reactors from the Arizona Republic,
reports that housing developments are moving closer to Palo Verde Nuclear Power Plant in Tonopah, and that thousands of homeowners are expected to move within the plant's 10-mile emergency notification zone during the next two decades. Development plans have been filed with Maricopa County for eight master-planned communities, most north and east of Palo Verde, with more than 107,000 dwelling units on 33,000 acres. Even with the housing slowdown, speculation has continued to drive up prices around Tonopah. The price per acre has more than tripled to almost $60,000 an acre between Interstate 10 and the nuclear power plant during the past three years, local real estate agents said. Developers within 10 miles of Palo Verde must provide emergency horns within their subdivisions and signs indicating routes of quick access in the event of an evacuation.
High-end home buyers attracted to condos leaving homes behind from the Arizona Republic, reports that many high end homeowners are selling their homes to move into luxury condos closer into the city and amenities such as shopping, dining and entertainment. The article talks about two such buyers; one couple who moved into the Optima Biltmore condo project, the other couple buying a condo at Kierland Commons, and their reasons for doing so. Condo sales have slowed along with the Valley's home market, but the luxury sector has been more stable than the overall market. Through early October, 2,031 homes priced at $1 million or more had been sold in the Valley. That is on pace to top last year's total of 2,285. With luxury condos selling for $1 to $4 million, or roughly $400 to $800 per square foot, the pool of potential buyers is a fairly elite group.
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