You may be one of those rabid Diamondbacks fans who has given thought in the past to living near Chase Field, but ruled it out because it was too expensive a proposition. Well, with baseball season now underway and given the drastic decline in real estate prices in the last 18 + months, you might want to revisit the possibilities.
Not only in Downtown Phoenix, but throughout Maricopa County, the sale of foreclosed homes increased dramatically in March. The number of residential homes sold in March of 2009, was the greatest number sold since October 2005. According to statistics compiled and reported by Fletcher Wilcox, V.P. with Grand Canyon Title Agency, there were 6,893 closings in March and 68% of those homes were “lender owned” homes. Another interesting statistic was that 38% of the homes sold for under $100,000. The inventory of available homes in the under $100,000 price range is down to about a 3 month supply. These stats are indicating that the market is in recovery at the bottom of the home sale price range, according to Fletcher’s report.
A couple of years ago, due to escalating Real Estate prices, there was a pretty large segment of our local population that considered living in Downtown Phoenix, but could just not afford it. The downturn of our local and national economy over the last few years has changed all of that. For those people who… Read more