New home building in Valley shows ‘signs of life’ - Ahwatukee Foothills News: Money

default avatar
Welcome to the site! Login or Signup below.
|
||
Logout|My Dashboard

New home building in Valley shows ‘signs of life’

Print
Font Size:
Default font size
Larger font size

Posted: Friday, September 7, 2012 4:49 pm

New home builders are showing “signs of life” in Arizona, especially in the East Valley, one economic expert says.

But it still may be a while before the state returns to “normal levels.”

“Home building, similar to job growth, may be up somewhat, but continues to be far below ‘normal,’ and therefore, the best observation we can make is that home construction is showing signs of life,” research professor Lee McPheters, director of the JPMorgan Chase Economic Outlook Center at the W. P. Carey School of Business at Arizona State University, said. “(It) may be up as much as 50 percent this year, but even at that, it will be still one of the weakest years on record for Arizona.”

Gina Canzonetta, marketing manager for Maracay Homes, said Arizona home builders are on track for 14,000 new home permits this year, double the average of the last two years, but still below the “normal” levels of 20,000 to 25,000 a year.

In his latest housing report, Michael J. Orr, director for the Center for Real Estate Theory and Practice at ASU’s W.P. Carey School of Business, said home buyers are seeking out new builds because the inventory is shrinking in the resale market and there’s a lot of competition from investors.

Orr found that from June 2011 to June 2012, new single-family home sales increased by 39 percent in Maricopa County, with Gilbert leading the way.

“As ordinary owner occupiers get increasingly frustrated with the difficulty of competing against investors with cash offers, some have turned to new homes as their source,” he wrote in his report.

Maracay’s Canzonetta said home builders are seeing the change.

“We’re in the middle of recovery. We’re starting to improve,” she said.

Chandler leaders have already indicated the city is close to being out of space for new developments.

So don’t expect to see the large number of new home permits of the boom years, Orr signals in his report.

“We must remember that these permit numbers are still very low compared with what we typically saw for any June prior to 2008. Even with these permit levels, new single family homes will remain a relatively small part of the market compared with 2007 and earlier,” he wrote.

• Contact writer: (480) 898-6549 or mreese@evtrib.com

More about

More about

More about

  • Discuss

Standing Rock 'water protectors' use break to help other indigenous causes

For months, Julie Richards has been planning for the battles that would come the moment that she was no longer needed at the Standing Rock enc…

Published: December 11, 2016 - 4:22 am @ https://www.theguardian.com/us-news/2016/dec/11/st…

This week at progressive state blogs: OK's Pruitt now America's problem; guns may go anywhere in MO

Rob Schofield at The Progressive Pulse of North Carolina writes—Revenge of the robber barons continues: Trump’s disastrous “anti-family, anti-…

Published: December 11, 2016 - 3:22 am @ http://www.dailykos.com/story/2016/12/10/1609381/-…

Thousands of people show support for kids hospitalized during the holidays in Phoenix

PHOENIX, AZ - About 2,000 people showed their support Saturday night for children battling an illness and are stuck at the hospital for the ho…

Published: December 10, 2016 - 10:46 pm @ http://www.abc15.com/news/region-phoenix-metro/cen…

On Kirk Douglas's 100th Birthday, Remembering His 1990 Visit to the Mexican Border

This is a tribute to Kirk Douglas. It has only a tangential connection to immigration. I'll explain that at the end. The world knows Douglas f…

Published: December 10, 2016 - 10:19 pm @ http://cis.org/kammer/kirk-douglass-100th-birthday…

Crews battling brush fire in Cochise County

COCHISE COUNTY, AZ (Tucson News Now) - Firefighters are responding to a brush fire south of Sierra Vista, according to Coronado National Fores…

Published: December 10, 2016 - 9:38 pm @ http://www.tucsonnewsnow.com/story/34024021/crews-…

NOW: Multiple people injured after multi-car accident in Phoenix

PHOENIX - Officials are investigating a crash involving multiple cars in Phoenix. Fire crews were called to 95th Avenue and McDowell Road Satu…

Published: December 10, 2016 - 8:45 pm @ http://www.abc15.com/news/region-phoenix-metro/wes…

Desert Botanical Garden

An exciting and diverse lineup of the best musical entertainment Arizona has to offer. Learn More Enjoy a Southwest Mexican-American menu, pre…

Published: December 10, 2016 - 8:37 pm @ https://www.dbg.org/

Hairspray Live! is event television at its sloppy finest

The nonsensical but utterly magical trend of major broadcast networks producing expensive and messy live musicals continued last night with NB…

Published: December 10, 2016 - 8:37 pm @ http://www.theverge.com/2016/12/8/13882382/hairspr…

Phoenix-area 12-year-old transgender child shares transition story

In an exclusive interview with 12 News, a Valley 12-year-old opened up about a very personal situation: He was born transgender, and now he’s …

Published: December 10, 2016 - 8:15 pm @ http://www.12news.com/news/local/valley/phoenix-ar…

Can A STEM Program Help Make Boy Scouts Relevant Again?

Michael Jurkowitz is a fifth grader in Tucson, Arizona. He—like most other kids his age—enjoys hands-on projects well enough, but probably isn…

Published: December 10, 2016 - 8:07 pm @ https://www.fastcompany.com/3066163/innovation-age…

Facebook

ahwatukee.com on Facebook

Twitter

ahwatukee.com on Twitter

RSS

Subscribe to ahwatukee.com via RSS

RSS Feeds

Spacer4px

Most Popular

Online poll

Loading…