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Real Estate News

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FireRock Country Club recently earned designation as “Best in Valley – Private Club” for 2018 by Desert Foothills Magazine. FireRock Country Club has selected Cambridge Properties to operate the FireRock Sales Center for the benefit of current and future property owners and club members to spread this good news throughout the real estate community. Cambridge Properties is Arizona’s original boutique real estate services firm and consistently ranks as one of the “ Top Ten Teams “ in the Valley.

Californians Arrive

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At various tour meetings, Realtors report that more and more Californians are buying luxury real estate in the Valley of the Sun. Evidently, the combination of high state taxes, excessive regulation, hostile business environment and absurdly high housing costs have sent many Californians packing for other states. Arizona will get its fair share advertising itself as the “Silicon Desert” and its close proximity to West Coast beaches. We expect this trend to continue into the fall and 2019. Consequently, despite rising interest rates, the real estate market should remain positive.

North to South Migration in the Valley and Downsizing Trends

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As the market for golf community properties in Northern Scottsdale has improved, many of these Sellers relocate closer to downtown Phoenix and Scottsdale. Urban living in high rise condominiums, such as Kierland, is very popular as are new communities like Mountain Shadows and around the planned Ritz Carleton Hotel in Paradise Valley. Many more gravitate to down Valley golf communities like DC Ranch and Silverleaf. Record prices for resales have occurred in both golf communities. Others want to be closer to cultural activities, stores and schools. We expect this trend to continue as the baby boomers decide to migrate and downsize. FireRock should get its fair share of such migration, but has not done so as of this date.

Buyer Profile

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We have a bifurcated market in the Valley. The market for new homes, contemporary designs and recently updated older homes is active and improving. Older more traditional homes seem to struggle. Mountain, golf course and city light views are major positives, all of which FireRock possesses in great abundance. Older Buyers prefer one level living and as few steps as possible while active middle age Buyers can handle multi-level homes with stairs. Private golf clubs and good schools are very important. We expect spec and custom home building to increase where contemporary designs are very popular. Overall, the weighted average says the market is getting better but many Sellers would strongly disagree. We have two different markets.