Category Archives: Buying

Verrado Hometown 4th of July Signature Community Event

New this year, the parade is open to residents of all ages and community clubs. Walk, bike, skateboard, or float your way down Main Street to the fun-filled after-party in Founders Park. Friends and family are invited to gather along Main Street to wave flags and watch one of Verrado’s most magical traditions.

Enjoy entertainment at Founders Park immediately after the parade with waterslides, the annual Apple Pie Baking Contest, watermelon eating contest, games and more! Verrado Realty will serve up cool treats – while supplies last. Parade participants must pre-register and check-in on Main Street before 9:00 AM.

Register for Parade

Register for Apple Pie Contest

Details

Date: July 4
Time: 8:30 am – 11:30 am
Event Category:

Organizer

Verrado Assembly

Things to do in Verrado this Spring (and nearby)

If there’s anything most people agree on, it’s that spring is the best time of the year to be in Arizona, and specifically Verrado and Phoenix’s West Valley. Thanks to a great community and gorgeous weather, there are plenty of fun things to do in Verrado this Spring.

Things to do in Verrado this Spring (and nearby)

There are so many things to do in Verrado this spring, or any spring for that matter, and there’s no better time to get out and enjoy the outdoors.

Hike the trails

Verrado features a whopping 66 parks, which is about 10 times more than the average community, according to the Verrado.com. As it is tucked into the White Tank Mountains, there are 21 miles of walking, hiking and biking paths and trails.

Hit the courses

The scenic Verrado Golf Club offers a variety of packages and options, as well as unique dining experiences.

Tucked in the foothills of the White Tank Mountains in Buckeye, Arizona, stretching to more than 7,000 yards, the Verrado Golf Club is an exceptional West Phoenix Valley golf experience that can accommodate golfers of all levels. Golfers can also enjoy the views and meals at the Verrado Grille.

The Phoenix area overall is well known throughout the country for its exquisite golf courses.  The 10 best golf resorts in the nearby area, according to About Travel, include the Goodyear’s Golf Club of Estrella Mountain Ranch, Litchfield Park’s Wigwam Golf Resort and Spa, and more.

Spend Fridays on Main Street

If you’re looking for things to do in Verrado on Fridays, you don’t need to go any farther than Main Street. In addition to the shops and restaurants, a farmer’s market, open house and Music on Main concert series will entertain residents and guests. Entertainers scheduled to perform in the “Music on Main” series are the Arizona Blues Company on March 12, the Thaddeus Rose Band on March 26, and the Western Fusion Band on April 9.

Enjoy the Founder’s Day Celebration

One of the highlights of the things to do in Verrado this spring is the 11th Founder’s Day Celebration, scheduled for April 15-17. Singer and songwriter Rachel Platten is slated to rock this year’s block party on Main Street with chart toppers like “Stand by You” and “Fight Song.”

Cool off at the Heritage Swim Park

The all-new Heritage Swim Park is the perfect place to have some fun with friends and family. The park features a resort pool and splash pad. The Park and Grand Lawn are complete with shaded areas, changing rooms, community fire pit, barbecue grills, birthday party area, and pavilion.

Go out to the ball game

Living in the West Valley is a sports fan’s dream. You can enjoy seeing your favorite baseball teams like the Cincinnati Reds, Cleveland Indians, Seattle Mariners, San Diego Padres and L.A. Dodgers at one of the three major Spring Training stadiums in the area.

Things to Do in Verrado this Spring (and nearby) – INDOORS

There are also many things to do in Verrado and nearby communities indoors.

The Sundance Towne Center in Buckeye, for example, has a collection of boutiques, national retail anchors, unique eateries and traditional restaurants.

The Arizona Broadway Theater, located in nearby Peoria, offers many live performances this spring and throughout the year. Playing now through April 3 is “Fiddler on the Roof,” a musical set in the early 1900s that centers on a father and his five daughters and his attempts to maintain his Jewish religious and cultural traditions.

Comerica Theatre in Phoenix is the place to be for live music, comedy and other entertainment. In April and May, performances will include Magic Men Live!, Michael Flatley’s Lord of the Dance – Dangerous Games, Puscifer, Bill Maher, M83, Kirk Franklin, and Ellie Goulding.

For sports fans, this area also hosts the home of the Arizona Cardinals, University of Phoenix Stadium, touted as the best venue in the NFL. A stone’s throw away is Jobing.com Arena, home ice of the Phoenix Coyotes and a venue for concerts and expos.

Victory at Verrado – 8 Reasons to Retire Here

Victory at Verrado - 8 Reasons to Retire Here

Victory at Verrado is one of the top retirement communities in the country. Loaded with friendly people, gorgeous facilities, and high-quality events, this community offers a level of comfort and luxury that few can match.

Victory at Verrado: 8 Reasons to Retire Here

If you’re hoping to retire in Arizona, Victory could be the right place for you. Let’s look at the top reasons why you should consider retiring to this area…

Elegant, Luxurious Homes

You’ll have a hard time finding a 55+ community with better homes than Victory at Verrado. These homes are created with universal designs that enhance the comfort, style, and luxuriousness of your living. They feature innovative styles and efficient features that make living at Victory at Verrado a truly wonderful experience. The facility uses multiple builders to give you more choices when selecting a home, and uses only the finest materials during the build process.

Vic Bar + Kitchen

One of the best features of the Victory at Verrado is the Vic Bar + Kitchen. This lively bar lets you enjoy a fun and relaxing atmosphere with your friends and family. It has delicious American cuisine and outstanding drinks. The ambience makes it one of the favorite locations at Victory at Verrano, and the food, created by executive chef Robert Douglas, is some of the finest cuisine in the area. The kitchen teams with top local growers in the Phoenix area to make sure that the food arriving on your plate meets your high standards!

The Spa at Victory

You can pamper yourself whenever you want by visiting the Spa at Victory. This amazing facility helps you get complete relaxation for your mind, body, and spirit, helping you relax and unwind. This healthy and soul-soothing treatment will make you never want to leave, and the comfortable and welcoming space is certain to have you coming back for more. The spa takes a preventative and restorative approach, allowing you to feel your best, long after your visit.

Verrado Golf Course

Created by golfer Tom Lehman, the Verrado golf course gives you the chance to enjoy golf at its highest level. You can enjoy a welcoming golf course that not only looks great, but is made for casual golfers like you and me, not elite golfers who drive the ball 300 yards precisely to the target. This 18-hole golf course is meant to give you a fun and enjoyable golfing experience. Thanks to the innovative “loops” design, you can golf five, six, nine, or even 12 holes at your leisure.

Facilities to Help You Stay Fit

Health is important, and Victory at Verrado has some of the best fitness facilities you can find. You’ll have access to the Life Performance Training Center, which houses nearly 7,000 square feet of fitness space. It has modern, high-quality workout equipment, excellent views of the White Tank Mountains, and clean, comfortable facilities. At Victory at Verrado, you’ll also have access to yoga, pilates, tennis, swimming, running, and many more fun and engaging activities.

The Victory Vineyard

Do you love wine? Then you will absolutely adore the Victory Vineyard, the place where high-quality grapes are grown for Zinfandel and other wine types. This vineyard rests below the Vic Bar + Kitchen, giving bar-goers a stunning view. Grapes growing on the verdant vines are waiting, and one day they will become the signature wine at Victory. This vineyard allows residents to enjoy tasting, wine-making classes, and even presentations from visiting wine experts.

Outdoor Activities and Trails

At Victory at Verrado, you’ll be able to enjoy the outdoors like never before. The area is full of trails, including the Avid Trails, a system that runs through the entire area. No matter what your fitness level, you can get outside and enjoy these trails whenever you choose. You can walk, run, or bike, and the trails connect with the expansive backcountry around the White Tank Mountains, which has over 25 miles of existing paths.

A Wonderful Sense of Community

Perhaps the best reason to retire at Victory at Verrado is the wonderful community. This area is full of wonderful people, exciting activities, and a true sense of community. It’s one of the top reasons that people choose to move to Victory at Verrado.

Victory at Verrado is Waiting for You!

If you are interested in moving to Victory at Verrado, contact the TK Luxury Group today.

Let our team of experienced Verrado Realtors help you find the perfect home for your needs.

Top Things to Do in Goodyear, AZ

Top Things to do in Goodyear, AZ

Goodyear, Arizona is one of the most engaging, interesting, and enjoyable communities in the country. This Phoenix suburb has the perfect mix of small-town friendliness and big-city excitement, and there are lots of things to do in Goodyear, AZ.

It’s not only a great town for growing families, it’s also one of the best places to retire in Arizona. You can enjoy plenty of interesting attractions, or hop on Highway 10 for a short drive into Phoenix.

Things to do in Goodyear, Arizona

Are you wondering what to do in Goodyear? Let’s take a look at some of the top attractions, events, parks, and unique businesses that you can enjoy…

1. Estrella Mountains Regional Park

Whether you like hiking, horseback riding, mountain biking, or simply enjoy witnessing beautiful scenery, you will love taking trips to the Estrella Mountains Regional Park. This 19,840-acre park is the second-largest park maintained by the county, and has a total of over 16 square miles for you to enjoy.

The majority of this park remains in its natural setting, with 33 miles of trails for a wide variety of uses. It’s one of the top things to do in Goodyear, AZ, highlighted by 65 acres of developed parks that include recreational fields, picnic areas, and playgrounds for children.

2. Goodyear Ballpark

If you move to Goodyear, AZ from Ohio, this ballpark is going to be one of your favorite attractions. During spring training, you can visit Goodyear Ballpark to watch both the Cincinnati Reds or the Cleveland Indians, as both teams use the facility for their pre-season games.

The ballpark doesn’t sit idle during the rest of the year, however. It hosts numerous recreational leagues, special events, and sports activities. There are car shows, movie nights, festivals, and many other events that keep the ballpark rolling all year long. If you want to find out what’s happening at the park, you can visit their calendar for more information.

3. Brass Armadillo Antique Mall of Goodyear, AZ

If you enjoy antiques, collectible, and memorabilia, you need to take a trip to Goodyear’s Brass Armadillo Antique Mall. It’s one of the largest antique malls in the state and features unique items from antique furniture to nostalgia-inducing decorations.

You’ll find repurposed items and interesting memorabilia that will enhance your house or condo. There is something new to see everyday, and one thing that never changes is the friendly greeter, who is stationed behind the front portion of a 1957 Chevrolet. You can also visit this location for workshops, training events, and social gatherings of all kinds.

4. Estrella Mountain Ranch Golf Course

This is one of the most popular golf courses in the Phoenix area, with a great set up, a smooth track, and greens that are kept up to perfection. It’s not the type of course that requires you to be an expert golfer, and the friendly staff are accommodating and welcoming.

If you love to golf you will have plenty of options in Goodyear, AZ, but few are as good for the casual golfer as this course.

5. North Lake

If you enjoy walking or taking in gorgeous scenery, then North Lake in Goodyear is one place you’ll want to visit over and over again. The area has a smooth trail running all around the lake, giving you a wonderful view from every angle. It also has clean grass and banks, giving you plenty of space to enjoy.

The lake is also a wonderful place for water sports like kayaking, and is home to a few local clubs that enjoy the water for many different uses.

6. Corral West Horse Adventures

Looking for a taste of the west? Want to enjoy a fun, safe, and family-friendly adventure? Then check out Corral West Horse Adventures. You’ll be able to enjoy horseback rides through the rugged Arizona terrain, and you can go on a 1.5 hour loop or take a wagon ride and campfire trip.

One of their most popular events is the sunset rides, which has you on the trail as the sun sets and riding back to the barn at dusk. You can also enjoy a cowboy cookout, which has western-style dining, entertainment, and finishes with s’mores by the fire.

With so many fun things to do in Goodyear, AZ, you might be wondering how you can get closer to all of the action. If you’re thinking of moving to Goodyear, TK Luxury Group can help.

Our team of Goodyear, AZ realtors will do what it takes to find the perfect home for your needs and budget!

The Perks of Living in Verrado

Living in Verrado

Verrado – what does it mean? It comes from the Spanish word verdad, meaning truth and authenticity. The community of Verrado proves true to its name, as an honest refection of Southwestern style in every way possible, from architecture to culture. As you can imagine, Verrado real estate is in high demand, because everyone wants to enjoy all of the perks of living in Verrado. Continue reading The Perks of Living in Verrado

Moving to Arcadia – 7 Reasons Why You Won’t Regret It

moving to arcadia

Families looking to move into a new area research the school district, recreation, cost-of-living, and proximity to resources in the community. Thinking about moving to Arcadia should be no different.

Moving to Arcadia

There are many reasons why moving to Arcadia  is a good idea, especially for individuals and families who are looking for an abundance of outdoor fitness opportunities, for those who enjoy blue skies, for college students looking for great schools large and small, and for those who would like to live in a beautiful house – basically anyone.

1. Location and Demographics

Arcadia is a neighborhood in Phoenix, Arizona and Scottsdale, Arizona. The boundaries lie between 44th Street to 68th Street and from Thomas Road to Camelback Mountain. Arcadia contains well-kept homes on large lots which boast relatively high property values, as the neighborhood is adjacent to the upscale suburbs of Paradise Valley, the Biltmore area, Scottsdale and north Phoenix.

The Phoenix portion of Arcadia is located in the 85018 zip code, where approximately 37,000 residents reside, and the Scottsdale portion is in the 85251 zip code, which has about 36,000 residents, according to City-Data.

2. Art and Culture

You won’t have to travel far to experience some of the best art and cultural events in the southwest. The OdySea Aquarium is scheduled to open in Scottsdale this year and will be the largest aquarium in the Southwest. The Phoenix Art Museum, Heard Museum and Herberger Theater Center are are just a short trip from Arcadia, and families also can visit the Arizona Science Center or the Desert Botanical Gardens.

3. Outdoor Recreation and Hiking

Outdoor enthusiasts considering moving to Arcadia, Arizona, have hundreds of resources available in and around the area.

Camelback Mountain, Tom’s Thumb, Flat Iron, Bell Pass, Brown’s Mountain, and the Apache Wash Loop are only a handful of the mountains to navigate and trails to hike in and near the Arcadia, Arizona area, according to Arizona Hiking.

Scottsdale is known for its many award-winning, luxurious golf courses, including the Coronado Golf Course, Continental Golf Course, The Phoenician, and the Camelback Golf Club, according to Golf Link.

A variety of resort-style community pools and parks can be found throughout the community as well, such as the Big Surf Waterpark in nearby in Tempe, Arizona.

4. The Weather

While Arizona is known for its especially warm temperatures, the lowest average temperature actually can be seen in December and January at only 68 degrees. The average temperature in February, March and November isn’t much higher, as it is in the 70s. April, May and October temperatures are in the 80s and 90s, and the above 100 degree temperatures Arizona is known for come in the summer months of June, July, August and September. Overall, the average temperature is 70.8 degrees. With normally blue, sunny skies, the average rainfall is 7.89 inches in an entire year.

5. Higher Education

Young adults considering moving to Arcadia, can take advantage of nearby institutes for higher learning including Estrella Mountain Community College (part of Maricopa Community College District), Arizona State University­, Grand Canyon University, Midwestern University­ Glendale and Thunderbird School of Global Management, Keller Graduate School of Management, and the University of Phoenix.

6. Culinary Attractions

 Unique restaurants can be found throughout Arcadia and nearby communities.

According to USA Today, Phoenix, Scottsdale and Tucson writer Patricia Escarcega names her top 10 eateries in Arcadia.

She especially highlights Nook, a small 50-seat eatery in the Gaslight Square shopping center.

Her Top 10 Eateries in Arcadia are:

– The Vig Uptown: Known for its sleek décor and laid-back patio, Escarcega says it offers unique yet unpretentious American comfort food.

– Posting Arcadia: Adapted from what used to be a neighborhood post office, this trendy wine bar’s menu is rustic and flavorful, she says.

– La Grande Orange Pizzeria: La Grande is one of Phoenix’s most popular grocery, café, breakfast bar and pizzeria locations.

– Beckett’s Table: The restaurant showcases Chef Justin Beckett’s desire to create a restaurant that celebrates the values of farm-to-table cuisine in a friendly setting.

– North Fattoria Italiana: Authentic Italian food is made from scratch.

– Ingo’s Tasty Food: Describing itself as a “gourmet food stand,” Ingo’s is an Arcadia original.

– Crude: Sushi meets traditional Italian flavors at Crudo, an Italian café specializing in sashimi-style seafood.

– Chelsea’s Kitchen: This casual restaurant appeals to upscale families and uses premium ingredients.

– O.H.S.O. Eatery & NanoBrewery: The extensive menu offers a huge variety of selections.

– Nook: Everything from light cafe fare to hearty Mediterranean dinners is available at Nook.

7. Real Estate Trends in Arizona

If you’re thinking about moving to Arcadia, 2016 could be your year. Analysts predict that the potential real estate trends in 2016 will show moderate gains in sales prices and a continued growth in home sales.

The state of Arizona also is expected to see job growth. That increase in jobs and housing sales, however, is expected to be slow and steady, which economists say is more favorable than a fluctuating market.

Best Places to Retire in Arizona

retire in arizona

You’ve worked hard your whole life, made smart financial decisions, and prepared for this moment: retirement!

Both exciting and frightening, retirement is a major step in the American dream. Like everything you’ve done so far, you need to take your time and make the right plan. That shouldn’t be hard, after all, it’s what you’ve been doing for decades.

Best Places to Retire in Arizona

One of the major decisions you’ll have to make is where to retire. There are many places to retire in Arizona, giving you top-quality retirement choices. With that in mind let’s look at some of the best cities you can choose…

Buckeye

As a suburb of Phoenix, Buckeye, Arizona offers all the amenities of a big city with the community and heart of a small town. This city has several planned retirement communities, including Verrado, which was named the Best Master-Planned Community in the United States by Where to Retire Magazine.

The city of Buckeye has an excellent local economy, driven by outstanding businesses and a wonderful sense of community. You’ll also find engaging community events like the farmer’s market, Buckeye Days, and more! When you want to retire in Arizona to a town with a great community with plenty of character, few places can match Buckeye, Arizona.

Litchfield Park

This is a gorgeous town located very close to the city of Phoenix, giving you quick access to all the events and excitement of the large city. This town has top-quality retirement communities, including La Loma Village and Estrella Estates Gracious Retirement Living, giving you a comfortable home near golf courses, parks, and shopping.

There are many top-notch golf courses nearby, including the Wigwam Golf Club and the Palm Valley Golf Club. This excellent community is packed with activities all year, including the Arts in the Park Concert Series and the Wigwam Festival for the Fine Arts.

Goodyear

The city of Goodyear is one of the most vibrant and exciting towns in the Phoenix area. The town not only has an excellent character, there are many top-notch retirement communities, including PebbleCreek and CantaMia.

When you live in Goodyear, you’ll be able to enjoy all of their wonderful attractions on a regular basis. They have beautiful parks, including the Goodyear Community Park, which has tennis courts, softball fields, and walking trails. With plenty of activities and a welcoming community, Goodyear is one of the best places to retire in Arizona.

Glendale

With comfortable and engaging retirement communities, a vibrant population, and plenty of parks and recreation opportunities, Glendale is one of the best places to retire in Arizona. One of the top reasons to choose Glendale is the excellent retirement communities, such as the Casa del Sol Resort and Palm Shadows. These active retirement communities let you live the life you want while giving you convenient, luxurious living.

Peoria

Peoria is packed with some of the best retirement communities in Arizona. If you retire in Peoria, you’ll be able to choose from places like Palos Verdes Senior Living, Freedom Plaza Peoria, Vista del Rio, and more.

There is so much activity and options for retirees, that Peoria was named one of the top cities for early retirement in 2013. This was the only city in Arizona to make the list, which included places like Virginia Beach and Honolulu. When living in Peoria, you can enjoy affordable housing, excellent amenities, and a vibrant, engaging community.

Scottsdale

Peoria isn’t the only Arizona community to win honors for retirement. Scottsdale earned the honor of the 2nd-best place to retire from WalletHub, a leader in financial research and analysis. Among 150 cities across the nation, Scottsdale ranked 5th for activities and 2nd for quality of life.

It was also among the top third in affordability and health care, making it a viable options for retiring individuals. If you choose Scottsdale, you’ll have many options for retirement communities, including Villa Monterey, Winfield, and Golden Keys.

Phoenix

You don’t have to move to the suburbs to enjoy a comfortable retirement when you can move to Phoenix. There are excellent retirement communities right in the big city, including the Ahwatukee Retirement Village, which has an elegant ballroom, a large library, a game room, and even a woodworking shop. Of course, living in Phoenix, you’ll be part of one of the nation’s top cities, enjoying world-class attractions like the Arizona Science Center and the Phoenix Art Museum. 

Retire in Arizona

Contact TK Luxury Group today to learn more about real estate options in these beautiful cities. Our team of experienced Real Estate Agents at TK Luxury Group can help you find the perfect place to spend your retirement.

Top Arizona Golf Communities

Top Arizona Golf Communities

Whether you love golf or simply enjoy living in a spectacular setting, a home near a scenic course might be a dream come true. With so many Arizona golf communities to choose from, picking the right one can be difficult.

Top Arizona Golf Communities

Arizona is known for its luxurious golf courses, especially those in and around Phoenix’s West Valley.

Our recent blog post about real estate trends in 2016 explains that 2016 might be the ideal year to buy a home because prices are not expected to increase rapidly.

If living in specifically one of the resort-style golf communities is an option for you, you also might want to consider one of these top seven Arizona golf communities, which have been recognized by a variety of sources locally and nationwide.

1. Desert Mountain

A Golf.com site lists Desert Mountain in Scottsdale, Arizona, among America’s ten best golf communities.

Among its features are six Jack Nicklaus courses, five separate clubhouses, personal trainers, and planned nature hikes. It is on 8,000 acres in the high Sonoran Desert.

2. Blackstone Country Club

Travel and Leisure.com has recognized Blackstone Country Club at Vistancia in Peoria, Arizona, as one of America’s top 100 golf communities. The clubhouse and award-winning Jim Engh-designed golf course is surrounded by the Sonoran Desert, offering mountain vistas at every angle.

According to Blackstone’s website, members enjoy resort-style amenities and a wide selection of fitness and dining experiences, such as a 24-hour fitness center, lighted tennis courts, pool with private cabanas and children’s play area with water features. Golf tournaments, wine dinners and children’s camps are among the offerings for members.

3. Desert Highlands

Located in Scottsdale, Desert Highlands also is a Jack Nicklaus course.

The golf community features an award-winning clubhouse with formal and informal dining, pool and fitness facility, all nestled into Pinnacle Peak.

In addition to the many golf community options, the city of Scottsdale, Arizona, has one of the most sought after real estate in the country due to its pairing of charm and history with the amenities and lifestyle of a thriving metropolis.

4. Estancia

Opened in 1995, the Estancia Club is located at the northern slope of Scottsdale’s landmark Pinnacle Peak. The Tom Fazio-designed championship golf course offers 7,314 yards of golf.

Golf Digest recognized Estancia among America’s 100 Greatest Golf Courses for 2015-2016.

5. Mirabel

Homes at the Mirabel golf community, also in Scottsdale, Arizona, are in Tuscan, prairie and Spanish-colonial style. The community features a Tom Fazio-designed golf course, 38,000-square-foot Desert Lodge Clubhouse with a variety of activities and dining options, a health spa, salon, pool and fitness facilities.

6. Silverleaf

Located in North Scottsdale, Silverleaf is tucked into the canyons of the McDowell Mountains and surrounded by the Sonoran Preserve. Silverleaf boasts a Tom Weiskopf-designed golf course, custom estate home sites, and a 50,000-square-foot Mediterranean-style clubhouse with spa facilities, resort and lap pools and fine and casual dining.

7. The Boulders

The Boulders in Carefree, Arizona, is one of the first standout luxury residential golf communities, according to a post on Forbes.com naming the 12 best private golf communities. The Boulders features two Jay Morrish-designed desert golf courses, a spa, fine dining and even an entire village, El Pedregal, full of shops, galleries, additional restaurants and a museums.

Arizona Golf Resorts

If you’re just visiting Arizona, you’ll definitely want to check out some of our incredible golf resorts. According to About Travel, the 10 best golf resorts in Scottsdale and Phoenix, include Wigwam Golf Resort and Spa in Litchfield Park and the Golf Club of Estrella Mountain Ranch in Goodyear.

 

Real Estate Trends in Arizona – 2016

Real Estate Trends in Arizona 2016

Whether you are looking to buy or looking to sell, 2016 could be your year. Analysts predict that the potential real estate trends in 2016 will show moderate gains in sales prices and a continued growth in home sales. The state of Arizona also is expected to see job growth. That increase in jobs and housing sales, however, is expected to be slow and steady, which economists say is more favorable than a fluctuating market.

 

Nationwide Real Estate Trends in 2016

Nationally, with economic growth still rising, employment will continue to increase, meaning that people will have more money coming in and will be able to buy their first homes or upgrade to new ones, according to an article by Jonathan Smoke on Realtor.com.

In the article, Smoke explains that real estate trends in 2016 that will have the greatest impact on the housing market include a return to normal after 15 years of abnormal housing trends. Many predict that as millennials continue to buy their first homes, 2016 will be the best year to sell in the near future. He also says that builders will focus on more affordable price points and that higher mortgage rates will affect high-cost markets the most. Finally, costs for rentals are expected to go up higher than house prices; because more than 85 percent of U.S. markets have rents that exceed 30 percent of the income of renting households, it could be more affordable to buy in more than three-quarters of the country.

 

Commercial Real Estate Trends

Sustained job growth throughout the country and improving credit conditions are expected to help keep commercial real estate activity expanding into 2016, but property prices are likely to slightly decrease after reaching their peak in some major markets, according to the National Association of Realtors.

Lawrence Yun, a chief economist with the NAR, says the outlook for the commercial real estate sector continues to look bright despite the multiple headwinds that have held back the economy in recent months. He said that the expected increases in lending and investment activity will be driven by steady job creation and slightly easier access to credit, according to the NAR news release.

 

Regional Real Estate Trends

Regionally, several states in the South and West have outperformed the rest of the country in job growth over the past year. Led by strong demand for apartments from faster household formation and rent growth, metro areas in those states are expected to see elevated levels of new construction, which will lead to a slight uptick in vacancy rates, according to the release.

Even though rising occupancy and rents will continue, property prices are forecast to decline slightly in 2016 as the Federal Reserve starts to raise interest rates. With cap rates already compressed to very low levels, Yun anticipated short-term rate increases for December, and then again in March, which could slightly temper market growth. However, investments are still expected to continue on an upward trend.

 

Real Estate Trends in Phoenix, Arizona 

New home permits taken out by home builders for Phoenix-area construction were up almost 77 percent in October compared to a year ago and are up more than 46 percent this year versus 2014.

But the volume of new home sales, while up, is not at the same robust pace, according to the Phoenix Business Journal.

The idea that the housing market is steady yet cooling off in Arizona is good news for homebuyers because it means prices are not increasing as quickly.

Sales prices in Arizona have fluctuated up and down all year but have trended upward by late this year, according to the Arizona Association of Realtors.

The gains experienced in 2015 are setting the stage for continued advances in 2016, Lee McPheters, research professor and director of the JPMorgan Chase Economic Outlook Center at the W. P. Carey School of Business, said in a news release posted on the Arizona State University website.

“Relative to the majority of other states in the nation, Arizona’s economy will appear quite solid,” he says. “But compared to long term historical growth during past decades, the gains will be somewhat below average.”

Personal income in 2016 is projected to exceed 5 percent growth for the first time since 2011 as wages, employment, and population all continue to increase, according to the release. In 2016, Arizona is expected to be on track to finally replace all jobs lost during the recession.

“Though the 2.6 percent rate is below the long-term average of 4.2 percent, Arizona will likely emerge as one of the top 10 fastest for job creation in 2016,” McPheters said.

McPheters also estimated that population growth could go up from an anticipated 1.6 percent in 2015 to 1.7 percent next year. Though this is only half of the historical average for the state, the rate compares favorably with the nation and neighboring states.

 

Real Estate Trends in the West Valley

Rebecca Grossman, president of the Scottsdale Realtor’s Association, recently told ABC 15 that slow and steady growth, just as the state of Arizona has been seeing, is ideal. She said the state has been avoiding volatility and an unstable market, which is beneficial. She also said that people are still moving to the state due to its hearty job market, but more construction is needed to meet the demand for housing.

You can still find available homes that are reasonably priced in our part of the Phoenix metro area, known as the West Valley, which includes the growing Verrado community as well as Buckeye, El Mirage, Glendale, Goodyear, Litchfield Park, Peoria, Surprise, Tolleson, Wickenburg and Youngtown.

For more information about real estate trends Arizona, visit the TK Luxury Group Blog.