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.
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.