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Phoenix property values expected to
rise 11 percent in 2007
The Business Journal of Phoenix - 8:36 AM MST Wednesday 1/3/07
Property values in the Phoenix area are expected to rise 11.1 percent in 2007,
according to fourth-quarter survey by Arizona Tax Liens.com.
Buyers and sellers projected an average increase of 10 percent increase statewide
citing the large number of people immigrating to Arizona, fueled by high tech and
biotech job growth in Tucson and Phoenix, low housing costs and baby boomers
buying retirement homes.
Projected property value increases for other areas of the state were:
Tucson, 13.5 percent; Prescott, 10.3 percent; Flagstaff 9.8 percent; Sedona,
9 percent; Buckeye, 8.5 percent; and Lake Havasu City, 8.2 percent.
Of the 5,000 people surveyed, 59 percent planned to buy real estate in Arizona in
2007 and 32 percent planned to sell. More buyers, however, planned to settle in
Tucson, 52 percent, over Phoenix, 29 percent.
Sixty-nine percent of the sellers surveyed planned to sell property in Phoenix.
Some of the reasons given for choosing the Tucson area were high paying jobs,
affordable housing, population growth and the Rio Nuevo revitalization along with
high-end condos being built downtown.
Arizona Tax Liens.com provides real estate investors with online access to Arizona tax lien lists.
For more: www.ArizonaTaxLiens.com.
Ryan M. Wooley
VP of IT / State Operations
Arizona economy expected to topple national numbers
The Business Journal of Phoenix - 1:27 PM MST Tuesday
by Chris Casacchia
The Business Journal
Arizona will topple the expected U.S. growth rate of 3 percent in 2007 thanks in large part to the state's population boom, according to Arizona State University economist Edward Prescott.
Prescott, the keynote speaker at the Arizona Bank & Trust Economic Summit 2007, "Trends to Bank On," said Arizona will continue to outpace national trends, but cautioned "it won't last forever."
"The Arizona trend dominates," Prescott, a 2004 Nobel Prize winner and chair of economics at the W.P. Carey School of Business at Arizona State University, told the more than 300 who attended the Tuesday morning breakfast seminar at Phoenix Country Club.
Katie Pushor, chief executive and president of the Greater Phoenix Chamber of Commerce, said the state is the second destination for domestic migration next to Florida and the eighth internationally.
"People want to move to this state," she said. "There is an overwhelming perception of opportunity here."
Pushor said job creation will focus on serving the growing population, namely the health care, construction, retail and consumer services, and the hospitality sector, which is being boosted by three college football bowl games, PGA events and the Super Bowl in 2008.
Unemployment is the lowest in 25 years, hovering under 4 percent, but escalating housing prices are keeping some workers from moving here, Pushor said.
"Affordability is really an issue for the work force," she said.
Arizona exports also could be stronger. "We are not participating in that global economy yet," Pushor said.
In his 30-minute address, Prescott said "the dollar will not crash" -- despite it being outpaced by its chief competitors, the euro, the British pound and the Canadian dollar.
He also predicts stock market returns in the 5 percent range.
"The golden age of stock market returns are over," said Prescott, who also serves as senior monetary adviser at the Federal Reserve Bank of Minneapolis.
