Norterra, North Phoenix Gem that I call home!!!

Norterra is an area of North Phoenix located at the base of an expansive mountain preserve. Hiking trails are abundant throughout the communities, and into the adjacent mountains, allowing residents to connect with the surrounding nature. Convenient freeway access and nearby shopping make Norterra a convenience paradise in North Phoenix.

Location

Norterra has perfected the art of balancing privacy and convenience. With quick and direct access to both I-17 and the 101, Norterra makes any valley destination easily reached, while its peaceful setting still causes you to feel like you're away from it all. Tucked in around the Phoenix mountain preserve, Norterra residents will enjoy living in a serene community, with nature at their doorsteps. With Flagstaff and Sedona within a couple hours and Lake Pleasant being a convenient shot off Highway 74, quick weekend getaways are definitely a reality.
The prominent Northeast Valley has more benefits than nice stores, beautiful mountain-scapes and accessible highways, there are also extraordinary schools. The Deer Valley Schools that serve this area are ranked in the top 6 of 42 districts in the Phoenix area.
Shopping-Within a few miles

Happy Valley Towne Center

Featuring Super Walmart, Lowes, Circuit City, Old Navy, Staples, Petco, Barnes & Noble, and many more. Restaurants are Logan's, Olive Garden, Red Robin, Friday's, and a few fast food.
http://www.shophvtc.com/

The Shops at Norterra

Nearby shopping includes the Shops at Norterra with Best Buy, PF Changs, Dicks Sporting Goods and Harkins Theaters. Opening Nov. 2007.
http://www.norterrashopping.com/

Communities

Sonoran Foothills

Sonoran Foothills is the beautiful new desert community now taking flight a mile south of the Carefree Highway at 27th Avenue. It is a quiet enclave rising with the foothills adjacent to the proposed northern mountain preserve. Sonoran Foothills presents a rare opportunity to live in harmony with the desert.Panoramic views of the nearby mountains and descending natural wash corridors help to define Sonoran Foothills. The nearby proposed mountain preserve will be connected to Sonoran Foothills via a system of trails. Natural desert trails and improved trails knit together the many community amenities and provide the ideal way to enjoy the desert experience unique to Arizona.

Dyamite Mountain Ranch

Dynamite Mountain Ranch is a planned community of 1045 single family homes nestled at the base of the Union Hills, a geological landmark in north Phoenix, Arizona. You can find us by exiting off of the I-17 freeway at Happy Valley Road and proceeding north on Norterra Parkway approximately two miles.

The community was planned and constructed by DR Horton and is part of a master planned community with shopping and jobs immediately adjacent. The community is noted for its beautifully planned and strategically located park system, all ADA accessible.
Local Employers

Employers include BF Goodrich, USAA Insurance, Chubb Insurance and Honeywell.

Wildcat Ridge in Desert Ridge YTD

There are currently 12 homes on the market for an average list price of $371,057 for 1,893 sf...$196/sf. We have 12 sold homes this year for an average sales price of $362,991 for 1,883 sf...$192/sf. Right now it is taking 4.5 months to sell.

In 2006 we had 19 homes sell for an average of $394,542 for 1,882 sf...$209/sf and it took just over 2 months to sell. That's over a 6% decrease this year and we are approaching the slow months. My advice...hold onto your home if you can for the next few months, get it rented, or be prepared to price it WAAAAY less than comparables.

For more information, check out www.danmullarkey.com

Arroyo Rojo Market Update

Currently there are 19 homes on the market with an average list price of $331k for 1963 sf...$169/sf. 17 homes have sold this year for an average of $311k for 1844 sf...$169/sf. So, homes are priced right and are currently taking about 2.5 months to sell.

Compare this to 2006, where we had 18 homes sell for an average price of $328k for 1936 sf...$169/sf. Those homes took 94 days to sell.

So, some positive news!!! In a down market, this community has not depreciated from last year and homes are selling quicker, definitely a good sign:-)

For more information, check out http://www.danmullarkey.com

Winter visitors returning

It seems as though we have had an increase in winter visitor population over the past few weeks. Many seem to be ready to purchase winter homes now that our market has cooled off and great deals abound. Hopefully this gives our market a nice "jumpstart" that we could really use right now as we approach the slower winter months.

The numbers for Phoenix Metro are in for August 2007...

For single family homes, 53,559 listed and 4,027 sold, a 13 month supply with a median home price of $249k. Compared with Aug. 2006, 45,211 listed and 5,659 sold, an 8 month supply with a median home price of $262k...Median home price has dropped 5%.

What does that mean? Well, it is a GREAT time for buyers, with plenty of inventory to choose from, and sellers generally taking lower than list price offers while paying closing costs as well. And contrary to what the media has said, there are STILL great loan programs available, such as 100% financing on 30 yr fixed for FICOs as low as 600.

My prediction is that we are close to the bottom, with 2008 still being slow but returning to normalcy, and prices rising at a steady 3-5% in 2009. Phoenix has a solid job market and is a very attractive place for both employers and residents. Commercial real estate is still very strong, which will support a strong residential market after the current excess inventory dries up. We will continue to be one of the strongest real estate markets over the next decade.

For more info, www.danmullarkey.com