Phoenix still a destination place
We have written about why the Phoenix housing market is likely to stay strong for a while. One of the reasons we mentioned is that Phoenix is still a place people want to live. A story this week shows this is still the case. Over 1300 people a week are moving to the Phoenix market. And if you want to know why just look at the last week. While we were enjoying 80 degree days, Pittsburg and Cleveland and other cities were bracing for snow. They are among the cities people are leaving the fastest.
But where will all these people work? Don’t worry, every week there are new stories about companies relocating to Phoenix. And it seems many of them are coming from California. That is one good thing about California being such a high tax state, we get to help many of their companies with our more friendly business climate. One Solar company fits this description and is relocating to Tempe from California.
We are also ranked in the top 10 in total job creation.
Where will they all live?
I was in downtown Phoneix this week, close to Chase Field. I took a look around and then remembered the skyline just 5-6 years ago. What a difference. Downtown Phoenix is growing like crazy, and mostly growing up, as in tall buildings. The latest addition is going to be a 19-story high-rise apartment complex. Why are all these new apartments going in? More people seem to be headed back to the city. Phoenix is also trying to attract ASU students and young professionals who may want to be close to a downtown.
One way we know more apartment housing is needed in the Phoenix market is to look at rent prices. While the Phoenix market in general is strong at a 4.4% increase, Central Phoenix is leading the way with an 8.1% increase.
One issue that all the new people downtown face is food shopping. There is currently only one grocery store that serves downtown Phoenix. But those moving in should not worry, a second grocery store is headed to do the downtown area.
Quick takes
Going to Chase Field this summer? Check out these new food choices!
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Check out this 10-story single family home for sale in Prescott. When it was built, it was the tallest single family house in the world. It is still the tallest in Arizona.
Originally posted on Phoenix Real Estate Guy. If you are reading this anywhere but inside your RSS feed reader or your email client, the site you are on is guilty of stealing content.
(c) Copyright Jay Thompson. All Rights Reserved.
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