Hopefully you are not superstitious of the number 13… after all it is October… the month of goblins, ghosts, black cats and superstitions! Recently I attended a great real estate continuing education course with Bill Gray from the Arizona School of Real Estate and business and he gave us 13 interesting facts about Arizona that I thought I would share with everyone.
One: In Scottsdale Arizona there is an apartment boom underway with over 6,022 units under constructions. If you drive though the city and see a constructions project underway… it is probably an apartment complex being built.
Two: Arizona ranks number 13 when it comes to job growth. Job growth is the key to our economy here in Arizona and when more people have full time employment, the more our housing market grows. Keep in mind there are still many underemployed people that are looking for more hours or a full-time job.
Three: Phoenix added 12,662 new high tech jobs… an increase of 42%… that ties San Francisco for the top spot. Employers are finding affordable buildings to lease, lower housing costs, an abundance of qualified employees and great weather for reasons to relocate their businesses.
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Four: Phoenix ranks 14th in the U.S. for high tech employment. Not to be left behind, the city of Phoenix has gained in popularity with high tech employment for the same reason that Scottsdale has.
Five: Chinese investment in Arizona ranks 7th in the U.S. It was recently announced that there are now more billionaires in China than the U.S. Savvy Chinese investors are finding a 4% cap rate on commercial property in the U.S. a very acceptable rate of return.
Six: A new 43 acre medical campus in Scottsdale. Coming soon near the loop 101 and 90th Street a new 43 acre medical campus will soon arrive brining along with it jobs… and more traffic congestion. The tentative name will be the 90th Street Medical Campus.
Seven: Legoland Discovery Center In Tempe: The Arizona Mills mall will soon be home to a 60,000 sq ft Legoland Discovery Center where children of all ages (ok, not really it is designed for children age 3 to 10) can enjoy the ultimate lego experience.
Eight: Banner University Medical is the largest private employer in Arizona. There are a lot medical jobs in the state of Arizona as more and more Active Adults choose to move here on a permanent basis or live in a winter home. The largest public employers in the state of Arizona are Wal-Mart and Kroger which owns the Fry’s supermarket chain.
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Nine: Shipping Containers a new way to live? A new construction project is underway near downtown Phoenix on Grand Avenue called: Containers On Grand – This hip new way to live takes shipping containers and turns them into modern looking apartments. Bill Gray mentioned in the class “It doesn’t sound right to say to your date… Would you like to come back to my container?” after the movie. It is still an interesting concept in living.
Ten: Phoenix Area New Home Builders are taking 8 months to build a home. If you are in the market for a new home, then you might have to wait awhile. The average time to build a new home is now 8 months. The main reason: a shortage of quality constructions workers. There are very few schools teaching the art of construction and the younger generation is not interested in manual labor, even though the pay rate is rising.
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Eleven: Arizona unemployment rate is 6% in 2015. What else can we say except that Arizona is on pace with the national unemployment rate.
Twelve: The Population Growth in 2015 is 1.3% This is actually considered bad news as Arizona needs a 2.83% growth to be considered a good rate of growth. At lease we are not like other states with a declining population growth. Remember slow and steady wins the race.
Thirteen: Arizona’s Median Home Prices is well below other major cities. The median price of home in the Phoenix area was a very affordable $208,000. Let’s compare just a few other major metropolitan areas: San Jose CA $980,000 – San Diego CA $547,000 – Seattle WA $360,500 – Denver Co $311,500. At $208,000 Phoenix looks very attractive to anyone looking to relocate here.
So hopefully you are not superstitious and afraid of the number 13 as I have presented 13 facts given to me at my recent class. Arizona is a great place to live and will continue to grow. Enjoy our state’s beautiful fall weather and don’t let the facts boo ya!