Today, we’ll continue our look into local real estate markets with large gay and lesbian communities. Today, Phoenix – hot hot hot. HereÃ¢â‚¬â„¢s a sampling of whatÃ¢â‚¬â„¢s going on in the Phoenix real estate market at the moment:
POSH hotel’s renovation embodies Palm Springs’ message (MyDesert.com): Set against a seafoam-green matte advertising board, POSH is the epitome of Palm Springs’ new brand image, “Like no place else.” Ã‚Â Suzy and Michael Antal trekked all over the country over the past two years to find the perfect B&B to buy and set their sights on Palm Springs.Ã‚Â “We bought the Desert Bear in September 2009 for $850,000,” and spent more than $150,000 to renovate it, Suzy said.
Home Prices Jump 19.2 Percent in July, Desert Realtors Association Says (MyDesert.com): The median price of existing home sales in the Coachella Valley rose 19.2 percent in July, typically one of the slowest months for sales, the California Desert Association of REALTORS reported today.Ã‚Â Sales declined by 22.2 percent in July over July 2009, due in part because of the federal tax credit expiring in May. The median price in July was $194,320 up from $163,080 in July 2009. June’s median price was $198.570.
Property tax revenues to fall further in Riverside County (NC Times):Ã‚Â Riverside County will collect $93 million less in property tax revenues in fiscal 2010-11, the second consecutive year of declines, county officials said.Ã‚Â The county expects to collect $2.7 billion, a 3.5 percent decline from last year, said Don Kent, Riverside County Treasurer-Tax Collector. The figure represented a lesser drop from the 2009-10 year, in which property tax revenues fell $210 million, or 7 percent.
Foreclosure sales 31 percent lower than one year ago (MyValleyNews.com):Ã‚Â Riverside County had the third-highest foreclosure rate in the state last month, with the number of filings virtually unchanged from July, a real estate tracking firm reported today.Ã‚Â A total 7,039 mortgage default notices, auction sale notices and bank repossessions were recorded countywide in August, according to Irvine-based RealtyTrac.
Local sales plummet, but median price rises (NCTimes):Ã‚Â House sales in North County fell in August to levels normally only seen only in winter months as buyers jittery about the economy stayed on the sidelines, according to real estate agents and government data. Ã‚Â Sales fell to 604 houses, down 24 percent from July and 34.3 percent compared with August 2009, and condo sales fell to 254, down 15 percent from July and 23.4 percent from August 2009, according to a North County Times analysis of data from the San Diego County assessor. House sales last fell that low in January, and before that the market hadn’t been that slow since 2007.