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E M A I L U S AT N E W S T I P S @ A R I Z O N A R E P U B L I C . C O M O R C A L L U S AT 6 0 2 - 4 4 4 - N E W S ( 6 3 9 7 )
CATHERINE REAGOR REAL ESTATE
Price is still right
Are sun and affordability sufficient for growth?
Phoenix stays ranked among country’s top 10 cities for purchasers looking for homes within their budget CATHERINE REAGOR THE REPUBLIC | AZCENTRAL.COM
Rising home prices and interest rates didn’t knock metro Phoenix off a new top 10 list of most affordable big cities for homebuyers. • The Valley ranked No. 7, up a spot from last year, on a list from national mortgage research firm HSH.com. • A homebuyer needs to earn about $46,000 to afford a median-priced home in the Phoenix area. • That’s up about $1,785 from a year ago due to a more than 6 percent jump in Valley home prices and a 0.4 percent increase in interest rates. • The formula is based on buyers using a 20 percent down payment, which can be tough to come up with for many. To afford a $236,000 house in the Valley with a 10 percent down payment, a buyer needs to earn $54,000 a year. See PRICES, Page 3R
THE REPUBLIC
Metro Phoenix is one of the most affordable big areas for homebuyers, according to a new study.
Sunshine and affordable homes have long spurred metro Phoenix’s growth. On the downside, Phoenix has also long been known as an area with inexpensive labor and warehouses for call centers and distribution hubs. But at least part of the Valley’s original growth formula is now helping a number of startups bring coveted tech, automation and software-engineering jobs to the area. Metro Phoenix is no mini Silicon Valley yet, but Greater Phoenix Economic Council CEO Chris Camacho and representatives from a group of venture-capital-funded Phoenix startups said the area is near a “tipping point to become a tech hub.” They made that prediction to Arizona’s top real-estate and growth executives at Urban Land Institute Arizona’s annual forecast on Thursday. The audience of hundreds listened closely as they described what could be a huge growth shifter for the Valley. Camacho kicked off the panel called Phoenix Beyond the Tipping Point: More Than Sunshine and Cheap Labor by citing metro Phoenix’s techjob growth last year: 58 percent. Brenda Schmidt, CEO of the health-care tech firm Solera Health based in downtown Phoenix, said thanks to Arizona State University and other universities in Arizona, the state has the tech talent but is having a hard time keeping those people here after they graduate. Ori Eisen, who founded Scottsdalebased ID authentication firm Trusona, said the deterrent for the Valley becoming a growing tech hub isn’t attracting venture capital. It’s attracting enough engineers. “We are paying $150,000 for jobs that we can’t fill,” he told the crowd. That’s where the Valley’s affordable home prices come in. Eisen said one of the first things he shows engineer and developer job candidates is a picture of a beautiful Phoenix home with a pool. “They ask if it’s a $15 million home from Silicon Valley,” he said. “I tell See REAGOR, Page 3R
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SCOTTSDALE | 8727 East Whispering Wind Drive | Open Today 1-4PM
ASTOUNDING ALFRESCO AMENITIES. Expansive custom MLS# - 5549729 estate is nestled on over an ACRE of serene Sonoran Highlands. Bedrooms - 4 With grounds that extend well past the current block wall fencing, Bathrooms - 4 there’s plenty of room to add on! This exceptional territorial home Pool - Yes stands proud on a premier cul-de-sac lot. Soaring 13’ ceilings in the generous living spaces. Create culinary masterpieces in the Sq. Ft. - 4,001 chef’s granite kitchen. A formal dining room, three fireplaces and Garage - 3-Car a wet bar complete the luxurious scene. Plantation shutters, dualLot Size - ACRE-PLUS pane windows, art niches and sleek slate flooring throughout. An ZIP Code - 85255 entertainer’s dream, the backyard oasis wows with a pool, spa, putting green, lawn, 75’ covered patio, BBQ kitchen and view deck. Online Pics - ThoseCallaways.com - Joseph Callaway Price - $1,099,000
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PARADISE VALLEY | 6200 East Naumann Drive | Open Today 12-4PM
STUNNING TERRITORIAL ESTATE IN EXCLUSIVE MLS# - 5553299 FINISTERRE. Featuring a four-bedroom main house plus a two- Bedrooms - 6 bedroom guest house, this exceptional estate exudes the enticing Bathrooms - 5.5 ambience of a Southwest resort from its quiet cul-de-sac setting Pool - Yes on one of the largest lots in Finisterre. Beam-ceilinged living room with multiple sliding doors to alfresco amenities. Dramatic dining Sq. Ft. - 5,168 room opens to outdoor patio with barbecue island. Ultra-swank ZIP Code - 85253 kitchen. Family room with kiva-style fireplace, tongue-and-groove ceiling, clerestory windows. Master suite with adjacent exercise Online Pics - BaldwinTeam.com Price - $2,950,000 room (could be office or nursery). Shimmering pool, lighted tennis court, bocce court, lush lawn, cactus garden. Visit tourfactory. com/1706583. Inside: more details and directions.
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