Terravita Market Update
February 2, 2023
January Market Update
1. Terravita January Market Update
2. Scottsdale Water Making National Waves
3. In Case You Missed It
4. Year-End Market Update
5. In Closing
1. Terravita Market Update
The Terravita and the Scottsdale North real estate markets experienced a solid but less than spectacular month in January. As I mentioned last month, December and January are historically slow months for sales, so there’s nothing to see here. Next month though…
Cromford Report
February kicks off the Scottsdale North Super Selling season. Even though recent weather has been less than Chamber of Commerce like, we believe this will be a great one. To help you make up your own mind, we are hosting a live event on March 9th with Tina Tamboer of the Cromford Report. Please let us know if you are
interested in attending. Click here> I want to attend!
Tina Tamboer Of
The Cromfort Report
Why It Matters: Many people, including Goldman Sachs, continue to predict a real estate market and housing price crash in the valley. But there is absolutely no evidence to support that this is going to happen. If mortgage rates rise dramatically from this point, we could still see a resumption of price declines, but without that, our best guess is for closed prices to stabilize and then move higher over the next couple of months. (Note: The Fed lifted the rate a quarter point yesterday and signaled that inflation is easing.)
Go Deeper: Below is a link to a video and an article about the Goldman Sachs prediction, as well as Tina Tamboer’s thoughts on the subject. Also included, my article in the February newspaper will give you more localized information.
Phoenix is one of 4 U.S. cities to see housing crash similar to ’08, Goldman Sachs says
Read Scott’s February Scottsdale North Newspaper article:
Is the Crash Already Over?
Go Deeper into Terravita Data
- TV Market Stats
- January Closed Sales Data By Floorplan
- Active Terravita Listings
- Terravita Floorplans
- Read Past Market Updates
2. Scottsdale Water Making National Waves
In case you have been visiting Siberia, you should know that water in Scottsdale has become a national issue of late. It’s not a Scottsdale water—or lack thereof—issue; it’s a Rio Verde Foothills issue. But nobody knows where that is, so – it is a Scottsdale issue.
The Rio Verde Foothills is an unincorporated community just outside Scottsdale’s city limits, and it is governed by Maricopa County. The community does not have an in-built water main network and instead
relies on groundwater wells and water hauled in from neighboring towns. For years, Scottsdale has allowed members of the community to haul water from the city’s municipal water-fill stations. But in October 2021,
the city said it would no longer be able to allow nonresidents to use the city’s water supply.
Why It Matters: The article is really not about Scottsdale having an imminent shortage of water. It is really about how they are protecting against a shortage in the future. The Rio Verde Foothills is a long, somewhat sordid, and pretty interesting story. But this is not the time or place. Fresh water is actually an international issue that affects almost everywhere but Canada. (If it persists, Canada will become the Saudi Arabia of water!) But
perception can become reality and can affect us greatly if this story isn’t handled. One of the best things the state has done recently is to create a nine-member board that will oversee the state’s plan to secure future water resources for Arizona. These people have a great deal of authority and autonomy to keep political pressures at bay. One of my closest friends is the Chairman of this board. I will set up some kind of interview to share with you guys.
The Bottom Line – Our valley is in good shape for water and has excellent planning in place for the future. REALLY.
Go Deeper:
3.The Terravita 2022 Year-End Market Update
The Terravita 2022 Year-End Market Update is hitting mailboxes
this week. For a digital version, click here > 2022 Update
4. In Case You Missed It
We released a new video for ConnectingScottsdaleNorth.com that we think you will like. Health Cellutions, at Scottsdale Road and Lone Mountain, offers an amazing new service. It’s a new technology that burns fat and creates muscle for you while you relax!
5. In Closing
Read Past Market Updates Here.
