subject: Phoenix Real Estate [print this page] Phoenix Real Estate Phoenix Real Estate
Look carefully and quickly around the city of Phoenix. It has not looked like this for very long and the future promises progress and more change.
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Recently the media has made hot news by talking about the Phoenix AZ real estate bubble, a market that is quickly going south and that the sky is falling. Real estate economics and appreciation is geographic! If your curious about the Phoenix Arizona real estate market, click here for a report from the local experts to include Larry Seay, chief financial officer of Phoenix-based Meritage Corp., and Crocker Liu, McCord Chair in Real Estate at the W.P. Carey School of
Business. For the most current house pricing in cities around the valley go to Market Watch.
Phoenix AZ real estate has exploded to one of the fastest growing regions in the nation. The greater Phoenix Arizona real estate market is made up of 14 communities and a total population of 3,396,875 with a projected 2010 population of 4,145,000. Between 1990 and 2003 the Phoenix real estate market grew by 54 percent, compared to the national rate of only 15 percent. The greater Phoenix AZ real estate workforce is young, talented and ambitious. The total civilaian labor force exceeds 1.7 million with the median age of the greater Phoenix real estate residents at 32.9 years as compared to the US median age of 35.3. More than 51% of the population is between the ages of 25 and 64. A 2000 labor market analysis showed the greater Phoenix AZ real estate marketplace employess rated as significantly more productive than employees in similar company operations around the country.**
Unlike other cities that have grown slowly over time, Phoenix Arizona real estate catapulted to this position in relatively short order. From a modest 17 square miles in 1950, Phoenix AZ real estate has grown to encompass more than 430 square miles.
Before World War II, Phoenix was a sleepy little southwestern town best known for having a climate that offered relief to asthmatics.
Cotton, cattle, citrus and copper, known locally as the "Four Cs", were the cornerstones of its early twentieth-century economy. In 1940, the cities population was a mere 65,000 and the largest of the surrounding towns was Mesa with 7,000 people.
With the advent of WWII and the ensuing military build up, defense contractors went searching for land, water and a willing work force, all of which they found in fledging Phoenix, en masse, they moved in, bringing educated employees and a wealth of new jobs. Farmland and desert scrub were cleared to build massive plants that flew the banners of Goodyear Aircraft Corp, AiReseaarch, Motorola, Sperry Rand and General Electric, some of which are still counted among the city's largest employers today.
During the post-war years, word began to spread that, contrary to those Saturday matinee Westerns, Phoenix was a civilized city with abundant sunshine and recreational pleasures to spare. Phoenix real estate is a tapestry of neighborhoods that are as diverse as the colors in a Navajo rug. The historic homes of the Encanto District are favored by successful professionals; the cozier, antique adobe houses of the Willo District are fixer-uppers with flair. A country-club lifestyle encircles the famed Arizona Biltmore Hotel, while some of the city's most expansive estates line the lightly wooded, curb less streets of north Central Avenue Phoenix real estate area.
Driving SUVs instead of covered wagons, another wave of families wanting a fresh start began to move west. And they're still coming only now driving mini-vans and sport utility vehicles. But new residents aren't the only ones who flock to Phoenix AZ real estate. Tourism is one of the metropolitan area's leading industries employing 220,000. That's good news for Phoenicians who have at their year-round disposal the restaurants, retail centers and recreational outlets targeted to tourists.
