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Phoenix Land Prices Are Improving

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I appears that Phoenix land prices are starting to rise given the information published by the Wall Street Journal this morning, which will most likely translate into a continued rise of Phoenix area home prices.  The example below is showing lot prices climbing substantially up in the master planned community of Vistancia.  Here is the an exerpt from the article.

"A year ago, Nate Nathan, an Arizona land broker, struggled in vain to sell several hundred home sites in Vistancia, a new-home community about 15 miles from downtown Phoenix. He listed the lots for $54,000 apiece, but no buyers would offer more than $45,000.

All that changed over the past year. As Phoenix home prices picked up, builders suddenly started coming to Mr. Nathan and making ever-higher offers. This year, he has sold 850 lots, including 250 lots for $96,000 apiece in the past 45 days.

"The world has just woken up and said, 'We need land!' " Mr. Nathan said.

What is happening in Phoenix is happening in real-estate markets all over the U.S. The rebounding housing market has sparked a sharp rise in land prices, creating big profits for land investors but putting pressure on builders to further increase the price of new homes."

By ROBBIE WHELAN  - Wall Street Journal

With home prices in Phoenix continuing to climb, now is a great time to purchase.  If you need assistance with your Phoenix home purchase, be sure to contact us.  We also have some great home buyer incentives through our lending partner Axia Home Loans.

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