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Everything You Should Know About Phoenix VRBO Homes

Phoenix VRBO homes allow visitors to enjoy all the amenities of your very own home-away-from-home.

Vacation rental by owner homes, or VRBO homes are sort of like a hotel room in someone else’s house. Phoenix VRBO homes are houses, condos or apartments that are rented at a time when the owners are away. People may rent their homes due to work obligations or perhaps they have made real estate investments in the city for specifically this purpose. They often put their space up for rent to prospective vacationers in the area. After all, why would you spend a week in a hotel when you can have the comfort of home?

There are a few companies to choose from, but the three most popular are HomeAway, Airbnb, and VRBO. They all have benefits and drawbacks. So when looking to stay in a house for your vacation, be sure to check out all three to compare the different options.

The main aspect to keep in mind with VRBO homes is the advance booking. These short-term rentals are very highly sought after. Phoenix’s beautiful climate during the winter and spring seasons make it an ideal vacation spot. Because of this, you might have some competition for your perfect place to stay.

Hera are six tips for renting vacation homes smartly, and what to look out for in Phoenix during your stay in one of the (culturally) hottest cities in the nation.

Why Phoenix?

Phoenix is a great place to go during times of the year when the weather can get a bit rocky. Whether you want to escape April showers or December blizzards, the climate of Phoenix and Arizona are a welcome reprieve when the weather starts turning gloomy for the rest of the country. Depending on where you’re coming from, a road trip to Arizona is definitely plausible. Once you enter the state, roads are likely to be free of ice and snow, which makes driving a fuel-efficient car very easy.

Phoenix is a lively city with things to do for all types of people. Many high-profile bands got their start in Phoenix’s music scene. The music scene now is still its own unique blend of different styles to this day.

Due to the great year-round weather in Arizona, sports like golf can be played anytime, and huge events and festivals go on all the time as well. Especially in spring and winter, Phoenix is one of the most popular places to go for holidays in the U.S.

Book in Advance

The high rental season for vacation rentals in Phoenix is springtime. So if you are considering renting a VRBO home for your holiday, you might want to start looking now. More and more homes are filling up with reservations by the day. Delay any longer and you might not get the space you want for your trip.

Right now, is the perfect time to start thinking about rentals for the May to September season and beyond. You can expect to pay a little less than the high rates of spring and winter but be prepared to face the heat. Summer temperatures in phoenix regularly rise over 100 degrees.

Homes, Town homes, Condos, and More

Choosing a vacation rental over a traditional hotel, means you have a larger variety of lodging options. You can rent a condo in the heart of downtown overlooking the city, you could find a roomier town home or house on the outskirts of Phoenix to stay in, or a number of other options for styles.

In a hotel you have the same room as everyone else, are forced to eat out for most meals and share a pool with a couple hundred people. In a VRBO home in Phoenix, you can be a little more comfortable with a full kitchen, your own pool, and multiple bedrooms. You even have the opportunity to explore beautiful neighborhoods in Phoenix.

Big Events to Look For

Right now, is the best time to start looking for summer and fall rentals, so the list here of must-go events will be limited to those seasons. Nevertheless, there is plenty to do and plenty to see.

Phoenix’s own balloon fiesta is happening on May 26th. The world-famous balloon festival is in Albuquerque, but Phoenix’s celebration is nothing to miss. The Phoenix Comic Fest is taking place from May 24 to May 27, featuring top comic book and pop culture actors, artists, and exhibits.

Of course, there is year-round golf and other sports to partake in, but if you want to be more of a spectator be sure to check out the Diamondback stadium.  There are also numerous rodeos and concerts happening continuously throughout the year.

How to Book Phoenix VRBO Homes

As mentioned, the number one issue with vacation rental homes is to not book far enough in advance and losing the perfect temporary home for your stay.

There are a few companies to choose from, but the three most popular are HomeAway, Airbnb, and the aptly named VRBO. Airbnb is very user friendly. It has gained a lot of fame in the past couple years. This is due to its popularity with young travelers and traveling business people looking to make some extra money. HomeAway and VRBO work in much the same way but with some minor differences to the rental process.

Be sure to look around and compare all three when planning a trip to another state or city. It might just get you your dream vacation rental on the cheap.

Summer Sneak Peek: Luxury Off-Market Property in Paradise Valley

Coming soon in early Summer 2018! Nestled between Mummy & Camelback Mountains, here’s a sneak peek at this exclusive, off-market property in Paradise Valley.

Like to learn more or see the property before it is listed on MLS? Contact us for more details.

 

 

Top 6 Arcadia Restaurants

Fine dining, an endless variety of entertainment and luxury shopping are all found in one of the most accessible cities in America. These are just a few traits of Arcadia, a charming neighborhood in the Phoenix area.

Arcadia is typically defined as being between Indian School and Camelback Road with its landscaped homes and friendly faces. The neighborhood was built on former citrus groves, making it great for greenery, cacti and flowers of all kinds.

With all of these perks, there’s no need to make the commute all the way to North Scottsdale for enjoyable dining or shopping. Plus, traffic during the winter and spring months it’s packed with snowbirds and spring training fans. This can make traveling extremely frustrating.

It’s better to spend money in the neighborhood you’re living and avoid the traffic and worry of finding somewhere to park. Luckily, Arcadia restaurants are some of the top-rated restaurants in the city, from gourmet pizza to homemade macarons for desert.

To help you narrow down where to eat locally, here’s a list of the top six restaurants in Arcadia that are sure to become your favorites.

Postino Arcadia

If you’re in Phoenix and haven’t tried Postino you’re truly missing out. Each of its seven locations are set in eclectic, interesting buildings. They set the ambiance for a unique and delightful dining experience.

The Postino Arcadia location is the original restaurant that was opened in an old post office. It leads the way for the aptly-named restaurant meaning “Postman” in Italian. Enough about the history though, let’s talk food.

Postino is famous for their bruschetta and wine choices. The wines range from more affordable – $5 a glass during happy hour – to extravagant, high priced bottles.

The restaurant has great weeknight specials as well. Order an entire bruschetta board and bottle of wine for just $20 on Monday and Tuesday nights. The trendy restaurant also offers $5 pitchers of beer on Wednesdays before 5 p.m.  For an unforgettable weekend, try brunch with bottomless mimosas.

Ride your bike over and enjoy the Phoenix weather while you can. If it’s already too hot out for you then no worries, Postino’s has indoor and outdoor seating.

Essence Bakery Cafe

Another popular eatery that sweets lovers rejoice for is Essence Bakery Cafe, a delicious Arcadia restaurant. This breakfast and lunch place is known for its European fare. It pairs local ingredients with delicious recipes to provide savory meals and pastries.

Stop in for breakfast and try the signature brioche french toast and add on a side of bacon or sausage.

You can’t leave without a few croissants and macarons to-go. The macarons are made daily and they offer a variety of flavors. Some of the most popular include raspberry rose, pumpkin spice, key lime, french chocolate. This restaurant transports guests to France in your own backyard!

O.H.S.O. Eatery & Nano-Brewery

O.H.S.O. will have you saying OMG with its endless options and fun atmosphere. Located next to the picturesque Arizona Canal, many enjoy a walk along the canal before chowing down. It’s also a popular hotspot to enjoy drinks with friends.

The restaurant is known for the selection of beers on tap, happy hour specials. During the weekends, beer brunch stays packed until it ends at 2 p.m.

Get started with happy hour until 6 p.m. an enjoy $7 cocktails and beer pitcher specials. Then, order the famous carne asada tacos or a gourmet burger.

Finish off your meal with a homemade caramel apple pie topped with vanilla ice cream. O.H.S.O. surely won’t disappoint. Plus, it’s just a short drive from homes and hotels in the Arcadia neighborhood, which makes your commute short and sweet.

La Grande Orange Grocery & Pizzeria

If you’re looking for amazing pizza without having to leave Arcadia, then this is the perfect spot for you. La Grande Orange is a popular Arcadia restaurant and pizzeria, but that’s not all. It also has authentic Italian groceries to prevent the need to drive to a grocery store.

Arrive early and enjoy the scenery while smelling the delicious pizza pies baking. You can never go wrong with the classic margarita pizza and a shredded kale salad. Also, grab some homemade gelato and some groceries on the way out!

The Vig Arcadia

If lawn games and happy hour specials don’t have you running in, we don’t know what will. The Vig Arcadia is a local favorite with even more brunch, lunch and dinner specials.

Start your day off with their eggs benedict and $3 mimosas on Saturday and Sunday mornings when you might need an extra kick.

Or, come in for their famous Vig Burger and a few games of cornhole.

Buck &Rider

We’re finishing off the list with a restaurant perfect for date night with your significant other and a great place for a celebration.

Buck &Rider is known for their crafted cocktails, raw bar and hand-rolled sushi. With happy hour until 7 p.m. everyday of the week and a reserve happy hour after 9:30 p.m., there really is no reason not to stop in this Arcadia destination.

Split the lobster surf and turf with your date or get your own 14 oz. ribeye steak.

Ultimately, we hope this list helped you realize that great restaurants are only minutes away from your Arcadia home. There’s no need to sit in traffic to enjoy a night out when these Arcadia restaurants are serving something special just blocks away

Why the Arcadia Neighborhood of Phoenix Is Perfect for You

arcadia neighborhood phoenix

By Abigail Golder, Contributing Writer

While Phoenix is the middle of America’s Southwest, its desert location doesn’t mean it lacks for greenery or life. And the charm of desert living really shines through when in the Arcadia neighborhood. The community earns its spot as a top place to live in Phoenix for many reasons.

The Arcadia Neighborhood: Active & Accessible

One of the area’s many highlights? Its accessibility. Arcadia is designed to be very bike-friendly, so residents don’t need a car to maintain their day-to-day lives. The location is ideal for both work and home. In fact, many boast lower than average commutes to maximize their leisure time. You’ll also find many locals using that extra downtime to hike. Arcadia is conveniently located near Camelback Mountain Recreation Area, one of the most iconic hikes in the country. The culture of the neighborhood owes much to its very active residents and their exciting lifestyles.

The list of reasons to live in Phoenix doesn’t just include the friendly neighborhoods. There are plenty of things to do to entertain you and your family in the city, and everywhere in the heart of Arizona. If you’re considering a Phoenix move, plan a vacation to check out the Valley of the Sun. It’s home to some of the nation’s top resorts, giving you the ultimate opportunity to vacation and survey. Here are some of the best places near the Arcadia neighborhood to check out.

The Arcadia Neighborhood: Nearby Parks, Zoos & Museums

Topping the list of both educational and entertaining destinations in Phoenix is the Desert Botanical Garden. Covering more than 50 acres, the name “garden” may be a bit misleading. The Desert Botanical Garden features all cacti, trees and shrubbery that make their home in the American Southwest. It also includes plants from all over the world. There are several themed exhibits, including trails with histories of the area dating back before the arrival of Europeans in America. You and your family can easily keep coming back year-round for the many Desert Botanical Garden events, like the outdoor concert series.

The Phoenix Zoo is another option for family fun. The zoo is home to several trails and animal exhibits, with notably exotic exhibits like the Komodo Dragons and Sumatran Tigers. They also offer several hands-on activities, including a petting zoo and feeding time with the zoo’s giraffes.

It’s admittedly pretty hot in Phoenix during the summer months. If you’re seeking shade, be sure to check out the Heard Museum. Named of one of the country’s best Native American History museums, it has several exhibits detailing the history of the indigenous people of Arizona well before and through the pre-Columbian era. The museum is home to numerous artifacts and also artwork by Native Americans, both contemporary and historical.

The Arcadia Neighborhood: Nearby Sports & Entertainment

Baseball

Chase Field is another Phoenix perk. Home to the Arizona Diamondbacks, it’s one of the best stadiums to watch America’s greatest pastimes. Even cooler? The field is under a dome. On clear evenings, teams will play underneath the desert night sky. The roof lets the Diamondbacks play rain or shine, so there’s no need to worry about your tickets getting rained out. And even when there aren’t any baseball games, Chase Field is popular place: It’s one of the city’s largest concert venues.

Golf Destination

Phoenix is also one of the nation’s best golf destinations. Despite being in the heart of the Sonoran Desert, Phoenix is home to nearly 200 golf courses, one of which is the Arizona Biltmore Resort. The Biltmore is especially popular because it has two full 18-hole courses and a high-end restaurant. Conveniently close to the Arcadia neighborhood, the Biltmore area offers golf, shopping and dining to nearby residents. The Phoenician Golf Club and Papago Golf Course, which gets its name from nearby Papago Park, are other local renowned golf courses.

Between the local amenities and the pleasantness of the neighborhood, it’s no wonder why Arcadia is one of the hottest real estate markets in Phoenix. It’s truly the perfect place for families or singles to live — and possibly the most inviting thing in any desert, short of an oasis.

Contact the Mackey Martin Group to see all of the beautiful homes in the Arcadia neighborhood and everything this charming community has to offer.

The Annual Appreciation Market Overview for 2017: No Phoenix Real Estate Bubble

Phoenix Real Estate_ Annual Appreciation Market Overview for 2017

When I grew up, we spoke of bubbles… These wispy balls of soap and water that caught our imagination. Now when we generally speak of a bubble, we are referring to a real estate market that is truly unstable. We heard quite a bit about these bubbles during the 2004-2006 market. It kind of left us fatigued and not wanting to get too close to the heat in the kitchen.

Is the Phoenix Real Estate Market Currently in a Bubble?

Someone called me the other day and said a “flipper” told him that the market was in a bubble. If you look at the charts below, you can see how the market has leveled out and there is not much room for the cash investor to… scarf up inventory at ridiculously low prices, flip the property, and then take advantage of market value. When a market adjusts, as you see below, there simply is less opportunity to quote “flip” a property.  If my client’s source had reviewed the charts, they would truly see that the market is leveled out.

Annual Appreciation Market Overview for 2017- No Phoenix Real Estate Bubble

Annual Appreciation Market Overview

Annual Appreciation Market Overview for 2017

Annual Appreciation Market Overview

Homeownership: The Investor Versus the Homeowner

History shows that a market goes up and down and that homeownership is not based on this premise. Homeownership is purchasing a home and yearning to pay it off in 30 years or less. Back when I was young and we were having our children, there was a one-time exemption at the age of 59. But now capital gains exemption is based on a two-year period, and thus it created movement from the average Joe as there was money to be made. 

The same two-year exemption still exists today (for the moment), and yet the active movement that we saw in years past has been quite evaporative due to the fear that 2008-2011 created. For the investor, I get the dilemma. For the homeowner, however, they would just ride out the market and wait for its return to stability.

Highlights from the Annual Appreciation Market Overview for 2017

Below is some interesting – and certainly visual – data that I collected from The Cromford Report‘s Annual Appreciation Market Overview. Read through and really find comfort that, indeed, we are not in a bubble.

October 13 – Changes in the annual appreciation rate (measured using the annual average $/SF) give us a good indication of whether the market has been heating up or cooling down. This is using closed sales prices, so it is a trailing indicator rather than a leading indicator. By using the annual average, we get a non-volatile reading. The trends tend to stay in place for quite some time. By looking at the weekly chart for annual appreciation, we can detect when those trends change direction.

Here is what we have seen so far:

  1. Appreciation was below 2% and weakening in early 2002, but the trend turned around in the second quarter and reached 4% by the end of the year.
  2. The appreciation continued to increase slowly during 2003 reaching 5.6% by the end of the year.
  3. Appreciation started to go crazy as the market heated up during 2004 – thanks to the widespread availability of easy credit. It exceeded 12% in December 2004.
  4. The bubble was in full expansion mode during 2005, with appreciation exceeding 36% at the end of 2005.
  5. Appreciation peaked at 37.2% in March 2006 and then collapsed down to 11% by the end of the year, as the bubble burst.
  6. The bubble continued to deflate reaching -5% in December 2007.
  7. The foreclosure wave took depreciation to new depths reaching -28% in December 2008.
  8. The appreciation rate hit a historic low in the summer of 2009 at -36.5% but then started rising again.
  9. During 2010, the appreciation rate climbed by to slightly positive at 0.6% but this trend ran out of steam during the fourth quarter of 2010.
  10. 2011 saw appreciation slide back down to -9% by 3Q but signs of new life emerged at the end of the year.
  11. In 2012 appreciation charged from -9% all the way up to 20%.
  12. Appreciation peaked at 25% during the spring of 2013 and started to drift slowly down again.
  13. 2014 saw appreciation drop from over 20% to less than 9%.
  14. In 2015 the downward trend stopped in September at 4.1% and started rising slowly again, reaching 4.4% by the end of the year.
  15. During 2016 the appreciation rate improved to 5.4% by the end of the year, though all of that improvement occurred during the first 3 months of the year.
  16. In 2017 appreciation hit a maximum of 6.5% in September and has drifted slightly lower since then, currently at 6.3%.

Curious how these influencers have impacted the real estate market in each region within Greater Phoenix? Read all about Phoenix Market Statistics on Discover Scottsdale.

Mackey Martin, PLC
Realty Executives
480-688-2747

Arizona Falls: A Historic Project in Arcadia

Arizona Falls

 

By Mackey Martin

The History of Arizona Falls

Arizona Falls is a historic project located in Arcadia, skirting its southern border. In the late 1800s, Phoenicians enjoyed the wonders of Arizona Falls. They would gather to picnic, socialize and dance near the cool water. There was no air conditioning, so one had to get a little creative.

Arizona Falls was also the site of the first hydroelectric plant in Phoenix. It was originally built in 1902. Rebuilt by SRP in 1911. Delivered power once again in 1913. And it was eventually shut down in 1950.

That all changed in June of 2003. I remember it well. SRP, the Phoenix Arts Commission and Arcadia neighborhood joined hands to transform a historic waterfall into something special and restored the inactive hydroelectric plant. Today, it has become a timeless gathering place for Arcadians and visitors alike.

About Today’s Arizona Falls

Arizona Falls combines art, history and technology to generate clean electricity from the canal’s waterfall. This hydroelectric plant provides enough electricity for approximately 150 homes a year. Go figure, Arizona has always been ahead of the curve where water is concerned. In fact, legislation to build the CAP canal passed through the U.S. Congress as part of the Colorado River Basin Project Act of 1968.

That created Arizona’s destiny.

When it comes to water, people are always amazed that Arizona is, indeed, one of the most well-managed areas in the world. No droughts for us, as we conserved and planned. I lived in Texas most my life and water rationing was common. I have been in Phoenix for 26 years now and have never  experienced it here. While there are still many Phoenicians, Arizona is a true melting pot of those from all over the United States and world. And water is key to supporting the area’s growing population.

Arizona Falls Features

Arizona Falls, formed by a natural 20-foot drop along the Arizona Canal, is as unique as the surrounding terrain. Trust me, it’s no Niagara Falls. But to people who live and dwell in the desert, it is quite mesmerizing to witness the water rolling over this significant drop of the hydroelectric plant.

  • Art

The site also showcases the Phoenix Art Commission’s “WaterWorks at Arizona Falls” project, designed by renowned artists Lajos Heder and Mags Harries of Boston, Massachusetts.

 

  • Historic Destination

The main entrance is on the south side; a footbridge connects the north bank to the viewing platform. Everyone gathers around the water seen on three walls in the “water room.” Seating is available on large boulders, where everyone can enjoy the cool and soothing sounds of flowing water.

Through sheets of flowing water, antique gears from the original plant can be seen. Two aqueducts frame the room to create the feeling of being inside the historic waterfall. A shade structure covers stone block seats near a pool of water. Everything has been thought of to make a wonderful environment for visitors. No matter what time of year, Arizona Falls is always a cool and refreshing experience.

The Future of Arizona Falls: Generating Capacity

Arizona Falls generates up to 750 kilowatts of clean, renewable electricity. The roof of the new turbine building and the adjacent shade structure will house solar panels to power ceiling fans on the public deck. The electricity generated by the plant and solar panels is then fed into SRP’s grid.

Arizona Falls: Something for Everyone

Come visit the Arizona Falls and bring the kids, cousins, aunts and friends. Enjoy this wonderful walk back in history and witness how this project married the future.

How Long Will Real Estate Be Recession-Proof?

Real Estate Be Recession-Proof

For those concerned about the possibility of a recession, Kevin Thorpe, global chief economist at Cushman & Wakefield, had comforting words to share in a recent interview with Inman:

“This is going to be the longest economic expansion in the post-WWII era.”

There are many factors that contribute to keeping a recession at bay, and most signs currently point toward economic expansion.

An Economy in Balance

Thorpe asserted that economic imbalances need to be visible for a recession to occur. Fortunately for the U.S., this doesn’t look to be the current case. There are many factors indicative of a balanced, strong economy that will continue to remain so in the near future.

  • Equity markets are rising. Just this week, Reuters reported that the dollar reached its highest point in two months.
  • Oil prices are wavering, but it may be due to wonky algorithms and automated trading, according to a Wall Street Journal report. Oil prices were on the rise in June, only to dip over the Fourth of July holiday.
  • Chair Janet Yellen just noted last week that interest rates are once again imminent. This is the mark of a confident Federal Reserve.
  • Even more encouraging? The U.S. Gross Domestic Product (GDP). It’s been growing steadily at about 2 percent for the past eight years. In addition, the Commerce Department recently revised its readings for Q1 2017. Due to consumer spending, the GDP increased at a 1.4 percent annual rate instead of the initial 1.2 percent.

 Consumer Confidence Returns

There is good news, particularly in real estate: Global consumer confidence is on the rise. In fact, Reuters says consumer spending currently accounts for more than two-thirds of economic activity.

And according to Thorpe, “A lot of this was a long time coming. It’s the result of trillions of dollars of global stimulus and people and businesses working really hard to clean up their balance sheets.”

This kind of consumer confidence typically reflects job growth and rising wages – both of which inevitably benefit the real estate industry.

A Growing Labor Shortage 

Also noteworthy is the current labor shortage. The number of employers unable to fill open positions is approaching an all-time high. This may cause the demand for property market space to slow. In the meantime, the commercial real estate industry is continuing to build office space, and demand for space is expected to fall short of supply.

Economic Effects of the New Administration

Not all influences are unquestionably positive. The Trump administration may be “the biggest wild card” when it comes to economic growth. However, the economist is optimistic, saying growth prospects still remain favorable based on proposed policies. There’s a move toward corporate and individual tax reforms and increases in government spending.

“Trump’s policies should result in stronger economic growth in the near term. Most of us… have upwardly revised our GDP forecast.”

Real Estate Appears Recession-Proof For Foreseeable Future

With all these factors in play, the global economist predicts we are years away from another major recession. The next one is likely to be a more “traditional” recession with a few quarters of job loss. Events like the Great Recession of 2008 seem to only occur once a century, which certainly offers a collective sigh of relief. In all, most signs are currently pointing to economic expansion – potentially the longest “since WWII” – which is good news for real estate buyers and investors.

Millennials and Real Estate: 3 Reasons to Consider Homeownership

Millennials and Real Estate

Millennials are influencers. While the youngest of this generation recently graduated high school, there is also a large segment who have children and have been in the job market for 10+ years. Despite the wide age range, this group’s choices have far-reaching and long-lasting impacts. They’re creating new markets… and disrupting others, including the real estate industry.

It also turns out that millennials are investors. A new study from Merrill Edge shows that this group is saving and concerned about the future. They’re also concerned about the “now.” They are not waiting to traditional retirement-age to enjoy the results of their workplace efforts.

While these patterns may look different than generations past, it’s important to understand that millennials grew up during the recession. And the housing bubble, in particular, has left a lasting impression. Many have opted to rent.

But as 2017 rental prices begin to reach mortgage levels, it may be time for millennials to look at real estate through a new lens: as part of their investment portfolio. When it comes to millennials and real estate, here are three reasons why this audience should consider homeownership.

  1. Homeownership can help earn financial freedom.

Financial freedom is the goal for millennials. In lieu of saving “to leave the workforce” like 55 percent of Gen X and baby boomer counterparts, 63 percent of millennials aim to reach a level of savings or income that will allow them to live a desirable lifestyle long term.

And owning a home can certainly be a part of a strong investment portfolio and a step toward that goal. It is an asset protected from inflation — and a physical asset at that, meaning it won’t disappear into thin air (like stocks sometimes do). However, like a stock, homes do have the possibility of appreciating over time. And while interest rates have gone up slightly this year, they are still at historically low levels. In addition to getting a great deal, paying more off the principal and less interest means homeowners are more likely to pay off a mortgage at the end of the term. And being mortgage- and- rent-free? Well, that’s a true hallmark of financial freedom. What’s more, there are also tax breaks, giving homeowners more liquid assets to work with throughout the life of a home loan. It’s an opportunity to invest back into the property, fund retirement accounts or even travel.

  1. Homeownership means equity and investing in oneself.

One of the most interesting stats in the recent study? Millennials are saving 36 percent more than prior generations on an annual basis. There’s even more than one-third who save 20 percent of their salary. They clearly value investing in themselves.

There’s a gap, however, when it comes to investing in real estate. First-time homeowners only make up 32 percent of buyers, the lowest percentage since the 1980s. Historically, this number has sat at 40 percent. What’s more, many millennials are opting to rent for six years before considering homeownership, and others have returned home. From 2006 to 2013, living with parents has increased almost 15 percent.

This could be the year of change for millennials.  As rent is expected to continue an upward climb in 2017, it may be the right time for this audience to take a stronger foothold in the real estate market. To start paying themselves each month and start gaining equity. There are already signs of a new trend. In the first quarter, new-owner households were double that of new-renter households.

  1. Homeownership does not have to limit travel opportunities.

For some millennials, the opportunity to own a home may be competing with the opportunity to travel. Millennials place great value on experiences: 81 percent are more likely to spend money on traveling than generations before. And buying a home is often correlated with “settling down,” which is the opposite of this group’s life plans.

It’s true that the best real estate investments are ones where buyers intend on owning the home for years to come. That said, owning and living in are two different things. Homeownership doesn’t have to tether someone to a property. It can even offer money-making opportunities. From Airbnb to Craigslist, there are a number of digital apps and avenues to make some extra money off of a property when out of town. Homeowners can even work with a trusted real estate agent to manage a property if gone for many months.

Homeownership can help any generation invest in themselves – for the future and for the now. It’s always worth discussing current opportunities with an experienced real estate expert to learn how you can reach your unique property and investment goals.

 

 

The Rich History of Arcadia in Phoenix, Arizona

History of Arcadia

The Rich History of Arcadia in Phoenix, Arizona

Full of charm and rooted in history, Arcadia continues to be one of the most highly sought-after neighborhoods in Phoenix, Arizona real estate.

Natural Beauty & a Highly Desirable Location

The name “Arcadia” is rooted in ancient Greek history. It is a region and also part of its mythology. Arcadia was home to one of the Greek gods and symbolizes “unspoiled, harmonious wilderness.” Aptly named, Arcadia in Phoenix, Arizona is truly in harmony with nature. There’s majestic Camelback Mountain views. Water weaving in and out from the Arizona Canal. And an abundance of fruit trees.

The heart of the Arcadia community (known as Arcadia Proper) is from Indian School Road to Camelback Road and between 44th and 68th Street. It shares boundaries with other well-known affluent areas, like Old Town Scottsdale, Paradise Valley, Biltmore Phoenix, and more.

The history of Arcadia, however, is one of the most unique stories in the Valley.

1900s History of Arcadia: Citrus Groves & Large Lots Prove Profitable

Arcadia has been considered valuable Phoenix real estate for more than a century. It all began in 1899 with the very first citrus grove. Planted in Arcadia, it performed exceptionally well in the fertile soil at the foot of the mountain. It didn’t take long before the area was teeming with citrus trees. The profitable crop attracted the eye of farmers, investors and land speculators. And it quickly became an important piece of the local economy.

1920s Arcadia: First of Its Rural Estates for Wealthy Landowners

Fast forward to 1920, there were now hundreds of citrus orchards. The Salt River Valley Reclamation Project was in full swing, making water more accessible. The Arcadia Water Company was providing widespread irrigation. And Arcadia had its first subdivision — also the first in central Salt River Valley — called Citrus Homes.

Area home developers worked toward the same development strategy: offer considerably large lots — between four to ten acres — and require homebuyers to spend more than $5,000 in construction costs. Shortly after the initial neighborhoods went into development, the minimum was raised to $10,000.

Without a doubt, Arcadia drew a discerning, affluent homebuyer to the region from the very start. And the original development strategy certainly proved successful; most properties within these historic neighborhoods are valued at well over $1 million today.

The original Arcadia neighborhoods include:
  • Citrus Homes
  • Glencoe Highlands
  • Arcadia Estates
  • Arcadia Replatted
  • Hacienda Allenada
  • Alta Hacienda

Further supporting the prosperous area, Arcadia saw its first resorts in 1930. It was now a destination in addition to an affluent community. The Cook Mansion, a 3,500-square foot Spanish-style villa on a sprawling 65 acres, turned into the modern-day Royal Palms Inn. It was a celebrity-hideaway favorite. The Jokake Inn and Paradise Inn were other early developments. The properties were located on what’s now known as The Phoenician. Elizabeth Arden’s Maine Chance retreat was the first luxury spa. Inspired by Arden’s rural farm in Maine, the resort was open during winter months and quickly became a hot spot for First Ladies and other famous women.

1950s Arcadia: Phoenix Population Boom Reaches Camelback Mountain

Air-conditioning was now ubiquitous. And like that, Phoenix quickly became the largest city in the Southwest and one of the top 100 most populous cities in the US.

Arcadia’s homebuilding skyrocketed. Many of the area’s famous ranch-style homes were built during this time and complemented the larger estates. The midcentury homes were carefully constructed and also careful not to disrupt another important regional crop: the Sphinx Date Palm. Arcadia was one of the few locations where it would grow. The area became dotted with citrus and palm trees, making it a one-of-a-kind paradise complete with dramatic mountain views.

Today’s Arcadia: Luxury Real Estate More Popular Than Ever Before

In summary, Arcadia has it all: Neighborhoods with tons of architectural character, historic roots and large lots – a true rarity in Phoenix. Its bike-friendly community and a culture of indoor-outdoor living. And some of the Valley’s best schools. Farming is still present here. There are a number of “urban farms” and bountiful gardens. It is also known for local restaurants and unique businesses.

So, it comes as no surprise that Arcadia luxury real estate has held strong. Home values have only increased. And it continues to be a top real estate market among millennials, young families, affluent audiences, and those seeking a highly strategic investment property. If we’ve learned anything about this picturesque place over the last 100 years, it’s this: Arcadia is one of the best places to live in Arizona. And its future is just as rich and promising.

Arcadia Local Businesses Support Its Thriving Culture & Community

It’s hard to pinpoint a favorite aspect of Arcadia and what makes this place oh-so unique and enchanting. Maybe it’s the small-town “everyone knows your name” culture that’s been cultivated within a city of 4.3 million people. It’s the easy downtown accessibility, while still being located just far enough – with the Arizona Canal and Camelback Mountain as natural bookends – that it’s shielded from heavy traffic.

Walkability

Foot traffic, however, is a different story. Arcadia’s walkability factor is certainly a big part of its charm. It’s a place where bikes often outnumber cars. Runners take to the canal that winds its way throughout the neighborhoods. And friends regularly bump into one another on the corner.

Farming Roots

Many of these friends are often also neighbors. The community bond in Arcadia is strong, and this local pride can be seen in the myriad neighborhood associations. Much of Arcadia was developed in the 50s and 60s, and such organizations help preserve the area’s rich local history. This history includes its famous citrus groves, which have brought a lushness to the area that isn’t commonly seen in the desert. Its farming past has also meant unique large lots for homebuyers, proving to be a favorite amongst young families in particular.

One-of-a-Kind Arcadia Local Businesses

Arcadia has many unique characteristics, but one thing is for sure: Local businesses play a major role in the thriving community. You’ll find many housed in retrofitted buildings that combine vintage charm and modern sensibility. There’s always a fun new concept making its debut in the neighborhood. Post offices have become wine bars. Coffee is served in garages. And craft beer can be found in attics. Yes, all of these examples happen to be eateries… but it’s hard not to mention the bustling restaurant scene when you mention Arcadia. There’s outdoor cafes with twinkling Al Fresco lighting at every turn and new culinary talent popping up all the time.

Here are a few local favorites:

  • Postino Arcadia. Known for its ambiance, wine and bruschetta, Postino is an Arcadia staple – so much so that its creators, Upward Projects, have developed other local concepts that are equally as unique and delicious.
  • Arcadia Tavern. This could be considered Arcadia’s version of the “Cheers” sports bar — where you’ll find families and sports fans alike gathering for the big game or diving into a made-from-scratch dish.
  • The Little Woody. Spot the owl on the building and you might just find the door to this hidden gem. Once inside, restaurant-goers can play all arcade games all night long and enjoy classic speakeasy spirits.
  • Madison Improvement Club. This bright, airy space offers health food and juices. Not to mention, there the high-energy “Party on a Bike” spin classes and all kinds of yoga.
  • UrbAna: From push-pop confetti to Match Pewter serving bowls, you’ll find something at this locally focused boutique to celebrate any occasion. The proceeds from select items even go toward Arizona nonprofits, like Homeward Bound.

(There’s so many local spots to discover! Find more favorites on Local First Arizona’s Small Wonders Map. )

Keeping Dollars In the Arcadia Community

Not only do local businesses drive a sense of community in Arcadia, they also add to the local economy. For every $100 spent at a local Arcadia shop, approximately $43 stays in the community, according to the Indie Impact Study Series promoted by Local First Arizona. In addition, another study showed that local restaurants — something Arcadia is known for — provide even more economic benefit: 79 percent of revenue is recirculated as opposed to 30 percent from chain dining.

Locally owned businesses are key to a sustainable economy, and they’re certainly a driving force in Arcadia’s continued prosperity. With an ideal location, setting and so much more, Arcadia has always been a desirable area. Its future looks as bright as the café lights twinkling from its citrus trees.