December 17, 2010
Slow and Steady Wins the Race. Phoenix is on the Road to Recovery
On the road to full recovery.
That’s where Phoenix is heading, according to the Brookings Institution as cited on arizonacentral.com.
One year ago, we were home to one of the worst labor markets in the United States—job losses exceeded a full eight per cent—but slowly and steadily things are turning around. Despite grumblings and mumblings by some economists that the suggestion of a full recovery was premature, Phoenix placed second in the nation for the fastest rate of job growth. And in terms of the actual number of jobs gained, it placed fourth.
Said Alan Berube, a senior fellow at the Brookings Metropolitan Policy Program, “The Phoenix [area] is interesting in that among the regional economies most affected by the housing bubble, Phoenix is the only one that seems to have turned the corner on both jobs and income.”
Economist Joel Naroff agrees, remarking in an article on Arizona’s growth: “Better times are ahead.”
“I truly believe this is a recovery, that this is an economic change that you can count on,” he told attendees at the 47th annual economic-forecast luncheon held December 1st.
While there’s no denying that housing prices have dropped recently, it’s clear that increased job growth will only help to bring housing rates back up again. Naroff expects the nation to gain 180,000 to 200,000 jobs by spring or summer, and as more people re-enter the job market and the economy continues to grow, property values will begin to rise.
We’ve certainly witnessed the beginnings of this positive growth at ONE Lexington. Our 17-story tower, overlooking Phoenix’s Midtown, is almost 60 per cent sold! And we’re continuing to define the market with a sale every three to four days. A look at this graph on zillow.com clearly illustrates the trend.
People recognize the incredible value of owning a loft-style condo at ONE Lexington. The striking concrete-and-steel construction, the exceptional 11’10” ceilings, the superior finishings like Kohler fixtures; not to mention the resort-style pool and spa area, owners’ lounge and spacious fitness center are not going unnoticed.
Moreover, at ONE Lexington we are still maintaining our prices and with the rest of the Phoenix area poised to follow it’s only a matter of time before we see home prices climb. 2011 is set to be the best year for Arizona’s economic growth in the past three years. Scottsdale economist Elliott Pollack is expecting home prices to have risen by 60 per cent come 2014.
An upward trend of 60 per cent and a majestic landmark that’s driving the market in Midtown Phoenix—ONE Lexington is one good move indeed.
