Phoenix ranks among major US cities where residents are most 'house rich'

Phoenix ranks among major US cities where residents are most 'house rich'

By Angela Gonzales

Phoenix is ranked No. 10 among the major U.S. cities that are the most "house rich," according to a study by All Star Homes.

Cities considered "house rich" are places where home ownership is dominant and homes are relatively affordable compared to the local median income.

Using data from the U.S. Census Bureau, Pennsylvania-based All Star Homes found that Phoenix has a 56.1% rate of owner-occupied housing.

According to the U.S. Census Bureau's most recent data — from 2017 to 2021 — the median home value of owner-occupied houses in Phoenix is $277,700.

The median home value is different from the median home sale price, which is around $440,000, according to real-time data from The Cromford Report.

The median household income is $64,927, which gave Phoenix a 4.28 home-value-to-income ratio on the study. Nationwide, that ratio is 3.33.

The report also looked at states where home ownership is dominant and homes are relatively affordable, compared to the median income.

To calculate the house rich scores, All Star Homes adjusted the home-value-to-income ratio by factoring in the rate of homes not occupied by their owners. That means those researchers multiplied the ratio by the non-owner occupied housing rate to account for the actual level of home ownership in each area.

The U.S. Census data shows metro Phoenix is the No. 2 destination in the U.S. for migration patterns for "high net worth" households, second only to South Florida, said J. Andrew Turley, president of Phoenix Valuations.

"I expect this ranking as 10th in the country to improve over the coming years as we continue to be a destination and haven for wealthy families and individuals, due to our pro-business environment; low taxes, both personal and business; incredible weather and great lifestyle choices," Turley said.

State toppings the ‘house rich’ ranks

West Virginia topped the nation as the most house-rich state in America. Following West Virginia were Iowa, Michigan, Indiana and Mississippi.

On the other hand, California topped the list of states that are the least house rich. Following California in that category were Hawaii, New York, Nevada and Oregon.

Looking specifically at major cities, El Paso, Texas, claimed the spot for the most house-rich major city, followed by Oklahoma City, Indianapolis and Fort Worth and San Antonio in Texas.

Nationwide, Davie, North Carolina, was named the most house-rich city overall.

Following close behind was Buckeye, Arizona, a rapidly growing city in the West Valley.

Goodyear made No. 19 on that list, Surprise was No. 29, Gilbert was No. 39 and Peoria was No. 45.

Gilbert high-end condo development coming to Epicenter area of Gilbert

Gilbert high-end condo development coming to Epicenter area of Gilbert

by Sharon Coffini

Mill Creek Residential continues to expand in the Phoenix market with the development of Modera Higley Commons, a contemporary mixed-use apartment community in Gilbert, Arizona.

The garden-style community features 276 apartment homes, 19,000 square feet of ground-floor retail and is part of the master-planned Agritopia/Epicenter neighborhood. First move-ins are anticipated for April 2025.

Community amenities at Modera Higley Commons include an outdoor swimming pool, hot tub, grilling area, fire pit, outdoor dining, resident clubhouse, game room, pool table, landscaped courtyards, onsite dog park and pet spa, conference rooms, co-working space, private workstations, coffee bar and a club-quality fitness center with cardio equipment, Peloton bikes and a yoga/Pilates studio. The community also offers controlled access garage parking, EV charging stations, digital package lockers, bike repair station, cold storage and additional storage space.

The community offers studio, one-, two- and three-bedroom homes with private patios or balconies, select den layouts and a variety of refined interiors features. Included are nine-foot ceilings, wood plank-style flooring, stainless-steel appliances, quartz countertops, tile backsplashes, custom cabinetry, under-cabinet lighting, kitchen islands with storage, walk-in closets, smart thermostats, bulk WiFi and in-home washers and dryers. Bathrooms feature tile shower surrounds, double vanities, granite countertops and back-lit mirrors.

Situated at 3089 East Ray Road, Modera Higley Commons is part of the 166-acre Agritopia neighborhood, which is designed to encourage agrarianism and a sense of community. It includes plots for single-family homes, a certified organic farm and various commercial spaces. Epicenter entertainment area features unique shops, studios and eateries. The community also is within moments of SanTan Village, an open-air super regional lifestyle center.

Exploring the Enchanting Residences on High Street in North Phoenix

Exploring the Enchanting Residences on High Street in North Phoenix

by Sharon Coffini

Introduction

Nestled in the vibrant heart of North Phoenix, High Street is a remarkable community that has captured the essence of urban living while maintaining a distinct suburban charm. This blog takes you on a journey to explore the mesmerizing residences on High Street, showcasing why it's a coveted destination for homeowners in the Valley of the Sun.

Credit: JLL/City of Phoenix

A Dynamic Urban Oasis

High Street, formerly known as CityNorth, has transformed into a dynamic urban oasis offering a diverse range of residential options. Whether you're looking for a chic apartment, a cozy townhome, or a spacious condo, High Street has something for everyone. The community's central location provides easy access to shopping, dining, and entertainment, making it an ideal choice for those who crave convenience without sacrificing style.

Luxurious Living

The residences on High Street are characterized by their modern design, luxurious amenities, and a welcoming sense of community. Many of the apartments and condos feature open floor plans, high-end finishes, and expansive windows that allow natural light to flood in. The attention to detail and quality of construction reflect a commitment to offering a premium living experience.

Amenities Galore

Residents of High Street can take full advantage of a wealth of amenities that contribute to a comfortable and fulfilling lifestyle. These include fitness centers, resort-style swimming pools, communal BBQ areas, and beautifully landscaped courtyards. Whether you prefer to relax in the sun, work out, or entertain friends, you'll find the perfect spot on High Street.

Dining and Entertainment

One of the most alluring aspects of living on High Street is the unparalleled access to dining and entertainment options. This community features an array of restaurants and bars, ranging from casual to upscale dining. Whether you're in the mood for gourmet cuisine, a quick bite, or a night of live music and dancing, High Street offers it all.

Shopping Paradise

High Street is home to the popular Desert Ridge Marketplace, a massive outdoor shopping center that caters to all your retail therapy needs. Here, you'll find a wide array of stores, from high-end boutiques to department stores and specialty shops. It's not just a place to shop; it's an experience that encapsulates the essence of Phoenix's vibrant lifestyle.

Outdoor Activities

For those who love the outdoors, High Street's proximity to the Sonoran Desert opens up a world of adventure. The McDowell Mountain Regional Park and the Phoenix Mountains Preserve are just a short drive away, offering hiking, mountain biking, and horseback riding opportunities amidst the stunning desert landscapes.

Community Events

High Street is not just a place to live; it's a place to thrive. The community hosts numerous events throughout the year, from art fairs to live music, which provide a sense of belonging and create lasting memories. These events foster a strong sense of community, making High Street feel like more than just a residence; it's a lifestyle.

Conclusion

The residences on High Street in North Phoenix offer an exceptional living experience, with modern and stylish homes, a thriving urban environment, and a plethora of amenities at your doorstep. The dynamic combination of luxury, convenience, and a strong sense of community make this neighborhood a prime choice for those looking to embrace the urban lifestyle while enjoying the tranquility of suburban living. If you're seeking a residence in North Phoenix that offers the best of both worlds, High Street may just be the perfect place to call home.

Iconic Hotel San Carlos in Phoenix Undergoes Stunning Renovation

Iconic Hotel San Carlos in Phoenix Undergoes Stunning Renovation

by Sharon Coffini

Introduction:

Nestled in the heart of downtown Phoenix, the Hotel San Carlos stands as an iconic landmark, steeped in history and charm. This historic gem, which has witnessed countless stories unfold within its walls, is poised to embark on an extraordinary transformation that promises to rejuvenate and redefine the city's tourism sector, breathing new life into its very soul.

The Legacy:

Hotel San Carlos, a cherished piece of Phoenix's heritage, boasts a rich history that dates back to its opening in 1928. Over the years, it has welcomed renowned guests, hosted significant events, and served as a hub for social gatherings. The hotel's elegant architecture, timeless allure, and the fusion of tradition and modernity have left an indelible mark on all those who have crossed its threshold.

The Transformation:

This iconic establishment, Hotel San Carlos, is on the brink of a significant transformation through an ambitious renovation project. The goal is to uphold its historic charm while integrating contemporary luxuries and amenities. Spearheaded by a team of accomplished architects, interior designers, and preservation experts, this renovation project is a harmonious fusion of history and innovation.

• Preserving Historical Grandeur:

  The hotel's classic façade will undergo meticulous restoration, ensuring that its original architectural features, including the iconic rooftop neon sign, are returned to their former glory. The renovations will capture the essence of its 1920s design

• Modern Comforts:

  The interior of Hotel San Carlos will undergo a complete reimagining to cater to the needs of today's travelers. Advanced technology, opulent furnishings, and a range of services will offer guests a seamless and luxurious experience.

• Cultural Heritage Preservation:

  A dedicated gallery within the premises will be established to showcase and preserve the historical significance of the hotel. Visitors will have the opportunity to admire the artifacts, artwork, and historical records that have played a role in shaping the hotel's unique history.

• Sustainability Commitment:

  The renovation project at Hotel San Carlos is committed to integrating eco-friendly practices, emphasizing energy efficiency, water conservation, and other sustainable initiatives to minimize its environmental footprint.

Economic Impact:

The restoration of the Hotel San Carlos is not merely a revival of a historic structure, but also a significant boost to Phoenix's tourism sector. It is anticipated that the renovation will draw a substantial number of tourists, thereby stimulating the local economy through increased spending on dining, shopping, and cultural experiences. Furthermore, the grand reopening of the hotel will create a multitude of job opportunities across various sectors, contributing to employment growth in the region.

Conclusion:

The renovation of the iconic Hotel San Carlos in downtown Phoenix is a testament to the city's dedication to preserving its rich history while embracing the future. As the project unfolds, residents and tourists eagerly anticipate the grand reopening of this historic establishment, which promises to breathe new life into Phoenix's tourism sector. The Hotel San Carlos renovation beautifully blends the old and the new, offering a timeless experience for generations to come, and ensuring that the echoes of history continue to resonate within its storied walls.

Downtown Luxury Purchase Marks California Company's Phoenix Debut....

Downtown Luxury Purchase Marks California Company's Phoenix Debut....

By Sharon Coffini

Introduction

In the world of real estate, especially in dynamic cities like Phoenix, Arizona, major property transactions often dominate the headlines. Recently, a California-based company made its Phoenix debut with a high-profile luxury purchase in the heart of the city. In this blog, we'll explore this notable deal and five more that you should be aware of in the ever-evolving world of real estate in Phoenix.

California Company's Phoenix Debut

Phoenix has been witnessing a real estate boom in recent years, attracting investors and developers from across the country. A notable player in this arena is a California-based real estate company that has made its debut in Phoenix's downtown luxury market. The company recently acquired a stunning high-rise property, marking its first foray into the Arizona real estate scene. The purchase not only signifies the city's growing appeal but also showcases the increasing interest of out-of-state investors in the Phoenix market.

The Allure of Downtown Phoenix

Downtown Phoenix has been experiencing a renaissance, with a blend of new developments, cultural attractions, and a thriving job market. The area is known for its stunning skyline, vibrant art scene, and world-class dining. As a result, it's no surprise that luxury properties in this area are highly sought after. The California company's debut purchase underscores the desirability of this district and hints at the potential for future growth and development.

A Diverse Portfolio

One of the fascinating aspects of this California company's Phoenix debut is its diverse portfolio. The company's real estate holdings include an array of properties, from luxurious urban condominiums to sprawling suburban estates. Their entrance into Phoenix is not just an isolated event but part of a larger strategy to diversify their real estate investments across different regions and property types.

Competitive Market Dynamics

Phoenix's real estate market has been fiercely competitive in recent years. The demand for high-end properties in the city center has driven up prices and created a seller's market. The California company's debut purchase not only speaks to their strategic vision but also underscores their ability to navigate the complex dynamics of a hot real estate market.

A Win for Local Businesses

The influx of out-of-state investors and companies into the Phoenix market can be seen as a win for local businesses. The development and sale of high-value properties stimulate the local economy, create jobs, and attract more visitors to downtown Phoenix. As a result, the California company's arrival is not just a major deal in the world of real estate but also a significant boost to the local economy.

Scottsdale is ranked (again) as the best golf city in America. Here's why

Scottsdale is ranked (again) as the best golf city in America. Here's why

By Greg Barr

These are the Valley's most challenging golf courses for 2023

It’s no secret that Arizona is a mecca for golf, with its lush, scenic courses and lure for winter vacationers.

A new ranking of 200 cities nationwide, based on six broad and inclusive criteria, not only confirms the state’s status among golf aficionados, but it shows that Scottsdale is the No. 1 golf city in the country.

Based on six ranking measures — from course quality to number of amateur golf tournaments — Scottsdale had an overall score of 64.82, 14 points ahead of second-place Orlando and 22 points ahead of the third-place Las Vegas.

It’s the second straight year that Scottsdale finished No. 1 overall in the ranking, compiled by LawnStarter. Tucson saw a big gain in this year's rankings, moving into the top 10 for the first time at No. 6 in the country.

LawnStarter found that St. Louis, Missouri, was the top 25 city that saw the biggest jump in the rankings from 2022, from No. 68 to No. 11, while Sacramento, California saw the biggest overall jump (125 spots) to No. 32.

The rankings were based on the following data: public courses per 100,000 residents; number of golf resorts; indoor and virtual golf facilities per square mile; total reviews for all courses (course quality); number of amateur golf competitions and tournaments; and historical average monthly percentage of sunshine.

Not only did Scottsdale finish on top in the overall ranking, but the city finished No. 1 nationwide in multiple individual measurements, including golf course quality and number of public and premium courses.

Speaking of premium courses, TPC Scottsdale, the home of the WM Phoenix Open, is already deep into preparations for the 2024 version of the tournament to be held Feb. 8-11.

While the 2024 WM Phoenix Open is a little more than four months away, the annual construction projects for “The People’s Open” are already underway,

Scottsdale ranked No. 1 in public courses per 100,000 residents (9.47);  No. 1 in private courses per 100,000 residents (12.36); and No. 1 in PGA golf coaches per 100,000 residents (7.41). Scottsdale was No. 2 overall in number of golf resorts (8); and tied at No. 2 for total number of amateur golf competitions and tournaments (16).

Eight other Arizona cities made top 200 ranking

Arizona and California were the only states to have five cities in the top 25, but California did have the edge in the top 50 cities, with nine compared to six in Arizona. See the full rankings for all 200 cities here.

Here are the overall national rankings for the other five Arizona cities that cracked the top 50 list:

• Tucson (No. 6 - 36.76 score) - highest individual category ranking, No. 9 for number of amateur golf competitions and tournaments;

• Phoenix (No. 18 - 31.79 score) - highest individual category ranking, No. 10 for number of amateur golf competitions and tournaments;

• Surprise (No. 22 - 31.34 score) - highest individual category ranking, No. 5 for public course access;

• Mesa (No. 24 - 31.31 score) - highest individual category ranking, No. 22 for number of amateur golf competitions and tournaments;

• Peoria (No. 47 - 28.99 score) - highest individual category ranking, No. 18 for premium course access.

And here are the rankings of other Arizona cities ranked at No. 51 or lower:

• Chandler (No. 57 - 28.36 score) - highest individual category ranking, No. 24 for public course access;

• Tempe (No. 96 - 25.17 score) - highest individual category ranking, No. 40 for PGA golf coaches per 100,000 residents

• Glendale (No. 126 - 23.70 score) - highest individual category ranking, No. 36 for PGA golf coaches per 100,000 residents

Phoenix Suns owner to build $100M downtown office campus and Mercury practice facility

Rendering of the proposed office complex for the Phoenix Suns and Phoenix Mercury staff and a new Mercury practice facility to be built in downtown Phoenix.

PHOENIX SUNS/PHOENIX MERCURY

Phoenix Suns owner to build $100M downtown office campus and Mercury practice facility

By Brandon Brown

The Phoenix Suns and team owner Mat Ishbia announced plans Thursday to build a new office headquarters in Phoenix and a state-of-the-art practice facility for the WNBA’s Phoenix Mercury.

The project will be built in downtown Phoenix’s warehouse district, just south of Footprint Center, the home arena for the two teams. Together, the offices and practice facility will occupy 123,000 square feet and the project is expected to cost north of $100 million.

The project will be located in an existing building that will be renovated and expanded. The plan is to have it finished in the spring of 2024 so the Mercury can use the facility before the start of the 2024 season.

The Suns, through several different Delaware-based limited liability companies, acquired three separate parcels in the Warehouse District earlier this month, for a combined price of $38.693 million, according to real estate database company Vizzda. The total amount of land acquired by the team was 7.31 acres.

All three properties are on the south side of Lincoln Street near the intersection of Fourth Street. One of the properties is the Lincoln Union building, which is a former warehouse that was renovated into an office space.

Ishbia sees the investment as a commitment to the community and to the team’s workplace culture.

“We are working every day to make the Phoenix Suns and Mercury a world-class organization on and off the floor,” Ishbia said in a statement. “You create great culture by investing in people. A basketball franchise is so much more than a normal business, it is a catalyst for change. I am so excited to be making an investment that builds on our vision for the Phoenix Suns and Mercury to continue investing in our players, team members, fans and community.”

Rendering of the basketball courts for Suns and Mercury players in the organization's new office campus.

PHOENIX SUNS/PHOENIX MERCURY

The Suns organization worked with Transwestern’s Sports & Entertainment Advisory Group with the real estate transaction. Houston-based Transwestern will also assist in the design, construction and fit-out process.

Suns, Mercury offices will have plenty of amenities

At approximately 65,000 square feet, the office complex, home for both Phoenix Suns and Phoenix Mercury employees — about 400 people — will be one of the largest developments for a professional sports organization in the country.

“When you add a new headquarters like this, it speaks volumes of how much you care about your team members and where they show up every day and love where they work,” Josh Bartelstein, the CEO of the Phoenix Suns and Phoenix Mercury, told the Business Journal. “This is going to be the best organization to work for in professional sports – that's what our goal is.”

It will have an open work environment and several employee-focused amenities, following the trend in projects that want to lure employees back to the office these days. These include indoor and outdoor basketball courts, an arcade, pickleball court, putting green, workout facility and a showcase kitchen stocked with complimentary beverages and snacks.

Rendering of the fitness center in the new Phoenix Suns offie and Phoenix Mercury practice facility.

PHOENIX SUNS/PHOENIX MERCURY

The facility will also include a Suns and Mercury fan store and a visual presentation of the Suns and Mercury’s Ring of Honor.

The Sports Business Journal reported that the overall development mirrors Ishbia’s more ambitious United Wholesale Mortgage complex in Pontiac, Michigan, which has grown to 1.5 million square feet. At UWM, Ishbia calls his 7,000-plus employees “team members’’ and has littered that 150-acre HQ with a hair salon, doctor’s office and indoor basketball court. 

Mercury practice facility

The Mercury currently practice and work out in the facility the Suns and Mercury built at 44th Street and Camelback Road in Phoenix’s Arcadia neighborhood. Bartelstein said ownership and management wants to let the Mercury have its own space.

“The Mercury already have a really nice facility,” Bartelstein said. “But how do you make it the best of the best? You give each team their own.”

Rendering of the basketball courts in the upcoming Phoenix Mercury practice facility.

PHOENIX SUNS/PHOENIX MERCURY

The new Mercury practice facility will be 58,000 square feet and will include two dedicated practice courts with 10 baskets, fitness room, hot and cold pools and underwater treadmills, a player and family lounge, film room, and an expansive locker room. There will also be a kitchen with a dedicated chef for the players.

The practice facility will be open to players and coaches 24 hours a day, seven days a week.

Bartelstein said the practice facility will feature state-of-the-art equipment and technology similar to what is in the current facility.

What happens to current team offices

The Suns' management offices are inside Footprint Center. Bartelstein said the plan is to turn the 50,000 feet of office space there into some sort of fan experience.

“That could be a club, that could be a kid zone, it could be a restaurant. We're going to sit down and sharpen our pencil and figure out what makes the most sense for how to impact fans,” Bartelstein said.

The Suns will start working on what to do with the office space in upper levels of Footprint Center after the new offices have been completed.

While the entire project requires a big outlay of cash, Bartelstein echoed a sentiment Ishbia shared earlier this week at the Suns’ media day – money isn’t an issue.

“It's not about money. It's not about the investment as far as the return, it's about investing and doing things the right way for your people, and the payoff will be tenfold down the line as far as how much they love working for our organization,” Bartelstein said.

Super Bowl LVII adds $726M to Arizona GDP, $1.3 billion in overall impact

Super Bowl LVII adds $726M to Arizona GDP, $1.3 billion in overall impact

By Brandon Brown

Celebrity chef Guy Fieri gestures to the crowd on hand — an estimated 10,000 people — for his Flavortown Tailgate party in Glendale next to State Farm Stadium on Feb. 12, prior to Super Bowl LVII.

Super Bowl LVII generated $1.3 billion in total economic impact for greater Phoenix, according to new numbers released Wednesday.

The total impact includes direct spending by football fans, media and tourists in town to watch the Kansas City Chiefs beat the Philadelphia Eagles in February. Spending at Super Bowl LVII added $726 million to the Arizona gross domestic product, according to economists at the L. William Seidman Research Institute at W.P. Carey School of Business at Arizona State University.

The expanded $1.3 billion figure is the most of any special event ever held in Arizona and outpaced inflation from the previous Super Bowl. The Super Bowl in 2015 generated a total impact of $719 million and Super Bowl XLII in 2008 generated $501 million.

“Super Bowl LVII was the most successful Super Bowl in the history of Super Bowls,” Michael Bidwill, the owner of the Arizona Cardinals, said during a press conference Wednesday.

Arizona Cardinals President and Owner Michael Bidwill speaks to the assembled guests on Oct. 4 at a press conference at the Herberger Theater Center in Phoenix.

JIM POULIN | PHOENIX BUSINESS JOURNAL

The Super Bowl was played in Glendale at State Farm Stadium, but the majority of the events were held in downtown Phoenix. Bars, restaurants, hotels, golf courses and other businesses all over the Valley saw impacts of the huge event. Lisa Urias, the director of the Arizona Office of Tourism, said Oct. 4 that $91 million was spent on hotels around the Super Bowl and Valley hotels saw an occupancy rate of 90% during that weekend.

The ASU study found that 103,000 out-of-state visitors came to Arizona for the Super Bowl, with 42,000 people visiting that didn’t even go to the game.

The day after the Super Bowl, Feb. 13, was the busiest day ever at Phoenix Sky Harbor International Airport as more than 200,000 people traveled through the airport.

The Super Bowl broke records for merchandise sales and number of media members on radio row. All of which goes into the impact the game has on the local economy.

The Arizona Super Bowl was watched on TV by 200 million people in the United States, and it was broadcast internationally in more than 25 different languages.

Governor Katie Hobbs speaks to the audience on Oct. 4 when the economic impact data for Super Bowl LVII was released. Hobbs said she will continue to help Valley organizations use big sports events to attract new business to the area

JIM POULIN | PHOENIX BUSINESS JOURNAL

Several government and business officials and leaders, including Bidwill, Arizona Gov. Katie Hobbs and Sandra Watson, the president and CEO of the Arizona Commerce Authority, said the Super Bowl's impact on the economy is going to endure. The ACA's CEO Forum brought in executives from companies that were considering moving business or building projects in Arizona to meet with Hobbs and business leaders, pitching them on why their businesses should come to Arizona.

“We've really created a river of economic benefits that are going to continue to flow for Arizona,” Bidwill said.

The CEO Forum has come under some scrutiny when a recent report showed that the ACA paid more than $1.8 million on hosting visiting CEOs around the Super Bowl. But Bidwill and Hobbs made it clear that they thought the program would pay more dividends to the economy in the long run.

Hobbs said that she and her administration would continue to work with organizations to attract major sporting events to the state if they bring economic benefits to Arizona.