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Prescott Area Home Values Skyrocket
September 2004
If you are serious about investing in the Prescott Arizona area real estate market take the following into consideration.
Home appreciation in the area is at an all time record high. A 1410 sq. foot home in Prescott Valley sold for $129,900 or $92.13 per square foot in spring of 2003.
That same home sold in the summer of 2004 for $162,000 or $114.89 per square foot.
At this appreciation the home increased by a whopping $32,100.00. Thats an increase of almost 25% in a little over a year!!!
Due to appreciation of this home the happy seller lived in the house for about 18 months and recieved about $1,783.00 of monthly profit at the time of sale.
If you are waiting to purchase a home in the Prescott Area don't delay and miss your chance to live in "Paradise" while recieving an excellent potential return on investment.
If you would like more information about moving to the Prescott Arizona area or buying a home please call our "Relocation Specialist" Tiffany at 928-710-2137.
If you would like to see how much home you can afford call Prescott's #1 Mortgage Banker, Gary Reed at 928-777-0054 for a free, no obligation quote.
Have a great day! PrescottProperties.com
Construction-Materials Costs Are Soaring
(September 22, 2004) -- Homebuilders and contractors across the country have watched the cost of concrete, steel, plywood, insulation, asphalt, vinyl siding, and other materials soar by upwards of 50 percent in the last year.
Experts blame the higher prices on shortages stemming from rebuilding in Iraq and China's building boom, and many are bracing for even tighter supplies as a result of the recent hurricanes. Others point to suppliers that quickly hiked prices in response to the surge in demand created by record-low interest rates.
"We've seen this kind of price increase happen to products before, but this is across the board," remarks National Association of Home Builders economist Michael Carliner. "This may be more broad-based that we've ever seen."
Some anticipate price declines once higher interest rates put a damper on demand, but others are skeptical after expectations of a drop in sheet-rock costs in recent years failed to materialize.
While custom-home builders have been able to pass the higher prices onto buyers, those building lower-priced dwellings have had to eat much of the costs to avoid losing business.
Source: Jacksonville Daily News (NC) (09/17/04); De Nittis, Christopher