Holding the number one spot as the Most Powerful Person in residential real estate brokerage for 2014/15 for the second consecutive year is Richard A. Smith the Chairman, CEO and President of Realogy. “While there are others who have higher personal profiles, within the industry there is no doubt that none have more power and influence in almost every aspect of the residential real estate brokerage industry than Smith,” says Stefan Swanepoel, Editor-in-Chief of the SP200 list. Realogy owns half of the top 10 brands in the industry including Sotheby’s International Realty. Realogy is simply residential real estate’s most important company.
The Cromford Report observation for the first week of the year indicates new listings are down 11% compared to 2014 and down 5% compared with 2013. This observation refers to the broader Phoenix Metropolitan Market but is observed in the Scottsdale market segment as well. This is very good news for sellers and means that supply is likely to remain tight. The Cromford® Market Index moved up to 97.8 yesterday, meaning that the market is very close to perfect balance (100). Since the trend is currently firmly upward, we believe the market is moving control away from buyers. The White House estimates that an additional 250,000 buyers will emerge over the next 3 years because of the FHA loan changes announced yesterday. If they are correct, this represents a 1.6% increase in demand. Along with the 3% down payment offerings from Fannie Mae, and shortly from Freddie Mac, this is probably enough to swing the market in favor of sellers over the next few months. Only a sharp increase in the supply of new listings is going to prevent this outcome. Such an increase is currently not looking very likely, but you never know for sure. If demand does increase significantly while supply remains low then upward pricing pressure will almost certainly re-emerge.
The residences and penthouses of The Sterling Collection are the newest neighborhood within Silverleaf. Priced from the low $1 million, the 213 condominiums will feature two and three bedroom floor plans ranging in size from 1,900 to 3,300 square-feet. Several exclusive penthouses averaging 2,500 square-feet will grace the top floors. The exclusive collection will feature sustainable LEED new construction, state-of-the-art automated fully robotic parking garage valet and private elevators that open directly into each home. For more information, please contact Michelle Sarocka at 602.616.4829 or [email protected]