Phoenix Bank Owned Properties

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There is nowhere in America quite like Phoenix, Arizona. Known also as "The Valley of the Sun", because the sun almost always shines and the sky most days is a lovely azure blue, Phoenix is one of the few places that could best be described as a "scenic metropolis" where desert landscapes and majestic mountains nestle side-by-side with a sprawling city.

With a relatively low average cost of living, readily available and affordable housing, easily accessible public transportation and excellent schools, Phoenix has just about anything you could possibly need readily available. Add to that a vast number of parks, world-class sporting events, extremely high quality theatrical productions and concerts and you can pretty much find something to interest everyone, from the moviegoer to the outdoorsman. With an average temperature of 74.2 degrees and 300 days of sun per year, over 30,000 acres of parks and preserves, you can find simple beauty everywhere.

With a current average of only 15,000 homes recently foreclosed on out of almost 70,000 homes, both old and new construction, available for sale at an average rate of under $100 per square foot, there is plenty of room for continued population growth and stability.

Long recognized as a forerunner on the environmental front, Phoenix is seriously invested in solar and other renewable and sustainable energy sources and holds the motto "Living Like It Matters" for its current and future energy programs, with the ultimate goal of being the first fully "green" city in the United States.

Many of its schools and universities are ranked top in the country, both in quality of education and student retention rates. And with its exceptional Head Start program and other community services, Phoenix is truly there in terms of helping its residents.

Overall, with plenty to do and see, paired with a low cost of living and ready housing availability, Phoenix is definitely a wonderful destination!

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Introduction to Phoenix, AZ

Phoenix, Arizona is the sixth most populated city in the U.S. with a population of 1,445,632 people. The Phoenix metropolitan area is also the fourteenth largest metropolitan area in the U.S., coming in at about 4.2 million people. Phoenix was considered an official United States city in 1881 after it was founded in 1861. It is currently the largest capital city in the U.S. and is the only capital city to have over 1,000,000 people. Phoenix is located in Arizona’s northeastern region, close to the Sonoran Desert and Salt River. With a subtropical arid climate, Phoenix is constantly hot and humid, with an average temperature of over 100 degrees Fahrenheit. Its heat and location near the desert is what gives it the nickname “Valley of the Sun”. Rich with history, Phoenix was originally home to the Hohokam people before becoming part of the Western expansion in the mid-1880s. The early days of the city were heavily rooted in railroad construction, mining, farming, and acting as an express stop and trade center for mail and caravan routes. Phoenix has experienced some economic turmoil in the mid to late 20th century, but it still receives a lot of its economy from tourism. Downtown Phoenix has been undergoing urban renewal and growth, which has lead to Phoenix becoming one of the quickest growing metro areas in the United States.

Living in the City

In 1986, Phoenix was divided into 15 urban villages: Ahwatukee Foothills, Alhambra, Camelback East, Central City, Deer Valley, Desert View, Encanto, Estrella, Laveen, Maryvale, North Gateway, North Mountain, Paradise Valley, South Mountain, and Rio Vista. These fall into the nine regions and districts within Phoenix: Downtown, Central Phoenix, West Phoenix, North Phoenix, South Phoenix, Biltmore Area, Arcadia, Sunnyslope, and Ahwatukee. As Phoenix is so large, there are many places to live, which means that life in the city is convenient, as all local amenities, entertainment venues, and public transport systems are close. Phoenix has two major airports: Sky Harbor International Airport (which is the tenth busiest airport in the United States) and Phoenix-Mesa Gateway Airport. The smaller airports include Phoenix Deer Valley Airport, Glendale Municipal Airport, and Phoenix Goodyear Airport. Phoenix’s streets are laid out in the traditional grid system and the city is linked to Interstate-10, Interstate-17, and State Routes 51, 85, 101, 143, and 202. The public transportation system is called Valley Metro and contains trains, buses, and a ride-share program. There are over 30 school districts in Phoenix as well as many colleges and universities. Arizona State University is the most popular college in the region with campuses located in Northwest Phoenix and Downtown Phoenix. Phoenix also contains the University of Arizona College of Medicine, satellite offices for the University of Arizona and Northern Arizona University, the University of Phoenix, DeVry University, and the Phoenix School of Law.

Job Opportunities

Phoenix’s early economy was based on agriculture such as copper, climate, citrus, cattle, and cotton. In the past couple of decades, the main job opportunities have been in government or jobs through Arizona State University’s research programs. Phoenix also experiences heavy seasonal tourism, mostly due to the warm winter climate. As Phoenix continues to expand and develop, more companies have settled in the area, which has also lead to increased job opportunities. Recently, a lot of telecommunications and technological companies have relocated to Phoenix. As of the 2010 census, Phoenix was home to seven Fortune 500 companies: Apollo Group (which controls the University of Phoenix), PetSmart, Allied Waste, Freeport-McMoRan (mining), Avnet (electronics), Honeywell, and Pinnacle West. Phoenix is also one of the largest Intel sites, offering over 10,000 positions. American Express, U-HAUL, Best Western, and Mesa Air Group are also all situated in Phoenix, and they all offer significant job opportunities. Phoenix currently has an unemployment rate of 8.1% Despite that, Phoenix is a great place for those looking to start their own business. The city encourages local business and has detailed guides on how to best start a business within Phoenix. The low cost of real estate, low taxes, labor rates, proximity to transportation, and high population are some of the aspects that encourage people to start their own business in Phoenix.

Real Estate Market

The Downtown and Central Phoenix districts are the most popular neighborhoods to live in. The well-known neighborhoods in these areas are Willo, Encanto-Palmcroft, Coronado, FQ Story, North Encanto, and Woodlea. Downtown Phoenix has become especially popular since the city has undergone an extensive development project in an effort to increase the number of apartments, condos, and houses. Camelback East is also a popular neighborhood with its average listing price at around $406,182. However, it’s important to note that the prices in Camelback East are much higher than anywhere else in the city. The other popular neighborhoods are significantly less with Paradise Valley at an average price of $185,573, North Mountain at $149,301, Deer Valley at $158,180, and South Mountain at $120,341. The average price per square foot in Phoenix is 477, which is a decrease of around 49.3%. In 2011, the average sales price for a home was $85,728 and the average listing price was $220,852, which is an increase of 1.4% and $2,950. The average homeowner and renters prices in Phoenix are lower than most other Arizona cities. In fact, Phoenix apartments are considered much more affordable than cities like Tempe, Scottsdale, or Tucson. The average cost of a one bedroom apartment is around $650.

Weather

Phoenix is known for its subtropical arid climate. With intensely hot summers and warm winters, the city’s average temperatures are some of the hottest in the United States. Phoenix’s temperature exceeds 100 degrees Fahrenheit on over 110 days of each year, usually from late May to early September. March tends to be the wettest month of the year and June is the driest, though overall, Phoenix doesn’t receive much precipitation. The humid climate does cause monsoonal moisture, which usually occurs between early July and mid-September. The monsoon season brings about humid air surges, strong winds, large hail, and an occasional tornado. When buying a house in Phoenix, it’s important to make sure it’s well vented and that there are significant cool spots. As the temperature is almost always high, insulation to protect against heat is very important. Most buildings in Phoenix will already have air conditioning or central air installed, but if you’re buying an older home to renovate or an old apartment building, you might have to install these yourselves. Purchasing a dehumidifier is also recommended, as humidity inside your home can cause rot and mold which will severely damage the structure of your house or apartment.

Cost of Living

The cost of living in Phoenix is 13% beneath the national average, making it a wonderful and inexpensive place to live. The income tax is 3.5%, which is also well below the national average and one of the lowest income taxes in the country. Additionally, the real estate tax is determined before exemptions and is 1% of the market value of your house or 10% of the assessed value. This means that if your house is estimated at $350,000, your tax would be $3,500. This real estate tax is exceedingly low, and combined with the low housing costs and rents in Phoenix, it makes Phoenix a very affordable place to live. The median household income in Phoenix is $48,881 with a per capita income of $23,851. The average credit score is 680 which is low compared to the national average of 692. About 18.2% of the population is at or below the poverty line. However, as stated, the cost of living is significantly lower, as rent prices and utilities are far below the national average. The Phoenix city government estimates that utilities are, on average, no more than $100 each month (based on an average usage quota).