By Larry Kush | Scottsdale Independent
It is difficult to pick up a newspaper and not see an article on sky rocketing Scottsdale home prices.
Additionally, Scottsdale has the highest average apartment rental rates in the metro area. Helping to fuel this price surge are out of state buyers moving here who are literally joining in bidding wars to buy a home newly on market.
Unable to succeed they then rent, which in part accounts for an average 96% Scottsdale occupancy rate as well as an average per square foot rental rate that is unmatched in the metro area.
Adding fuel to this inferno are soaring lumber prices that have tripled over the past 12 months and have caused the price of an average new single-family home to increase by $35,872, according to new analysis by the National Association of Home Builders.