Builders are building and land is selling. (Phoenix, Arizona real estate development forecast) (Real Estate Forecast) (Industry Overview)

LAND MARKET

A new year, a new president, a new set of challenges and opportunities for the real estate industry. That's especially true for Phoenix's real estate industry.

Today's land market in Phoenix is experiencing optimism from all sides. Banks have returned to profitability, builders have increased their market share and their profit margins, investors are making money, construction employment is up, engineers and surveyors are busy and municipal planning departments are becoming back-logged.

Why? Because builders are building and land is selling.

A case could be made for the recovery beginning in 1990 when prices had dropped to the point where builders began buying lots. Not a few lots here and there to maintain inventory and operations, but large subdivisions of lots to start new projects and to expand.

Or maybe we can pinpoint 1991 as the true start of the recovery. For the first time since 1986, the number of building permits issued in a single year in Maricopa County increased instead of decreasing as it had for the previous four …