News Article From: 05-06-2006
The first article, Scooch over, 5 mil to squeeze into state, from the Arizona Republic, reports that the Census Bureau released updated population numbers on Thursday that the state of Arizona will add nearly 5 million more people in the next 25 years and becoming the 10th largest state in the nation. Arizona currently has about 5.9 million residents, and it is expected to grow to 10.7 million in the next 25-years. Marshall Vest, Research Manager at the University of Arizona, predicts an even larger population in 2030, at 12 million. People 65 and older are expected to be a huge component of growth, surging from 13 percent of the state's population in 2000 to 22 percent in 2030, with 2.4 million retirement aged residents. Tom Rex, Research Manager at ASU's Center for Business Research, said the seeds are sown for a continuous urban corridor stretching from metro Phoenix at least as far as Eloy in Pinal County, broken only by the open land on the Gila Indian Reservation. Pinal County is currently the state's fastest growing county.
The second article, 2030 forecast: Mostly Gray, from the USA Today, also reports on the new census numbers released for the nation. The article reports that the elderly population in every state will grow faster than the total population, and seniors will outnumber school-age children in 10 states. The Census Bureau also predicts that 26 states will double their population of people older than 65 by 2030. "Arizona and Nevada will have the lowest share of 'needy' elderly and the highest share of 'yuppie' elderly," says William Frey, demographer at the Brookings Institute, a think tank in Washington DC. This is a market trend that Realtors should start to capitalize on now, with second homes and retirement communities a great niche to specialize in!
The third article, 'Condotel' plan advances, from the Arizona Republic, reports that a $120 million Marriott Hotel topped with penthouse condominiums- one of the first "condotels" in the state- is all but a done deal in Chandler. Developer Jeff Cline of Signature Properties West LLC in Chandler, plans to open a Renaissance ClubSport Hotel franchise nest to Chandler Fashion Center in 2007. He decided to add two stories of high-priced condos to the project because market research revealed high-income and demand in Chandler. The Cielo Sky-Rise Residences, as they are called, will include 27 units selling from $500,000 to $3 million. The price of a condo includes membership to the hotel's athletic club.