|  | What's New | The Latest Postings for Greater Phoenix real estate and investments | |
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| May 17, 2008
Excerpt from: Phoenix real estate and news | | Central Phoenix by bike, Phoenix detailed. |
One of my projects for PhoenixMarketTrends.com and
www.RealEstateConfluence.com is to write about neighborhoods in the
central core of Phoenix, the area that we mostly work in.
The "central
core" are the neighborhoods of North Central Phoenix,
which includes the Central Corridor, the Biltmore area, Arcadia, and to
some extent Paradise Valley along with Uptown Phoenix, but our focus extends to the neighborhoods surrounding the Phoenix Mountain Preserve. This is a
somewhat cohesive area which has no specific know n name, thus the "Phoenix
central core."
Anyway, this project entails describing the
areas and including pictures and getting the essence of a neighborhood, to find the hidden gems and to view the beautiful homes already there, but in the first attempts i noticed that
despite our good knowledge of the areas the car was not going to do it
as a vehicle for further exploration. Walking in most areas is out as
well. Then came the idea of biking. Obvious! I wasn't to me, despite
my keen attitude toward biking and exploring.
(Dreamy Draw by the Pointe, going South)
My first
trip was down Dreamy Draw and the Phoenix Mountains Preserve down
through the Central Corridor and to Medlock Place.
This was a great
idea because of the slower tempo or riding a bike; I got to see so much
more, so many wonderful homes which I have seen driving a car but never
slowed down to appreciate.
(A walking and biking trail along the Phoenix Mountain Preserve, accessed from Dreamy Draw Park)
Riding a bike also allowed me to quickly
and easily turn into small streets and cul-de-sacs. And, if
exploration wasn't enough the benefits extend further to keeping
active and healthy and to saving on emissions from cars. This is sort of
an introduction to my intention. I'll be updating our information
about neighborhood on both sites, from a different perspective of course,
as a result of riding my bike and I hope to fill you in on some of the
exiting places we find and explore.
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| May 17, 2008
Excerpt from: Scottsdale real estate and news | | South Scottsdale, North Scottsdale Real Estate Market Trends | While the Greater Phoenix real estate resale market is heating up with more sales, the Scottsdale home resale market is down. What does it mean? Below are the most up to date trend graphs for Scottsdale, North Scottsdale and South Scottsdale single family home resale numbers and trend graphs. | | April'07 | April'08 | Greater Phoenix | $ 265,000 | $ 210,000 | Scottsdale All | $ 557,500 | $ 506,500 | South Scottsdale | $ 305,000 | $ 266,500 | North Scottsdale | $ 680,000 | $ 563,000 | Scottsdale Condos | $ 264,450 | $ 262,500 |
Numbers for ASU Polytechnic, Graphed by Artur Ciesielski, CCIM
In Greater Phoenix a total of 5,585 homes sold in April, up from 4,855 last year. Scottsdale's portion to the total was 330, down from 400 last year. The median home price in Scottsdale city declined from $557,000 last year to $506,500 this year. The median home price in Scottsdale, as seen in the graph above is trending down and is reaching mid 2005 levels after the peak in June 2006. 
Just as the median price in the city of Scottsdale was lower, so as the median home price in North Scottsdale. The median home price in April 2008 was $563,000 compared to $680,000 last year. 
South Scottsdale seems to be the part of Scottsdale now pulling the median home price up. While still down from last years $305,000 to this years $266,500, the trend since January 2008 has been an increasing median home price. This is not surprising as South Scottsdale is receiving a lot of redevelopment money and investments. It's also a very exciting place to live with a lot of stuff to do, especially in Downtown Scottsdale. | |
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| May 16, 2008
Excerpt from: Greater Phoenix trends and statistics | | Search through Phoenix Market Trends with a custom Google Search | Phoenix Market Trends now included a custom business edition search provided by Google Enterprise.
Look to the right for the seach input.
Here is an example how the results look.
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| May 15, 2008
Excerpt from: Phoenix real estate and news | | 4 car garage and a large lot home in North East Phoenix. | This beautiful remodeled home near the Phoenix mountains is now available for $529,500 a very good price for a home that's better then new in the Christy Cove neighborhood next to the Phoenix Mountain Preserve.
- 2,159sf
- 3 bedroom and 2 bath
- Full inside out remodel.
- 16,400sf lot.
- 4 car garage.
See over 75 Photos of the home at www.22Place.com
Here are some more active properties in the neighborhood.
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| May 15, 2008
Excerpt from: Phoenix Multifamily Investments | | Cash flow fourplexes in Phoenix | Fourplexes start at $99,000, yes it's a fix up but someone is going to make money on it. Out of 200, 4 plexes in Phoenix, Scottsdale and Glendale there are 27 which are short sale or foreclosed; lender owned properties. This is down about 20% from 2 months ago. Many of those lender owned properties have been purchased by savvy investors.
Fourplexes currently start at $99,000. Yes it's a fix up but someone is going to make money on it.
Others are available for less then $200,000 while some really good fourplexes can be purchase for less then $300,000.
Purchasing a foreclosed fourplex is a little different and requires more cash and reserves because most often these properties are completely vacant, so an investor will not only have to prepare a neglected property but wait to fill the vacancies. Make sure you calculate that in before you buy. None the less the prices are amazing and buying properties with that will cash flow is possible. You can search for multifamily income properties here. Just select the advanced tab and select multifamily but its easier if you let us know and we can do a more thourough search for you. Call Artur at 602-628-4349 or Joanna at 602-358-1392 | |
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| May 15, 2008
Excerpt from: Greater Phoenix trends and statistics | | Map based Phoenix homes search also has instant statistics. | Our Phoenix real estate home search also has instant statistics. Once you create your search on the left bar or by the map then simply click on the button "statistics" on the right side of the map and a small bar with statistics about your search will appear. The statistics will show average price, median price, high and low price as well as the same data for square foot-ages. Its a really neat little feature but don't rely on it to make any serious decision.
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| May 15, 2008
Excerpt from: Greater Phoenix trends and statistics | | Phoenix buyer activity is up and good homes are selling. | In the last month buyer activity has increased. It not only the calls and email inquiries its also that there is buyer competition for well priced properties like, income properties like small multifamily apartments, homes for rentals and even just regular homes for owner occupied buyers.
It happens often that we call on a property and hear, "we just received an offer", of "we are expecting an offer today" or "the property is pending" or "we are negotiating an offer". Last month, i April, we sold through around 10% of the current inventory. That's quite a lot for for this market. Unlike a the last few quarters buyers need to quick once they find a good property, because it's likely to be shortly sold. | |
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| May 13, 2008
Excerpt from: Greater Phoenix trends and statistics | | April 2008 Phoenix Home Sales News |
The buzz is out. ASU Polytechnic has put our their April numbers for Greater Phoenix real estate sales and all the websites are shaking with activity, some just putting out numbers while other are commenting about those putting out number and then putting them out themselves, then others are...
So what's the break down.
In April 5,585 homes sold compared to 4,855 last year. That's quite an increase. From what the report shows the pick up in sales is for lower priced homes. There is a lot of short sale, foreclosed and distressed properties being sold for very low prices, especially on the outskirts of Phoenix metro. Its the higher end homes that are stagnating now with high inventory and lower sales. This is probably the reason that year on year median home price for the Phoenix valley declined to $210,000 from last years $265,000.
Affordability is up, loans are available and buyers as well as inventory now see the opportunity and can act on it. Getting rid of the starter home stock should help with sales up the food chain but this may not happen because many of the homes sold are vacant anyways so there is no one to move up.
The increased activity is good but, is it a sign of a return? Probably not. The market is simply stabilizing at the bottom which may last a while and fluctuate both down and up.
A Coutrywide economist seems to think we are in for additional turmoil after a bit of peace this year.
"Home prices will stabilize for the remainder of this year with many forecasting a permanent bottom. The next leg down for this economic and credit cycle will begin next year with another government stimulus package to follow. Patience will be rewarded to those that don't chase the first bounce off a temporary bottom. Those with debt should liquidate into strength and build savings for the opportunities that lie ahead in 2010 and beyond."
Is this relevant for Greater Phoenix? Probably, but each neighborhood and segment moves differently.
I'll still put up the graphs and charts, because its fun, despite the limitations of the numbers. But, read the comments for more depth.
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| May 12, 2008
Excerpt from: Greater Phoenix trends and statistics | | Phoenix home prices may have hit bottom but not everywhere. | The Phoenix real estate market has bottomed out. Its the experience of people in the field, not necessarily agents but, publishers, cooperating services and investors, who are good indicators of activity, often more so then the time delayed numbers. Its the overall mood and feeling of the buyers, sellers and investors that is more telling and in many cases buyers and investors are more active, interested and taking action.
Personal Real Estate Investor publisher "...is going on the record as calling the first quarter of 2008 the bottom of the U.S residential real estate market." and CYRIL MOULLE-BERTEAUX has an article titled, The Housing Crisis if Over.
The numbers indicate a similar conclusion and April resale numbers look very good indeed. I'll have those up next week. A bottom is good. It means stability if nothing else and stability breeds confidence. Home prices are more affordable and buyers see that though, we may be at the bottom for quite a while as we go through the inventory. The real estate market is local but it's even segregated withing the metro area, so prices in one neighborhood can be going up while other parts are stagnating or still declining. How is your Phoenix neighborhood doing? Get a market snapshot at www.PhoenixTrends.com | |
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| May 07, 2008
Excerpt from: Phoenix Multifamily Investments | | 4 Plex sales in Phoenix, how many and how much. | Just as the residential market has seen a decline in prices and a decline in sales, so has the small income property market. Mostly, besides being a supply and demand matter it's the financial market that has put the investment market on the decline, at least for now. In Greater Phoenix the sales have dropped dramatically from 43 in April 2006 to 10 in April 2008. Besides that the price per unit has decreased from $89,873 in 2006 to $86,401 in 2007 and $59,525 in 2008. 
| Jan. | Feb. | March | April | | 2006 | 44 | 47 | 50 | 43 | | 2007 | 18 | 23 | 21 | 24 | | 2008 | 7 | 6 | 19 | 10 |
In Phoenix sales have dropped as well from 15 in April 2006 to 3 in 2008. The price per unit decreased from $96,293 in 2006 to $79,368 in 2007 to $53,368 in 2008. That's a dramatic decrease in the price per unit. 
| Jan. | Feb. | March | April | | 2006 | 16 | 21 | 24 | 15 | | 2007 | 6 | 17 | 10 | 17 | | 2008 | 1 | 0 | 12 | 3 |
What do all the numbers mean? Well the decrease in price per unit is indicative of the difficult market. It's not necessarily the same buildings selling for much less, but sometimes it is; its that just as with single family homes, people got stuck either with bad properties or with unreasonable loans. There were many speculators in the multifamily market. Some of these speculators got the same loans as home owners and when the rates adjusted the rent could not cover the payments, and management became more difficult or was not considered even when the property was purchased. Thus, we have a glut of low priced foreclosed or short sale apartment buildings that are skewing the price per unit lower. Most investors that have good properties don't need to sell. This is also one of the reasons it difficult to find top grade fourplexes for sale, though there are some. For sellers of small multifamily properties the market is very competitive. There are currently 357 fourplexes for sale in Greater Phoenix while only 42 sold during the first 4 months of 2008. That is a 34 month supply; a very large supply, but a great opportunity for buyers, especially those that are in it for the long term. Let us know if you would like to find out more about purchasing a small income property in Phoenix, we're not only agents but investors ourselves. | |
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| May 07, 2008
Excerpt from: Phoenix real estate and news | | Luxury high rise condos in the Biltmore area of Phoenix, AZ | The Residences at 2211 Camelback is one of the most praised condominium high rises in Phoenix. Located in the Biltmore area in one of the prime destinations in Phoenix at 24th st and Camelback Rd. This is also a major business district.
The twelve floors situated along the illustrious Camelback Corridor loom over Camelback Road with spectacular views. To the North East lies the Biltmore Fashion Park, consisting of top-of-the-line clothing, jewelry, and exceptional dining; like Capital Grill or one of my favourites Christopher's Fermier Brasserie. Each unit in The Residences has a luxurious master bedroom and bathroom, gourmet kitchen, study, and great room, all with recessed lighting. There is a concierge staff, 24-hour security, valet and underground parking, and roof-top pool and entertainment, along with a Physical Fitness Center and Business center. From many of the units you'll have amazing views of not only this business district but the Arizona Biltmore and Piestewa Peak to the North and the city lights all around.
The Residences at 2211 Camelback are a prime example of how Phoenix is maturing into a magnificent city. Resale prices start at around $650,000 and reach to above $3.5 Million. | |
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| May 05, 2008
Excerpt from: Phoenix Multifamily Investments | | How to find a tenant for your Phoenix income property. | You can sometimes get a house rented by only sticking in the ground a
"for rent" sign but just as with selling a home its worth going the
extra effort to expose your home to as many prospective tenants as
possible. Below are several things you can do to increase the
possibility of renting a house, doing it sooner and possibly for more.
Here is a simple quick overview of what to consider when leasing your
property.
1. Start by having a clean and prepared property.
There
is nothing worse to turn off good tenants then a property which is not
clean and I mean really clean, clean enough that you would be happy
living there. Even if you are prepping a property its probably worth
it to finish it and clean it up before you show it. As imaginative as
people are its just hard to imagine a dirty property clean. Just
spend the money and time, you'll often get better tenants and better
rents. Plus it will be much easier to take photos for additional
exposure.
2. Have a "For Rent" sign.
This is almost
free advertising. It exposes a property to people seeking rentals in a
particular neighborhoods who may be driving around and to others in the
area who may know someone who would like to rent there. Take it a step
further and have a dedicated property website. You can get them for
for a minimal cost online. A good example may be www.22032n74th.com.
This was a bit more expensive but you can get a more scaled down version for
much less. Then have a rider made for about $30.00 which will hang on
the sign. The same site you created can be used for additional
exposure online.
3. Expose online.
Not
yourself but the property. The dedicated website you created can be
used as a catalyst for additional exposure. Its an easy and quick way
to have lot of photos, a floor plan, and full details. The website
address can be placed in places like Craigslist.com.
Photos rent properties. The more the better. I have up to 80 photos,
but usually 10-20 is fine, as long as it shows the house well.
Remember that many of your prospective tenants may be out of state and
they will be searching online before they come here.
4. Consider paid placement and other types of advertising.
You
can seek additional exposure though paid placement in some online
rental sites, in the newspapers or local editions. your return for
such advertising will vary depending on the exposure and the property
being rented. It may or may not be worth it.
Sometimes a church or other organizations and local businesses may be in need of rentals. the more people know the better.
5. Consider placing your property for rent with an agent.
If
you hire a Realtor to rent your property most of all those things will
be done for you plus much more exposure then you may put together.
Plus many Realtors have economies of scale for advertising. This means
that they can expose your home in more paces for less money. Also
consider your time to arrange meeting and show properties. This can be
taken car of for you. Just a with selling, pick an agent that is
active and can show you what will be done. There are fees involved but
considering time and the hassle its usually worth if to hire an agent
for leasing out a home or condo, but not an apartment.
6. Write an enticing ad.
Write carefully and be succinct. Make it easy for prospective tenants to reach you and get they information they need.
Having
a clean well prepared property and not skimping on advertising will
help you rent it out quicker and for more. Be open to negotiation. It
may be worth it to lease a property for a little less and have a better
tenant and leased our sooner. | |
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| May 04, 2008
Excerpt from: Phoenix Multifamily Investments | | Making Phoenix real estate investing work for you. | For buyers and real estate investors this is exceptional market. It has not been like this for decades and it may not be like this again for decades to come. It's time to invest for the future. For seasoned or new investors there is an organization of real estate investors just like you in many stages of experience.
The Arizona Real Estate Investors Association, AZREIA, has may benefits for its member. One of the upcoming events is the 4th annual conference and expo for real estate investor and rental property owners, which will be held at the Phoenix Convention Center.
This is a two day event stretching from the morning of Saturday May 17th 2008 to late afternoon Sunday May 18th. Some of the more prominent speakers will include Elliott Pollock, Don DeRosa and Sharon Lechter.
The event will cover topics including.
- Beginning Real Estate Investing.
- Rental Property Owners and Landlords info.
- Investing updates & foreclosures.
- Advanced investing.
- Investment strategies.
- and other sessions presented by sponsors.
For what you get and the opportunity that it may present the low cost ranging from $169-$249 is a bargain. What's most important is that people take control of their finances and investing. Real estate provides an ability for you to control your investment vs giving it up.
See you at the conference.
Get more information by visiting the AZREIA website. or calling 480.403.4610 | |
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| May 03, 2008
Excerpt from: Phoenix Multifamily Investments | | Real estate investment opportunities for individual investors by the Light Rail in Phoenix | ..the slow down should spur investors to take advantage of the depressed prices. The Phoenix Light rail, which will go through Phoenix, Tempe and Mesa, start up is just around the corner. Before years end it will roll through 3 major cities, through areas with increasing populations and lots of development and redevelopment.
I think this will be a turning point for Phoenix. I don't really know what it will mean for the entire city but its bound to have affect for those in the vicinity and even people who won't use it or care about it; because of residual effects of how others, visitors and businesses view the valley as a whole.
For me the view is improving and the city is maturing.
Real estate investors should have their eye on the opportunities that the light rail presents. With it, there will be additional appreciation and cause for redeveloping a lot of the land, including large and small lots within walking distance to the rail.
It's not too late. In fact, the slow down should spur investors to take advantage of the depressed prices. There is data out there showing the benefits a light rails system has to real estate owners. In Dallas, Portland, San Diego and other cities where light rail projects have been completed there have been increased in values greater then properties not served by the rail. The possibilities are there, even for single family homes or small apartments. | |
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| May 02, 2008
Excerpt from: Greater Phoenix trends and statistics | | The ultimate Phoenix MLS home search. | Phoenix Market Trends now has a new Phoenix real estate search. This is an exciting more intuitive map based search. Its very fast, flexible, visually pleasing and informative with some very great tools that make searching easier.
Quick Link to Phoenix Home Search www.SearchValleyHomes.com Perform a search by moving the slider to indicate the high and low ran ge. You can also set criteria like zip code, city or subdivision. The auto complete function makes it easier to locate subdivisions that you don't quite remember the name of. An "Advanced" option allow you the get more detailed with your search. Select "advanced to look for horse properties, multifamily, land, commercial or just to further refine your search.
 Even better the search can be constrained to the area you selected on the map. Zoom out to view the entire city of zoom into individual neighborhoods and see only properties in those areas. The map shows you the locating of each home on the map. Put you pointer on the location in the map to see a quick view of the property.
 The results of your search show up both on the map and on the left results panel. The properties can be quickly rearranged by ascending or descending price, bedrooms, etc.
You can quickly switch between the results tab and search tab. By picking a property you can see more details about it.
Searches can be saved, printed or emailed. You can also receive updated daily or weekly of properties in your criteria when the come on the market.
This way you won't miss a home. An even better way to receive updates of new homes on the market is through the RSS feed. If your not familiar with RSS feeds take a look here for benefits and how use them and set them up. It's well worth doing it this way.
get daily or weekly updates
 If you see a property that you like you can get full detail about it, including multiple photos. View larger photos individually or as a slide show.
View property details like size, bedrooms, lot, year built, days on the market and so on. School and neighborhood information is available as well. You can easily see where the closest shopping is or even do a quick search for a pizza place near by. There is mortgage calculator as well. It allows you to quickly see an estimate of your payment. A small map also provides you with an aerial/satellite view of the property and its surroundings. In some cases a birds eye view may be available 
Create one search or multiple searches view them anytime, get updates by email or RSS feed and we are always just a phone call or email away if you need more information or if you'd like to schedule a showing of a property you found. Start A Home Search www.SearchValleyHomes.com | |
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