Bette Zerba Peoria, Arizona

Like most urban-to-rural homeowners, Bette Zerba wanted the quiet and safety of a smaller neighborhood. The Realtor and her partner, Bonnie Burns, picked their Peoria home because it’s 25 minutes from downtown Phoenix, and a world away in privacy. With homes going [...]]]>

Bette Zerba
Peoria, Arizona

Like most urban-to-rural homeowners, Bette Zerba wanted the quiet and safety of a smaller neighborhood. The Realtor and her partner, Bonnie Burns, picked their Peoria home because it’s 25 minutes from downtown Phoenix, and a world away in privacy. With homes going for about $150,000 to $215,000, the price didn’t hurt either.

“You feel like you’re living in a resort town all the time,” says Zerba, 54. “I love the weather, and it’s very safe. This is a family-oriented place, with lots of kids, and Halloween is a big deal at our home. We make the kids dance to “Thriller” before they can have candy, and they love it.” The Southwestern-style home was built in 1993. As for being gay, “We’re called ‘The Girls,’” says Zerba. “We have several police officers in the neighborhood and feel very safe.”

Source: By David Toussaint, FrontDoor.com | Published: 11/18/2010

The leading edge of a powerful winter storm hit the Valley Thursday morning, with heavy rain and strong winds expected later in the afternoon.

The storm already was generating rainfall of an inch an hour in the north part of the Valley, prompting the National Weather Service to issue a flood warning. [...]]]> Powerful Winter Storm Hits Arizona

The leading edge of a powerful winter storm hit the Valley Thursday morning, with heavy rain and strong winds expected later in the afternoon.

The storm already was generating rainfall of an inch an hour in the north part of the Valley, prompting the National Weather Service to issue a flood warning. The warning was for parts of northeastern Maricopa County, including Scottsdale, Peoria, Wittman, Wickenburg, New River, Fountain Hills and Circle City.

Warnings were also issued for Central Gila County, including the City of Roosevelt, and North Central Pinal County. The warning was in effect until 1 p.m.

Meteorologists at the National Weather Service reported flash flooding soon after the warnings were issued for at-risk areas, including Cave Creek Wash, New River Wash, Skunk Creek, Centennial Wash and Agua Fria Wash.

The main thrust of the storm is anticipated for later in the afternoon and evening, said Ken Waters, warning coordination meteorologist with the National Weather Service.

“We have one little wave that came through this morning,” Waters said, “but a lot more is coming.”

The Valley could receive upwards of 5 inches of rain, forecasters said, and the flash-flood warning is in effect for for Thursday and Friday.

Steady rainfall in the morning has already dropped more than an inch in parts of Cave Creek, Peoria and Surprise.

Heavy ran was expected later Thursday and all through the night. Already, flooding was being reported and a number of roads closed: — Recker Road, between Elliot and Warner roads, in Gilbert.

– Osborne Road, between Miller Road and Hayden Road, in Scottsdale.

– Un-bridged roads over the Indian Bend Wash, between Chaparral Road and McDonald Drive, in Scottsdale.

Strong, damaging winds were expected between 9 a.m. and midnight — with the hardest hitting in the early afternoon at upwards 40 mph and gusts between 50 to 65 mph, Waters said.

Up north, Interstate 17 is closed near Camp Verde due to the storm as they are expecting heavy snow all day, Waters said. The snow level is expected between 2 to 4 feet by the weekend.

I-17 is also closed in both directions at mile post 298, the exit going into Sedona, and at the Flagstaff Airport, just south of Flagstaff, due to the severe weather conditions, according to Arizona Department of Transportation spokesman Doug Nintzel.

Sections of the interstate were closed after several accidents caused by vehicles sliding off the road as they attempted to go uphill.

“We’re advising drivers to avoid travel to the high country until weather conditions improve,” Nintzel said. “We know a lot of folks want to go play in the snow…the best advice we can give is to wait until the conditions improve and then go have fun.”

Cities in northern and central Arizona spent Wednesday preparing for the nasty winter storm that’s coming in from California.

Forecasters urged residents to avoid crossing flooded areas and reduce speeds on snowpacked and icy roads, postponing travel all together if possible.

Officials in Oak Creek, near Sedona, issued both assurances of preparedness and warning of possible evacuations while Valley cities continued to hand out sandbags.

The storm is the third, and biggest, system rolling through the state this week and has authorities hunkering down for big challenges.

Among those is the possibility that northern Arizona waterways such as Oak Creek will flood. The city put an advisory on its Web site Wednesday saying its police department was getting its evacuation plan ready but no one had been ordered to leave as of Wednesday night.

“We’re gonna get a lot of water,” said Gary Johnson, spokesman for the Sedona Fire Department. “It could be a problem. We’re just not sure.”

Source: Republic reporters Glen Creno Mary Beth Faller, Peter Corbett, and the Associated Press contributed to this article.

A major joint venture for Short Sales was announced late Tuesday (Oct.20). RE/MAX International issued this press release: Contact The Cutty Group of Re/Max Desert Showcase  For More Info on This Short Sale Program 623-252-5591

Real Estate Leaders Unite to Reduce Foreclosures New Short Sale Strategy Designed to [...]]]> Short Sale Plan Will Help Phoenix AZ Families

A major joint venture for Short Sales was announced late Tuesday (Oct.20). RE/MAX International issued this press release: Contact The Cutty Group of Re/Max Desert Showcase  For More Info on This Short Sale Program 623-252-5591

Real Estate Leaders Unite to Reduce Foreclosures New Short Sale Strategy Designed to Help Homeowners Avoid Foreclosure

RE/MAX International of Denver, Colorado and HEART Financial Services of Northbrook, Illinois have agreed to work together to help homeowners avoid foreclosure. The real estate franchisor and loan modification leaders have created a unique pre-foreclosure or “Short Sale” strategy that will make it easier for families to sell their homes and avoid the trauma of a foreclosure.

“It’s unfortunate that the Short Sale process has been so difficult to navigate in this marketplace,” says Dave Liniger, Chairman and Co-Founder of RE/MAX International. “We’ve been working hard to promote streamlined Short Sales to provide both significant benefits to lenders, and a welcomed opportunity for homeowners to get a fresh start.”

At-risk homeowners who do not qualify for a loan modification will now have a viable alternative, and will not be forced into foreclosure. Lenders that offer loan modifications to their at-risk borrowers will be invited to participate in this new Short Sale program.

Trained customer service representatives will provide detailed Short Sale information to all homeowners who cannot obtain a loan modification or do not wish to retain their property. If a homeowner believes that a Short Sale might be appropriate, they are directed to a secure Internet website where they can obtain more information, and select a real estate agent in their community who has received comprehensive training on the Short Sale process. RE/MAX has designed this unique online database to assist homeowners with Short Sale information and easy agent referrals, and will use the closing management services Integrated Asset Services of Denver, Colorado.

“It’s been our experience that many homeowners aren’t even aware that Short Sales are a reasonable alternative to foreclosure,” says Jerry Alt, President and Chief Executive Officer of HEART Financial Services. “Each month we speak with thousands of homeowners who can’t qualify for or don’t want a loan modification. For the most part, when we refer them back to the servicer for a potential Short Sale, we lose the opportunity to help the borrower while we have them on the phone. Now, we can offer these homeowners some hope and a more efficient process to list and sell their home.”

The number of homeowners who could rely upon a Short Sale may be in the millions. According to realtytrac.com, July, August and September had the highest foreclosure numbers on record and some analysts say there is a “shadow” inventory of foreclosed properties as high as 7 million, which could start hitting the market in a few months. Out of all the applications reviewed for a loan modification, less than 50% are successful. And a high percentage of successful loan modifications eventually re-default.

“We have been talking to numerous industry leaders, legislators and Administration officials trying to draw attention to the Short Sale situation,” says Liniger. “It’s just not possible for the housing market to recover fully until the inventory of foreclosed properties is significantly reduced, and Short Sales offers one practical way to help do this.”

There are over 11,000 real estate agents in the United States who have received the Certified Distressed Property Expert (CDPE) professional designation. Over 60% of those are affiliated with RE/MAX. In addition, the National Association of REALTORS also offers a similar Short Sale, Foreclosure and REO (SFR) designation. Agents who have received special Short Sale training like these designations could be selected to participate in this new Short Sale program.

Short Sales can occur when a lender agrees to accept a sales price for a home that is lower than what the homeowner owes on the mortgage. The Short Sale transaction is more complicated than the average real estate sale and consumers are urged to deal with agents who have specific training in the process.

Contact The Cutty Group of Re/Max Desert Showcase  For More Info on This Short Sale Program 623-252-5591

HEART Financial Services will begin offering the newly developed Short Sale process to the loan modification applicants of their clients within the next few weeks.

# # #
About HEART Financial Services
HEART Financial Services, LLC is headquartered in Northbrook, Illinois and has over 200 professional customer service representatives and loss mitigation negotiators dedicated to assisting mortgage borrowers. Since mid-2008 HEART Financial has worked with over 800,000 consumer mortgage borrowers and has achieved closing rates in excess of 40%. No fees are charged to the consumer for working out a suitable plan for home retention. As one of the largest loan modification facilitators in the country, HEART Financial has a proven record of reaching the problematic “no contact” borrowers before a decision to foreclose has been made and achieves higher resolution rates than industry averages. HEART Financial is dedicated to developing successful outreach programs for our servicing clients to engage their customers in a meaningful manner to work out a suitable solution to avoid foreclosure.

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Some Valley residents actually benefited from the housing crisis. Here are some of their stories:

First-time owners take advantage of tax credit

Christina and Chad Haller said the First-Time Homebuyers Tax Credit motivated them to buy their first home sooner than they had planned.

“We probably would’ve waited a year if [...]]]> Some Valley residents benefit from housing crisis

Some Valley residents actually benefited from the housing crisis. Here are some of their stories:

First-time owners take advantage of tax credit

Christina and Chad Haller said the First-Time Homebuyers Tax Credit motivated them to buy their first home sooner than they had planned.

“We probably would’ve waited a year if it weren’t for the tax credit,” Christina said.

More than 38,000 Arizonans have taken advantage of the tax credit, which expires Nov. 31, according to the IRS. It covers 10 percent of the home’s purchase price, up to $8,000.

The Hallers closed on a 1,200-foot, three-bedroom, two-bathroom home in Gilbert in June. After spending about six weeks repainting most of the home and fixing up a few things, such as adding new stainless steel appliances to the kitchen, they moved in the first week of August.

“We saw a million houses, so I was just happy to finally find one that my husband and I were happy with,” said Christina Haller, whose home cost $132,500. “We really wanted to live in Tempe, but we were on a budget, and it was a cute house that we could afford.”

Former renter finds $75,000 deal in Buckeye

Buckeye newcomer Geanna Gute had never imagined homeownership would be so affordable.

Gute, a bill collector who had been a longtime renter, purchased a pristine 1,860-square-foot bank-owned home, built in 2005, for $75,000.

It had been appraised at $200,000 in October 2008.

Like many Arizona home buyers in 2009, she took advantage of an alternative federal loan-guarantee program through the U. S. Department of Agriculture that does not require a down payment.

Gute, 58, said her monthly payment is $650, and the only thing she had to pay for up front was a reshoot of some inspection-related photos.

“I had to pay $60 – that’s all I paid,” she said.

The USDA-guarantee program is similar to the FHA’s in that private banks still provide the loans, and the government promises to pay off the loan if the borrower defaults.

Despite the lack of a required down payment, USDA loans historically have the lowest default rate among government-insured loans.

The lesser-known federal-guarantee program has provided a shot in the arm to outlying areas of the Valley, where an oversupply of speculative homes and abundance of foreclosures have lowered home values significantly. According to the USDA, it has guaranteed more than $400 million in home loans this year in Arizona.

Although the loans are restricted to “rural areas,” the definition includes Buckeye, Queen Creek and most of suburban Pinal County.

Phoenix fireman buys bank-owned residence

Phoenix firefighter Korey Young said he wasn’t cut out for living in an apartment.

Because of the foreclosure crisis, he doesn’t have to.

“I need space,” said Young. “I make a lot of noise. I like to ride dirt bikes. I always have a bunch of friends over.”

The 24-year-old Phoenix resident purchased one of more than 28,000 Valley bank-owned houses that sold in the first eight months of 2009.

Young paid about $195,000 in July for the north-central Phoenix home
, which had been gutted and came with no major appliances. Fortunately for Young, another prospective buyer had backed out of the deal after repainting the interior and laying new carpet.

Still, Young said his home, like most of the bank-owned homes he saw, is a fixer-upper. Buyers who don’t like weekend trips to Home Depot probably should look elsewhere.

“There’s always a project going on here,” he said.

Source http://www.azcentral.com/business/realestate/articles/2009/10/09/20091009biz-vhv-bargains1011.html

Free Phoenix MLS Search
Features Full  and FREE access to ALL Phoenix  MLS Metro Area Listings of all homes available in: Phoenix, Scottsdale, Paradise Valley, Cave Creek, Carefree, Sun City, Peoria, Glendale, Surprise, Buckeye, Avondale, Tempe, Chandler, and Mesa, Arizona. Find REO’s, Short Sales,Bank Owned, Foreclosures! The Cutty Group!

According to Wikipedia, “foreclosure is the legal and professional proceeding in which a mortgagee, or other lienholder, usually a lender, obtains a court-ordered termination of a mortgagor’s equitable right of redemption.” To put it simply, foreclosure is a legal process in which a lender takes over ownership of a property when the borrower [...]]]> Phoenix Foreclosure Facts

According to Wikipedia, “foreclosure is the legal and professional proceeding in which a mortgagee, or other lienholder, usually a lender, obtains a court-ordered termination of a mortgagor’s equitable right of redemption.” To put it simply, foreclosure is a legal process in which a lender takes over ownership of a property when the borrower is in default of payment. Foreclosures can end in several ways, including pre-foreclosures, auctions and Real Estate Owned (REO), all of which are explained in further detail in this section. For prospective buyers, foreclosures can result in significant savings, since the lenders that take back the properties typically aren’t in the business of being landlords and will do whatever they can to sell them.

The Cutty Group can show you every foreclosure throughout the Phoenix metro area and lists all foreclosures in their free mls search

What are the two types of foreclosure?

1. Non-judicial, which occurs in deed of trust states. In this type of foreclosure, a third party that is empowered to foreclose or take back the property when the mortgage is in default holds title. Since the lender does not need to file a lawsuit against the mortgage holder to foreclose or take back the property, these foreclosures can take as few as 60 to 120 days.

2. Judicial, which occurs in mortgage states. Since the mortgage holder holds title and has to go to court to rectify the matter when the mortgage goes into default, this type of foreclosure can take much longer than non-judicial.

Four steps to foreclosures

Understanding the four steps to foreclosure can help prospective buyers to purchase properties at the best possible price.

1. Pre-foreclosure. This is the period during which a property owner starts missing payments but before formal legal action has been taken. During this time, a property owner may be more likely to consider any offer if it means saving their credit and avoiding full foreclosure.

2. Notice of Default (NOD). This is the first legal step taken in a formal process of foreclosure.

3. The foreclosure sale. Depending on whether it is a judicial or non-judicial process (each state varies), the foreclosure sale can take as long as a year. Judicial foreclosure sales are often held on courtroom steps as soon as a judgment is reached.

4. Redemption period. This is the time period some states allow for a property owner to get title back, provided they pay the full balance of the loan and various fees. Prospective buyers need to know if they are purchasing a foreclosed property that has a redemption period, since they won’t want to make major improvements to the property until they know for sure it is theirs.

A pro — and some cons — to consider

Since no transaction is truly without risk, here are some downsides to foreclosures — and one very good reason why purchasing a foreclosure may be right for you:

Pro

- A foreclosed property can often be purchased at a better price. In fact, the savings can be so significant it can outweigh all of the following cons:

Cons

- Foreclosures can be emotionally draining since they are the result of another person or family losing their American dream.

- Very often, foreclosed properties have been left empty, neglected and vandalized, resulting in immediate expenses for the new owner.

- The legalities of purchasing a foreclosed property can be much more complex and challenging than a traditional real estate sale.

Where to turn for help?

When purchasing a foreclosed property, you will likely want one or all of the following professionals on your team:

1. Realtor®. A Realtor® , like the Realtors of The Cutty Group are professionally trained to deal with all types of transactions, including foreclosures. Some real estate firms even have departments devoted entirely to foreclosures.

2. Home inspector. Since foreclosed properties have often been neglected and vandalized, this is especially important here. Even auctions leave a window for interested parties to examine properties before they’re put on the block. If you’re unable to inspect a property prior to purchase, follow your gut, but you might want to move on to the next property on your list.

3. Mortgage broker or lender. Even if you find the foreclosed property of your dreams and can agree on a purchase price, securing a loan has never been more difficult. Before you even begin your search, you should consult with a mortgage broker or lender to determine if you’re qualified to purchase and for how much.

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The Phoenix area may be in the Southwest, but it offers a lot more than Southwest-flavored houses and neighborhoods.

While there are many neighborhoods featuring stucco homes with tile roofs, there are also historical houses with mature trees, homes from the post-World War II boom years, homes in desert areas and luxurious mansions.

One [...]]]> Phoenix AZ Housing Options

The Phoenix area may be in the Southwest, but it offers a lot more than Southwest-flavored houses and neighborhoods.

While there are many neighborhoods featuring stucco homes with tile roofs, there are also historical houses with mature trees, homes from the post-World War II boom years, homes in desert areas and luxurious mansions.

One of the most exciting developments is the rise of hundreds of new condos in urban settings, particularly in downtown Phoenix, Scottsdale and near a man-made lake in downtown Tempe, home of Arizona State University. The downtown Phoenix and Tempe areas are linked by a light-rail line.

Backyard swimming pools are popular because of the 110-plus-degree summers.

A boom in freeway construction over the past decade has opened up numerous areas for living, especially on the edges of the Phoenix area. Some of these areas are so near the desert you can hear coyotes howling at night.

So choose your lifestyle, your swimming pool and your own oasis, whether that’s life in a high-rise condo within walking distance of sporting facilities, restaurants and art museums, mowing a grass lawn or tending to a low-maintenance desert-landscaped home.

Resale homes

Like everywhere else in the country, sales of existing homes have slowed, creating a large selection of about 53,500 homes from which to choose. Prices have been dropping.

Resale residences include homes on the edges of the Phoenix area that may be only a few years old, especially in Surprise, Maricopa and Queen Creek. While the commutes may be longer and the lots smaller, the prices are lower than in more central areas.

Homeowners associations are more commonly associated with newer homes.

Advantages to buying older homes include shorter commutes, larger lots and established neighborhoods. And some areas can make you feel like you’re back in the Midwest, California or wherever you are moving from.

Master-planned and gated communities

People like these communities because of the security and because the homeowners associations generally help the homes hold their values. Many are built around golf courses.

Typically, these communities feature several builders, common swimming pools and lush but low-water landscaping and recreation facilities.

Active-adult communities

Retirement communities have been part of Phoenix-area history for almost 50 years. The first retirement community in the country, Sun City, opened in 1960 in the northwest Valley. Now there is a Sun City West near the original Sun City, and far across the eastern side of the Valley, Sun City Anthem in the historic town of Florence.

There is also Sun Lakes, near Chandler, and hundreds of age-restricted communities featuring manufactured and site-built houses around swimming pools, recreation and fitness centers and sometimes golf courses. Mesa is known for dozens of manufactured-home communities that cater to retired visitors.

Custom homes

Luxurious homes are still located mostly in the Scottsdale, Paradise Valley and Carefree areas. But there are now also pockets of mansions in east Mesa; the Ocotillo area of south Chandler; Tempe; north Phoenix; and the Ahwatukee Foothills area of Phoenix.

The mansions usually sit on at least three-quarters of an acre and have a swimming pool. They often also offer the refreshing sounds of trickling water.

Condominiums

There has been a boom in condo construction in recent years as more homeowners choose shorter commutes, more culture-oriented lifestyles or nighttime views of thousands of twinkling lights from high-rise windows.

Just about every downtown has condos from which to choose.

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Foreclosed homes accounted for 37 percent of the total activity in the Phoenix metro real estate market in July — down from February when foreclosures represented 51 percent of the sales. But despite the drop, foreclosures continue to play a major role, signaling that the market has a ways to [...]]]> Phoenix Foreclosure Real Estate Market News

Foreclosed homes accounted for 37 percent of the total activity in the Phoenix metro real estate market in July — down from February when foreclosures represented 51 percent of the sales. But despite the drop, foreclosures continue to play a major role, signaling that the market has a ways to go before it is healthy again.

Jay Q. Butler, Associate Professor of Real Estate in the Department of Finance at the W. P. Carey School of Business, reports that 11,500 resale houses were sold in July, compared to 11,820 in June and 8,165 in July a year ago. This is a record level of activity, but the driver is foreclosure — the sale of lender-owned properties and the resale of recently foreclosed homes — not the traditional owner-occupant segment.  Foreclosures accounted for 4,200 transactions in July, but nearly half (46 percent) of the 7,300 traditional transactions involved properties that had been in foreclosure recently.

“Except for the sense of failure that surrounds foreclosures and bankruptcies, the current market is not much different than the 2003-2006 hyper-market,” Butler said. “It is driven by similar-minded investors looking for the deal — especially the potential of great appreciation. A recovery cannot really be established until foreclosure activity drops to historical levels, such as 3-5 percent of monthly recordings, and owner-occupants are the primary driving force.”

The return of investors

Declining prices, especially in the lower income ranges, have piqued interest for potential investors and owner-occupants alike. Investors hope that home prices will rise again in the next few years. On the positive side, lower prices can greatly improve affordability, Butler said, but they can also adversely impact owners and potential sellers, whose limited equity erodes as prices slide below existing debt level. As well, rapidly declining value can affect eligibility of a property for some mortgage modification programs, which limit decline from the purchase and financing of the home.

In the traditional market, the median price in July was $135,500, down 33 percent from the $200,750 of a year ago. The median price for foreclosed properties was of $148,045, down from $159,200 in July 2008.

There are two fundamental reasons why the median price for foreclosed homes is higher than traditional transactions, Butler explained. More expensive homes continue to be among the foreclosed; in July, 32 foreclosures were valued over $1 million — including six over $2 million. Another 4 percent of the foreclosures were in the $400,000 to $1 million range. Since most loan modification programs are designed for homes under $400,000, the increase in foreclosure activity for the upper-end market was expected.

Also, approximately 50 percent of the traditional sales during the past 12 months were foreclosed homes that were sold again with a median price markdown of 20 percent. The markdown varied throughout the Valley, ranging from 51 percent in Maryvale to 30 percent in El Mirage to 13 percent in Tempe.

Since the Greater Phoenix area is so large, the median price can range significantly:

North Scottsdale – The median price for a foreclosed property was $400,495 in July ($451,595 in June), while the median in the traditional market was $500,000 in July ($460,000 in June).

South Scottsdale — The median for foreclosures in July was $219,650 ($180,000 in June) and in the traditional market, $190,000 in July ($192,500 in June).

Maryvale -- The median for foreclosures was $86,000 ($76,285 in June), and for traditional transactions, $51,400 in July ($48,000 in June).

Union Hills — The median for foreclosures was $215,500 in July ($210,500 in June) and for traditional sales, $190,560 ($193,725 in June).

Paradise Valley had a median square footage of 3,730 and a median price of $1,412,500.

Inside the numbers

Recorded sales reflect decisions that were actually made in preceding months, Butler pointed out, and so it is with the July’s drop in foreclosure activity. Butler thinks this is the result of hiatus programs instituted by banks while they were waiting to see the results of the federal government’s loan modifications and re-financing programs.

July is also at the tail end of the resale home season, which usually closes in August, Butler added. During the resale season, sales and median prices tend to increase, so some improvement in the local housing market would not be unexpected.

Low mortgage interest rates and prices would tend to strengthen the market, Butler said, but there are many obstacles.

“Tighter underwriting standards, a weak economy and poor job market — including job losses and lost income through reduced pay and furlough programs — continue to blunt the potential of the market,” Butler said.

The 1,475 total recorded sales for July 2009 in the townhouse/condominium market included 555 foreclosed properties. A year ago, 280 of the 870 total transactions were foreclosures. In July 2009, the median price for foreclosed properties was $109,545, while the traditional market stood at $106,500. Last year, the splits were $125,800 and $160,000, respectively.

Source: http://knowledge.wpcarey.asu.edu/article.cfm?articleid=1809

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Peoria has stepped up its efforts to identify vacant foreclosed homes before they become blight on a neighborhood.

The city’s utility staff and trash haulers are now taking note if they suspect an abandoned home, such as trash cans not placed at the curb. Police are then made aware of [...]]]> Peoria AZ Foreclosures

Though home resale activity has dropped in Glendale, Peoria and [...]]]> West Valley Home Resales Rise As Prices Are Slashed

Home sellers in the West Valley have slashed their asking prices up to 30 percent since February, and the price cuts are spurring sales in Surprise, El Mirage and Goodyear, according to a report from Arizona State University.

Though home resale activity has dropped in Glendale, Peoria and Avondale, it is only because fewer homes are for sale in those communities, since they have more established economies and infrastructures and less housing turnover, said Jay Butler, director of realty studies at ASU’s Morrison School of Management and Agribusiness.

The ASU report measured the Valley’s home resale activity from February to March. The school is expected to release April sales figures later this month.

In the West Valley, resale figures show that home values in the newest West Valley communities are still correcting, where as values in the more established municipalities closer to metro Phoenix have become more stable, Butler said.

“You really got two sets of communities: Glendale and Peoria are older, more mature communities. And then, there are the new ones under development like Surprise, El Mirage to some degree, and Goodyear . . . those are the ones that really got hit hard (by the housing slowdown),” he said.

The steep price drops in those newer communities have revived buyer interest, however.

Butler said that investors are once again purchasing homes in those areas, as are new snowbirds.

When looking to buy or sell your West Valley area home, call the experts Trisha Brooks GRI Re/Max 602-618-3053. Search the complete Arizona MLS for free at http://www.liveinphoenixtoday.com/

But with the advent of the urban-living trend, real-estate buyers with the desire and the cash can make the punch line [...]]]> Liquid urban-living style a contender

Waterfront property in the Valley used to be a punch line – the thing we were all going to get when The Big One struck and California fell into the sea.

But with the advent of the urban-living trend, real-estate buyers with the desire and the cash can make the punch line a reality and live the luxe life on the water.

On the banks of the canal

The star of the waterfront living trend, the Scottsdale waterfront project, barely has any waterfront to speak of – but customers still can’t resist. Situated on the southwest corner of Scottsdale and Camelback roads, this two-building condominium complex will overlook the canal that runs past the intersection. Part of the construction plans includes beautifying the canal banks for Scottsdale waterfront residents and the general public.

“We consider the canal bank an amenity – a great amenity that’s never been used,” says Geoffrey Edmunds, president of Geoffrey Edmunds and Associates, a joint-venture partner in the project with Opus West. “The entire canal bank will be landscaped, and it will provide open space and walking areas for the residents and people who live in the city of Scottsdale.”

When complete (sometime in 2007), the Scottsdale waterfront will comprise 198 condominiums ranging in price from approximately $500,000 to $3.5 million. Square footage starts around 1,200 square feet for condos on the lower floors, while the 13th floor penthouses occupy almost 5,000 square feet each. More than 90 percent of the properties sold in the first eight months they were on the market.

One couple already waiting to move into their Scottsdale waterfront condo is Harvey and Fran Friedman of Phoenix. The Friedmans moved here from Cleveland more than 25 years ago and have owned homes in Scottsdale and Paradise Valley. Three years ago, they moved into Esplanade Place, the granddaddy of Valley urban-living projects, located at Camelback Road and 24th Street in Phoenix. Esplanade Place is also an Edmunds project, and through the grapevine, the couple heard about the new development long befroe construction started.

“We got involved with (the Scottsdale waterfront) when it was still in the early stages,” explains Harvey Friedman. “There had been a lot of discussion about it for years and years, and it piqued our interest.
“
More than the waterfront aspect, the Friedmans were attracted to the location of the project, which is right near Scottsdale Fashion Square and the Fifth Avenue and Old Town areas.

“The location is excellent,” Harvey Friedman says. “You’ve got all you need to do, and a lot of it’s within walking distance, which is what we really enjoy.” The Friedmans expect to move in around April 2007.

Lakeside living

Buyers who want a little more water in their waterfront are snapping up space in urban-living projects on Tempe Town Lake in north Tempe. The perimeter of the manmade body of water is filling up fast with condos, the first of which was Edgewater at Hayden Ferry Lakeside, created by SunCor Development Co.

Buyers will soon start moving into Edgewater’s 40 units, which sell for $390,000 to $2.15 million and range in size from approximately 1,100 to 3,100 square feet. SunCor broke ground last month on Bridgeview, the second of the four planned Hayden Ferry Lakeside condo towers. Bridge-view has a large percentage of its 104 units still available. Prices start in the low $400,000 range and run up to around $5.5 million; square footage ranges from 1,100 to 5,000 square feet.

On the other side of the lake and closer to Rural Road is Northshore Condominiums, a WestStone Communities urban-living project that broke ground in December 2005.

The 134 units are 95 percent sold out, which doesn’t surprise Marilyn Pfaff, WestStone marketing director. She says that the lakefront location was a factor in “100 percent” of sales.

“So many people are attracted by what’s going on around the lake,” she says. “They don’t want to be one of those people who drive by in five years and wish they would have bought. They got in now, and they’re smart.”

Northshore, when complete, will be built in a U-shape around a central courtyard with pools and fountains. The “U” will face the lake, allowing for the maximum number of lakefront views. Other units will overlook Arizona State University’s Karsten Golf Course across Rural Road. All but two units are equipped with outdoor fireplaces on the balconies, “so you can sit out on your balcony with a glass of wine and look out over the lake,” Pfaff says.

Other upcoming Tempe Town Lake urban-living projects include the Regatta Pointe Condominiums on Rio Salado Parkway, one section of which will offer lake views, and the Mondrian @ Tempe Town Lake apartments.

WestStone is also planning another condo tower next to Northshore, a high-rise with 190 units and a sky lounge, which should break ground in the fourth quarter of 2006.

“It’s all about the location,” Pfaff says of the lakefront building boom. “It’s all about trying to be close to whatever lake we have in the desert. So much is happening around that lake, and I know that all of the great property seems to be spoken for. There’s big plans for it all.”

Buyers and sellers

Water or no water, the people buying into lakefront urban living are generally the same customers purchasing in similar landlocked projects.

“One is the investor, two is the empty-nester and three is a bachelor or a young executive,” says Evan Katz, a member of the Katz Group of Realty Executives.

Edmunds says, “The most important single ingredient is the change in lifestyle for people.” The bulk of future Scottsdale waterfront residents are “people between the ages of 50 and 70 who are looking for a new lifestyle that allows them to lock and leave, and not have to maintain a large single-family home on a large lot. So we get a lot of buyers from North Scottsdale and Paradise Valley who are moving out of their single-family home and moving into the urban lifestyle.”

That description fits the Friedmans perfectly. “We bought a condo in Califronia a few years ago, and we decided we liked that kind of living,” Fran Friedman says. “It was easy because we travel a lot; we just lock the door and go.”

In other urban-living communities such as Northshore, the main buyer is the young professional, a fact that may partially be attributed to the lower price points.

The young professionals “really love Tempe and the lake and the lifestyle,” Pfaff says. “It’s a great mix – you’ve got what’s going on in Tempe, and you’re close to Scottsdale.”

The best news for waterfront property owners may come when it’s time to sell, Katz says.

“I think the waterfront environment – that feeling of being on the water – is a very unique thing here in the Valley. I think in the long term the waterfront properties, the ones facing the water, will probably resell better than others. You can compare it to a golf-course lot; anything that is unique always will deliver a premium, especially on resale.”

That may be, but the Friedmans aren’t looking to sell their waterfront property any time soon.

“We’re a good year, 14 months away from moving in, and the excitement and anticipation starts to grow as it gets closer and closer,” Harvey Friedman says. And after moving day finally arrives, “We’re going to be there for a while.”

for her part, Fran is looking forward to decorating the new place.

“That’s the best part,” she says.
Source: Jewish News