The chief executive officer of a global sports management corporation, an orthodontist, a radiologist and a Canadian homebuilder are among the buyers and sellers in this week’s priciest home sales. $3,950,000.

Paradise Valley Properties LLC, a Florida limited-liability company whose managing members are Thomas J. Gast and [...]]]> The Phoenix Valley’s priciest home sales In February 2010

The chief executive officer of a global sports management corporation, an orthodontist, a radiologist and a Canadian homebuilder are among the buyers and sellers in this week’s priciest home sales. $3,950,000.

Paradise Valley Properties LLC, a Florida limited-liability company whose managing members are Thomas J. Gast and Elizabeth F. Gast, purchased a seven-bedroom, 10-bath, 13,206-square-foot home along the western edge of the Camelback Golf Course in Paradise Valley. The home was sold by Alan L. Nero and Lisa M. Johnson as trustees of the RJLJ Declaration of Trust. Alan Nero was named chairman and CEO of CSMG Sports, a global sports management corporation in Chicago in 2000.

$3,239,000.

Gray U.S. Investments LP of Calgary, Alberta, paid cash for a 6,429-square-foot home with pool originally built in 2007 at the Silverleaf Club in Scottsdale. The home was sold by John J. Harris and his wife, Stephanie.

$2,751,000.

William M. Cannon, as trustee of the William M. Cannon Trust, paid cash for a five-bedroom, 6 ½-bath, 7,693-square-foot property north of Mummy Mountain in Paradise Valley. William Cannon is a personal-injury attorney with Cannon & Dunphy in Brookfield, Wis. The home was sold by A. Paul Serrano as sole member of Sapphire Home LLC.

$2,500,000.

Nataliya V. Plyushcheva and her husband, Imtiaz Ahmed, bought a six-bedroom, 6 ½-bath, 7,980-square-foot home at Mockingbird Square north of the Paradise Valley Country Club. Plyushcheva is a radiologist practicing in the West Valley. The home was sold by Paul Evans and Nicole McCurry-Evans and Scott and Julie Van Drunen.

$2,300,000.

Cal Wenzel, his wife, Edith, and Sharlene G. Rickett, all from Calgary, Alberta, paid cash for a five-bedroom, six-bath, 8,200-square-foot home originally built in 2007 west of the Eagle Mountain Golf Club in Scottsdale. Cal Wenzel is president of Shane Homes Ltd. and Creations by Shane Homes in Calgary, Alberta. Sharlene Rickett is vice president of corporate relations for the residential homebuilder. The home was sold by SAKK Investments LLC, a Nevada limited-liability company in Scottsdale.

Researched by John McLean and the Information Market.

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

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Thinking of living in Scottsdale. Here is a nifty little video about Scottsdale AZ

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, [...]]]> Scottsdale AZ Living.

Thinking of living in Scottsdale. Here is a nifty little video about Scottsdale AZ

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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A developer, two doctors, an estate-planning attorney and a builder are among the buyers and sellers in this week’s priciest home sales.

$6,000,000.

Marcarco III, a limited partnership based in Delaware, paid cash for a four-bedroom, four-bath, 5,215-square-foot home originally built in 1958, with a 1,175-square-foot pool. The home sits on more [...]]]> Phoenix AZ  September Luxury Home Sales

A developer, two doctors, an estate-planning attorney and a builder are among the buyers and sellers in this week’s priciest home sales.

$6,000,000.

Marcarco III, a limited partnership based in Delaware, paid cash for a four-bedroom, four-bath, 5,215-square-foot home originally built in 1958, with a 1,175-square-foot pool. The home sits on more than 9 acres of land northeast of the Paradise Valley Country Club in Paradise Valley. The home was sold by Northern Trust NA in Phoenix, as successor trustee of the J.D. Trust.

$2,750,000.

James Beatty and his wife, Stephanie, bought a seven-bedroom, 6 1/2-bath, 9,143-square-foot home with a pool. The home was originally built in 2007 on 4 acres west of Troon Country Club
in Scottsdale. James Beatty is managing member of Brighton Land Development Group in Scottsdale. The home was sold by Joanne Tedesco, managing member of JHT 1 LLC, an Arizona limited liability company

$2,635,000.

Ali Mojaverian-Majd and his wife, Neda Kobari-Ghotbi, purchased a five-bedroom, 5 1/2-bath, 7,656-square-foot home built in 2008. The home is northeast of Paradise Valley Country Club in Paradise Valley. Mojaverian-Majd specializes in internal medicine and pulmonary critical care and is a member of the Phoenix Medical Group in Peoria. The home was sold by NC Mockingbird LLC, an Arizona limited-liability company managed by NC Properties LLC whose sole members are Craig Banner, president/CEO American Traditions Builders, and Neil Ginsberg, principal/president/CEO of Pinnacle Diversified LLC.

$2,500,000.

PVC OPS LLC, an Arizona limited-liability company whose sole member is Lawrence Scaringelli, as trustee of PVC Operations Revocable Trust, bought a six-bedroom, 6 1/2-bath, 7,549-square-foot home with a heated pool. The home was built in 2007 in Paradise Valley. Scaringelli is an estate-planning attorney at Becker & House in Scottsdale. The home was sold by Paradise Valley Holdings 6307 LLC, an Arizona limited-liability company, whose sole managing members are Richard and Linda Fisch, principals of Mountain Shadows Custom Homes.

$2,375,000.

RGOI Investments Ltd., a Texas limited partnership, paid cash for a five-bedroom, five-bath, 6,019-square-foot home built in 2007 in the north Scottsdale golf community of Mirabel. RGOI Investments Ltd.’s principal is William D. Snyder, an orthopedic surgeon in McAllen, Texas. The home was sold by Dynamic Land Investments LLC, an Arizona limited-liability company, whose managing member is Ronald J. Zaha.

Researched by John McLean and the Information Market.

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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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