The NFL Network and ESPN will call Downtown Scottsdale home for their broadcasts during Super Bowl events.
In addition to the 7-day live ESPN broadcast that will occur south of Marshall Way bridge from Jan. 28 to Feb. 3, the 944 Magazine Super Village is being publicized as the Epicenter of all the official Super Bowl XLII football action.
The 944 Super Village will take place on the vacant lot south of the Nordstrom parking structure. The event lineup includes three days and nights of rockstars, music moguls, DJ's, bands, celebrity hosts, runway shows, celebrity poker tournaments, professional athletes, sports memorabilia and licensed apparel.
More than 10,000 people are anticipated to participate in the activities. For more information on Super Bowl week activities, go to: http://www.scottsdalecvb.com/football/
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
Monday, December 17, 2007
Thursday, December 06, 2007
Freddie Mac: Mortgage rates slip to near 2005 levels
NEW YORK (MarketWatch) -- U.S. fixed-rate mortgages fell in the latest week, according to Freddie Mac's survey released Thursday. The national average interest rate on the benchmark 30-year, fixed-rate loan averaged 5.96% in the week ending Thursday, down from 6.10% a week ago and 6.11% a year ago.
The current 30-year rate has not been lower since the week ended Sept. 29, 2005, when it averaged 5.91%. The 15-year fixed-rate loan averaged 5.65%, down from 5.73% a week ago and 5.84% a year ago.
The current rate on that loan hasn't been lower since the week ended Oct. 13, 2005, when it averaged 5.62%. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.75%, compared with 5.86% a week ago and 5.92% a year ago.
"House prices rose only 1.8% over the 12 months ending Sept. 30, the slowest rate of growth since the 12-month period ending March 31, 1995, according to the Federal Housing Finance Board's national house-price index," said Frank Nothaft, Freddie Mac vice president and chief economist. "With lower consumer spending and personal income gains in October, interest rates on U.S. Treasury securities fell lower this week and mortgage rates followed."
Source: Michelle Donley, MarketWatch
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
The current 30-year rate has not been lower since the week ended Sept. 29, 2005, when it averaged 5.91%. The 15-year fixed-rate loan averaged 5.65%, down from 5.73% a week ago and 5.84% a year ago.
The current rate on that loan hasn't been lower since the week ended Oct. 13, 2005, when it averaged 5.62%. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.75%, compared with 5.86% a week ago and 5.92% a year ago.
"House prices rose only 1.8% over the 12 months ending Sept. 30, the slowest rate of growth since the 12-month period ending March 31, 1995, according to the Federal Housing Finance Board's national house-price index," said Frank Nothaft, Freddie Mac vice president and chief economist. "With lower consumer spending and personal income gains in October, interest rates on U.S. Treasury securities fell lower this week and mortgage rates followed."
Source: Michelle Donley, MarketWatch
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
Tuesday, December 04, 2007
City of Scottsdale New Downtown Parking Garage Now Open.
The new SouthBridge underground parking garage is now open.
The garage has over 300 parking spaces, is open 24 hours a day and is free. The garage is located underneath the 7114 E. Stetson Drive building, which houses the new FOODBAR restaurant. Access to the parking garage is on Stetson Drive just north of 5th Avenue.
For more information call the Downtown Scottsdale Group office at (480) 312-7750.
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
The garage has over 300 parking spaces, is open 24 hours a day and is free. The garage is located underneath the 7114 E. Stetson Drive building, which houses the new FOODBAR restaurant. Access to the parking garage is on Stetson Drive just north of 5th Avenue.
For more information call the Downtown Scottsdale Group office at (480) 312-7750.
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
Monday, November 26, 2007
WATER TREATMENT PLANT EARNS SCOTTSDALE "CROWN COMMUNITY" AWARD.
Scottsdale was recently presented the 2007 America's Crown Community award for the Chaparral Water Treatment Plant by American City & County magazine. The award recognizes the extra steps local governments take that have lasting effects on residents, businesses and the environment. Projects are judged based on their uniqueness, short- and long-term value to the community and effective/innovative financing. Scottsdale is one of only six cities to receive the award this year.
The Chaparral Water Treatment Plant won as a result of its innovation and its benefit to the community. The plant, which produces 30-million-gallons-a-day, sits on a nine-acre site and is a technical marvel. A conventional plant of this production capacity would have required a footprint two to three times larger. Instead, the city used state-of-the-art membrane technology to compress the footprint of the plant leaving room to extend nearby Chaparral Park with additional amenities, such as an off-leash area.
The design of the plant also allows it to connect the adjacent neighborhood to the park, rather than separate the two spaces. In addition, the plant also serves an educational purpose because it offers a Xeriscape demonstration garden where residents and park visitors can learn about low-water use landscape.
The award was presented to the city on Nov. 15 as part of a special awards ceremony at the annual National League of Cities convention held in New Orleans, Louisiana.
For more information on American City & County magazine visit http://americancityandcounty.com For more information on Scottsdale water quality and conservation, visit: http://www.scottsdaleaz.gov/water.asp
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
The Chaparral Water Treatment Plant won as a result of its innovation and its benefit to the community. The plant, which produces 30-million-gallons-a-day, sits on a nine-acre site and is a technical marvel. A conventional plant of this production capacity would have required a footprint two to three times larger. Instead, the city used state-of-the-art membrane technology to compress the footprint of the plant leaving room to extend nearby Chaparral Park with additional amenities, such as an off-leash area.
The design of the plant also allows it to connect the adjacent neighborhood to the park, rather than separate the two spaces. In addition, the plant also serves an educational purpose because it offers a Xeriscape demonstration garden where residents and park visitors can learn about low-water use landscape.
The award was presented to the city on Nov. 15 as part of a special awards ceremony at the annual National League of Cities convention held in New Orleans, Louisiana.
For more information on American City & County magazine visit http://americancityandcounty.com For more information on Scottsdale water quality and conservation, visit: http://www.scottsdaleaz.gov/water.asp
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
Scottsdale - 85262
This upscale north Scottsdale ZIP code posted the third-biggest increase in the Valley.
This area is second only to Paradise Valley for metropolitan Phoenix's priciest homes.
The increase: The ZIP posted a 13 percent increase in median home prices this year. Most of the price increase came from existing home sales in golf communities such as DC Ranch. And while prices climbed here, Paradise Valley experienced a 5.6 percent drop.
Median price: The jump pushed the median home price above $1 million for the first time.
The ZIP code, north of Bell Road next to the McDowell Mountains, had fewer than 50 new homes go up. The Loop 101 has helped this neighborhood as well as the rest of north Scottsdale grow.
Communities in this ZIP code draw second-home buyers as well as Valley executives. Several big firms have moved their corporate headquarters to the Scottsdale Airpark during the past few years.
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
This area is second only to Paradise Valley for metropolitan Phoenix's priciest homes.
The increase: The ZIP posted a 13 percent increase in median home prices this year. Most of the price increase came from existing home sales in golf communities such as DC Ranch. And while prices climbed here, Paradise Valley experienced a 5.6 percent drop.
Median price: The jump pushed the median home price above $1 million for the first time.
The ZIP code, north of Bell Road next to the McDowell Mountains, had fewer than 50 new homes go up. The Loop 101 has helped this neighborhood as well as the rest of north Scottsdale grow.
Communities in this ZIP code draw second-home buyers as well as Valley executives. Several big firms have moved their corporate headquarters to the Scottsdale Airpark during the past few years.
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
Tuesday, November 20, 2007
COZY TOWNHOUSE @ PEPPER RIDGE
On-going OPEN HOUSES. Please check schedule at calendar.e-Scottsdale.com
Great location, Ideal First Home or Investment. $182,477.00
Great first home or rental property. Features include 2 bedrooms, 1 bath, family room with separate eating area, laundry room, large inside storage closet w/shelving and full size 2-car garage.
Master bedroom also includes patio doors as a separate backyard exit to the covered patio. New dishwasher, home warranty included. Two community pools, large green belt for children/pets and close to all major shopping, SR51 and Loop-101 freeways.
For further details and pictures, visit the property's web site at http://www.house8622.com/
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
Great location, Ideal First Home or Investment. $182,477.00Great first home or rental property. Features include 2 bedrooms, 1 bath, family room with separate eating area, laundry room, large inside storage closet w/shelving and full size 2-car garage.
Master bedroom also includes patio doors as a separate backyard exit to the covered patio. New dishwasher, home warranty included. Two community pools, large green belt for children/pets and close to all major shopping, SR51 and Loop-101 freeways.
For further details and pictures, visit the property's web site at http://www.house8622.com/
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
CITY OF SCOTTSDALE-UNPAVED ROADS AND DUST CONTROL TOPIC OF NOV. 28 MEETING.
Scottsdale's Environmental Quality Advisory Board hosts a meeting to discuss unpaved roads and dust control at 7 p.m. Nov. 28 at Sonoran Trails Middle School, 5555 E. Pinnacle Vista Drive, Phoenix. The meeting is being held at a Phoenix location because it's the closest facility for residents living in the affected area. Advisory board members will moderate the meeting, solicit citizen input and make recommendations to the Mayor and City Council.
Representatives from the Arizona Department of Environmental Quality, Maricopa County and the city will discuss new federal, state and county regulations and how they affect Scottsdale.
To learn more about this issue, visit http://www.ScottsdaleAZ.gov/airquality/dustcontrol.asp
Those who cannot attend the meeting can still comment. Here's how: E-mail comments to lperson@ScottsdaleAZ.gov Mail comments to Larry Person, Senior Environmental Coordinator, City of Scottsdale, 7506 E. Indian School Road, Scottsdale, Ariz. 85251
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
Representatives from the Arizona Department of Environmental Quality, Maricopa County and the city will discuss new federal, state and county regulations and how they affect Scottsdale.
To learn more about this issue, visit http://www.ScottsdaleAZ.gov/airquality/dustcontrol.asp
Those who cannot attend the meeting can still comment. Here's how: E-mail comments to lperson@ScottsdaleAZ.gov Mail comments to Larry Person, Senior Environmental Coordinator, City of Scottsdale, 7506 E. Indian School Road, Scottsdale, Ariz. 85251
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
Thursday, November 15, 2007
Mortgage rates hold below year-ago levels
Mortgage rates were mostly flat in the week ending Thursday, as mixed economic news kept rate movements in check, Freddie Mac said.
The national average interest rate on the benchmark 30-year fixed mortgage was 6.24%, unchanged from last week. The mortgage carried that same interest rate a year ago and is at its lowest point since May 17. One-year Treasury-indexed adjustable-rate loans were also unchanged at 5.50%.
The 15-year fixed-rate mortgage averaged 5.88%, down from 5.90% a week ago. Last year at this time the loan averaged 5.94%. The five-year, Treasury-indexed hybrid mortgage rose to 5.96% from 5.89%. A year ago that loan averaged 6.04%.
The two fixed-rate loans and the hybrid mortgage required the payment of an average 0.4 point to achieve the rate; the ARM needed 0.5 point. A point is 1% of the loan amount, charged as prepaid interest.
"Higher productivity growth in the third quarter coupled with a larger-than-expected decline in consumer confidence in November sent mixed signals to the current state of the economy," said Frank Nothaft, Freddie Mac chief economist. "As a result, there were no definite upward or downward pressures on mortgage rates this week."
"On a positive note, the National Association of Realtors reported this week an unexpected 0.2 percent gain in September's pending home sales index, which suggests less of a decline in existing home sales for October and November. That said, however, it should be noted the index is still 24% below that in December 2006."
Source: Steve Kerch, MarketWatch
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
The national average interest rate on the benchmark 30-year fixed mortgage was 6.24%, unchanged from last week. The mortgage carried that same interest rate a year ago and is at its lowest point since May 17. One-year Treasury-indexed adjustable-rate loans were also unchanged at 5.50%.
The 15-year fixed-rate mortgage averaged 5.88%, down from 5.90% a week ago. Last year at this time the loan averaged 5.94%. The five-year, Treasury-indexed hybrid mortgage rose to 5.96% from 5.89%. A year ago that loan averaged 6.04%.
The two fixed-rate loans and the hybrid mortgage required the payment of an average 0.4 point to achieve the rate; the ARM needed 0.5 point. A point is 1% of the loan amount, charged as prepaid interest.
"Higher productivity growth in the third quarter coupled with a larger-than-expected decline in consumer confidence in November sent mixed signals to the current state of the economy," said Frank Nothaft, Freddie Mac chief economist. "As a result, there were no definite upward or downward pressures on mortgage rates this week."
"On a positive note, the National Association of Realtors reported this week an unexpected 0.2 percent gain in September's pending home sales index, which suggests less of a decline in existing home sales for October and November. That said, however, it should be noted the index is still 24% below that in December 2006."
Source: Steve Kerch, MarketWatch
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
Monday, November 12, 2007
FARMER'S MARKET RETURNS TO DOWNTOWN SCOTTSDALE STARTING NOV. 17.
The Downtown Historic Fifth Avenue Merchants will be hosting a Saturday Farmer's Market from 10 a.m. to 2 p.m. through May, 2008.
The market will feature fresh and seasonal produce, herbs, plans, specialty foods, wines, fine crafts and music. The Fifth Avenue Farmer's Market will also be available Thursday evenings from 3 to 7 p.m. from November 29, 2007 through April 2008.
For more information visit: http://arizonafarmersmarkets.com
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
The market will feature fresh and seasonal produce, herbs, plans, specialty foods, wines, fine crafts and music. The Fifth Avenue Farmer's Market will also be available Thursday evenings from 3 to 7 p.m. from November 29, 2007 through April 2008.
For more information visit: http://arizonafarmersmarkets.com
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
City of Scottsdale Community Design Studio Lecture Series
Fall/Winter Lecture Series Underway.
Scottsdale's Community Design Studio, in collaboration with the ASU School of Design and Phoenix Urban Research Laboratory, is hosting a series of free community lectures to explore issues related to design, architecture, economics and sustainability. Attendees are encouraged to RSVP by calling (480) 312-2647.
Thursday, December 6 - Ann Markusen, Artist Centers - the evolution and impact on careers, neighborhoods and economies, from 6 to 7:30 p.m. in Room 2 of the Granite Reef Senior Center, 1700 N. Granite Reef Rd.For more information on Scottsdale's Community Design Studio go to:
http://www.scottsdaleaz.gov/bldgresources/planning/lectures.asp
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
Scottsdale's Community Design Studio, in collaboration with the ASU School of Design and Phoenix Urban Research Laboratory, is hosting a series of free community lectures to explore issues related to design, architecture, economics and sustainability. Attendees are encouraged to RSVP by calling (480) 312-2647.
Thursday, December 6 - Ann Markusen, Artist Centers - the evolution and impact on careers, neighborhoods and economies, from 6 to 7:30 p.m. in Room 2 of the Granite Reef Senior Center, 1700 N. Granite Reef Rd.For more information on Scottsdale's Community Design Studio go to:
http://www.scottsdaleaz.gov/bldgresources/planning/lectures.asp
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
18043 N 24th Pl Phoenix AZ 85032
Spacious Townhouse @ Pepper Ridge Subdivision. This lovely townhouse is located near all major shopping, SR51 and Loop-101 freeways.
Click here to view property's web site www.house8622.com
Click here to view property's VideoWalk(c) @ 777 Real Estate TV
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
Click here to view property's web site www.house8622.com
Click here to view property's VideoWalk(c) @ 777 Real Estate TV
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
Friday, November 02, 2007
A New Measure of the Housing Market
It could be the perfect investment instrument, at least for these times.
With housing markets roiling and tumbling across the country, debt markets in a tense and fragile holding pattern, and nervous but plentiful global capital waiting on the sidelines, a former investment banker, in partnership with some powerful investment banks and a rocket scientist, is preparing to launch the latest in real estate indexes in an attempt to break open the derivative market for residential property. It might actually work.
The Residential Property Index, or RPX, a creation of Radar Logic, will track owner-occupied housing in 25 metropolitan statistical areas (MSAs) nationwide. That's nothing new. What is new is that RPX will update its numbers daily, and, unlike other indexes, it will reflect about as simple a metric as real estate has to offer: price per square foot.
The data used by RPX will be drawn from public sources and will be provided in one-, seven- and 28-day snapshots for each MSA, along with a composite of all 25 cities. Although a beta version of the 28-day cycle can already be viewed at www.radarlogic.com, trading isn't expected to begin until September. That's when broker/dealers that have already licensed the index, including Morgan Stanley (nyse: MS - news - people ), Merrill Lynch (nyse: MER - news - people ) and Lehman Brothers (nyse: LEH - news - people ), will begin offering it to their institutional clients.
Radar Logic was founded more than three years ago by Michael Feder, a former Credit Suisse managing director. Feder says he initially "set out to solve the problem of enabling capital markets participants to trade values in markets that were large but not commodity-like"--in short, to create "a steady stream of spot price data." He also calls it a "surrogate" spot market for housing.
A reliable price benchmark has been a holy grail for real estate buyers and sellers, especially since transparency in real estate transactions began to creep into the marketplace in the early 1990s, with REITs and securitized mortgages requiring more accurate reporting. (In commercial real estate, the growth of the REIT market was just one embodiment of this trend over the past 15 years, and the return of REIT-owned properties to the private markets has caused some concern over the loss of transparency.)
In order to set the stage for what he calls "participation in value away from asset ownership," Feder and his partners have built a model that he says is "proprietary but not secret." Broker/dealers will not be allowed exclusive use of the information, he says. Thus, any partner that creates a new index based on RPX data--for example, one based on high-flying markets like New York, Los Angeles and San Francisco--will have to make that index available to other investment managers.
In light of the current housing market malaise, Feder is at pains to point out that RPX is not a market forecasting tool but instead offers a "following perspective." It is posted nine weeks, or 63 days, after closings have been recorded. The index will reflect "actual closing values from transactions involving homes, not securities."
Just how big is the market? Big, Feder believes. The Federal Reserve estimates the value of owner-occupied real estate in the entire U.S. at just over $22 trillion. In the 25 cities from which the Fed gets data, there is $13 trillion in value, with just under $2 trillion in annual turnover.
"Our expectation," says Feder, "is that if the capital markets want to trade equity value, this is likely to be a very large market."
He may not be far off. Robert F. Dall, a Wall Street veteran involved in the inception of the commercial mortgage-backed securities market, thinks the new vehicle will catch on. "There should be a lot of trading in that index," he says.
That's certainly what Feder & Co. hope for as they bring their creation up against existing vehicles like the Standard & Poor Case-Schiller home price index, the current industry standard for residential real estate pricing. Case-Schiller is thinly traded, primarily on the Chicago Mercantile Exchange (nyse: CME - news - people ). Feder says that his index will reflect more information, including sales of new single-family homes and condominiums, and the sales of homes out of foreclosure.
"Case-Schiller is an econometric Index," he says. "Ours is a spot price index reflecting every arm's-length transaction" in the markets it covers.
The mathematical wizardry behind the RPX formula comes from Ventana Systems, a Massachusetts-based designer of dynamic systems whose clients include NASA.
To select the MSAs for RPX, Radar Logic considered the top 50 U.S. cities with estimated residential values (according to U.S. Census data) of $1 trillion or more.
"The top 35 capture a huge majority of the value," says Feder, noting that some states employ nondisclosure laws that prevent the collection of accurate data. One of those state is Texas, where, he says, all property sales are recorded with a residential value of one dollar
Another partner in Radar Logic's growth is Jonathan Miller, the CEO of Miller Samuel, a leading New York residential appraisal firm. Miller will provide research related to the RPX data.
Along with predicting that more MSAs will be added to RPX in the future, Feder also hopes to develop an index for the commercial property industry. It may not have the total volume that the residential market offers, but numerous derivative products have already been launched or are in development. And that price per square foot metric is, if anything, even closer to the valuation question of commercial property.
That suits Feder fine. "A trade is a trade," he says, "and a market is a market."
Source: Peter Slatin, Forbes/Slatin Real Estate Report
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
With housing markets roiling and tumbling across the country, debt markets in a tense and fragile holding pattern, and nervous but plentiful global capital waiting on the sidelines, a former investment banker, in partnership with some powerful investment banks and a rocket scientist, is preparing to launch the latest in real estate indexes in an attempt to break open the derivative market for residential property. It might actually work.
The Residential Property Index, or RPX, a creation of Radar Logic, will track owner-occupied housing in 25 metropolitan statistical areas (MSAs) nationwide. That's nothing new. What is new is that RPX will update its numbers daily, and, unlike other indexes, it will reflect about as simple a metric as real estate has to offer: price per square foot.
The data used by RPX will be drawn from public sources and will be provided in one-, seven- and 28-day snapshots for each MSA, along with a composite of all 25 cities. Although a beta version of the 28-day cycle can already be viewed at www.radarlogic.com, trading isn't expected to begin until September. That's when broker/dealers that have already licensed the index, including Morgan Stanley (nyse: MS - news - people ), Merrill Lynch (nyse: MER - news - people ) and Lehman Brothers (nyse: LEH - news - people ), will begin offering it to their institutional clients.
Radar Logic was founded more than three years ago by Michael Feder, a former Credit Suisse managing director. Feder says he initially "set out to solve the problem of enabling capital markets participants to trade values in markets that were large but not commodity-like"--in short, to create "a steady stream of spot price data." He also calls it a "surrogate" spot market for housing.
A reliable price benchmark has been a holy grail for real estate buyers and sellers, especially since transparency in real estate transactions began to creep into the marketplace in the early 1990s, with REITs and securitized mortgages requiring more accurate reporting. (In commercial real estate, the growth of the REIT market was just one embodiment of this trend over the past 15 years, and the return of REIT-owned properties to the private markets has caused some concern over the loss of transparency.)
In order to set the stage for what he calls "participation in value away from asset ownership," Feder and his partners have built a model that he says is "proprietary but not secret." Broker/dealers will not be allowed exclusive use of the information, he says. Thus, any partner that creates a new index based on RPX data--for example, one based on high-flying markets like New York, Los Angeles and San Francisco--will have to make that index available to other investment managers.
In light of the current housing market malaise, Feder is at pains to point out that RPX is not a market forecasting tool but instead offers a "following perspective." It is posted nine weeks, or 63 days, after closings have been recorded. The index will reflect "actual closing values from transactions involving homes, not securities."
Just how big is the market? Big, Feder believes. The Federal Reserve estimates the value of owner-occupied real estate in the entire U.S. at just over $22 trillion. In the 25 cities from which the Fed gets data, there is $13 trillion in value, with just under $2 trillion in annual turnover.
"Our expectation," says Feder, "is that if the capital markets want to trade equity value, this is likely to be a very large market."
He may not be far off. Robert F. Dall, a Wall Street veteran involved in the inception of the commercial mortgage-backed securities market, thinks the new vehicle will catch on. "There should be a lot of trading in that index," he says.
That's certainly what Feder & Co. hope for as they bring their creation up against existing vehicles like the Standard & Poor Case-Schiller home price index, the current industry standard for residential real estate pricing. Case-Schiller is thinly traded, primarily on the Chicago Mercantile Exchange (nyse: CME - news - people ). Feder says that his index will reflect more information, including sales of new single-family homes and condominiums, and the sales of homes out of foreclosure.
"Case-Schiller is an econometric Index," he says. "Ours is a spot price index reflecting every arm's-length transaction" in the markets it covers.
The mathematical wizardry behind the RPX formula comes from Ventana Systems, a Massachusetts-based designer of dynamic systems whose clients include NASA.
To select the MSAs for RPX, Radar Logic considered the top 50 U.S. cities with estimated residential values (according to U.S. Census data) of $1 trillion or more.
"The top 35 capture a huge majority of the value," says Feder, noting that some states employ nondisclosure laws that prevent the collection of accurate data. One of those state is Texas, where, he says, all property sales are recorded with a residential value of one dollar
Another partner in Radar Logic's growth is Jonathan Miller, the CEO of Miller Samuel, a leading New York residential appraisal firm. Miller will provide research related to the RPX data.
Along with predicting that more MSAs will be added to RPX in the future, Feder also hopes to develop an index for the commercial property industry. It may not have the total volume that the residential market offers, but numerous derivative products have already been launched or are in development. And that price per square foot metric is, if anything, even closer to the valuation question of commercial property.
That suits Feder fine. "A trade is a trade," he says, "and a market is a market."
Source: Peter Slatin, Forbes/Slatin Real Estate Report
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
Tuesday, October 30, 2007
Permits dip helps balance supply
October 28, 2007
Last month's dramatic drop in building permits for homes across metropolitan Phoenix may look like one more piece of bad news for the already struggling real-estate market.
But actually it's a good sign, as long as new-home sales are holding steady. And they are. There were 1,391 single-family permits issued from Casa Grande to north Peoria in September, while new-home sales or closings were more than double permits for the month at 2,991.
The result of the two market indicators should mean fewer speculative-built houses languishing on the market unsold. RL Brown, publisher of the Phoenix Housing Market Letter, estimates there are 6,000 to 8,000 spec homes in the Valley now. That compares with an estimated 15,000 to 20,000 spec homes sitting idle and empty earlier this year.
Still dragging down the market is the number of existing homes for sale. Listings are stillhovering in the mid-50,000s.
Resales continued their slide in September, as did the median price of existing homes sold.
Lower prices are helping the new-home market now. Brown said most Valley builders finally have realized they need to drop prices to sell homes.
Instead of offering the hefty incentives of last year, many builders have cut base prices and are now offering smaller homes with fewer amenities to attract buyers. It appears to be working.
David Seiders, National Association of Home Builders chief economist, said last week that these four areas will be most vulnerable to the subprime-loan fallout: California, coastal Florida,Phoenix and Las Vegas.
The speculator-driven housing boom is to blame. All those areas saw the huge run-ups in prices prompted mainly by speculators, often using subprime loans. Regular home buyers then often had to take out subprime loans to afford the higher prices.
"With many of these mortgages scheduled to reset to higher rates in the remainder of 2007 and through 2008, additional weakness in housing markets is likely," Seiders said.
He said the potential for a vicious cycle of defaults and price declines will depend on the level of exposure to subprime loans, the current house-price environment and the strength of the local economy.
Metro Phoenix is adding more jobs to its economy than Florida and many parts of California, which hopefully will buffer the Valley from some of the subprime-lending fallout.
Atlanta beats Phoenix
Atlanta and Phoenix have been rivals for the distinction of being the top U.S. home-buildingmarket for the past several years. Atlanta has held the title more than Phoenix, particularly in the past year.
But now Atlanta also has Phoenix beat for foreclosures. So far this month, more than $1 billion in homes have fallen into foreclosure in metro Atlanta, according to the data firm Equity Depot.
Metro Phoenix is at a 15-year high for foreclosures, but the value of the properties going into foreclosure last month and during October is well below $1 million.
And the Valley's median home price is $40,000 higher than Atlanta's, so it's not because the Georgia city has pricier foreclosures driving up the total.
Source: Catherine Reagor , The Arizona Republic
Last month's dramatic drop in building permits for homes across metropolitan Phoenix may look like one more piece of bad news for the already struggling real-estate market.
But actually it's a good sign, as long as new-home sales are holding steady. And they are. There were 1,391 single-family permits issued from Casa Grande to north Peoria in September, while new-home sales or closings were more than double permits for the month at 2,991.
The result of the two market indicators should mean fewer speculative-built houses languishing on the market unsold. RL Brown, publisher of the Phoenix Housing Market Letter, estimates there are 6,000 to 8,000 spec homes in the Valley now. That compares with an estimated 15,000 to 20,000 spec homes sitting idle and empty earlier this year.
Still dragging down the market is the number of existing homes for sale. Listings are stillhovering in the mid-50,000s.
Resales continued their slide in September, as did the median price of existing homes sold.
Lower prices are helping the new-home market now. Brown said most Valley builders finally have realized they need to drop prices to sell homes.
Instead of offering the hefty incentives of last year, many builders have cut base prices and are now offering smaller homes with fewer amenities to attract buyers. It appears to be working.
David Seiders, National Association of Home Builders chief economist, said last week that these four areas will be most vulnerable to the subprime-loan fallout: California, coastal Florida,Phoenix and Las Vegas.
The speculator-driven housing boom is to blame. All those areas saw the huge run-ups in prices prompted mainly by speculators, often using subprime loans. Regular home buyers then often had to take out subprime loans to afford the higher prices.
"With many of these mortgages scheduled to reset to higher rates in the remainder of 2007 and through 2008, additional weakness in housing markets is likely," Seiders said.
He said the potential for a vicious cycle of defaults and price declines will depend on the level of exposure to subprime loans, the current house-price environment and the strength of the local economy.
Metro Phoenix is adding more jobs to its economy than Florida and many parts of California, which hopefully will buffer the Valley from some of the subprime-lending fallout.
Atlanta beats Phoenix
Atlanta and Phoenix have been rivals for the distinction of being the top U.S. home-buildingmarket for the past several years. Atlanta has held the title more than Phoenix, particularly in the past year.
But now Atlanta also has Phoenix beat for foreclosures. So far this month, more than $1 billion in homes have fallen into foreclosure in metro Atlanta, according to the data firm Equity Depot.
Metro Phoenix is at a 15-year high for foreclosures, but the value of the properties going into foreclosure last month and during October is well below $1 million.
And the Valley's median home price is $40,000 higher than Atlanta's, so it's not because the Georgia city has pricier foreclosures driving up the total.
Source: Catherine Reagor , The Arizona Republic
Saturday, October 27, 2007
4809 E Palo Breo Ln - Tatum Ranch Parcel 2
OPEN HOUSE *** Sunday October 28th - 1:00pm to 4:30pm
ABSOLUTELY GORGEOUS HOME DRESSED TO THE NINES!
Open Floorplan Custom designed to please with Spacious Bedrooms, Gourmet Kitchen-5Burner Gas Stovetop, Granite Counters, Oversized Double-Ovens, HUGE Pantry (11'x5')to store all those Costco buys! Oversized width & lengthwise epoxied Garage for all your toys! Formal and Casual dining -Granite/Porcelain Tile/Travertine wi granite inserts on Fireplace. ALL ON N/S FACING, HALF-ACRE (21,733SF)CUL-DE-SAC lot with Side-Entry Garage and Double RV Gates for easy access to add that backyard Casita! AWARD WINNING CAVE CREEK SCHOOLS.
MODEL PERFECT AND MOVE-IN READY! lst $400,000 New Financing then Owner will Carry @ int only pmt!
(*) Listing courtesy of John Hall & Assoc., Debra Conlin
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
Thursday, October 25, 2007
New-home sales rise 4.8% in September
WASHINGTON (MarketWatch) - Sales of new homes rebounded in September from summer sales levels that were much weaker than previously reported, the Commerce Department reported Thursday.
Sales increased 4.8% to a seasonally adjusted annual rate of 770,000 from a revised 735,000 in August, an 11-year low. Previously, August's sales had been reported at a 795,000 pace. Read the full report.
September's sales were slightly higher than the 758,000 pace expected by economists surveyed by MarketWatch. See Economic Calendar.
The three previous months were revised sharply lower, which means the housing market was much weaker in the middle of the year than previous believed, and no one believed it was strong.
"The crash continues," wrote Ian Shepherdson, chief economist for High Frequency Economics. Sales fell at a 35% annualized pace in the third quarter, he said.
The large revisions highlight the low confidence that government statisticians have in the monthly report and the frequent large revisions it undergoes. Longer trends do a better job of showing the reality of the housing market than volatile monthly numbers.
Sales of new homes are down 23.3% in the past year. The sales figures do not account for canceled sales contracts, which have surged in recent months, especially since the seizing up of some mortgage markets. Many buyers are unable to find financing at the rate they want.
Inventories of new homes on the market fell 1.5% to 523,000, representing an 8.3-month supply, down from 9 months in August. The inventory of completed homes continued to rise, however.
New construction on single-family homes has plunged 31% in the past year, according to a separate report released earlier.
Sales rose in two of four regions in September, with sales in the West rising 38% after a 23% drop in August. Sales fell 19.5% in the Midwest to the slowest pace in 16 years. Sales dropped 6.6% in the Northeast and were essentially flat in the South, rising 0.5%.
The median sales price of $238,000 was up 5% compared with a year earlier.
On Wednesday, the National Association of Realtors reported an 8% drop in existing-home sales, while inventories of existing single-family homes rose to a nearly 20-year high. See full story.
The government cautions that its housing data are subject to large sampling and other statistical errors. Large revisions are common. The standard error of 10.3% is so high, in fact, that the government cannot be sure in most months whether sales rose or fell.
It can take up to five months for a trend in sales to emerge. New-home sales have averaged 806,000 per month over the past five months, compared with 833,000 in the five months ending in August.
Home builders have piled on incentives, including offering free vacations and new cars, to sell homes and reduce inventories. Such incentives are not subtracted from the sales price reported to the government.
Sales are reported when a contract is signed, not at the closing of the sale. Home builders have reported a large increase in cancellations in recent months, with some builders reporting that 50% of orders are cancelled. Cancellations are not reflected in the government data, so the reported sales are likely overstated, and inventories are unstated.
In other reports released Thursday, the Commerce Department said orders for durable goods fell 1.7% as demand for defense goods dropped. Outside of defense, orders rose 0.7%. See full story.
The Labor Department said filings for unemployment benefits fell by 8,000 last week to 331,000, while the less-volatile four-week average rose to a seven-week high. See full story.
Source: Rex Nutting, MarketWatch.
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
Sales increased 4.8% to a seasonally adjusted annual rate of 770,000 from a revised 735,000 in August, an 11-year low. Previously, August's sales had been reported at a 795,000 pace. Read the full report.
September's sales were slightly higher than the 758,000 pace expected by economists surveyed by MarketWatch. See Economic Calendar.
The three previous months were revised sharply lower, which means the housing market was much weaker in the middle of the year than previous believed, and no one believed it was strong.
"The crash continues," wrote Ian Shepherdson, chief economist for High Frequency Economics. Sales fell at a 35% annualized pace in the third quarter, he said.
The large revisions highlight the low confidence that government statisticians have in the monthly report and the frequent large revisions it undergoes. Longer trends do a better job of showing the reality of the housing market than volatile monthly numbers.
Sales of new homes are down 23.3% in the past year. The sales figures do not account for canceled sales contracts, which have surged in recent months, especially since the seizing up of some mortgage markets. Many buyers are unable to find financing at the rate they want.
Inventories of new homes on the market fell 1.5% to 523,000, representing an 8.3-month supply, down from 9 months in August. The inventory of completed homes continued to rise, however.
New construction on single-family homes has plunged 31% in the past year, according to a separate report released earlier.
Sales rose in two of four regions in September, with sales in the West rising 38% after a 23% drop in August. Sales fell 19.5% in the Midwest to the slowest pace in 16 years. Sales dropped 6.6% in the Northeast and were essentially flat in the South, rising 0.5%.
The median sales price of $238,000 was up 5% compared with a year earlier.
On Wednesday, the National Association of Realtors reported an 8% drop in existing-home sales, while inventories of existing single-family homes rose to a nearly 20-year high. See full story.
The government cautions that its housing data are subject to large sampling and other statistical errors. Large revisions are common. The standard error of 10.3% is so high, in fact, that the government cannot be sure in most months whether sales rose or fell.
It can take up to five months for a trend in sales to emerge. New-home sales have averaged 806,000 per month over the past five months, compared with 833,000 in the five months ending in August.
Home builders have piled on incentives, including offering free vacations and new cars, to sell homes and reduce inventories. Such incentives are not subtracted from the sales price reported to the government.
Sales are reported when a contract is signed, not at the closing of the sale. Home builders have reported a large increase in cancellations in recent months, with some builders reporting that 50% of orders are cancelled. Cancellations are not reflected in the government data, so the reported sales are likely overstated, and inventories are unstated.
In other reports released Thursday, the Commerce Department said orders for durable goods fell 1.7% as demand for defense goods dropped. Outside of defense, orders rose 0.7%. See full story.
The Labor Department said filings for unemployment benefits fell by 8,000 last week to 331,000, while the less-volatile four-week average rose to a seven-week high. See full story.
Source: Rex Nutting, MarketWatch.
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
Sunday, October 21, 2007
8738 E Bonnie Rose Scottsdale AZ
Beautiful 4 bedroom, 2 bathroom ranch in classical old downtown Scottsdale corridor.
This traditional home has been completely remodeled, from floor plan to roof.
View this property's VideoWalk @ 777Real Estate TV.
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
This traditional home has been completely remodeled, from floor plan to roof.
View this property's VideoWalk @ 777Real Estate TV.
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
Saturday, October 20, 2007
Staging the sale
A professional makeover can add sparkle to houses that linger on market.
Gary Kennedy's under-furnished south Phoenix house sat on the market for 50 days with no offers. But instead of lowering the price, like most sellers would do, he hired someone to come in and decorate - adding wall hangings and accessories.
Two weeks later, the house sold for the list price of $255,000.
Houses are taking longer to sell due to the Valley's housing market slump, and staging or giving them temporary new decor has become the strategy of choice for many sellers and investors.
Staging is typically done by professional stagers, interior designers or real estate agents. They may rearrange your furniture, suggest that you repaint, remove worn drapes and reduce clutter, and supplement your décor with accessories. If your house is empty, they'll furnish it.
But staging is more than decorating, certified home stager Bonnie Lewis said. It showcases the home's possibilities, she said. It can make rooms look larger, de-emphasize unusually shaped rooms or dark rooms, and can show buyers how to decorate the space, she said.
"You're setting a mood, and you're showcasing the lifestyle you could lead in this home," said Phoenix interior designer Patti Craze who staged Kennedy's house. "You're trying to have the buyer imagine themselves in the space."
Diane Neslund, a Scottsdale interior designer who also does staging, said that it gives the illusion that you're not desperate to sell your home. "People will think that they had better hurry up and buy it or somebody else will," she said.
The purpose of staging is not just to sell the house but to sell it at an optimum price, Neslund said.
The cost for staging generally is less than the $5,000 or $10,000 first price drop sellers make to entice buyers, said Lewis, who owns Enhanced to Sell with David Bugniazet.
Stagers, who want to see a house before they quote a price, generally base the cost on time, work involved and furnishings. The price, which differs among stagers, typically ranges from $500 to $1,500 for a home that needs minor rearranging to $10,000 or more for an upscale home with full furnishings. Lewis, Neslund and Craze say that staging works on homes priced $250,000 and above.
Realtor Pat Hune, who sold Kennedy's house, said staging isn't the solution for every for-sale home."
If you have a home that's getting no showings, it's a price problem," she said. If it's getting showings but no offers, it's can be a problem with price or the condition of the house, such as under-decorating, she said.
In Kennedy's case, Hune considered lowering the price but instead recommended staging. The redecorating cost $1,500 and added everything that his house didn't have: wall hangings, accessories and other items that made the house look homey."
That was the only difference; I didn't change the house," said Kennedy, who until recently was a bachelor. "The staging made everything look good. It brightened up the whole house." It made him almost wish he had kept it, he said. He and his wife, Kelly, recently had the house she owned before their marriage staged by Craze - it now sports new blinds, paint and curtains - and put it up for sale. They are buying a new home.
Staging isn't new; it's been around for more than 20 years. Last year, during the Valley's housing market boom, few homes were staged. That's because many sold in a matter of hours or days, as is.
With the flood of homes on the market now, buyers have become more selective, said Neslund, owner of Distinctive Interiors and Design in Scottsdale.
"There is so much competition you have to do something different than the others," said Claudia Michalson, a Realtor with Russ Lyon Realty. She has used Neslund to stage a Scottsdale home listed at $595,000.
The key to staging is incorporating the correct scale of furniture and the right furniture for the house, using neutral colors that appeal to everyone and making the home look fashionable and cozy, the stagers said.
That may mean removing some of the seller's personality and replacing it with a neutral environment, said Craze, whose company is PMC Interiors. She started her staging business three years ago and is certified as a stager through Minneapolis-based Home Staging Expert. She does several stagings a month.
It's not that your quilting room isn't handy; it's that few buyers have need for one. Your walls of family photos are appealing to you, but they're distracting to buyers. Purple may be your favorite choice in carpet color, but few buyers are going to have furniture to match.
Craze said that stagers take special care when sellers are still living in the home. "When a family is living there, you can't just yank all the items they use," she said.
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.Source: Sue Doerfler, The Arizona Republic, Nov. 4, 2006 12:00 AM
Gary Kennedy's under-furnished south Phoenix house sat on the market for 50 days with no offers. But instead of lowering the price, like most sellers would do, he hired someone to come in and decorate - adding wall hangings and accessories.
Two weeks later, the house sold for the list price of $255,000.
Houses are taking longer to sell due to the Valley's housing market slump, and staging or giving them temporary new decor has become the strategy of choice for many sellers and investors.
Staging is typically done by professional stagers, interior designers or real estate agents. They may rearrange your furniture, suggest that you repaint, remove worn drapes and reduce clutter, and supplement your décor with accessories. If your house is empty, they'll furnish it.
But staging is more than decorating, certified home stager Bonnie Lewis said. It showcases the home's possibilities, she said. It can make rooms look larger, de-emphasize unusually shaped rooms or dark rooms, and can show buyers how to decorate the space, she said.
"You're setting a mood, and you're showcasing the lifestyle you could lead in this home," said Phoenix interior designer Patti Craze who staged Kennedy's house. "You're trying to have the buyer imagine themselves in the space."
Diane Neslund, a Scottsdale interior designer who also does staging, said that it gives the illusion that you're not desperate to sell your home. "People will think that they had better hurry up and buy it or somebody else will," she said.
The purpose of staging is not just to sell the house but to sell it at an optimum price, Neslund said.
The cost for staging generally is less than the $5,000 or $10,000 first price drop sellers make to entice buyers, said Lewis, who owns Enhanced to Sell with David Bugniazet.
Stagers, who want to see a house before they quote a price, generally base the cost on time, work involved and furnishings. The price, which differs among stagers, typically ranges from $500 to $1,500 for a home that needs minor rearranging to $10,000 or more for an upscale home with full furnishings. Lewis, Neslund and Craze say that staging works on homes priced $250,000 and above.
Realtor Pat Hune, who sold Kennedy's house, said staging isn't the solution for every for-sale home."
If you have a home that's getting no showings, it's a price problem," she said. If it's getting showings but no offers, it's can be a problem with price or the condition of the house, such as under-decorating, she said.
In Kennedy's case, Hune considered lowering the price but instead recommended staging. The redecorating cost $1,500 and added everything that his house didn't have: wall hangings, accessories and other items that made the house look homey."
That was the only difference; I didn't change the house," said Kennedy, who until recently was a bachelor. "The staging made everything look good. It brightened up the whole house." It made him almost wish he had kept it, he said. He and his wife, Kelly, recently had the house she owned before their marriage staged by Craze - it now sports new blinds, paint and curtains - and put it up for sale. They are buying a new home.
Staging isn't new; it's been around for more than 20 years. Last year, during the Valley's housing market boom, few homes were staged. That's because many sold in a matter of hours or days, as is.
With the flood of homes on the market now, buyers have become more selective, said Neslund, owner of Distinctive Interiors and Design in Scottsdale.
"There is so much competition you have to do something different than the others," said Claudia Michalson, a Realtor with Russ Lyon Realty. She has used Neslund to stage a Scottsdale home listed at $595,000.
The key to staging is incorporating the correct scale of furniture and the right furniture for the house, using neutral colors that appeal to everyone and making the home look fashionable and cozy, the stagers said.
That may mean removing some of the seller's personality and replacing it with a neutral environment, said Craze, whose company is PMC Interiors. She started her staging business three years ago and is certified as a stager through Minneapolis-based Home Staging Expert. She does several stagings a month.
It's not that your quilting room isn't handy; it's that few buyers have need for one. Your walls of family photos are appealing to you, but they're distracting to buyers. Purple may be your favorite choice in carpet color, but few buyers are going to have furniture to match.
Craze said that stagers take special care when sellers are still living in the home. "When a family is living there, you can't just yank all the items they use," she said.
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.Source: Sue Doerfler, The Arizona Republic, Nov. 4, 2006 12:00 AM
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10 Cities Where It's a Great Time to Buy
The real estate business may be facing a softening in sales, but there are parts of the country where it makes sense to buy now. Forbes magazine examined current home sales patterns and sales projects in the country’s 40 largest real estate markets to identify these attractive markets.Based on models that estimated 2008 housing inventory, sales rates, and turnover, the magazine compiled a list of markets that are experiencing price declines, but where buying looks attractive because there is likely to be an increase in sales in the near future.Here are Forbes’ and Moody’s 10 most attractive markets, along with the median homes sales price and their price change from 2006.
1-Fort Worth, Texas: $156,500, 1.7 percent
2-Kansas City, Mo.: $157,700, -0.7 percent
3-Houston: $154,900, 1.4 percent
4-Cleveland: $128,700, -7.1 percent
5-Denver: $255,200, none
6-Long Island, N.Y.: $482,300, 1.7 percent
7-Washington, D.C.: $445,300, 0.3 percent
8-Orlando, Fla.: $265,100, -2.4 percent
9-Phoenix: $264,800, -2.7 percent
10-Las Vegas: $307,900, -3.6 percent
Source: Forbes, Matt Woolsey (10/08/07)
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
1-Fort Worth, Texas: $156,500, 1.7 percent
2-Kansas City, Mo.: $157,700, -0.7 percent
3-Houston: $154,900, 1.4 percent
4-Cleveland: $128,700, -7.1 percent
5-Denver: $255,200, none
6-Long Island, N.Y.: $482,300, 1.7 percent
7-Washington, D.C.: $445,300, 0.3 percent
8-Orlando, Fla.: $265,100, -2.4 percent
9-Phoenix: $264,800, -2.7 percent
10-Las Vegas: $307,900, -3.6 percent
Source: Forbes, Matt Woolsey (10/08/07)
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
Friday, October 19, 2007
First American CoreLogic sees Phoenix, Florida markets as low risk
First American CoreLogic Inc. says it expects its quarterly Core Mortgage Risk Index will continue to rise during the next 18 months, as declining or flat home prices put more delinquent borrowers into foreclosure.
The index attempts to gauge the likelihood of mortgage delinquencies in the next six to 12 months by tracking home prices and economic factors in 381 markets where more than nine out of 10 Americans live.
Home prices are falling or not keeping pace with inflation in 247 of 381 metropolitan areas, according to First American CoreLogic's fourth-quarter Risk Monitor report.
Home prices are falling in 88 markets, and appreciating at less than 3 percent in 159 others, the report said. With inflation averaging around 3 percent, homeowners whose properties appreciate at a slower rate experience a decline in value in real terms.
Before the housing boom, when many markets enjoyed double-digit appreciation, houses tended to appreciate at about the same rate as inflation, said First American CoreLogic's chief economist, Mark Fleming.
The current trend "speaks to the large correction of housing prices that's happening nationwide," but "doesn't necessarily translate into mortgage risk," Fleming said, except in markets where the economy is week and foreclosures are up.
There are still markets where foreclosure rates are low and house-price appreciation is robust, the report noted. The markets judged by First American CoreLogic to have the least risk enjoyed lower-than-average unemployment, higher wage growth, moderate house-price appreciation, low foreclosure rates, and minimal fraud and collateral risk.
The 10 lowest-risk markets and their annual appreciation rates were identified as:
- West Palm Beach-Boca R.-Boynton, Fla. (1.79 percent appreciation)
- Orlando-Kissimmee, Fla. (6.6 percent)
- Ft. Lauderdale-Pompano-Deerfield, Fla. (5.07 percent).
- Virginia Beach-Norfolk-Newport News, Va. (6.94 percent)
- Washington, D.C.-Arlington-Alexandria, Va. (3.87 percent)
- Phoenix-Mesa-Scottsdale, Ariz. (7.91 percent)
- Bethesda-Gaithersburg-Fred., Md. (-0.12 percent)
- Richmond, Va. (8.17 percent)
- Salt Lake City, Utah (13.48 percent)
- Honolulu, Hawaii (10.94 percent)
Four of the markets identified by First American CoreLogic's as lowest risk -- West Palm Beach, Orlando, Ft. Lauderdale and Phoenix -- were recently singled out by PMI Mortgage Insurance Co. as markets at the greatest risk for price decline in the next two years.
PMI's U.S. Market Risk Index takes into account factors like home-price appreciation, volatility and affordability, and also economic statistics like employment.
Fleming said the Core Mortgage Risk Index emphasized economic issues like employment and wage growth over home-price appreciation
"I would probably agree that some of those Florida markets will have (price) declines in the next two years, but we find when measuring mortgage delinquency risk, house prices are not the most important driver. Unemployment and wage growth are the fundamental risks."
While price declines can eliminate a borrower's equity -- making it harder for them to refinance -- "the two primary reasons for mortgage delinquency are loss of job and divorce, because of the financial shock to the ability to service mortgage payments," Fleming said.
Risk is rising in many Florida and California markets, but "you have to have combination of negative equity position and stress to the economy," Fleming said. Since many Florida and California markets continue to enjoy strong employment and wage growth, he said, they are "much less risky."
"Theoretically, a sufficiently large decline in prices could outweigh strong economic health, but those would have to be major price declines," Fleming said.
The 10 markets identified by First American CoreLogic as the riskiest had foreclosure rates and fraud and collateral risk indices three times higher than national average, plus higher than average unemployment and lower than average wage growth. Eight of the 10 riskiest markets were in Michigan and Ohio, where layoffs in the auto industry and businesses that support it have had an effect on housing markets.
The 10 highest-risk markets and their annual appreciation rates were identified as:
- Detroit-Livonia-Dearborn, Mich. (-0.73 percent)
- Warren-Troy-Farmington Hills, Mich. (-0.13 percent)
- Youngstown-Warren-Boardman, Ohio (2.05 percent)
- Dayton, Ohio (2.38 percent)
- Toledo, Ohio (2.15 percent)
- Cleveland-Elyria-Mentor, Ohio (2.41 percent)
- Grand Rapids-Wyoming, Mich. (1.88 percent)
- Memphis, Tenn. (4.87 percent)
- Akron, Ohio (4.49 percent)
- McAllen-Edinburg-Mission, Texas (6.64 percent)
Source: Matt Carter, Inman News
Wednesday, October 17, 2007
Home loan apps rise in latest survey
Refinancings loose market share, MBA reports.
A key measure of mortgage application volume rose last week as growth in interest rates slowed, the Mortgage Bankers Association reported today.
The MBA's market composite index edged up 0.7 percent on a seasonally adjusted basis from the first week of October, and includes an adjustment to account for the Columbus Day holiday.
The index component that tracks purchase loans gained 2.1 percent between the first and second weeks of the month, while the refinance index actually declined 1.1 percent during the period, according to MBA.
As a result, the refinance share of loan applications decreased to 45.3 percent last week from 46.2 percent the previous week, and the adjustable-rate mortgage (ARM) share of activity dipped from 13.6 percent to 13.5 percent.
Interest rates on long-term loans were mixed last week, while those on ARMs moved higher, according to MBA. The average contract interest rate on 30-year fixed-rate mortgages held at 6.4 percent; the 15-year fixed rate grew to an average 6.09 percent from 6.03 percent; and the one-year ARM increased to 6.17 percent from 6.15 percent.
Points, which are loan-processing fees expressed as a percent of the total loan amount, averaged 1.04 on the 30-year loans, 1.03 on the 15-year, and 0.94 on one-year ARMs -- compared with 1, 1.12 and 0.92, respectively, in the previous week. These points include the origination fee and are based on loan-to-value ratios of 80 percent.
The Mortgage Bankers Association survey covers approximately 50 percent of all U.S. retail residential mortgage originations, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts.
Source: Inman News
A key measure of mortgage application volume rose last week as growth in interest rates slowed, the Mortgage Bankers Association reported today.
The MBA's market composite index edged up 0.7 percent on a seasonally adjusted basis from the first week of October, and includes an adjustment to account for the Columbus Day holiday.
The index component that tracks purchase loans gained 2.1 percent between the first and second weeks of the month, while the refinance index actually declined 1.1 percent during the period, according to MBA.
As a result, the refinance share of loan applications decreased to 45.3 percent last week from 46.2 percent the previous week, and the adjustable-rate mortgage (ARM) share of activity dipped from 13.6 percent to 13.5 percent.
Interest rates on long-term loans were mixed last week, while those on ARMs moved higher, according to MBA. The average contract interest rate on 30-year fixed-rate mortgages held at 6.4 percent; the 15-year fixed rate grew to an average 6.09 percent from 6.03 percent; and the one-year ARM increased to 6.17 percent from 6.15 percent.
Points, which are loan-processing fees expressed as a percent of the total loan amount, averaged 1.04 on the 30-year loans, 1.03 on the 15-year, and 0.94 on one-year ARMs -- compared with 1, 1.12 and 0.92, respectively, in the previous week. These points include the origination fee and are based on loan-to-value ratios of 80 percent.
The Mortgage Bankers Association survey covers approximately 50 percent of all U.S. retail residential mortgage originations, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts.
Source: Inman News
Rent-to-own deals gain clout in today's market.
Win-win for buyers and sellers alike?
What do you do if you want to buy a home but don't have the cash for a down payment or even the credit score to qualify?
You might try to find a "rent to own" situation where you can lease the property and purchase an option to buy it down the road when you're ready.
When the real estate market was steaming along and sellers had buyers lining up out the door, renters found themselves out of luck.
If a seller can sell a property and get rid of it, why play landlord? It's better to have the buyer's cash in hand and move on. That's why rent-to-own properties were more difficult to find in the last six to seven years.
But now that the real estate market has turned, there are hundreds of thousands of sellers who are desperately searching for buyers. While being a landlord isn't the typical seller's first choice, rent-to-own situations can help a seller turn a renter into a buyer.
Here's how a rent-to-own situation typically works: The renter/buyer agrees to rent the property for a certain period of time. An option to purchase the property at a specific price is agreed to, and a nonrefundable option fee is paid. Sometimes this fee is credited toward the down payment at the time of purchase. In addition, a portion of the rent paid is often credited toward the down payment as well. At the end of the lease term, the renter/buyer decides whether to buy the property or pay another option fee and continue renting the property.
Sellers might like a rent-to-own situation if they've had trouble finding a buyer for their property, and if they can get enough rent to carry the property without losing any money. Often, a renter/buyer will be more motivated to pay the rent and take better care of the property if he or she is seriously considering buying the property at the end of the lease/term.
If you're a first-time buyer looking for a rent-to-own situation, here are some issues you might want to consider:
Companies advertising rent-to-own properties may not be what they seem. If you search Google, Yahoo! or even your craigslist for local rent-to-own options, there are thousands of listings that come up. But if you click through, you'll see that many are developers looking to unload property. Or, they're Web sites that claim to help you find the rent-to-own house of your dreams. Except that once you sign up, nothing happens.
Check out the "houses for rent" and "houses to buy" sections of your local newspaper or Web site. Sellers may not know whether they'll attract a tenant/buyer if they advertise their property for rent or sale. So, they may advertise in both sections. You should also look at some of the more popular for-sale-by-owner (FSBO) Web sites for sellers who appear open to a rent-to-own or lease/option deal.
Ask for what you want. A seller may not want to be a landlord, but local market conditions or his personal finances may force him to rent because he can't sell. As a tenant/buyer, you can ask the seller to fix up items in the house, repaint, and replace or clean the carpet (if the property needs it).
Take the time to explore the neighborhood before you sign on. If you're serious about buying a home, you'll need to seriously think about the neighborhood. That means making sure you're in a good school district, with plenty of shopping, services and restaurants nearby. Is there public transportation and good access? Who is on the streets during the day and evening? While you're renting now, the goal is to turn you into a home buyer.
Negotiate the rent credit and pick-up price before you sign the lease/option agreement. If the landlord/owner has promised to credit a portion of the rent and the entire option fee toward your down payment, get it in writing. You'll want to know what percentage of the rent will be credited and if that credit will earn interest over the course of the year. Do the numbers before you agree to anything. If the reason you're renting instead of buying is because you don't have enough cash for a down payment, be sure to negotiate for a sufficient rent credit so that you have enough for a 5 to 10 percent down payment if you pick up the option to buy the property.
Rent-to-own and lease/options are legal transactions. Before you sign any documents, be sure you talk to a local real estate agent who can help you figure out if the price is right (you don't want to overpay for the property if you buy it down the line). You'll also want to have an attorney review your documents to make sure you're protected. Like any purchase agreement (which is what a lease/option is), you'll want the right to cancel the deal for certain reasons.
Source: Ilyce R. Glink, Inman News
What do you do if you want to buy a home but don't have the cash for a down payment or even the credit score to qualify?
You might try to find a "rent to own" situation where you can lease the property and purchase an option to buy it down the road when you're ready.
When the real estate market was steaming along and sellers had buyers lining up out the door, renters found themselves out of luck.
If a seller can sell a property and get rid of it, why play landlord? It's better to have the buyer's cash in hand and move on. That's why rent-to-own properties were more difficult to find in the last six to seven years.
But now that the real estate market has turned, there are hundreds of thousands of sellers who are desperately searching for buyers. While being a landlord isn't the typical seller's first choice, rent-to-own situations can help a seller turn a renter into a buyer.
Here's how a rent-to-own situation typically works: The renter/buyer agrees to rent the property for a certain period of time. An option to purchase the property at a specific price is agreed to, and a nonrefundable option fee is paid. Sometimes this fee is credited toward the down payment at the time of purchase. In addition, a portion of the rent paid is often credited toward the down payment as well. At the end of the lease term, the renter/buyer decides whether to buy the property or pay another option fee and continue renting the property.
Sellers might like a rent-to-own situation if they've had trouble finding a buyer for their property, and if they can get enough rent to carry the property without losing any money. Often, a renter/buyer will be more motivated to pay the rent and take better care of the property if he or she is seriously considering buying the property at the end of the lease/term.
If you're a first-time buyer looking for a rent-to-own situation, here are some issues you might want to consider:
Companies advertising rent-to-own properties may not be what they seem. If you search Google, Yahoo! or even your craigslist for local rent-to-own options, there are thousands of listings that come up. But if you click through, you'll see that many are developers looking to unload property. Or, they're Web sites that claim to help you find the rent-to-own house of your dreams. Except that once you sign up, nothing happens.
Check out the "houses for rent" and "houses to buy" sections of your local newspaper or Web site. Sellers may not know whether they'll attract a tenant/buyer if they advertise their property for rent or sale. So, they may advertise in both sections. You should also look at some of the more popular for-sale-by-owner (FSBO) Web sites for sellers who appear open to a rent-to-own or lease/option deal.
Ask for what you want. A seller may not want to be a landlord, but local market conditions or his personal finances may force him to rent because he can't sell. As a tenant/buyer, you can ask the seller to fix up items in the house, repaint, and replace or clean the carpet (if the property needs it).
Take the time to explore the neighborhood before you sign on. If you're serious about buying a home, you'll need to seriously think about the neighborhood. That means making sure you're in a good school district, with plenty of shopping, services and restaurants nearby. Is there public transportation and good access? Who is on the streets during the day and evening? While you're renting now, the goal is to turn you into a home buyer.
Negotiate the rent credit and pick-up price before you sign the lease/option agreement. If the landlord/owner has promised to credit a portion of the rent and the entire option fee toward your down payment, get it in writing. You'll want to know what percentage of the rent will be credited and if that credit will earn interest over the course of the year. Do the numbers before you agree to anything. If the reason you're renting instead of buying is because you don't have enough cash for a down payment, be sure to negotiate for a sufficient rent credit so that you have enough for a 5 to 10 percent down payment if you pick up the option to buy the property.
Rent-to-own and lease/options are legal transactions. Before you sign any documents, be sure you talk to a local real estate agent who can help you figure out if the price is right (you don't want to overpay for the property if you buy it down the line). You'll also want to have an attorney review your documents to make sure you're protected. Like any purchase agreement (which is what a lease/option is), you'll want the right to cancel the deal for certain reasons.
Source: Ilyce R. Glink, Inman News
Tuesday, October 16, 2007
3208 N Ladera Circle, Las Sendas Mesa AZ
Magnificent true Hacienda-style Custom Home in Las Sendas Golf Subdivision. True one-of-a-kind Hacienda-style home. (Click here for Video Tour)
Large center Courtyard includes Pool, Spa & entertainment yard w/full BBQ area. Some of the features include Theater Room, Exercise Room, Game Room, separate Guest Quarters, Library/Den/Office w/private entrance, Panoramic Deck w/breathtaking views, fire sprinklers, computerized home w/lighting, A/C, sound, alarm, etc. Many more amenities and features you would expect in a fine luxury custom home (see detailed descriptions).
Pre-completion pricing available. Please call for details.
Large center Courtyard includes Pool, Spa & entertainment yard w/full BBQ area. Some of the features include Theater Room, Exercise Room, Game Room, separate Guest Quarters, Library/Den/Office w/private entrance, Panoramic Deck w/breathtaking views, fire sprinklers, computerized home w/lighting, A/C, sound, alarm, etc. Many more amenities and features you would expect in a fine luxury custom home (see detailed descriptions).
Pre-completion pricing available. Please call for details.
Welcome to the 777Team Blog
This Blog is brought to you by the 777Team. The 777Team specializes in Scottsdale Luxury homes, investment properties, Scottsdale real estate, Phoenix real estate, or real estate in any of the surrounding Valley Cities, such as Paradise Valley, Pinnacle Peak, Tempe, Chandler, Mesa, Cave Creek, Carefree, Glendale, Peoria and others. Buyers, Sellers or Investors are encouraged to visit the 777Team's website at www.e-Scottsdale.com as it is designed to be a one-stop source for all real estate information and consumer research for properties throughout our Valley Cities and community information.
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