Scratch the Itch with Historic Phoenix Homes

You are most certainly aware by now that I have an addiction to historic homes.  Phoenix historic homes offer a terrific opportunity today for the restoration minded and real estate investor. 

I’ve always been drawn to historic properties and I yearn to be more of an involved preservationist.  The architecture, styling, arches and even the creaks I feel when walking the wooden-floored halls all strike my very soul.  The minute I walk into a character home of historic significance I can’t help but drift off in time and wonder about the lives that filled the property in decades past.

I was out previewing this morning in the Roosevelt Historic District, Willo Historic District, the FQ Story and Encanto districts and am still having a tough time coming back to reality.  There are some incredible buys on the market today – many need work although some I saw this morning that are move-in ready. 

There’s something about the neighborhoods in historic areas.  For some reason the neighbors are neighborly!  Talk about the way things used to be! I must have met a handful of neighbors today taking great pride in their neighborhoods as they were painting the wood trim or tending a garden bed.  They’d wave hello and offer a cheerful hello as I was walked from the car to the porch.  One talked about the 40 year history and the many memories she had in her family home.  One neighbor proudly boasted that he had to come “rescue” the property he now called home.  It’s this kind of respect for the past and commitment to preservation that is adding allure (and value, I might add) to these charming communities.

Investors are finding historic Phoenix quiet attractive, too  – Many of these homes feature guest houses or second floor apartments, an ideal set-up for someone looking for the ever-so-desirable “mail box” money and on-going rental income. 

Here’s a teaser as to what I saw today:

Lead photo above is in the Roosevelt Histroic district of Chelsea Place.  This century-old bungalow was built in 1911 and features 6 bedrooms, 2 1/2 baths in 4328 square feet.  It is offered at $379,000.

FQ Story 1934 with 4 beds/3 baths in 1650 sf. Offered at $124,900.

FQ Story 1931 with 3 beds/2 baths in 1482 sf. Offered at $195,000. Wonderful guest house, too!

West Encanto 1941 charmer with 3 beds, 1 3/4 baths in 2100 sf. Offered at $249,000.

Willo home built in 1940 with 4 beds, 3 baths in 1785 sf.  Offered at $174,900.  Includes one of the cutest guest houses I've seen in a long time, complete with vintage ovens!

If you're hankering for a resotoration project and you have the heart and soul of a preservationist, now's a terrific time.  And, you know me, I'm always ready to take a trip back into time explore some of the historic beauties of Phoenix, so don't hesitate to call me!

Rental Property Means Smart Move For Many Investors

Owning rental property in Phoenix is becoming a hot topic! Phoenix area rental property is picking up steam, with rents increasing and along with it comes savvy investors looking for “mail-box money.”

Talk to many financial advisors and they’ll tell you, owning rental property can have a number of advantages.  When most people run the numbers, the math points to a higher rate of return than if they put their money in the traditional investment market – plus, they’re assured the much desired “mail box money,” a proven formula for on-going income easing the burden of life as we age.

Recent reports show the Phoenix rental market is hotter than ever – they’re dominating the market!

I entered the rental market myself a year or two ago.  Home prices are at an all time low and so are interest rates for a loan.  I ran the numbers a variety of different ways and each time I did, the answer was the same – It didn’t make sense not to acquire rental property.  I placed a home warranty protection plan on them to give me – and the tenants - peace of mind.  It was a great decision and I haven’t looked back since! 

So if you see me heading to the mail box, now you know what’s behind that ear-to-ear grin I wear!  If you're thinking about rental property, let's chat.

Photo from Flickr courtesy of Bgautrea

Survey Reveals Buyers Want Move-In Ready

Results just being released from a recent survey suggest buyers are looking for “move-in ready” and shying away from “as-is.”  These findings are important for sellers contemplating what to modify and/or update, but also for investors looking for a fix and flip. 

A great article published in Realty Times sums up the findings nicely.  We’ve heard it for years – get back to the basics and set your self apart.  Simple improvements, both inside and out, can add both perceived and real value to the home.  When buyers see areas around a home needing attention, they begin to wonder what else may be lurking that they can’t see.  Minimizing the hassle factor for the buyer is always a good thing!

The findings indicate first-time home buyers are strapped for cash and don’t have a lot of excess money after the home purchase to make improvements to the property.  The home will sell quicker and for a higher price if it’s move-in ready. 

For investors, the market is ripe to go in a find a property in need of repairs, then doing it up right and putting it back on the market.  There are deals to be had out there – and I’m come across them weekly – where homes in need of repair and undervalued and prime for the “fix and flip” investor.

Photo from Flickr courtesy of Mondibongo.