Facing a Short Sale or Foreclosure: “When can I buy again?”

Notices of foreclosure posted on the doors to Phoenix area homes are not an uncommon sight.  In recent months, reports indicate upwards of 40% of the properties being sold are the result of short sales or foreclosures.  With the recent rough economic times, a number of people are finding themselves in situations beyond their control. They may have gone through a foreclosure, short sale, or bankruptcy and are asking the question, “When can I buy again?”

Steven Johnson, Senior Loan Consultant at Flex Mortgage, LLC in Tempe put together a great chart that provides some valuable information and may help answer that question.  Of course, no two situations are the same, so don’t take it as gospel, but it gives some generalized scenarios that may be helpful.

When Can I Buy Again?

Occurrence	Fannie Mae	FHA	VA	USDA Rural	Jumbo*
Foreclosure	7 yrs from Trust Deed Date	3 yrs from Trust Deed Date	2 yrs from Trust Deed Date	3 Yrs from Trust Deed Date	7 yrs from Trust Deed Date
Short Sale	2 yrs w/ Max 80% LTV 4 yrs w/ Max 90% LTV 7 yrs – Max LTV	3 yrs from completion Date *Per FHA ML 09-52, FHA financing can be obtained in less than 3 yrs under certain circumstances*	No specific information on this yet. Assume Foreclosure rule of 2 yrs	3 yrs from Completion Date	7 yrs from Completion Date
Chapter 7 Bankruptcy	4 yrs from Discharge Date	2 yrs from Discharge Date	2 yrs from Discharge Date	3 yrs from Discharge Date	7 yrs from Discharge Date
Chapter 13 Bankruptcy	4 years from Discharge Date	1 yr of the payout must elapse & payment performance must be satisfactory. Buyer must receive permission from the court to enter into a Mortgage	1 yr of the payout must elapse & payment performance must be satisfactory. Buyer must receive permission from the court to enter into a Mortgage	3 yrs from the discharge Date	7 yrs from the Discharge Date

If you have questions regarding the above, feel free to contact Steven at (480) 222-2122 or via e-mail at sjohnson@flexmtg.net, or consult with a licensed loan consultant.

Photo courtesy of Flickr by Casey Serin.

Buying is cheaper than renting in most U.S. cities

Buy vs. Rent -

Deciding whether to buy a property or rent one has long been a question needing careful consideration. As the market shifts, the answer may be much easier now - According to new reports by real estate web site, Trulia, our bank accounts may actually be better off if we gave up on being a tenant and become a homeowner. Check out the article~

Buying is cheaper than renting in most U.S. cities

Best Places for Sellers

Despite the market woes being felt by many, according to a recent report by Zillow, one of the leading real estate sites today, sellers in a number of California towns and a few other cities are getting contracts on their homes at prices that are very close to their listing price.  

Here’s the top 10 list for sellers:  Bakersfield, CA; Bend, OR; El Centro, CA; Las Vegas, NV; Merced, CA; Modesto, CA; Riverside, CA; San Jose, CA; Stockton, CA; and Washington, DC.

Check out MSN’s article, “The 10 Best Places for Home Sellers” for more details.

Photo from Flickr courtesy of james.thompson.

John Hall & Associates to become Realty ONE Group

As the saying goes, "Change is a powerful force" and if it weren't for change, we'd all be stagnant doing the same old thing.  Looks like John Hall & Associates is teaming up with one of the fastest growing brokerages and will soon become Realty ONE Group.  Clearly combining forces seems like a logical and prudent move.

I don't have many details at this point, but here's what our broker and Phoenix area real estate guru Jim Sexton and Realty ONE Group CEO Kuba Jewgieniew wrote to all associates:

Dear John Hall & Associates,
 
I am pleased to announce today that John Hall will soon become Realty ONE Group. John Hall’s highly respected reputation and strong foundation will come together with Realty ONE Group’s transparent business model bringing systems, support and technology. Together, John Hall and Realty ONE Group are uniquely positioned to provide experience and innovation to today’s real estate market.  Jim Sexton will be joining forces with Realty ONE Group as their designated broker. Jim will continue to dedicate his time to making this industry better and will share his 25 years of experience with the organization. 
 
You may be asking yourself “Who is Realty ONE Group?” Realty ONE Group is one of the fastest-growing independent companies in America. It was started in May 2005 in Las Vegas and has become the largest full service real estate company in Nevada and is fastest growing in Arizona & California over 2500 associates.  Their fast-past growth, generous commission fee structure, passionate employees, support and technology has allowed them to receive the INC 500 award for the third consecutive year, a rarity. 
 
... Existing John Hall & Associates staff and locations will be retained while the Family and Home grow larger with more support, tools, technology and locations.

Stay tuned for more details on this transition. 


Photo from Flickr courtesy of brockvicky.

July’s Priciest Home

As I turn the calendar towards a new month, I always review the Phoenix area real estate market data and statistics from the previous month.  In July, 2011, the Phoenix area had approximately 3,100 single family home closings in the month, according to ARMLS data, with the priciest home selling for a mere $2,750,000. 

It’s always fun to keep tabs on the luxury market and the area’s more significant homes.  Here’s what one lucky buyer ended up with in July: This 8,091 square foot home was custom built in 2006 and is located in Paradise Valley.  The property sits on nearly two manicured acres of lush grass and tropical landscape overlooking the Camelback Golf Course and features 6 bedrooms, 6 baths, a wine room, theatre, game room and exercise studio, heated pool and spa, plus a number of other features. 

Here’s the details:

Listed November 29, 2007.  Closed July 15, 2011.

Total days on the market was 1,318 days

Original list price was $4,750,000.  Final sales price was $2,750,000

Sales price per square foot: $339.88.

The home was originally purchased in April of 2007 for $4,250,000. 

Photos courtesy of ARMLS.

So, you want a 4-bedroom, eh?

If you’re in the market to buy a 4 bedroom home in the Phoenix area, you’re in luck – there’s plenty to choose from.  In fact, today ARMLS shows 7,005 active listings for 4 bedroom homes.   Thanks to the internet, SEO and perhaps a bit of PR, I get a fair amount of buyer leads via e-mail.  The most recent said the prospect “needs a 4 bedroom single level home to buy.” 

You would think that shouldn’t be too difficult of a request to make to your Realtor®, and don’t get me wrong, I’d love to help ‘em find the perfect house.  The problem is there are no other details.  Zip, zilch, none.  Not even a phone number that I can call to see if I can get more information. 

Of course I’ve sent e-mails back asking for more details, such as preferences regarding a geographical area, single level or multi-level, pool, number of baths, age of the property, and price parameters – Anything would help.

So, you want a Phoenix area home with four bedrooms? Maybe this will help:

4 bedroom homes priced to $100,000

4 bedroom homes priced from $101,000 - $200,000

4 bedroom homes priced from $201,000 - $300,000

4 bedroom homes priced from $301,000 - $400,000

4 bedroom homes priced from $401,000 - $500,000

4 bedroom homes priced from $501,000 - $600,000

4 bedroom homes priced from $601,000 - $800,000

4 bedroom homes priced from $800,000 - $1,000,000

4 bedroom homes priced over $1,000,000

The key to getting what you want is communication and that’s especially true in real estate.  Work with the other person in partnership and let them know what you’re looking for.  As agents, we have a number of elements we can tweak to better hone in on the perfect property – Give us as much information as you can, and we’ll be able to work smarter, faster and more successfully.

Phoenix area home specialists working with ARMLS can use a number of search fields in the system, including, but not limited to the following:

• Price
• City
• Zip code
• Beds
• Baths
• Square footage
• Type of dining
• Great room
• Lot size
• Dwelling type
• Subdivision
• Builder name
• School district or name
• Garage spaces
• Fireplace(s)
• Exposure
• Flooring
• Laundry
• Type of construction
• Roofing type
• Type of heat
• Number of days on the market
• Access to property photos
• Land lease
• Fix-up
• Lender owned
• Short sale
• Probate/estate

I often suggest to buyers just beginning to think about buying a home to sit down together and go through this list.  Identify what’s important and what’s not.  What the “have to haves” are vs. what are the “nice to haves.” 

And, no, we can’t do a search for just properties where there has never been a smoker, or cats have never lived there.  Or, the water heater is new. Or, if there's a door to the toilet in the master. 

Madrid of Scottsdale

Madrid of Scottsdale is a beautiful gated community offering estate sized homes at the base of the McDowell Mountains near

Frank Lloyd Wright Blvd

and

100^th Street

in the desirable 85260 zip code.  Madrid offers two separate gated sections located on either side of Frank Lloyd Wright.  The community has a total of 85 lots -  Approximately 60 homes are behind the iron gates off of Thunderbird on the west side of Frank Lloyd Wright, and 25 homes are on the east side of FLW.  Madrid is a newer Scottsdale neighborhood, built by Hancock, a Meritage Homes Corporation starting in 2003 and was completed as recently as 2006.

Homes in Madrid range in size from approximately 3,700 square feet to over 5,700 square feet, with some homes offering basements.  Although property lot sizes vary, they are generous in size and average approximately 15,000 square feet.   

Stunning mountain vistas are complemented by the classic architecture.  Madrid is influenced by its European name and neighboring Italy with the Tuscan styling, courtyards, turrets and rotundas, intricate stonework and well-manicured yards.  Madrid is one of Scottsdale’s best kept secrets with grand, regal homes in the hub of north Scottsdale, but nestled quietly against the picturesque backdrop of the mountains.   

I’ve been fortunate to view a number of homes in Madrid.  Spectacular kitchens with gorgeous woods, imported granites and unique stove hoods seem to be one of the many hallmarks of distinction in these homes.

Close to shopping, dining, entertainment, parks, recreation and cultural attractions – in fact, the famed Taliesin West is just a few blocks to the south – residents continue to remark about Madrid’s perfect location in the heart of their beloved 85260. 

View all available homes for sale in Madrid by clicking on the link below: 

Scottsdale Madrid Homes for Sale

Artist rendering taken from the original Meritage Homes marketing brochure.

Give Me a Home Where the Buffalo Roam(ed)

It’s hard to imagine a buffalo ranch in Scottsdale.  Just a few years ago, you could watch the buffalo grazing not too far from my Scottsdale home.  The original owners of the ranch sold the property somewhere after 2003 to a developer and a new home community was going to be built by Odyssey Homes.  The market went south and we all know what happened: The land just sat.

Until recently, that is.

If you’ve always wanted a home where the buffalo roamed, now is your chance. Camelot Homes has picked up the parcel and is in the midst of developing what will become Windrose Estates, a small gated community with a total of 21 homes in the heart of 85260.  These homes will range in size from approximately 3,000 square feet to over 4,000 square feet.  Posted prices indicate “starting in the high $400’s.”  I'd imagine it will cost a bit more than that once you select your flooring, counters, fixtures and other upgrades.

I remember a lot of talk about zoning and the city didn’t want to allow for greater density and/or smaller homes on the parcel.

According to the web site, they are in the “pre-selling” stage although the signage from the street says now being sold.  And, I’ve seen “sold” signs on certain lots.

Seeing new build start up again is refreshing.  Maybe it’s a sign the tide has turned, confidence is increasing and we’re on the upswing.

If you want to know more about Windrose Estates, visit Camelot on-line.  If you want new build in the heart of Scottsdale's desirable 85260, this is your chance as there's no other vacant land to be had.  Should you have further interest, do me a favor when you call: tell them you’re working with me! I’d sure appreciate that and would love to help you get into your new home on the range!

And, back to the song – Here’s the lyrics to “Home on the Range”.  For information regarding the song’s origin, composer, etc, click here. 

Oh, give me a home where the buffalo roam
Where the deer and the antelope play
Where seldom is heard a discouraging word
And the skies are not cloudy all day
Home, home on the range

Where the deer and the antelope play
Where seldom is heard a discouraging word
And the skies are not cloudy all day.

How often at night where the heavens are bright
With the light of the glittering stars
Have I stood there amazed and asked as I gazed
If their glory exceeds that of ours.

Home, home on the range
Where the deer and the antelope play
Where seldom is heard a discouraging word
And the skies are not cloudy all day

Then give me a land where the bright diamond sand
Flows leisurely down to the stream
Where the graceful white swan goes gliding along
Like a maid in a heavenly dream

Oh I would not exchange my old home on the range
Where the deer and the antelope play
Where the seldom is heard a discouraging word
And the skies are not cloudy all day.

Black and white photo at beginning from Flickr courtesy of Marion Doss. 

Digging Deep for Phoenix Area Basement Homes

They are not very prevalent in the valley, but they are there: You can find a basement home in the Phoenix area if you dig deep enough.  As of today, approximately 3% of the homes offered for sale in ARMLS include some type of basement.  My search produced a total of 20,725 active properties currently listed of which 683 of them feature a basement of some type. 

Clearly 3% isn’t a ton of homes to select from, but if you want one, it can be found.  With continual changes and upgrades to our search capabilities in ARMLS, local Realtors® can include in their buyers search criteria parameters for a basement.  These include: finished, unfinished, full, partial, and/or walk-out. 

In the Phoenix area, basement homes that came up in my search to day range for a 1,244 square foot, 2 bedroom, 2 bath home in Phoenix priced at $29,900 all the way up to a 15,619 square foot home with 7 bedrooms, 13 baths in Paradise Valley that has your name all over if for a mere $15,850,000 – and literally, there is something in between at nearly all price points.

Click here to view a significant sampling of Phoenix area homes that include basements that are currently on the market.

One of my favorite communities in Scottsdale that has a handful of properties that have basement homes is Madrid along the Frank Lloyd Wright corridor in the ever-popular 85260.  I’ve written about Madrid in the past and will likely post a spotlight on the subdivision again shortly. 

I mention it because I found a wonderful bank owned property in that community today that has not only a basement, but a casita as well! A hoarder’s dream comes true (or a delight for the space deprived)!  This home features 7 beds, 5 ½ baths in 5,391 square feet and is offered at $840,000 – view the full listing here.

So dust off those Midwest dreams you suppressed to the very back of your brain – hit the Christmas in July sales and stock up! You can have that basement to store all your worldly possessions once again!

Photo from Flickr courtesy of jcestnik

Spotlight on Sandalo

On the Paradise Valley/Scottsdale border near Shea and Scottsdale roads sits the quaint townhome development of Sandalo.  Condos and townhouses continue to be a great draw for first-time home buyers, busy working urbanites and part-time residents looking to thaw their bones in the winter months and Sandalo Townhomes may be just the ticket.

Nestled in the prestigious Paradise Valley zip code of 85253, perhaps one of the priciest zips in the valley, Sandalo offers a lifestyle that’s hard to beat.  Built in 2008 by Meritage Homes, Sandalo consists of 44 units in a row-house style building each with their own private garage.  The units surround a lush courtyard and pool area for the residents to enjoy.

And, like most all Phoenix area homes, prices have come down significantly and Sandalo offers exceptional spacious and well thought out floor plans at an attractive price.  Check out the current resale inventory at Sandalo and you’ll see what I mean.  And, remember, these come with a fully enclosed 2-car garage – not a common amenity in many condominium complexes.

In terms of the floorplans, for the most part these units are 3-level dwellings with the attached 2-car garage and a sitting room/den on the ground floor.  The second level is dedicated to living space with a generously appointed kitchen, living and dining areas.  The third floor is reserved for the bedroom(s). 

The location is terrific: Sandalo is just south of Shea on

70^th Street

at Cochise.  Imagine being in walking distance to some of Scottsdale’s trendiest eateries, shopping, watering holes and entertainment. Harkins Shea 14 Theatre, California Pizza Kitchen, Oreganos, La Fonda, London Gold, Landis Cyclery, Embellished Home, Choppers and so much more are mere steps from the front door.

If you’re looking for a condo or townhome, prices are at an all time low – Imagine a PV address at the price you’d expect in Casper, Wyoming!

Top Remodeling Projects - The Doors Have It!

A terrific new report has just been released by Remodeling Magazine and looks at cost vs. value of home remodeling projects. Among the strongest leaders are with the doors, primarily the exterior front door and the garage. Curb appeal is achieved quickly when you dress the entrances. Check out the article the full article in Realty Times - Top Remodeling Projects along with a link to Remodling Magazine's complete report.

Interesting stuff! So when your sweetie approaches you about that glass and iron-clad pivot hinged door you saw at the Phoenix area home show, be careful. It just may be worth the investment!

Photo from Flickr courtesy of carywaynepeterson

MIM’s the Word!

There’s a lot of buzz going around town about MIM, the Musical Instrument Museum in Scottsdale.  MIM is that architectural marvel at the corner of Tatum and Mayo boulevards on the Phoenix/Scottsdale edge just off the 101. 

It’s much more than just a museum, it’s a gallery, theatre, performance hall, education center and lecture classroom all wrapped into one and is capturing the hearts of Valley residents and visitors, young and old!

If you haven’t been yet, escape the heat and celebrate music as only the MIM can provide.  Looking for something to do? MIM is a “must.”

Not to be missed is the Summer Series at MIM’s Music Theatre. And, the 2011-2012 Concert Season has an amazing line up with musical diversity sure to please almost anyone.

Learn more about MIM, and the performances, events and concerts by visiting them on-line.  There site is easy-to-navigate and offers a great insight to this fabulous cultural attraction.

Get out of the house and see for yourself what all the buzz is really about!

Willo Guest House Bursts with Charm

Remember the fort you had as a kid? Maybe it was a tree or a doll house, but we’ve all loved those special little spaces where our minds would drift, our imaginations took hold and countless hours were spent in our own little make-believe world.  I often get requests from buyers looking at property that includes a guest house, and if you’re ok with old, I’ll always mention the historic districts of Phoenix.

I stumbled across a terrific guest house in the Willo historic district.  Probably not original to the home in 1940, looking at the interior architecture, it followed after the home was built, probably in the early ‘60’s.  It features one large living space, a full bath dressed with vintage tiles and a claw foot tub, and a full kitchen with a hard-to-find vintage Frigidaire Flair, a free standing oven/stove combo.  Reportedly, this is the same kind of appliance Samantha Stevens used in “Bewitched.”

As you walk into the guest cottage, your eye is immediately drawn upward to the ceiling – like an old time boat house with its soaring beamed wooden-clad ceilings.  Not only a kids dream come true, but I could only imagine the parties, games and entertaining that surely must have gone on in that charming little cottage.   The new owner could even divide the large living area to create a private bedroom – a great one bedroom rental option. 

Just don’t let any harm come to that rare Frigidaire!

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!

Phoenix Feeding Frenzy.

For the last couple of days, after getting the requisite coffee brewing first thing in the morning,  I’ve logged into my email to uncover a plethora of contracts.  Yup, purchase contracts for a listing of mine in Laveen.  After the first 48 hours of the home being on the market, I have received five offers.  Two more expected in this afternoon.

Let me tell you a bit about the home: Built in 2006, this Ryland home is 1,802 square feet with 3 bedrooms, 2 baths, open great room plan near

51^st Avenue

and Baseline.  My seller purchased the home from the builder for $220,000 and added some nice upgrades.  Custom draperies mounted from the ceilings, designer paint and fixtures, even synthetic grass in the back yard.  It shows better than any model.

We all know what the market has been doing since its peak in 2006 and my seller has decided to short sell the property.  Based on the most recent sales in the neighborhood, it’s priced below the current loan amount of $126,000 and it’s being offer for $79,900.

At that price, it’s a feeding frenzy. 

The Phoenix area real estate market is seeing fewer listings in the MLS, pricing has stabilized and actually moving upwards in some parts of the valley.  Demand is increasing, especially from the investor sector and days on the market are dropping.  As of this morning, there were 21,826 active listings in the system.  That’s about half of what we were seeing a year or so ago.  The latest statistics show that the majority of activity is in the $200K and under range – homes less than $100,000 are not likely to stick around very long at all.

The offers my client has been getting range from fair to pretty attractive and we’ve reached back out to the interested parties asking for their "best and final" offer with the hopes my seller can select one to then send on to his lender for final approval.  The winning bid is likely to be above asking price, compliments of an inevitable bidding war.  That’s when the real rubber hits the road. 

From there, we’ll face challenges.  The challenge of getting bank acceptance.  The challenge of holding on to the buyer and getting an answer sometime in his lifetime.  The challenge of an appraisal coming in at or above the accepted sales price.  Picking the "right" offer means more than just terms, price and conditions - it's the unwritten "gut feeling" of the buyer being able to hang on through what is bound to be a very long, stressful period where the agents are on the phone constantly with the seller's lender trying to get an answer. 

The fact of the matter is that there is a very strong possibility that the buyer with the winning bid may not be the final buyer of the home.  I've seen countless times the buyer giving up and movng on after playing the waiting game with the seller's lender.  Weeks are likely to drag into months.  Months and months undoubetly will pass before the lender rubber stamps his approval.  Urgh.  

Welcome to the new “normal” of the real estate industry.  It’s a different world out there.

Ocotillo: Privacy Fencing Comes to Life

The beauty of the desert Ocotillo continues to draw my eye with those long spikes, tiny green leaves and brilliant orange flames that drip from the tips.  We often see them spotted in our desert landscapes, but rarely seen as a privacy fence, until now.  In this day and age, we see “re-purposing” many items, and Ocotillo plants to form fencing are just one more step in living green in the Sonoran desert.

History books talk about settlers that used Ocotillo to line the properties of adobes in the 1800’s as a barrier and thier stalks as fencing material to keep predators away from livestock.  Well, now you can add a privacy fence of Ocotillo fairly easily.  I recently stumbled across a Tucson-based nursery that is making pre-wired panels of Ocotillo for fencing – Visit Civano Nursery on line for information and some great information for growing a desert garden.

The recent issue of Sunset Magazine highlights the living fence.  According to the publication, place the panels in a 6” deep trench and secure them with posts and in no time, you’ve got what’s sure to be the talk of the town.  The 5' x 6' panels run about $60.  Now, that's living green! 

Photo from Flickr courtesy of Clinton Steeds.

Old West Returns to Scottsdale

Scottsdale has always been associated with the old west.  We’ve seen a lot of change in Scottsdale with glass towers, urban condos and trendy restaurants in the past few years, but developers have announced plans to create a Western-themed entertainment venue in North Scottsdale.  Scottsdale was the gateway to the west and our wooden sidewalks can still be seen in parts of Old Town.   It's part of our heritage and it's exciting to see it's holding on for more than 8 seconds!

Many of us remember the original Rawhide, a great venue for western parties and a hit for out-of towners toting the little ones along side.  When it moved out of town, we were left mainly with good ole western cookin’ as our fix for the cowboy lifestyle. And, do we love our Greasewood Flats, Handle Bar J’s and the Pinnacle Peak Patio.  Westworld remained as one of the few venues for our look into our western heritage.

Looks like we may get more than just a “taste” of the old west once again: 40 acres at

Bell Road

and

94^th Street

near Westworld will be developed into a western-themed recreational park.  City council approved the initial proposal and more detailed plans will be submitted for final approval later this fall.  If all goes forward, the venue could be open by fall, 2012.

I’ve always been a cowboy at heart – Yee Haw!

Photo from Flickr courtesy of Mini D.

List of 11 Most Endangered Historic Places Released

As many of you know, a long time passion of mine has been historic preservation and the great work of the National Trust for Historic Preservation (NTHP).  NTHP released today its list of the 11 most endangered historic places – places in need of our attention to avoid further deterioration, and put the beautiful southern city of Charleston, SC under “watch status.”

This list “spotlights important examples of the nation’s architectural, cultural and natural heritage that are at risk of destruction or irreparable damage,” says the National Trust. 

The National Trust is a non-profit organization that works tirelessly to help preserve and protect our heritage.  If you believe such preservation is an important part of our future, I urge you to support the organization and join me by becoming a member.  I continue to be awestruck when I discover buildings, monuments, etc. that have been around for hundreds of years.  As I look at them, I can’t help but think of the time, effort, energy and money passionate people have generously put forth to preserve it. 

My family would often take a rental home or a cabin for our vacations- usually in the mountains of Colorado, sometimes on some powdery beach in the Caribbean.  We cared for the place as if it were our own.  And, when it came time to pack our things and head back home, my mom would always ask us that we leave it in better condition than when we arrived.  Sound advice if you ask me.  Details of membership are on-line and you’ll be making a huge step forward in saving our historic past so the generations ahead of us can enjoy and appreciate what our forefathers built for us. 

Photo from Flickr is the Charleston Clean House courtesy of John Duggan.

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.