Sedona, AZ

As of January 31, 2010 there are approximately (40) residential properties in Sedona that are for sale, classified under the following Special Conditions:

They range in price from $159,900 to $1,999,000. Since October 1, 2010 there have been 52 sales, ranging in price from $122,000 to $978,000 with the average selling price from $369,600 - 2437 s.f. @ $151 s.f.

There are currently 311 Active Residential Listings, without special conditions, ranging in price from $219,500 to $15M. Here is what you get for the money:

Currently, out of the 311 residential listings, the least expensive home is $219,000, 1232 s.f., with 1 bedroom and 1 bath, built in 1971 and located on .25 acre.

The $15M home (currently the most expensive in Sedona) is 15,000 s.f., with 7 bedrooms and 14 baths, built in 2003 and located on 10 acres.

A Note from Phil DePasquale:

In keeping with the theme of "CHANGE" for 2010 I have accepted a wonderful opportunity to work with Sedona Elite Properties Management, Inc. Tina Snelling-Nelson, Broker/Owner of Sedona Elite Properties has worked in the corporate world for many years and knows the value of excellent service and clear communication. Based on those two central ideas, it has made her the leading property management firm in Sedona. With my real estate background and Tina's property management services we can now provide more up-to-date facts and recommendations for your primary and residential investment. We also have qualified connections through current tenancy looking to purchase. This is a distinctly added advantage for sellers. I am very excited about this move, now able to provide additional services, enabling my clients to make an intelligent and more informative decision in these uncertain times... Warm regards, Phil DePasquale, Associate Broker

OK. Since so many people are in the throngs of buying property in Sedona... let's remember the Tax Credit incentives.. If you are a renter and would like to buy a First Home in Sedona or the surrounding areas of Cottonwood, Camp Verde, Cornville, or Page Springs... remember the $8,000 tax credit. This tax credit has been extended up until June 30th, 2010 and give a credit up to 10% of the purchase price or up to $8,000.00.

And the one that can help Sedona Buyers even more - for let's remember we are primarily a second home market place is for qualified buyers of a second or "replacement" home under the same deadlines... And that credit is up to $6,5000 or 10% of the purchase price. To qualify, home purchasers must have owned and occupied a primary residence for five consecutive years during the last eight years.

There are other important guidelines to meet in order to qualify, so be sure to discuss your situation with a tax professional. And don't forget, you can still buy a home before April 30th and qualify - even you've already filed your 2009 taxes.

For all you buying and selling needs in Sedona Real Estate or Sedona Homes for Sale, I can be reached at barbara@barbarabaker.com, or at www.barbarabaker.com or on FB at Barbara Hooyman Baker, or the old fashioned way - 928-301-0669.

I know this doesn't take a rocket scientist to figure out... However, I have been saying for months that the declining prices in home values will continue until the FEDS, the BANKS, GOD.. .someone stops the wave of foreclosures.. For why should any of us in good faith hold onto our homes during this crisis? I have been saying for months that the FEDS, the BANKS, SOMEONE will need to re-tool all mortgages out there. Adjust all of our mortgages - anyone who has bought a home in 2001 or beyond.. And low and behold, I just read an article from Realtor. com and am sharing it with you.

Principal Cuts May Prevent Foreclosures
At least 7 million borrowers will lose their homes this year and next unless there is a broad increase in property values or lenders become much more willing to cut the principal on mortgage loans, an analyst with Amherst Securities Group told the U.S. House Financial Services Committee last month.

That testimony has motivated Federal Deposit Insurance Corp. Chair Sheila Blair to consider incentives for lenders to cut principal on $45 billion in mortgages her agency has acquired from seized banks.

"We're looking now at whether we should provide some further loss-sharing for principal write downs," says Bair. "Now you're in a situation where even the good mortgages are going bad because people are losing their jobs."

While principal reductions are rare, some banks are doing them. In the third quarter of 2009, about 21,000 home loans were modified by reducing the principal, according to Mortgage Metrics, a government publication.

Mark Zandi, the chief economist for Moody's Economy.com, suggests that banks receive a federal match of $1 for every $2 in principal reductions they offer to home owners.

"You're not going to wipe out all the borrowers' negative equity," he says. "This just gives them enough hope to get them committed again."
Source: Bloomberg, John Gittelsohn and Prashant Gopal (01/07/2010)

I truely beleive this is the only way the Big F will stop beating down our prices. For all your real estate needs in Sedona and the Verde Valley... I can be reached at barbara@barbarabaker.com, website at www.barbarabaker.com, on Facebook at Barbara Hooyman Baker, on LinkedIN, or the old fashioned way - 928-301-0669.

Hold on Nelly! Hold On! Foreclosures were the name of the game in 09 in the Sedona Home Prices and will be the name of the game in 10. Without a doubt. Without a doubt. Without a doubt. Our median price price year to date is down by 10% fueled by Foreclosures. And an even more staggering fact, out of all the homes sold in the Verde Valley - 51% were foreclosures/shorts. Over 1/2. The Sedona homes selling under $350,000 -was the highest market as far as volume is concerned. This trend will continue for 10. I would bet the bank on it. For all your buying needs I can be reached at barbara@barbarabaker.com, on the web at www.barbarabaker.com, on Facebook at Barbara Hooyman Baker, or the old fashioned way - 928-301-0669.