This 2 bedroom 2 bath McCormick Ranch condo for sale is an absolutely wonderful home on the shores of Lake Marguerite. Spectalular views of the lake, mountains,and sunsets from this home and the patio. This 2 bedroom, 2 bath McCormick Ranch condo for sale is move-in ready! Located in a manicured gated community with great ammenities.Walk along Camelback Path to dining, golf, and shopping. This 2 bedroom 2 bath McCormick Ranch condo for sale in Lakeside Villas is a must see.
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Prudential American Associates : 8930 E Raintree Dr #200 - Scottsdale AZ 85260 : 480 7676900 |
This month brings both positive and negative news for the Phoenix Real Estate Market. In January, foreclosure sales represented 42% of all sales, compared to 30% during the 4th quarter of 2010. The main question is whether this is a temporary response to the bank moratoriums or a continuation of a market dominated by foreclosures. The end of last year ended in an unusual set of circumstances including foreclosure moratoriums, legal challenges to the foreclosure process, and stricter underwriting guidelines.
Foreclosure activity, as percentage of the total resale market in January 2011, varied throughout the Valley such as 52% in El Mirage, 42% in Surprise, 46% in Maryvale, 38% in Chandler and 29% in Scottsdale. Another component of the market was the sale of previously foreclosed property, which accounted for approximately 40% of the traditional transactions in January (4,705 sales). Due to concerns about the foreclosure process, foreclosure-related activity represented 66% of the recorded activity for the month, but 63% in 2010. Median prices from January 2010 to January 2011 declined 8% year over year.
Now for some more positive news--Sales are up year over year in Phoenix by 7%, 12% in Scottsdale, 16% in Chandler, 7% in Surprise, 14% in Mesa, 26% in Gilbert---and 8% in Maricopa County as a whole.
Nathaniel Karp, chief economist for BBVA Compass and one of the few bank economists who track conditions here, says that Arizona's economy is improving at a solid clip. "Arizona's economic recovery is among the fastest in the country," said Karp, speaking to BBVA Compass clients in Phoenix this week. "And we're seeing a faster recovery compared to a few months ago."
As reported in the Arizona Republic, Karp acknowledged challenges remain for both Arizona and the nation. Arizona's state budget is in particularly bad shape, including unfunded pension liabilities, he said. But he also pointed to relatively strong manufacturing gains and exports, especially in software and other technology items. Other positives include an increase in hours worked for Arizonans with jobs and moderating price declines for home values here.
Karp predicted Arizona's economy would grow 3.4 percent in 2011, better than his projected 3 percent expansion for the U.S. On the national economy, Karp sees continuing mild inflation and moderately rising interest rates, despite sharper price increases for oil and various other commodities. He doesn't see commercial real estate bottoming until summer, but said confidence among business leaders had risen after Congress extended income-tax laws and signaled greater clarity in regulation.
The project follows a multibillion-dollar investment the company announced in October to revamp its existing two fabrication facilities, or fabs, in Chandler. The new facility will be called Fab 42. The project will provide short- and long-term benefits. The Greater Phoenix Economic Council estimates that Fab 42 will create 14,000 temporary jobs, including spinoff jobs created by construction activity. The project also will help diversify the state's economy and job base.
You can read the full story here: http://www.azcentral.com/community/pinal/articles/2011/02/19/20110219chandler-arizona-announces-new-Intel-facility-sev.html
In summary, there is no question that uncertainty still exists in the real estate market. There are also some positive trends and factors in both the Arizona economy and real estate market. It is important to stay updated on what is going on in the current market, and I will continue to report on the market and important local and national news.
If there is anything I can help with, you can contact me directly at 480-748-6925, Jennifer@JenniferWehner.com or visit my website at www.PrimeAZRealEstate.com
As a busy real estate broker in Scottsdale, AZ I have seen a growing trend of home buyers who are coming from Canada like I have ever seen before in nearly ten years of being a Realtor. With the Canadian currency holding strong compared to the US dollar, combined with depressed American real estate prices, it has created a "perfect storm" for Canadians seeking a second home, investment property, or relocation to Arizona.
Not only are the prices at, or near rock bottom, there is an excellent inventory of a wide array of homes. Whether you are looking for a resort-like condo, a single family home with a backyard paradise, a mansion on Camelback Mountain or Paradise Valley, you will be overjoyed with a great desert lifestyle. I've had the benefit of working with buyers of all walks of life and income brackets. There is one thing they all can benefit from.... it's a perfectly ripe time to buy. Interest rates are near all-time lows and the home prices appear to be at or near rock bottom. Scottsdale, AZ real estate prices have actually increased nearly 2% from November 2010 through January 2011. This may be a sign the prices in the valley may start to rise.
A nice convenience for Canadians on the west side of the country is that there are direct flights straight to Phoenix. With average temperatures hovering around 70 degrees between November and March, it's no wonder more and more Canadians are escaping to the Arizona climate. The warm sunny weather, golf courses, lakes, parks, art galleries, and great dining are a few of the attractions. Major League Baseball has a large presence during the spring as several teams flock to AZ including the Cactus League Spring Training which is home to the 2010 world champion San Francisco Giants. There are also professional hockey -Phoenix Coyotes, NFL Football-Arizona Cardinals, and MLB-Arizona Diamondbacks teams that call the area home for year round sports.
Acquiring lending for Arizona property is an obstacle that can easily be overcome. I'd be happy to recommend a lender if you have lending questions. If you are interested in a free list of homes for sale in the area click here ARIZONA REAL ESTATE SEARCH or call Arizona real estate broker Jen Wehner now at 480-748-6925
On November 19, 2010 I got to attend a seminar on the forecast for the national and local Phoenix Real Estate market. The speakers included Elliot Pollack, a highly respected economist, who provided great insight on employment, retail sales, housing, commercial real estate, the national economy and state government. A group of commercial brokers and developers held a panel on Real Estate Investments 2011, and the last panel on Market Overview for 2011 included a land broker, property manager, new home broker, managing director of Grubb & Ellis, and regional director of Keller Williams Realty.
According to Elliot Pollack, 2012 & 2013 will be a lot better than 2010 & 2011-and 2010 & 2011 will be a lot better than 2008 & 2009. Housing is at or past bottom, though recovery will be slow. For commercial real estate-recovery is at or near bottom, and recovery will be slow and take a long time. For state government, sales tax revenues or no longer falling-though growth is too slow too fix the problem soon. Retail sales are past bottom with pent up demand-though credit markets are tough.
Employment and population growth are key to Arizona's economy and the Phoenix Real Estate Market. Mid year 2009 there were 13 employment sectors in decline, and none increasing. This year there are six in decline, and six sectors increasing. Job growth has slowed in AZ from 2007-2009, from 2000-2009-AZ ranks 11th nationally in terms of employment growth.
Affordability has tripled since boom time in AZ. In 2006, 27.4% of people in Phoenix could afford the median price home. In 2010 80.8% of people could afford the median price home. Compare that to LA where only 33% of people can afford the median priced home!
Balance between supply and demand will not be achieved most likely until 2014. BUT, building will get progressively better between now and then. Short term considerations: housing is very affordable again, single family permitting is probably bottoming, employment and population has probably bottomed, and consumer spending will be up a little.
Vacancy rates for the Phoenix Real Estate market for single-family homes are at 4% down from 11% in 2007. Apartment vacancy rates are at 11.6%, down from 15.8% in 2009. The property manager on the panel, who manages over 800 properties, stated the tenants now are leasing longer than a year, have fewer delinquencies, and are taking better care of the properties.
Arizona's economy is expected to do better, though barely, in 2011 than just about every other state in the West, according to forecasts from the Western Blue Chip Economic Forecast and Arizona State University's W.P. Carey School of Business. The growth will be about "half speed" of what Arizona normally gets in a strong economy, says ASU economist Lee McPheters, who is editor of Arizona Blue Chip Economic Forecast and the Western Blue Chip Economic Forecast newsletters. Nevertheless, it's encouraging to outperform other states, as well as the national averages, when it comes to job, housing construction and population growth.
Arizona's employment picture has been gaining strength in recent months. In September, the state had the second-largest number of new jobs in the West, with a gain of 11,700. Texas came in first. In 2011, both of those states are projected to see the greatest percentage gains in jobs. One interesting trend here is many companies from California have moved their headquarters to Arizona due to the flailing CA economy and high taxes to the more business-friendly and affordable climate here in AZ. AZ is only a relatively short truck drive to CA, so that makes sense!
Every state in the West is expected to get more single-family housing permits next year, with the largest increase in California, followed by Arizona. Arizona, Texas and California are expected to have the fastest population growth. Population growth is the driving factor for the Phoenix Real Estate market.
My conclusion from this wealth of information, is that the next couple of years are going to be exciting ones, filled with opportunities that will not always be around. With the strength of the Phoenix Real Estate market ahead of us, and the purchasing power that exists right now, there is unbelievable.
Short sales are becoming an increasingly larger portion of the market here in the Scottsdale and Phoenix areas, with short sale closings accounting for 21% of all closings in April of 2010-up from 9% in April of last year. There were 34 successful short sales closed this April with price ranges from $600,000-1.65m. There is a clear trend that more luxury homes are entering the distressed market.
The Scottsdale and Phoenix Luxury home market has been affected by rising interest rates on jumbo loans, limited loan availability, and increasingly strict requirements in qualifying for loans. According to the National Association of Realtors, inventory on homes priced above $750,000 has risen from 18 months in 2007 to a 40-month supply in 2009. NAR also reported that the foreclosure rate on jumbo loans was nearly double the rate on conforming loans ($417,000 and below).
The sluggish economy, lack of opportunities to refinance, the growing inventory of luxury homes, and fewer qualified buyers has created a titanic problem for luxury homeowners who need to sell but can't.
Where do luxury homeowners facing these problems turn to?
There are government programs to help homeowner in distress including the HAMP for loan modifications, and HAFA for short sales. Homeowners with higher loan balances may not qualify for these programs, but most servicers are willing to follow similar processes to minimize losses. Typically a short sale will cost a bank an average of $40,000 to foreclosure rather than short sale, which includes legal fees, depreciation, and carrying costs. This FREE help is available to residents of Scottsdale and Phoenix facing foreclosure.
It is critical for homeowners to understand their options, and should contact a professional who is educated with the foreclosure process, as well as government programs, anti-deficiency laws, and short sales. I have created a website with free information for consumers on alternatives to foreclosure, and am always here to answer any questions or concerns.
Visit: www.AZForeclosureHelpToday.com or call Jen Wehner direct at 480-748-6925.
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Associate Broker, Prudential American Properties CDPE, ABR, CFS, REO Default Certified Professional http://www.TheJenTeam.com
The Real Estate Market is constantly evolving, and it is highly important to me to learn to be on top of the current market news and trends. Education is critical, and I consistently involve myself with classes, seminars, marketing technology, mastermind groups, and more. As a mother of two wonderful daughters, as well as working daily with my Father and business partner, family is very important to me. I think of my clients in the same manner, and strive to exceed their expectations-for years to come.
My Accomplishments and Associations Include:
I specialize in Investment properties, Luxury Homes, Relocation and Foreclosure Assistance Valleywide. I live in North Scottsdale, but utilize my team to cover the Phoenix metropolitan. I have extensive experience in representing investors locating properties 50-80% LTV, multi-family/cash-flow, land & development and more. We offer foreclosure assistance including short sales, loan modification, and Credit repair.
"Working with Jennifer on the recent purchase of a condo was wonderful. My parents were looking to buy in the North Phoenix/Scottsdale area, but they live out of state. Jennifer worked with me, as their local representative, to find exactly what they needed for size, options and location, and to find one that fit within their budget. Both my parents and I were impressed by Jennifer's knowledge of the local real estate market, and of the current trends of short sales and bank-owned properties.
The first property we made an offer on was a short sale. Jennifer was extremely helpful in explaining the whole process to us, and was diligent in her follow-up with the seller's agent and in keeping us in the loop. After a very long wait, the bank ultimately did not want to work with the homeowner/seller, and we were unable to make the purchase. Although it was a disappointment, Jennifer had previously explained that this could be a possibility, so we weren't too shocked when we couldn't buy it.
Jennifer quickly found us another condo, which we ultimately bought. The entire transaction went smoothly, and she worked hard to keep us educated about what each step was and what we needed to do along the way. Jennifer worked with my parents to make sure all of the documents were available for them to review and sign over the internet, and she was very patient with them in explaining what each one was and how it affected the sale.
Buying a property while being out of state was a concern for my parents, but Jennifer was able to make the process educational, professional, reassuring and smooth. I would most definitely recommend her as a real estate agent to all of my friends."
Jason Corwin, Cave Creek Arizona
"Working with Jennifer was very reassuring. She handled every detail when it came to handling the short sale of my home in Scottsdale. Though the decision to short sale our home was a difficult one to make, she was patient in educating us every step of the way. She is attentive, thoughtful, and knowledgeable in the real estate markets of Arizona and especially in Scottsdale which is her area of expertise. I would recommend Jennifer to everyone that wants to either invest, buy, or sell. Finally, her professionalism regarding her work is consistent. She is one of the nicest people that I've dealt with in the business realm and would definitely consider her a valued friend."
Dennis Kordich, Long Beach, CA
"I am a full-time real estate investor, and Jennifer has been my agent for the past four years. I have bought and sold dozens of properties through her, and continue to be impressed with her market knowledge, persistence, and integrity. In this business it is critical to find partners whom you can count on, and Jennifer is definitely such a person. She consistently follows through on her commitments, and allows me to focus other aspects of my business. I would certainly recommend her to anyone, whether it be an investor or a conventional buyer or seller." Kevin George-Gilbert, AZ
"I was relocating from the east coast knowing next to nothing about Arizona and even less about buying a home. This was my first time going through the home buying process, I had heard tons of horror stories...but I have to admit, not one of them came true! Jennifer recommended an excellent Mortgage Broker, I was pre-approved for a mortgage in less than 24 hours... so I knew the price range in which to search for my new home. Whenever I had a question about area's in which I was searching for a home, I got an immediate response from her...even if she didn't have the answer off the top of her head, she acknowledged my communication and got back to me with an answer in what I would consider a very reasonable timeframe. I looked at serveral homes in my journey to find my "dream house", some of which were short sales. Prior to considering a short sale home, Jennifer met with me to explain the short sale process, what to expect when I walked through the home, timeframes and logistics associated to the short sale process itself and much much more. Well, Jennifer was very successful in helping my find and purchase my dream home! I knew as soon as I walked into that house that it was the one... and apparently a few other folks felt the same way as I did. Mine was not the only offer on the home...but with Jennifer's very impressive negotiation skills, attention to detail and responsiveness, in 30 days, that home became mine! Probably would have been sooner, but I was in China on business for the last two weeks of that 30 days...during which time, I might add, Jennifer kept in constant contact with me keeping me abreast of what was going on every step of the way. So Jennifer, Thank You again, for #1 helping me to find my dream home and #2 making my first time home buying experience one that was quite pleasurable!!"
Kim Eldreth, Surprise AZ
"Jennifer, I want to let you know how much I appreciated your thoroughness and follow-through under these very difficult circumstances. I appreciated your humor and ongoing communications throughout the complicated process of the short sale. Thanks for your professionalism!"
Roberta Bledsoe, Chandler AZ
"I've worked with Jennifer since 2004 when I 1first started purchasing investment properties. I've purchased a total of 6 properties from Jennifer. I have experience working with other agents and by far Jennifer was easier to work with and willing to go the extra mile to find out about the property and kept me informed throughout the process keeping everyone accountable from the seller to the property inspector, pest inspection, loan agents.
I would recommend her to the beginning investor to the experienced investor for her knowledge and ability to close the deal." Steve Glass, California
"Working with Jennifer on our recent short sale transaction proved to be a very pleasant experience despite the circumstances. Jennifer's knowledge of the current real estate market as well as the short sale process was outstanding. It was a pleasure to work with her; her professionalism, honesty, and dedication was commendable. I would definitely recommend her for your real estate needs."
Barbara McCarrel, Peoria AZ
"I am a real estate investor and Jennifer has been my exclusive agent for the past couple of years on all my real estate transactions. She is the most outstanding real estate professional I have ever worked with. I would highly recommend using Jennifer as an agent if you are looking for someone who is detail oriented, honest, dedicated, proactive, has extensive knowledge of the market, and will work hard to get what you want whether it be buying or selling." John Rajaratnam, Phoenix, AZ
"Thank you so much for all your efforts on representing me in buying my condo Jennifer! You are very professional, keep tabs on progress, and gave me confidence when I'm on the fence on decisions I have to make. Your the best!"
Yates Wong-Phoenix and Prescott, AZ
"Thank you Jen! As a REALTOR in the Denver area, I appreciate the level of service and professionalism you showed to my family. It is obvious that you are an expert in the Phoenix market. The fact that you sold my sister's home in a matter of weeks shows that you priced it right and marketed it aggressively. Likewise, your patience and willingness to show her and my brother-in-law a wide variety of homes to purchase shows you know how to work with both buyers and sellers. If I have the need for a REALTOR in the Phoenix area again I will not hesitate to give you a call. Thanks again!"
John Keene, Live Green Real Estate (www.ForDenverHomeBuyers.com)
"Jennifer is an outstanding professional in the Real Estate industry. She was always consistent in her follow up with all parties throughout the duration of the transaction. Jennifer has outstanding relationships in the industry and knows how to work with people on a very professional level to get things done. Looking back, we wouldn't have wanted to work with anyone other than Jennifer. "
James and Susan Poggeymeyer, Chandler AZ
"Jennifer Wehner is a detail oriented professional that knows what she is talking about. Not only did Jennifer help us sell our home in this tough economy, she also helped us get a great deal on a new home. Jennifer made herself available whenever we needed her no matter what day or time, and always answered all of our questions thoroughly. My wife and I have and will continue to recommend Jennifer to anyone looking for a real estate professional."
Albert and Jodie Vergara, Phoenix AZ
"Jennifer is a great partner to work with in a Real Estate transaction. I've been fortunate enough to work with her on both a Sale (Short sale) and a purchase of a home. Both were challenges to say the least and Jennifer helped us greatly along the way with her knowledge of the market, he knowledge of the banks and getting things done, her patience with us 
and just over all always being there to ask questions and move both transactions along. Thanks Jennifer I'll recommend you to anyone looking for a professional Realtor in the Phoenix area!!"
Ed and Lisa Dassie, Gilbert, AZ
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