I've been investing in real estate in the Prescott AZ area for a while now, (don't ask it will reveal my age), and I am amazed at the amount of data now available on the web for individual investors. More data than any real estate agent has had or ever will. When I started, you were lucky to find a few magazines that might focus on income properties but it was hard before the web to find data about market conditions in small geos.
Today, via Twitter, I found a site called REItips.com and a thread in particular where the author, JP Moses, starts a Crowdsourcing exercise on the top REI websites.
Here's some of the results:
Please pop over to the site to see the whole thread. You'll see why people selected the sites and many more links. Plus the site has a bunch of good G2 for investors:
Top Non-Guru Websites Every Real Estate Investor Should Know About (And Probably Be Using)
Happy Monday! Have a profitable day!
If you are an investor looking for foreclosures, short sales, reo, or traditional resales in the Prescott, Prescott Valley, Chino Valley, and Dewey-Humboldt markets, you've come to the right place.
The news that just came out of the Phoenix market is that foreclosures are down as percentage of sales, but we have not seen that so far in the Prescott area, where the distressed real estate market in the Prescott area was once again busy on the listing AND closing sides this week.
Seventeen new foreclosed or short sale homes came on the market, about one in every six homes being listed in the Prescott Arizona Area MLS system, and just over one half of the closings, or 10/18, were distressed sales in Prescott, Prescott Valley, Chino Valley, Dewey-Humboldt and the outlying areas of Yavapai County.
The difference between what newly listed traditional homes and Prescott foreclosed/REO and short sale properties per square foot remains large at a 42% discount.
The market down in the valley is warming up too and that's good news for us as many of them buy second homes in the Prescott area. One of the factors driving buyers in the affordability of homes as they go down the 2001 prices.
See: NAR Housing Affordability Index at Record Low: Good news for Prescott buyers!
The percentage of foreclosed/REO/short sale new listings on market dropped from 19% to 17% this week. Last week 45% of the pending sales were REO or short sales, and this week they made up 48% of the deals going into escrow. The amount of REO/short sales that closed last week went from 44% last week to 56% this week. REO/short sales also sold about 9% faster than traditional resales.
See the full report on our main web site.
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More good news for the Prescott, AZ market which relys so much on the Phoenix market for spillover business: a sign that foreclosure sales have peaked in the greater Phoenix area! That's the news from the Morrison School of Management and Agribusiness at Arizona State University's Polytechnic campus today regarding the decline in the rates of foreclosure sales in the Greater Phoenix area.
Investors are starting to come into the market again buying rental homes and income with the expectation that prices will rise in the next few years. That, and the fact that interest rates are low and 1st time buyers are finding prices that allow them to buy for what they are paying for rent.
Here's an excerpt:
The declining prices have piqued interest for potential investors and owner-occupants, especially in the lower income ranges. For the traditional market, the median price in March was $127,000, down 45 percent from the $229,900 for a year ago. Foreclosed properties had a median price of $146,880 ($189,170 for March 2008).
Investment interest is being driven by the anticipation that home prices will rise again in the next few years. According to Butler, there are two fundamental reasons why the median price for foreclosed homes is higher than traditional transactions.
"The first reason is more expensive homes continue to be foreclosed, with 15 in March, three over $2 million, and 7 percent of the foreclosures were in the $300,000 range," he said. "The other reason is that, for the last year, slightly more than 30 percent of the traditional sales were foreclosed homes that were sold again with a median price markdown of 15 percent. The markdown varied throughout the Valley ranging from 44 percent in Maryvale to 17 percent in Avondale to 10 percent in Tempe."
Click for the full report that has details by Phoenix area neighborhood.
This is similar to the Prescott and Precott Valley markets where foreclosures made up 34% of sales in the 1st quarter. It will be interesting to see where they end up in Q2. For more information see: Prescott Arizona area foreclosure market report for Q1 2009.
To search for foreclosured, REOs, and short sales in Prescott, Prescott Valley, Chino Valley, or Dewey-Humboldt, click here.
The Precott Az area condo market finally got going again in March after having had ZERO closings in February, which was an anomoly. Two of the five closings were bank-owned, or REOs, and they were the driving factors behind the average $ per square foot at $118.
| Prescott Area Condos, Townhomes, Patio Homes Closed - March 2009 | |||||||
| Address | City | List Price | Sale Price | SP/LP | SQFT | $/SQFT | CDOM |
| 1970 Lazy Meadow L | Prescott | $409,000 | $395,000 | 96.6% | 3,398 | $116 | 273 |
| 1716 Alpine Meado | Prescott | $272,500 | $207,500 | 76.1% | 1,811 | $115 | 240 |
| 1216 Timber Point | Prescott | $245,000 | $232,000 | 94.7% | 1,882 | $123 | 210 |
| 3350 Iris Lane | Prescott | $207,000 | $197,000 | 95.2% | 1,188 | $166 | 213 |
| 12693 Tierra Aspera | Dewey -Humboldt | $145,000 | $137,000 | 94.5% | 1,893 | $72 | 176 |
| Number of Homes: | 5 | ||||||
| Average | $255,700 | $233,700 | 91.4% | 2,034 | $118 | 222 | |
| Median | $245,000 | $207,500 | 94.7% | 1,882 | $116 | 213 | |
| MLS Data as of: | 4/8/2009 | *Source: PAAR MLS |
The one unit at 1716 Alpine Meadows in Hassayampa sold for $207,500, just below it's 2/1/2003 sales price of $230,503. So in this case, prices were down to 2002 levels. Wells Fargo took a bit of a bath here, but I'm sure they learned something in the process. ;) If you are waiting on the sidelines to buy a property in the Prescott, Prescott Valley, Chino Valley, or Dewey-Humboldt market area, consider a foreclosured or REO property. I can make the process as painless as possible.
See this post before you get going: Top 10 tips to win the REO multiple offer game
If the chart above is garbled you can see the orginal post here:
40% of condos sold in March 2009 in Prescott area were REOs
On April 1st, NAR released it latest figures on affordability and the index is at a record low. This is great news for buyers of traditional resales and foreclosed homes in the Prescott and Prescott Valley market areas.
NAR's Housing Affordability Index (HAI) rose 0.9 percentage points to a record high 173.5 in February from January. The HAI is a measure of housing affordability that correlates the relationship between home prices, mortgage interest rates and family income. The index has been tracked by NAR since 1970.
Lawrence Yun, NAR's chief economist, said a median-income family, earning $59.700, can afford a residence that costs $285,600 in February with 20% down, assuming that 25% of gross income is devoted to mortgage principal and interest. These numbers are well within the prices and incomes in the Quad-cities region of Northern Arizona.
Yun said in the press release that he expects inventories to rise through early summer as part of normal seasonal patterns, as more sellers enter the market through the spring.
See the NAR site to see this and past reports.
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Prescott, AZ, REALTOR focused on the foreclosure markets in Prescott, Prescott Valley, Chino Valley, and Dewey-Humboldt in Northern Arizona.
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