Artur Ciesielski, CCIM

Sales, permits and demand is down for new homes: and that is a good thing. We don't need more inventory in the market and there are plenty of resale homes which are virtually new: with some being less then a year old. Many of these are REO properties or lender owned properties which represent a very large part of that sales market in many parts of the Phoenix valley.

The chart below represents 4 points for each year since 2003 for new and re-sale home sales. The numbers are a combination of both single family home and condo sales in Maricopa County not just the ARMLS.

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	Is the Phoenix Real Estate Market Overcompensating?
	Greater Phoenix average price has retreated back to 2003: before the run up.
	Phoenix Real Estate Market Trends Overview | Housing Market
	Current and Historic graphs of the real estate market in Greater Phoenix

The large supply of lender owned or REO homes are priced--in most cases--to sell. Lenders don't know much about a home so don't expect a seller property disclosure statement (SPDS) and DO expect to be buying the home "AS IS", WHERE IS".

That means that the lender is very unlikely to do any sort of repairs for you. Still, this should not stop you from doing an inspection. In fact, you should do an inspection because it is a non-owner occupied and lender owned home.

These homes are usually in need of some repairs and often lots of repairs. Although there are an increasing number of home where the lenders have put in money to make them move in ready. But, there are additional threats to homes that sit vacant.

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On the East Size of Sunnyslope right along the west foothills of the Phoenix Mountains is an area which may surprise many: especially those who harbor a false view of Sunnyslope as a bad area.

Drive up 16th St. from Northern then take the small streets north along the hillside and you'll see an amazing mix of home: many were custom built while others like the 50's ranch homes sit amongst some quite appealing mid-century modern houses.

SEE All Homes For Sale In East Sunnyslope

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The value of separate meters on a property cannot be underestimated. Most multifamily properties have one meter for water and maybe separate meters for electricity: in small multifamily properties is normal to have individual electric meters but it's uncommon to have the same with water: that's probably why its often missed.

Below we'll compare two similar properties: one with separate water meters and one with a master water meter and the affects on income and the property value using a cap rate for evaluation. This is just a simple evaluation to make a point.

The properties are very similar: the rents collected from the tenants are the within 5 dollars of each other on average so we'll just use the same rents for the sake of being clear. Also, since other expenses vary like taxes, insurance, maintenance and landscaping we'll reduce the analysis to the water, sewer and trash expenses since the other expenses have no bearing on our topic.

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The Preserve by the Phoenix Mountains

The Phoenix Mountains Preserve offers mountain bikers, road bikers, hikers, walkers and admirers of the desert mountains a setting for expression and indulgent. It's difficult to get bored especially if you're willing to explore the preserve using a multitude of transportation modes: there is the low valley where from the midst the city is not visible to Piestewa Peak where the entire Phoenix valley exposes itself in panoramic glory and during sunrise or sunset it bursts with spectacular warm light.

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