Kim Anderson Phoenix, AZ

Within the last 30 days Toll Brothers has started construction again on another building in The Villages at Aviano. The Villages at Aviano are luxury condos in the heart of Desert Ridge.

These luxury condos have their own private pool and BBQ area, but also get to take advantage of all the amenities of Aviano at Desert Ridge, including the large clubhouse with fitness center, meeting rooms and gathering areas. There are also numerous parks, walking paths, tennis courts, basketball courts and a huge family pool, lap pool & jacuzzi.

Toll brothers had halted contruction on new buildings for a while in an attempt to sell their existing inventory. While they did not sell all of it, they made the decision to move forward with construction. Currently they have 6 of the 14 units sold in the new building. The units are currently at frame stage.

Tremendous deals can be found in the resale market and the inventory homes that Toll Brothers still has. Today, there are 19 active listings ranging from $230,000 - $525,000. There are a handful of bank owned and short sale properties for sale as well - presenting a tremendous opportunity to grab one of these condos below market.

As a market specialist for Villages at Aviano I can tell you that it takes some market knowledge to properly sell these units. When scouring through the active listings today I found numerous errors in the data. Tax record square footage rarely matches the actual marketed square footage by the builder. Most listing agents don’t put the model in the listing which makes it difficult to compare sales - you have to know the building layouts. There are 9 floorplans total, so it takes some time to learn them all.

I have to admit I am biased about the Villages at Aviano. I personally live here and love it. The “lock and go” units fit my lifestyle. With all the amenties at my fingertips, I feel like I live in a resort every day.

If you would like more information about new construction incentives and/or resale available, call me at 480-201-4185. I can help provide market data that will show you the best opportunities to own in this amazing condo community in Desert Ridge!

Now that several of the major home builders have backed out of their purchases on land in Desert Ridge, it seems as though the existing builders have a chance to become more profitable in 2009 and perhaps we can see an overall recovery to the residential sales in the Desert Ridge real estate market.

The fact that several these purchases are now defaulted is not great news as many of the projects included area infrastructure improvements as well, like parks, roads, etc. It is also not great to see all the desert cleared to the East of CityNorth and now to see that project halted in its current state. It remains to be seen what the City of Phoenix will do with those incomplete projects and the land.

The bright side though is that existing home builders like Del Webb at Fireside, DR Horton at Cielo and Toll Brothers at Villages at Aviano are all reporting an increase in traffic. Toll Brothers just started construction on a new building after months of holding off on new to decrease existing inventory. Also consider that Del Webb opened Fireside at Desert Ridge in February of 2007 and is almost 50% sold…all that being accomplished in a huge real estate down turn.

Current new home prices are averaging around $148 per square foot up to $700 sq foot. Most single family homes are closer to $160 - $175 per square foot. Also note that in Aviano at Desert Ridge, the average cost per square foot for all resales that sold in 2008 was $171 per square foot.

There is no question that real estate prices have dropped dramatically in the Desert Ridge area, but considering that many areas of the valley are struggling to get $100 per square foot, Desert Ridge is holding its own. One has to believe that the centralized location, area amenities and proximity to major employers like the Scottsdale Airprark, American Express and several large resorts is a big reason.

The point of this post is to note that we are seeing new home inventory reducing and hopefully price stabilization will soon follow. We are not out of the woods with area short sales or foreclosures and for that reason we are going to see incredible bargains to still be available. There are currently several home bargains in Aviano that are $127 - $135 per square foot. However, my long term forecast for the area is positive as I analyze this market compared to many other areas in the valley.

Fireside at Desert Ridge is another thriving master planned community in the Desert Ridge area. Different from Del Webb’s very popular active adult community throughout the valley, Fireside is an all ages community. Del Webb boasts Fireside as an “urban-surburban” lifestyle. The seclusion and serenity of the natural desert, but minutes from some of the best shopping and restaraunts in the Phoenix metro area.

Fireside at Desert Ridge supports an active lifestyle anchored by the community center. Here you will fine both a lap pool and resort-style pool, plus a children’s splash area, an incredible fitness center and movement studio, yoga garden and treatment rooms for spa services. The community hosts frequent events and social gatherings that are extremely popular with the residents.

Fireside offers several floorplans and products to appeal to all demographics. Featured are traditional single-family homes, affordable detached cottages and two-story townhomes that are maintence-free. The single family product ranges from 2,441 square feet all the way up to an estate level home at 4,306 square feet. Many have court yard and casita options.

Email me if you would like to join my Fireside at Desert Ridge “hot list”. I am frequently in contact with my community representative to give me the scoop on the best deals and quick move-in specials. I can also help you compare new home in Fireside with resale home in Aviano at Desert Ridge….Fireside’s proud neighbor.

~Kim

Okay, I realize I am a few days late to send this wish, however I have been BUSY! That is a great sign! Since New Years Day I have had 3 showings on one property, multiple showings on my other listings, an accepted contract on one house and two short sale approvals! Not too shabby.

I am not saying this to brag, I am truly most happy for those most affected, my SELLERS! During the dog days of November and December I kept stating that I felt first quarter of 2009 would bring “change” to the real estate market. I am not saying everything will be smelling like roses in right away, but I do think we will be approaching a bona fide “bottom” and I believe there are a slew of buyers waiting to purchase - and why wouldn’t there be!

Lets recap, mortgage rates are at 5 year lows, homes price are affordable and there is something for everyone out there. If you hear that the banks are not lending, don’t listen. There are plenty of good programs out there, you just have to know what to look for - and they don’t all require 20% down like I keep hearing buyers say.

Lastly, if you buy before June 30th, 2009, and you have not owned a home in the last 3 years, you are going to receive a $7500 TAX CREDIT! That is not a write-off, that is a tax credit. All the details of this can be founding by clicking here.

So, I am pleasantly surprised by what 2009 has brought so far. I know we have a have long road ahead, but it is a start!

I really enjoy breaking down statistics and trying to truly analyze the data so I can help buyers make smart buying decisions and help sellers move their properties. Here is some real estate data for Aviano at Desert Ridge. This is for the single family homes only.

Currently there are 47 active listings in Aviano at Desert Ridge. Here is how those 47 active break down:

• 26 Listings are Normal Sellers
• Average price per sq. foot is $208.92
• Average Days on Market is 137 with a high of 420

• 4 Listings are Bank Owned Properties
  
• Average price per sq. foot is $146.65
• Average Days on Market is 84 with a high of199

• 17 Listings are Short Sales
• Average price per sq. foot is $157.10
• Average Days on Market is 175 with a high of 668

From this information it is clear that the bank owned properties are setting the price trend. Of course it is important to note that many of those bank owned properties could have been distressed, but it is still driving the pricing.

Since November 1st, 2008 there have been 5 sales. Of those 5 sales, 3 were short sales, 1 was a bank owned property and 1 was a normal seller. Here are the 5 sales since 11/1/08: (click to enlarge)

From this image, you can see that short sales do close - if buyer can be patient. The normal seller was actually the best deal as far as cost per square foot at $136.00 per square foot. As you can see a motivated seller can come in all forms!

If you can have questions about any of these properties that closed or want information about any active listings, give me a call at 480-201-4185 or click here to contact me.

~Kim

Ready To Sell You Your Slice Of The Arizona Sunshine!