Kim Anderson Phoenix, AZ

When visitors come to view Sonoran Villas they are impressed with the size of the private backyards. By definition these villas are townhomes with condo ownership. Finding a townhouse in Cave Creek with a private backyard like these and the quality of finishes is hard to find. Best of all, the HOA maintains the backyard landscaping.

Many of our clients tell us they have pets so the the private backyard is appealing for the family pet. Don’t forget the views from the two upper balconies and the gated courtyard entry.

If you are looking to downsize and don’t want to give up the feel of your custom home, then you need to see Sonoran Villas. We think you will see the quality and love the location and low maintenance.

Open weekend 12-5pm or by appointment. Call Kim at 480-201-4185 for more information about our current incentives on our last two inventory homes.

In my attempt to provide you with “stats that matter”, here is my first edition and it is for Aviano at Desert Ridge. While I think it is fine to report how many homes closed in September or how many homes are active now, I want to get down to the nitty gritty for home buyers and sellers in Desert Ridge.

Below is a chart showing the 5 lowest price per square foot homes in Aviano. You can click on the image for a larger view.

I have outlined which of these are bank owned, short sales and there is even a regular seller in there. What does that mean? Well, the bank owned are ready to move and if you write an offer you will probably hear back in 3 days or so. I would be able to help you decide where I think the bank may accept at. The short sales can take up 2-3 months to respond. If you have nothing but time, these can be great deals. I can find out where the agent is in the short sale process and can also project at where the bank may approve at. The real seller - well that is a seller who is motivated and has positioned their property to move. If you need a 30 day close, there is probably a good chance this can happen here.

The Mirador on Expedition is a huge house, but it backs to Pinnacle Peak Road and it needs a little TLC. It is not horrible but you better LOVE slate and bring a paint brush. The back yard has a good start, but needs a little help with the lack of maintenance.

The Terraza on 37th place is a nice home and has been reduced again to $685k. This home has been modified so there are two master suites, one up and one down. The other bedrooms upstairs have been combined to make 2 large secondary bedrooms, each with there own bath. The problem is they took the 3rd bay of the garage to make the master suite downstairs. Many people at this size and price point are looking for 3 car garage. However, if this modified floorplan appeals to your lifestyle, there can be a great opportunity.

The Velez on 39th Way is very “vanilla” and it backs to 40th st. However, the price is right at $135 per square foot.

After starting out at $1,105,000 and 569 days on market, the owners of this Marisol on 36th Way appear ready to sell. This home sits on an oversized lot and backs to a wash. On 10/21 this was reduced from $699,00 to $619,000, where it sits now. Given the good condition of this home, I predict this to move quickly.

Lastly the Strada on Crest Lane is a short sale and is down to $475k. This is only a 2 car garage but does have a nicely landscaped backyard and spool. I believe the listings agents are close to an approval on this.

So, if you are bargain hunting - these are a good start. If you have a model in mind or certain criteria that you are looking for, give me a call at 480-201-4185 or send me an email and I will be able to send you info. I can also email you these 5 listings if you would like more info.

Stay tuned tomorrow - the 5 lowest priced homes in Aviano!

-Kim

Ready to sell you your slice of the Arizona Sunshine!

The first annual Festival in the Desert is coming to the Desert Ridge community October 10, 11 & 12 at the JW Marriott Desert Ridge Resort & Spa.

Festival in the Desert will bring a diverse blend of music from famed artists such as Patti LaBelle, Smokey Robinson, The Temptations, Pat Benatar, Boz Scaggs, Euge Groove and many more. The Festival will also feature Art Booths with local artists showing off their creative talents.

The Festival in the Desert parking will be located at Toscana of Desert Ridge, 5450 E. Deer Valley Dr., Phoenix, in the West and East side parking lots. Visitors will park in these lots and be conveniently bused in via local PV School buses.

The Festival sponsors will create the annual Music to Our Ears donation fund that will directly support the Pinnacle High School Music Program towards music and travel.

Desert Ridge residents can receive discounted tickets by visiting http://jwfestivalinthedesert.com/hoa. All non-residents can get tickets at http://jwfestivalinthedesert.com. The JW Marriott Desert Ridge resort is also offering resort packages for the 3 day festival.

Have a good time! ~ Kim

Ready to Sell You Your Slice of the Arizona Sunshine!

While reviewing the sales statistics for September and current inventory for Desert Ridge I got to thinking about what constitutes a “good deal” in this market? What will it take for a buyer to feel like they “bought right” while making a purchase in 2008.

In the midst of bank bailouts, a real estate down turn and a fledgling economy, it is tough to get buyers to sign on the dotted line. When people ask me if I think we have reached “bottom” I always respond by saying that it depends on several factors. If they want to know if we have hit bottom as far as real estate prices, I also say that some homes are priced at what I would consider a bottom. How do I know that? They are evidenced by mulitple offers after 1-3 days on market. Usually these are bank owned properties and obviously are in varying condition. These are usually under $150k.

In a an are like Desert Ridge, it can be tough to determine. The home prices are higher, especially in Aviano where they can exceed 1.5 million. There is still a lot of inventory relative to monthly closings. Today there are 52 active listings in Aviano. Something will have to give to move that many properties considering only 2 properties closed in September. Prices have already experienced a major price correction in Aviano, so we are close. That being said, is it imperative to buy at the absolute bottom?

What is most important? Buying a distressed property may elicit the best price, but may need work. Without having a strong understanding what repairs and/or upgrades are going to cost, a good deal may not be that good of deal when it is all said and done. When I show or preview properties I always pay close attention to what the previous owner has already done. Is the landscaping complete? Are there window coverings? What kind of upgrades were done? Are there necessary repairs? Is it a premium lot?

Each month I will recap the monthly Desert Ridge & Cave Creek statistics, but beyond that I want to really breakdown the stats. I want to highlight what I consider to be the best deals and why. I want to help sellers be ahead of the curve so we can list home prices appropriate and sell them quickly. I want to help educate buyers on what is a good deal for THEM! By the way, with interest rates as good as they are now, a buyer doesn’t have to worry about hitting the absolute bottom. If they are going to live in the home for more than 5 years, the rate intself will be as important as the sales price. If you wait to see if prices are going to drop a lot more and rates go up, you will wind up paying more for the home.

In addition to the market analysis I will highlight homes that are offering creative financing. For many this will be the definition of a good deal. Stay tuned! I will be providing you with NEWS YOU CAN USE!

~Kim

Ready to sell you your slice of the Arizona sunshine!

With housing inventories at an all time high and banks tightening the guidelines for obtaining a mortgage, agents must think “out of the box” to help their clients sell their homes. Owner financing, a.k.a. seller financing is one such technique as it will open the pool of buyers who could purchase your home.

With institutional financing being a challenge to obtain, buyers are searching for creative ways to get into homes. Many of these buyers have a down payment and have good income, but they have a credit flaw from the past or perhaps they are self-employed and have a problem proving their income. As a seller, if you can provide the vehicle for them to purchase, your home will stand out from the others.

I am not suggesting that a seller would allow any buyer to buy their home on terms. A credit report is highly recommended and an application stating income, employment, etc. would also be advised. This process would be similar to how a bank reviews a mortgage application. The difference is that you may be more willing to carry the note than the bank who may be trying to sell it on the secondary market and must meet strict guidelines. Your risk is off set by the down payment. The riskier the applicant, the higher the down payment usually.

At this point you may be thinking, “This is all fine and good, but I have a mortgage and no equity in the property, how am I going to do this”? Well, you can. Especially if you have a good interest rate on your existing mortgage as many do since rates were very low in recent years. An instrument called the Illinois Land Trust offers many forms of protection on owner financing deals, but most notably it protects a lender from executing their due on sale clause if title transfers. (I will go into more detail on the Illinois Land Trust in future posts. ) So by eliminating the risk of the due on sale clause, a seller can effectively allow a new buyer to take advantage of the financing they already have in place. If the existing mortgage is 6%, a seller can offer the new buyer (who does not usually have perfect credit) a rate of 7% and even cash flow a little. A seller can usually justify their price as they are offering creative terms that the buyer needs. The length of terms is negotiable as well. A longer term will allow for the property to appreciate a little thereby eliciting the seller some equity that they maybe did not have.

There is so much to talk about regarding owner financing. In an effort to keep this brief, I am going to be writing several future posts on the topic. If you get anything out of this article, I hope it would be that I can help you as a seller or a buyer if you need seller financing. It is very important to have a knowledgeable agent to put these deals together for you. I have several properties now that offer owner financing, you may go to my Featured page to find some. I have others not listed yet so please Contact me for more information.

If you want to make sure you do not miss a future post on Owner Financing, sign-up to receive my posts directly to your email or blog reader.

I look forward to hearing from you! - Kim

“Ready to sell you your slice of sunshine…”