Estates at the Spectrum - Closed & Pending

Symphony Closed and Pendings

Old Stone Ranch Closed and Pendings

Reids Ranch Closed & Pendings

Pecos Vistas Closed & Pendings

Symphony Closed and Pendings

Mesquite Grove Closed and Pendings

Old Stone Ranch Closed and Pendings

Pecos Vistas - Closed & Pending

Vasaro - Closed & Pending

Symphony Closed & Pending

Mesquite Grove Estates - Closed & Pending

Old Stone Ranch - Pending & Sold

Mesquite Grove Estates - Pending and Closed

Vasaro - Pending & Closed

Symphony- Pending & Closed

Estates at the Spectrum - Pending & Closed

Old Stone Ranch - Closed & Pending 2011

Market Highlights August 2011

·         There are about 4 million homes nationally that are 90 days or more delinquent so while the REO's are dropping and short sales climbing, we can be certain we still have quite a supply of distressed properties in our future.

·         Investors have about 40 percent of the sales.

·         Perspective, a house purchased in 1980 is up 207% as of today. Gold in the same period is up 118%. Stimulus cost about $650,000 per job created, so that was a bust.

·         Fannie and Freddie may exit the jumbo market in October

·         Mike Orr 'Cromford Report' feels that prices will start moving up in Q2 of next year. He had a good line, we tend to think price is driven by supply and demand alone but emotion has to be factored in and there is job fear and other fear holding prices down.

·         34% of the total Greater Phoenix housing market is rental property.

·         Land sales of developable parcels are very strong for the past 8 months to a year. Most of the well-priced parcels are about gone. About 30,000 acres in greater Phoenix in the past six months in this regard.

·         Beazer homes coming in and buying fallow tracts and turning them in to rentals for 3o to 5 years. They can buy them cheaper than they can acquire land and build them. Plan to sell them down the road.

·         350 billion in commercial loans coming due in the next year nationally. Commercial markets starting to show some gains. We're benefiting from some tax burdens on business in California. Amazon and Pay Pal have just moved some big operations to AZ, others coming. Prices stabilizing, rent vacancy factors dropping a bit.

2nd Quarter Housing Reports for Phoenix

Symphony - Pending & Closed

Vasaro - Pending & Closed

Brooks Ranch - Pending & Closed

Estates at the Spectrum - Pending & Closed

Old Stone Ranch - Pending & Solds

End of the Month Review

While I do keep close tabs on all of Chandler, Gilbert, Mesa and Queen Creek, I like to focus my attention specifically on the neighborhoods closest to where I live.  Below you will find the most up-to-date information on the following communities:

• Old Stone Ranch
• Brooks Ranch
• Layton Lakes
• Mesquite Grove Estates
• Spectrum Estates/Estates at the Spectrum

If you would like to have specifics on your neighborhood and they are not listed above - just let me know and I will email you immediately!


All of the data is current as of the end of the current month unless noted otherwise.  All information is collected from ARMLS and The Cromford Report.  


When calculating the number of days on market, homes pending and sold homes, I like to go back to the one month prior and include it in the report.  This allows for a better examination of the market and to obtain realistic numbers.

 

Old Stone Ranch February Review

OLD STONE RANCH

Homes for Sale - 14

Short Sales - 10    Lender Owned Property -  1  Regular Sale - 4

(Since January 1st, 2011)

Homes Pending - 2

Homes Sold - 2

Average Days on Market - 141 

(high because we are using data from January 1 to February 28, 2011)

Average List Price - $304,950 

Average Sold Price - $289,000

Old Stone Ranch is still a growing community.  They have just opened up another phase in the building process and are offering great incentives.  The community is built around Ryan Elementary school and there is a city park to be built right next door to the Elementary school. 

Please email me/call me with any questions you may have on building new - listing your home you currently have - or purchasing a resale in Old Stone Ranch.  

Sold@christacooper.com

480-888-5272

Estates at the Spectrum February Review

ESTATES AT THE SPECTRUM

Homes for Sale - 5

Short Sales - 4    
Lender Owned Property -  1  
Regular Sale - 0

(Since January 1st, 2011)

Homes Pending - 2

Homes Sold - 2

Average Days on Market - 104

Average List Price - $187,450

Average Sold Price - $183,500

Estates at the Spectrum is a very popular community.  I show properties in this community every other week.  Even renters want to look at this community to see if they can get into one!  It is very close to the 202 and that great shopping center and medical plaza just to the north of the community is awesome.

Please contact me with any questions regarding this community or your current home value in the Estates!

sold@christacooper.com
480-888-5272 

Brooks Ranch February Review

BROOKS RANCH

Homes for Sale - 4
Short Sales - 0  
Lender Owned Property -  2  
Regular Sale - 2

(Since January 1st, 2011)

Homes Pending - 2

Homes Sold - 1

Average Days on Market - 98

Average List Price - $329,900

Average Sold Price - $325,000

The location of Brooks Ranch is key - it is within walking distance of Ryan Elementary School!  The home values have held steady - over the 300K range - even the Bank Owned properties are over this price.  A great place to buy for your family - location - value!!

Please feel free to contact me if you would like more information on this property or have interest on seeing what you house is worth in today's market.

sold@christacooper.com
480-888-5272

Layton Lakes February Review

LAYTON LAKES

Homes for Sale - 9

Short Sales - 3
Lender Owned Property - 0
Regular Sale - 6

(Since January 1st, 2011)

Homes Pending - 2

Homes Sold - 3

Average Days on Market - 84

Average List Price - $262,968

Average Sold Price - $246,320

Layton Lakes is nestled in 2 blocks of Gilbert about 2 miles from the 202.  This community is unique because of its lake features - great play ground and running tracks.  It also has a water feature for kids that is accessible under a bridge so you do not have to cross Queen Creek!  There are few short sales and NO lender owned properties.  This neighborhood is holding its value and selling quickly. 

Please let me know if you would like more information on this property or you are interested in selling your property!

sold@christacooper.com
480-888-5272

Mesquite Grove Estates February Review

MESQUITE GROVE ESTATES

Homes for Sale - 7

Short Sales -3
Lender Owned Property -3
Regular Sale -1

(Since January 1st, 2011)

Homes Pending - 1

Homes Sold - 1

Average Days on Market - 161

Average List Price - $240,000

Average Sold Price - $242,000

Mesquite Grove Estates is a great GATED community.  It is hard to find gated communities in Arizona and this one is a gem.  From the stats we can see there is a lot of opportunity for bank owned properties.  The value is still there and the homes are fairly newer.  Please contact me if you have any specific questions regarding Mesquite Grove Estates.

sold@christacooper.com

480-888-5272

Estates at the Spectrum - April 2011 Update

Estates at the Spectrum
current information and reports from April 1, 2011

Homes for Sale - 5

Short Sales - 1     Lender Owned Property - 3      Regular Sale - 1

Homes Pending - 1

Homes Sold - 0 since April 1st

Average Days on Market - 103

Average List Price - $263,450

Average Sold Price - $264,450

Please email me/call me with any questions you may have on listing your current home to sell or rent it - or purchasing in the Estates at the Spectrum.

Sold@christacooper.com

480-888-5272

Brooks Ranch - April 2011 Update

Brooks Ranch
current information and reports from April 1, 2011

Homes for Sale - 1

Short Sales - 1     Lender Owned Property - 0     Regular Sale - 0

Homes Pending - 2

Homes Sold - 1 since April 1st

Average Days on Market - 6

Average List Price - $239,000
Average Sold Price - $239,000

Please email me/call me with any questions you may have on listing your current home to sell or rent it - or purchasing in the Brooks Ranch.

Sold@christacooper.com

480-888-5272

Mesquite Grove Estates - April 2011 Update

Mesquite Grove Estates
current information and reports from April 1, 2011

Homes for Sale - 4

Short Sales - 3    Lender Owned Property - 1     Regular Sale - 0

Homes Pending - 0
Homes Sold - 4 since April 1st
Average Days on Market - 119
Average List Price - $312,250
Average Sold Price - $309,250

Please email me/call me with any questions you may have on listing your current home to sell or rent it - or purchasing in Mesquite Grove Estates.

Sold@christacooper.com

480-888-5272

Layton Lakes - April 2011

Layton Lakes

current information and reports from April 1, 2011

Homes for Sale - 9

Short Sales - 2     Lender Owned Property - 0     Regular Sale - 7

Homes Pending - 1

Homes Sold - 2 since April 1st

Average Days on Market - 115

Average List Price - $341,878

Average Sold Price - $312,500

Please email me/call me with any questions you may have on listing your current home to sell or rent it - or purchasing new home builds in Layton Lakes.

Sold@christacooper.com

480-888-5272

Layton Lakes - March 2011 Update

Layton Lakes

current information and reports from March 1, 2011

Homes for Sale - 7

Short Sales - 2     Lender Owned Property - 0     Regular Sale - 5

Homes Pending - 0

Homes Sold - 2 since March 1st

Average Days on Market - 155

Average List Price - $242,500

Average Sold Price - $243,000

All of the regular sales in this community are new builds - they have a big inventory of spec homes that you can make a great deal on.  They opened up another community across the street where Shea is and they need to move their inventory.  They also have that water park and park area across the street for homeowners.  The running trail goes under Queen Creek - kind of neat area to go check out.

Just an FYI for those homeowners that can swing that 2nd mortgage - you can rent your house out in 4 days - 1 day is my record.  But to be safe you can rent your home to pay for the mortgage and then go upgrade to a newer - bigger - better home down the street at pricing that is lower than what you paid for your first home - keep it in mind. I just had 2 clients do this in March and are so happy they did!

Please email me/call me with any questions you may have on listing your current home to sell or rent it - or purchasing new home builds in Layton Lakes.

Sold@christacooper.com

480-888-5272

Mesquite Grove Estates - March 2011 Update

Mesquite Grove Estates
current information and reports from March 1, 2011

Homes for Sale - 5

Short Sales - 5     Lender Owned Property - 0     Regular Sale - 0

Homes Pending - 1

Homes Sold - 2 since March 1st

Average Days on Market - 103

Average List Price - $331,950

Average Sold Price - $345,000

Yes it does say that the sold price is higher than the list price - we have some bidding wars going on - even in this market.  Mesquite Groves is unique because #1 it is a gated community and #2 it is all single story homes. 

I just rented a house in this community for my homeowners for $2,200 in 4 days - they in turn upgraded into a new build just down the street!

Just an FYI for those homeowners that can swing that 2nd mortgage - you can rent your house out in 4 days - 1 day is my record.  But to be safe you can rent your home to pay for the mortgage and then go upgrade to a newer - bigger - better home down the street at pricing that is lower than what you paid for your first home - keep it in mind. I just had 2 clients do this in March and are so happy they did!

Please email me/call me with any questions you may have on listing your current home to sell or rent it - or purchasing in Mesquite Grove Estates.

Sold@christacooper.com

480-888-5272

Brooks Ranch - March 2011 Update

Brooks Ranch
current information and reports from March 1, 2011

Homes for Sale - 5

Short Sales - 1     Lender Owned Property - 2      Regular Sale - 2

Homes Pending - 0

Homes Sold - 3 since March 1st

Average Days on Market - 44

Average List Price - $266,567

Average Sold Price - $257,500

44 days on market - popular area to live in.  2 new listings popped up this month and I am sure will be gone before summertime.  The location is great - close to schools and freeway access is a plus.

Just an FYI for those homeowners that can swing that 2nd mortgage - you can rent your house out in 4 days - 1 day is my record.  But to be safe you can rent your home to pay for the mortgage and then go upgrade to a newer - bigger - better home down the street at pricing that is lower than what you paid for your first home - keep it in mind. I just had 2 clients do this in March and are so happy they did!

Please email me/call me with any questions you may have on listing your current home to sell or rent it - or purchasing in the Brooks Ranch.

Sold@christacooper.com

480-888-5272

Estates at the Spectrum - March 2011Update

Estates at the Spectrum
current information and reports from March 1, 2011

Homes for Sale - 5

Short Sales - 2     Lender Owned Property - 2      Regular Sale - 1

Homes Pending - 0

Homes Sold - 2 since March 1st

Average Days on Market - 103

Average List Price - $263,450

Average Sold Price - $264,450

Out of all of my neighborhoods this one gets the most action.  I get more emails requesting rentals available and homes for sale than any other neighborhood.

Just an FYI for those homeowners that can swing that 2nd mortgage - you can rent your house out in 4 days - 1 day is my record.  But to be safe you can rent your home to pay for the mortgage and then go upgrade to a newer - bigger - better home down the street at pricing that is lower than what you paid for your first home - keep it in mind. I just had 2 clients do this in March and are so happy they did!

Please email me/call me with any questions you may have on listing your current home to sell or rent it - or purchasing in the Estates at the Spectrum.

Sold@christacooper.com

480-888-5272

Old Stone Ranch - March 2011 Update

OLD STONE RANCH
current information and reports for April 2011

Homes for Sale - 12

Short Sales - 9      Lender Owned Property - 1      Regular Sale - 2

Homes Pending - 1

Homes Sold - 4 since April 1st

Average Days on Market - 87

Average List Price - $302,692
Average Sold Price - $300,092

We have a happening neighborhood - days on market has dropped drastically from last month and our average list/sold price is higher!

Please email me/call me with any questions you may have on building new - listing your home you currently have - or purchasing a new build or resale in Old Stone Ranch.

Sold@christacooper.com

480-888-5272

Foreclosure or Walk Away

This is a great read:


Dear Real Estate Adviser,

What is the difference between going through a foreclosure and simply walking away and mailing the keys to the bank?

-- Charko



Dear Charko,

The lending industry has even coined a term for what you're pondering instead of foreclosure. It's called jingle mail, after those sets of keys that go jingling around in the incoming mail.

Realize that if you do this, your home will still face the foreclosure process. And as the lender's foreclosure petition slowly works its way through the courts, an increasing number of delinquent payments will be layered onto your credit report because you are still technically the owner of the house, even if you mailed in the keys.
It is far better to ask the lenders if they will accept a short sale or to simply submit your house to the bank in a "deed in lieu of foreclosure" proceeding.

A short sale is less toxic to your credit rating than a standard foreclosure because it is listed as "settled debt" on credit reports. However, you must get the lender's approval to sell the home for less (or "short") of what you owe, and that approval won't always be granted because the lender takes the loss for the balance owed in this scenario.

By the way, you will be asked to prove your hardship. Additionally, the lender can still technically go after you following the sale to collect the difference, but generally does not because of the legal costs involved and the fact that there is usually little or nothing to be recovered these days. However, know that many short-sale attempts fail and that puts you back to square one.

The deed in lieu of foreclosure approach is faster than a short sale with about the same possibility of you being pursued by the lender for the difference. However, in a deed in lieu, you are contacting the lender and officially stating that you can't make the payments and believe foreclosure is imminent, so you are legally handing over ownership to the bank. This saves the bank the time and expense of foreclosing on you. To avoid this, many banks will consent to renegotiating mortgage terms rather than adding yet another home to the already-bloated inventories of real estate owned by the banks, also known as REOs.

One caveat: A deed in lieu action may linger longer on your credit score than a simple dismissed bankruptcy. Many file for bankruptcy after falling into foreclosure when the lender doesn't consent to a short sale or deed in lieu arrangement.

In fact, a bankruptcy is far more fiscally prudent than just mailing in those keys.


Good luck!

Bankrate's content, including the guidance of its advice-and-expert columns and this Web site, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Please remember that your use of this Web site is governed by Bankrate's Terms of Use.

http://www.bankrate.com/finance/real-estate/go-through-foreclosure-or-walk-away.aspx?ic_id=tsThumb2

Renters and Investment Opportunities

It is interesting the turn of the market this last quarter that is leading to more rentals and rental properties becoming in demand.

Two important sides to look at here:

Landlords

I have more and more homeowners looking to buy new, bigger, upgraded homes while renting out their current home.  The majority of these homes are 2800 sqft and bigger - pool - 3 car garage - Granite kitchen - gated or master planned communities.  I am renting these homes at $2000 or more within 3 days with an average of a 24 month lease.

This is a great plan for financially savvy homeowners.  Because they paid that astronomical price in 2005 - 2006 they do not want to sell it now and lose money, instead they are realizing they can rent out their homes for most of their mortgage payment if not all of it and upgrade simultaneously.  They can then close on their new home while still maintaining their credit, increase their home equity, and have a nice little investment diversification in their retirement plan.

On the flip-side - Renters:

The majority of renters that are coming on the market now have, unfortunately, left their beautiful, upgraded homes and are looking to replace this same feel.  They still have their income and can afford to get into the homes that match what they left behind.  Some can even afford to buy another home but are still weary of what is happening in the market.

They do not want to be 'caught' again buying a home that they will have to foreclose or short sale again.  This fear of not wanting to repeat past mistakes is ramping up the rental market tremendously.  Waiting also allows people to repair their credit and save money to put more of a down payment on the next house that they are looking to purchase.

Both sides, renters and investors/home owners, are strategically planning their next move.  Either buying a new home and renting out their current one, or finding a rental that will be as good as the home that was left behind.

No matter what side you happen to be on you have to be comfortable with your situation. I have helped many people in both situations figure out the best way to get their goal accomplished.  Now is the time to buy, be a landlord and/or rent - I can help you do it ALL!

Stats for Gilbert and Chandler

A quick look at the snapshots for Gilbert and Chandler:

Chandler Area Stats:

Homes for Sale:  1534 vs 1939 in Jan

Homes Pending:  575 vs 530 in Jan.

Homes Sold Since January 15, 2011:  275

Average Days on Market:  122 vs 129 in Jan.

Average Sale Price:  $187,394

Gilbert Area Stats:

Homes for Sale:  1542 vs. 1943 in Jan

Homes Pending:  629 vs 567

Homes Sold Since January 15, 2011:  295

Average Days on Market:  117 vs 125 in Jan.

Average Sale Price:  $195,293

Interest Rates on the Rise

Interest rates are on the rise!  We are teetering on 4.97 - 5.08% depending on where you look and what type of lender you have found.  

Many wonder if this is a good thing or a bad thing?  I am thinking that it can go either way and depending on how you "analyze" any situation you can swing it to your point of view.

I like to look at both sides - so let's look at interest rates rising as a positive first.  

• Raising interest rates is said to ward off inflation - we are all a little worried about inflation when coming out of this recession (or trying to come out of this recession)

• Some are saying that this little bump in interest rates will actually push those people that are on the edge of the "to buy not to buy" plank into buying because they fear a huge increase in rates past 5%. Let's be honest here, even 6% is still a good interest rate compared to the history in the housing market.

This hope of those "jumpers" spurring the market, is still on the cross our fingers side, the reality is still that most people can't get a mortgage, they don't have a job, and people are still losing their homes everyday.

So, is this increase in interest rates still a positive thing? - Let's switch over to the negative.

• With a higher interest rate consumers will find it harder to manage that higher mortgage payment and will have to settle for a less expensive home. 

• Higher mortgage interest rates mean a downward pressure on home prices.  Well....our home prices are pretty low and pushing any lower is pretty daunting.

Positive, negative and everywhere in between let's stick to the present and what we know to be certain.

5% - still a low interest rate

People are still buying homes at this rate and are still losing their homes at this rate.
Lenders are strict and buyers are finding it difficult to even get a loan to take advantage of the low rate.

  

We are in a state of 2 steps forward 1 step back.  Eventually we will get somewhere but how long and how fast that will take is going to take is purely speculative.