phoenix: Real Estate Investing - Phoenix Real Estate Auctions - 11/08/09 11:09 AM
Real estate investing has always required a little bit of foresight and a modicum of due diligence.
The process has, over the past few decades, been made somewhat easier by the knowledge that time heals all real estate wounds
In other words- even bad deals could be fixed by cost of living adjustments and growth.
Land, being a scarce object, would increase in value because you can't make more of it.
Time is the unknown.
How much time does it take for a property to increase in value?
Now- the time factor has a warp to it.
Some properties are not … (7 comments)
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phoenix: In Phoenix- the Housing Market Heats Up - 06/24/09 09:21 AM
This may come as news to a few of you, but not to those who are currently in the market, but.... after a very long pause, the Phoenix metro area housing market is hot.
Make that sizzling.
Here are some of the hot points:
The inventory of homes is reducing rapidly. There used to be a one-year+ inventory of homes in the metro area. That has dwindled, county wide, to just over five months. In some cities it's even lower. For the first time in 3.5 years we are not in a "buyer's market". We are in that equilibrium phase. For … (11 comments)
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phoenix: The Real Estate Agent's "Frenemy" - 06/21/09 04:41 PM
"Frenemy" (sometimes spelled "frienemy") is a portmanteau of "friend" and "enemy" which can refer to either an enemy disguised as a friend or to a partner who is simultaneously a competitor.
Source: Oxford English Dictionary online, draft entry, December 2008 (Via Wikipedia)
I read with interest Harry D'Elia's recent blog post about buying homes on the courthouse steps. Part of the interest is that I too purchase homes at that stage between pre-foreclosure and bank ownership. So, I wanted to see if he got it right. And... I think he did... any difference between his view and mine would be of … (28 comments)
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phoenix: A Billion Dollars Says You'd Like to Rock Phoenix - 03/02/09 06:24 PM
Why is it that new devolpments in the Phoenix metro area appear to cost a billion dollars?
That's the price tag that Gaylord Entertainment wants to spend in building a hotel and convention center in Phoenix's east valley city of Queen Creek.
That's also the price tag that has been floated for a Rock-n-Roll theme park near downtown Phoenix.
The park is said to be considered for a 22 acre section of land around Celebrity Theatre.
If you don't know, Celebrity Theatre, it's a local landmark that is known for its intimate setting. No seat is further than 75 feet from … (6 comments)
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phoenix: Phoenix Mesa Gateway Airport to be the Country's Next Aerotropolis - 11/06/08 10:21 AM
Real Estate nerd that I am, I've spent quite a bit of time watching zoning hearings regarding the Phoenix-Mesa Gateway Airport. This is the area that includes the old Williams Air Force Base and the nearby General Motors Proving Grounds.
As the Valley of the Sun has continued to grow in size- these once distant locations have been eyed by visionaries and potential citizens alike as a prime destination. The city of Mesa, working in harmony with the cities of Queen Creek and Gilbert have been spending a great deal of time making sure this new population center will be well … (4 comments)
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phoenix: Bank Owned Homes in Phoenix and the East Valley - 08/25/08 06:09 PM
Home Sales in the Phoenix area are increasing... and so is the inventory. Investors are cashing in on these buying opportunities as there are many homes priced well below the median. Among the most aggressively priced homes are those owned by banks.
I've created a link that allows the more sophisticated user to be able to search through the bank owned inventory. The reason I say sophisticated user is because this link has a few features that are database-specific. This, in essence, is the same database that a real estate agent uses to find you properties. Some of the fields that … (4 comments)
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phoenix: Why You Find Fewer New Homes in the Bigger Cities - 08/22/08 07:05 PM
The Ship Builder: A friend of a friend built a ship. It was like a larger-than-average houseboat. People admired his one-of-a-kind creation and asked where he bought it. Discovering this was a custom creation, someone wanted him to build another.
Life Change: He turned his back pasture into a makeshift shipyard. Then another request came in. Soon he was a yacht builder. It was an accidental job change that was turning into a lucrative endeavor. He couldn't be happier with the new direction his life had taken. He had become an artist and master-craftsman and loved every minute of … (5 comments)
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phoenix: Arizona Home & Building Expo Opens Friday- Get in Free With This Link - 08/12/08 08:50 PM
Downtown Phoenix is the place to be this weekend as the Home and Building Expo heads into its 17th year. The organizers bill it as, "Arizona’s premier home show" and it's being held at the newly expanded Phoenix Convention Center - 111 N. 3rd St. Phoenix, AZ 85004 - Map
Who will be there?
Seven hundred companies that offer home related products or services. They're the companies and people that can help you decorate your home inside and out. It's like having the nation's best in one place; they're there to answer your questions and compete for your business.
If … (5 comments)
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phoenix: Bargain Homes Available- Phoenix Metro Area - 08/10/08 12:19 PM
Homes are on SALE... Bargains, Bargains, Bargains!
Home prices are just unreal these days. It seems like a carnival atmosphere- the advertisements for homes are replete with astonishing price tags.
In short- homes are on sale. And... they're quite the bargain.
What are bargain homes? I suppose everyone has their own definition.
Whenever someone is looking for an investment property or starter home, I like to first search for homes with at least three bedrooms and 1.5 bath, between $80k - $130k.
Here are the current MLS counts for such homes in the Phoenix, Arizona metro area:
Phoenix: 1,803
… (0 comments)
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phoenix: The Narrow "Free Money" Window for the First Time Homebuyer - Update - 08/02/08 12:26 PM
Attention First Time Home Buyers:
There is a very a narrow window of opportunity right now.
I'm talking about those who go into contract before October 1st.
You'll be able to qualify for down payment assistance programs that pay most (sometimes all) of your closing costs.
You'll also be able to qualify for the tax credits that will be made available through new legislation. This is a credit toward your taxes valued at up to $7,500.
UPDATE: The details are thus... Any home purchased between April 9, 2008 and July 1, 2009 can qualify for $7,500 or 10% … (11 comments)
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phoenix: Enough Already About the Buyers' Market- Top 7 Phoenix Hot Spots for Home Selling - 07/25/08 04:56 PM
hotzones Enough Already about the Buyers' Market
For the past couple years real estate agents have been broadcasting the fact that it's a buyer's market. Less time has been spent on the other side of the market- home sales. Phoenix Metro's Home-Selling Hot Zones
I've decided to flip the coin and show some market figures for the hottest selling locations in and around the metropolitan area of Phoenix, Arizona. The statistics come from an analysis of data collected from the Arizona Regional Multiple Listing Service. I pulled data from all areas, stripped out those that had fewer than five reported sales … (2 comments)
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phoenix: How's the Real Estate Pricing? Arizona Relocation Tool Offers Local Data - 07/13/08 07:08 PM
When I receive an out of state call, one of the first questions I'm asked is "how's the pricing?" The short answer is that state-wide prices are below what they were last year but the pricing will vary by city, zip code and neighborhood. Here's an example of pricing by zip code as reported in the Arizona Republic (July 12, 2008):
Phoenix - 85007 - Up 10.4%
Mesa - 85205 - Down 5.5%
Scottsdale - 85262 - Up 6.7%
So... if you want to buy in these zip codes, one will have lower pricing and the other two have had increases. … (5 comments)
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phoenix: The Accidental Millionaire - 07/09/08 02:44 PM
Beverly Hillbillies Mansion- Photo By Alan Light
America is home to accidental millionaires.
These are they who didn't plan on becoming wealthy; it just, for lack of a better explanation, sort of happened.
This is how an older friend explained it to me. "I arrived in town with hay in my ears. Bought some land way out there and then everyone else showed up. I didn't think this land was worth much more than I paid for it and next thing I know it's valuable."
It is the law of supply-and-demand in action.
Unless we can learn to harness … (11 comments)
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phoenix: Nice Surprises in the Market News- Both Nationally and in Arizona - 06/29/08 07:23 PM
"Act surprised" ... that's the command I gave my daughters as they unknowingly became a part of my blog-marketing campaign.
Fortunately they put up with me.
OK... for about 3 seconds... and no do-overs.
This is a brief snapshot with my wrap-up of this week's market news. There's some good... some not so good but, overall I'm pleased with the direction of things.
Here are the good surprises:
"After-tax incomes and spending show big gains" - That's the market headline from the associated press. Another quote within the article, "The Commerce Department reported that disposable incomes, the amount … (4 comments)
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phoenix: Arizona Real Estate Investing Heating Up - 06/28/08 02:03 PM
During my childhood, I was fascinated by a series of commercials for a mosquitoe repellant- they were quite compelling.
A man would stick his arm into a "cage" full of thirsty mosquitoes.
They would quickly land and get to work on his unprotected arm.
I practically shouted at the screen, "don't do it! ... you'll get malaria!"
Then the man would spray on some mosquito repellant and re-insert his arm.
The mosquitos would stay clear.
The announcer would say, "They don't bite. They don't even light!"
This imagery came to mind in the past week when I began to notice … (2 comments)
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phoenix: Unlisted Investment Properties - 06/14/08 01:17 PM
One of the little known secrets of real estate is that there are agents who have a significant portfolio of investment properties that are not be listed.
You won't find them on the MLS or any website.
Why would this be? Here's a partial list:
Sellers don't want to the publicity. They will ask an agent to "get the word out" and see if they can reach a private settlement. The properties require a great deal of due diligence. Some properties are off the beaten path. They may have beautiful scenery or might be located in areas that have no sales … (8 comments)
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phoenix: The Phoenix Rising- An Investor Speculation - 05/30/08 02:15 PM
As many real estate investors have noticed, the housing market hit critical mass a few years ago... the access to easy money and a wild upswing in potential equity creation brought a great excitement to the market.
Speculators arrived- both seasoned and new. Fortunes were gained and lost.
Now the challenge is to look at the current market... to assess the traps and pitfalls while also looking for the diamonds in the rough.
I'm Chuck Willman, a real estate agent based in the Phoenix, Arizona metro area. This is what I do on a daily basis... look for opportunities.
A couple … (0 comments)
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phoenix: Preparation for Growth in a Down Market- A Look at Phoenix Arizona - 05/29/08 04:17 PM
I don’t know who first said it, but there’s a phrase thrown around town to describe Phoenix - It’s that “the business of Phoenix is growth.”
I'm Chuck Willman, a real estate agent based in the Phoenix metro area. Here's Part I of a series I wrote for publication regarding the Phoenix market.
Market Concerns: Whether you look at education, commerce or other market concerns- we all face the same dilemma… almost every economic, political or social decision has a growth component that has to be considered.
For local governmental leaders, one doesn’t want to be too optimistic and … (4 comments)
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phoenix: Phoenix Light Rail- Entering Final Stages - 05/11/08 03:51 PM
The last segment of rail has been added to the Phoenix Metro's 20 Mile Light Rail Line.
What began in 2001 is now entering the final stage- testing.
Travellers should be able to climb aboard by the end of the year.
For those who want details of the project timeline, go to Valley Metro's Site.
If you'd like to see the metro in action, check out their video page.
I'm quite eager to see what effect this new form of transportation has on our urban landscape.
I'm quite convinced it will have a dramatic, positive effect on nearby real estate.
… (4 comments)
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phoenix: Phoenix Among Best Cities for Job Growth - 04/27/08 07:32 PM
When cities experience massive population growth, local authorities must be asking themselves, "can we handle this?"
Evidently Phoenix can.
Phoenix is listed, by Forbes Magazine, among the best cities for job growth. About the area, the article ascribed Phoenix's prospects as strong due to a diverse economy and fundamentally solid economics.
The remarkable element to this article is this: several of the strong job growth locations (Cape Coral metro, Naples, Port St. Lucie, Ocala, Las Vegas, Phoenix and Riverside) all were "ground zero" for housing boom and bust. Yet the cities have managed to maintain job growth.
My opinion is … (0 comments)
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