Phil and Terry's Blog

Sales Statistics for Sedona to Date

2008-09-01T18:07:08Z

The Real Estate Market remains sluggish as foreclosures and short sales continue to hit the market. Once these distressed properties are absorbed, the market will begin to stabilize.

Stats from Jan. 2008 - June 2008
Average Home $558,000 - 139 Sales Busiest month - May / Slowest - January

Current Stats: There are currently 531 Active Residential Listings in Sedona. 402 Homes are listed under $1M and 129 are $1M or above. There are currently 398 Active Lot Listings in Sedona. 366 Lots are listed under $1M and 32 are $1M or above.

Month of Januray:

13 Residential Home Sales - Average $386,000

4 Vacant Land Sales

Month of February:

14 Residential Home Sales - Average $601,000

3 Vacant Land Sales

Month of March:

33 Residential Home Sales - Average $614,000

6 Vacant Land Sales

Month of April:

24 Residential Home Sales - Average $595,000

9 Vacant Land Sales

Month of May:

37 Residential Homes Sales - Average $507,000

3 Vacant Land Sales

Month of June:

18 Residential Homes Sales - Average $646,000

5 Vacant Land Sales

Month of July:

17 Residential Home Sales - Average $454,000

Vacant Land Sales 6

Month of August:

Residential Home Sales - Average $444,500

Vacant Land Sales 2

LOWERED AGAIN!! Take a good look- 3000+ Pool Home on 1 1/2 acres-VIEWS

2008-09-01T17:26:51Z

LOWEST PRICED HOME ON OVER 1+ ACRES IN SEDONA! CLASSIC SEDONA POOL HOME ON 1.5 ACRES with 3072 s.f. in the heart of Sedona, AZ. Located in Yavapino Estates this home reminds you of early elegance. Great Room with floor to ceiling windows that embrace the outdoors with fireplace. Formal Dining, Master Suite and Guest Suite with private deck. Swimming pool and spa, fenced yard and beautiful views. Corner lot with room to build guest house in rear. Neighborhood has new paved roads and hook-up to city sewer. Offered NOW at $645,000 WEBSITE: http://www.35BellRockTrail.com PRUDENTIAL, Phil DePasquale - Assoc. Broker 928.399.9902

High above West Sedona-3/2, Fireplace, Panoramic Views, Endless Hiking Trails

2008-08-26T13:10:06Z

High above West Sedona, this Southwest Style 3/2 Home has Arizona Room, Fireplace in Living Room, Spa and Rear Decks that offer front row seating to panoramic views and colorful sunsets. Street dead ends with endless hiking trails across the street. Oversized garage with Cat5 wiring. Home is lowest priced on the street. Close to all amenities. $495,000 PRUDENTIAL, Phil DePasquale - Assoc. Broker 928.399.9902

INCREDIBLE REDUCTION - $177 s.f. 4/3, 3360 s.f., 2 Fireplaces, Fenced Yard

2008-08-26T12:52:23Z

LANDSCAPED - UPGRADED - SPACIOUS Southwest Style, 4/3 3360 s.f. ($177 s.f.) home in established West Sedona neighborhood. Light and open two-story home with Master Suite on main level. Fireplace in Great Room on main level and beautiful Rock Fireplace on lower level. Park-like fenced back yard with spa nestled in bamboo and pampas grasses. New bamboo flooring and fresh coat of paint as well as new stainless appliances in kitchen. A must see....Offered at $595,000 WEBSITE: http://www.45Shotgun.com PRUDENTIAL, Phil DePasquale - Assoc. Broker 928.399.9902

What the Tax Changes in the Housing Act Mean - Accountants Point of View

2008-08-15T12:03:17Z

A tax credit-with a twist- for first-time homebuyers. The new law gives first-time homebuyers a $7,500 tax credit (or, in the unlikely event the home costs less than $75,000, a credit equal to 10% of the home's purchase price). The top credit amount is $3,750 for married persons filing separate returns. The new credit, like other tax credits, reduces a person's tax liability on a dollar-for-dollar basis (and if the credit is more than the tax you owe, the difference is paid to you as a tax refund). However, unlike other Federal tax credits (for example, the child credit), the new credit must be paid back to the Government ratably over a period of 15 years. So, as a practical matter, the new credit for first-time homebuyers is the equivalent of an interest-free loan from the Government.

A number of terms and conditions must be met for the credit to apply. The two key rules are that:

1. You (and if married, your spouse) didn't own a principal residence during the 3-year period before you make the credit-eligible home purchase; and

2. You must buy a new principal residence after April 8, 2008, and before July 1, 2009

The credit for new homebuyers is available in full only if AGI (adjusted gross income, with some modifications for highly specialized income) doesn't exceed $150,000 if you file a joint return ($75,000 for all other filers). The credit phases out over the $150,000 to $170,000 AGI range for joint filers ($75,000 to $95,000 for all other filers).

In general, you claim the credit on the tax return you file for the year you buy the principal residence. However, if you buy the home after Dec. 31, 2008, and before July 1, 2009, you have the option of claiming the credit on your 2008 tax return instead of your 2009 return.

You'll have to start paying back the credit over 15 years as an extra tax amount on your Federal return beginning with the tax return for the second year after the year in which you buy the new home. First-time homebuyers who buy principal residences in 2008, and claim a $7,500 credit, will pay it back (1) starting with the 2010 tax return they file in 2011, and (2) ending with the 2024 tax return tax return they file in 2025, at the rate of $500 per year.

In general, the payback of the credit is accelerated if you sell the principal residence (or stop using the home as your principal residence) before the end of the pay-back period.

Property tax deduction for non-itemizers For 2008 only, those who take the standard deduction instead of itemizing deductions may claim an additional standard deduction for Sate and local property taxes paid (but taxes written off as business deductions don't count). The deduction is $1,000 for joint returns and $500 for all other filers (or actual property tax paid, if that's less).

Reduced home sale exclusion for some sellers After 2008, some home sellers who don't use their properties as principal residences for their entire ownership period may wind up paying more of a tax bill than they would under current rules (or pay tax when none would be owed currently). The tax break affected is the home sale exclusion, which generally allows up to $250,000 of home sale profit to be tax-free if a home was owned and used by the seller as a principal residence (i.e. main home) for at least 2 of the 5 years before the sale. In general, the tax-free break can only be used once every 2 years. The tax-free profit amount is up to $500,000 for married tax payers filing jointly for the year of sale if several conditions are met. A reduced maximum exclusion may apply to taxpayers who must sell their principal residence because of health or employment changes (or certain unforeseen circumstances) and as a result (1) fail the 2-out-of-5-year ownership and use rule, or (2) previously used the home sale exclusion within two years.

For sales after 2008, the home sale exclusion will be reduced proportionately for the period of time a home wasn't used as a principal residence. The prime example is a vacation home that is turned into a principal residence by its owners, but the new rule also can hit individuals who use a property as a main home for a while, rent it out for a period of time, and then move back in. There are, however, a number of exceptions. For starters, pre-2009 periods of non-principal-residence use don't count, and neither do periods of temporary absence totaling no more than 2 years due to health or employment changes ( or certain unforeseen circumstances), or up to 10 years of absence for qualifying members of the military or certain government employees. Finally, non-principal-residence use doesn't count if it occurs (1) in the five years preceding the sale, but (2) after you permanently stop using the home as a main home.

As you can see, the new rule is quite complex and down the road will cause big headaches for some home sellers unless they're careful and get an expert's advice.

Bank United and Wachovia Step up to the Plate

2008-08-15T11:54:08Z

BankUnited to Help Ailing Home Owners' with ˜Option ARMs'

Recently, BankUnited has stepped up to the plate to help struggling homeowners.

The new "Mortgage Assistance Program" will allow current BankUnited ˜Option ARM' mortgage holders to pay off their mortgages in order to benefit from more secure loan programs.

This program will allow borrowers to refinance their mortgages, regardless of the new mortgage lender that they use, and allows any prepayment penalties that may still apply to be waived.

Wachovia has recently implemented a similar program.

Reduced to $184 s.f. - Santa Fe Style 3360 s.f. Home in West Sedona

2008-08-12T13:36:01Z

LANDSCAPED - UPGRADED - SPACIOUS Southwest Style, 4/3 3360 s.f. ($184 s.f.) home in established West Sedona neighborhood. Light and open two-story home with Master Suite on main level. Fireplace in Great Room on main level and beautiful Rock Fireplace on lower level. Park-like fenced back yard with spa nestled in bamboo and pampas grasses. New bamboo flooring and fresh coat of paint as well as new stainless appliances in kitchen. A must see....Offered at $619,000 WEBSITE: http://www.45Shotgun.com PRUDENTIAL, Phil DePasquale - Assoc. Broker 928.399.9902

Come Join Us for Labor Day in Sedona, Az!

2008-08-12T10:40:49Z

Tell all your friends, neighbors and guests about it. Enjoy festivities day and night all Labor Day weekend at 22nd Annual Moonlight Madness Street Festival & Sidewalk Sales in Sedona Main Street District, beginning Saturday August 30th from noon to 9 p.m. and continuing through Monday, September 1 of Labor Day weekend. This street festival includes a wide variety of live music and entertainment, activities for adults and children, plus sidewalk sales at numerous stores along Hwy. 89A & Hwy. 179 in the Main Street District. The merchants and properties make it all possible and they're getting everything planned and arranged now.

This free community event is presented and coordinated by Sedona Main Street Program and the businesses in the District. Bring the extended family for a special time of fun, food, music, and shopping in your community! Park once and ride the free Roadrunner Shuttle throughout the area.

If you have any questions, call 204-2390 or e-mail info@sedonamainstreet.com

FHA Hope Program - Highlights

2008-08-08T16:32:26Z

FHA Mortgage Refinance and Insurance Program

The Act establishes the HOPE for Homeowners Program under the FHA with a Board to administer standards and requirements for that program. The Act authorizes the FHA to insure payment of up to $300 billion of mortgage loans originated from October 1, 2008 through September 30, 2011. The program would be voluntary for eligible borrowers, and their lenders would have to agree to release the existing mortgages at a discounted payoff amount from the proceeds of a new FHA-insured loan. To participate in the program, borrowers and their mortgage loans must meet the following eligibility criteria:

Eligibility of the borrower:

The borrower must be unable to pay the existing mortgage loan and must certify that he or she has not intentionally defaulted on that loan. The mortgage debt-to-income ratio on the existing loan, using only verified and documented income in the computation, must be greater than 31 percent as of March 1, 2008;

The borrower must occupy the mortgaged property as his or her principal residence; and -The borrower must have no fraud conviction in the previous 10 years; Eligibility of the existing loan to be refinanced: -The loan was originated on or before January 1, 2008; -The existing lender(s) must waive any prepay penalties or other outstanding fees related to default or delinquency; and -The existing lender(s) must accept the proceeds of the insured loan as payment in full of all existing mortgage debt and extinguish all liens.

Officially, this program will commence October 1, 2008 and will run to September 30, 2011

Now...easier than ever to visit Sedona from the West Coast on Horizon Air

2008-08-01T16:20:59Z

Horizon Air Flys Direct from Flagstaff to LAX

Spend more time taking in the beauty of Northern Arizona by flying directly into Flagstaff Airport, just 40 minutes from Sedona. With two daily flights from Los Angeles (LAX) and easy connections from all major airlines, Horizon Air offers a relaxing alternative to long hours of driving. All flights are aboard fast, modern 76-set Q400s, with friendly flight attendants pampering you with complimentary Starbucks coffee and Northwest wines and microbrews. Enjoy low fares and generous Alaska Airlines Mileage Plan miles all along the way. Click here for fare specials that are good until the end of September.

Sedona Red Rocks Music Festival - August 23rd-August 31st

2008-08-01T16:18:23Z

August 23-31 Red Rocks Music Festival Featuring world-class chamber and flamenco music, orchestral performances, master classes and workshops throughout the week. Call 877-733-7257.

The Red Rocks Music Festival educates, engages, and challenges audiences through a unique collaboration of leading Arizona artists and world acclaimed musicians.

History of the Festival

In its inaugural season, on Labor Day 2002, a festival symphony was lead by Maestro Shlomo Mintz, who also played the Mendelssohn violin concerto . Beethoven Symphony Number 7 received a standing ovation. Other performers included pianist Gustavo Romero and "Musica Viva" Director David Ehrlich.

Since then the festival has maintained a high level of performance, which included Elmira Darvarova, first woman co-concertmaster of the New York Metropolitan Orchestra. The 2005 Season marked a collaborative effort with ASU School of Music which included concerts and master classes . Intercultural Journeys lead by Philadelphia Orchestra cellist, Ohad Bar-David, with Native American Flutist R. Carlos Nakai was a huge success with sold out venues.

Following years included artist such as Shmuel Ashkenasi and Marc Johnson of the Vermeer Quartet.

The 2007 6th annual festival offered a variety of events including Quintessence, a woodwind quintet performing a Southwest premier by composer Bill Douglas. The dance side of arts was presented by Tango dances in 2006 and Un Corazon Flamenco in 2007. In addition, two young opera stars, Sarah Heltzel and baritone, Adam Margulies, both received great accolades. The Young Artists performance and master classes has been an integral part of the festival as the festival looks forward to its 7th year. We anticipate continuation of high level performance with artist scheduled to appear such as Shmuel Ashkenasi of the Curtis Institute, Rami Solomonow, viola Professor DePaul University and other distinguished musicians.

Housing and Economic Recovery Act of 2008

2008-07-30T09:10:54Z

H.R. 3221, the "Housing and Economic Recovery Act of 2008," passed the House on July 23, 2008,by a vote of 272-152. On Saturday, July 26, 2008, the Senate passed the bill by a vote of 72-13. The President signed the bill on July 30, 2008. The bill includes the following provisions:

GSE Reform - including a strong independent regulator, and permanent conforming loan limits up to the greater of $417,000 or 115% local area median home price, capped at $625,500. The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).

FHA Reform - including permanent FHA loan limits at the greater of $271,050 or 115% of local area median home price, capped at $625,500; streamlined processing for FHA condos; reforms to the HECM program, and reforms to the FHA manufactured housing program. The downpayment requirement on FHA loans will go up to 3.5% (from 3%). The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).

Homebuyer Tax Credit - a $7500 tax credit that would be would be available for any qualified purchase between April 8, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan).

FHA foreclosure rescue - development of a refinance program for homebuyers with problematic subprime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008.

Seller-funded downpayment assistance programs - codifies existing FHA proposal to prohibit the use of downpayment assistance programs funded by those who have a financial interest in the sale; does not prohibit other assistance programs provided by nonprofits funded by other sources, churches, employers, or family members. This prohibition does not go into effect until October 1, 2008.

VA loan limits - temporarily increases the VA home loan guarantee loan limits to the same level as the Economic Stimulus limits through December 31, 2008.

Risk-based pricing - puts a moratorium on FHA using risk-based pricing for one year. This provision is effective from October 1, 2008 through September 30, 2009.

GSE Stabilization - includes language proposed by the Treasury Department to authorize Treasury to make loans to and buy stock from the GSEs to make sure that Freddie Mac and Fannie Mae could not fail.

Mortgage Revenue Bond Authority - authorizes $10 billion in mortgage revenue bonds for refinancing subprime mortgages.

National Affordable Housing Trust Fund - Develops a Trust Fund funded by a percentage of profits from the GSEs. In its first years, the Trust Fund would cover costs of any defaulted loans in FHA foreclosure program. In out years, the Trust Fund would be used for the development of affordable housing.

CDBG Funding - Provides $4 billion in neighborhood revitalization funds for communities to purchase foreclosed homes.

LIHTC - Modernizes the Low Income Housing Tax Credit program to make it more efficient.

Loan Originator Requirements - Strengthens the existing state-run nationwide mortgage originator licensing and registration system (and requires a parallel HUD system for states that fail to participate). Federal bank regulators will establish a parallel registration system for FDIC-insured banks. The purpose is to prevent fraud and require minimum licensing and education requirements. The bill exempts those who only perform real estate brokerage activities and are licensed or registered by a state, unless they are compensated by a lender, mortgage broker, or other loan originator

Wells Fargo takes on the Number 1 Position

2008-07-30T08:50:51Z

According to numbers released by MortgageDaily.com, Wells Fargo has taken over the top spot for the largest mortgage lender in the second quarter of 2008.

The San Francisco-based bank and home loan lender pushed Countrywide out of first place by funding a whopping $63 billion during the second quarter.

Countrywide, who recently merged with B of A, had long held the number one spot, was only able to clear about $59 billion during the same period, slipping two spots to third. But keep in mind, that this does not take into account any of Bank of Americas loan funding numbers.

JP Morgan Chase claimed the second spot with $61.4 billion in loan fundings, while Citigroup took the fifth spot with $28.5 billion funded.

Overall, the analysis, which included 13 of the largest U.S. mortgage lenders, found that residential originations were down roughly 10 percent from the first quarter and year over year was 36 percent from the second quarter of 2007.

New Investment Tool.....New Loan Programs?

2008-07-30T08:42:27Z

In news just released, the Treasury and the nation's four biggest banks on Monday said they will kick-start a market for an investment product to support home financing in the latest effort to spur a slumping housing market.

Bank of America, Citigroup , JPMorgan Chase and Wells Fargo said they planned to begin issuing covered bonds, which are secured by pools of assets like home loans. The Treasury released a set of "best practices" for covered bonds, in a move designed to help develop the market for the investment instrument.

"The key to the U.S. economy making a major improvement will be turning the corner on housing finance and on the housing correction," Treasury Secretary Henry Paulson told a news conference. "We're not going to be able to do that unless we have availability of mortgage financing, and this is an attractive resource for mortgage financing."

The U.S. housing market has traditionally been supported by mortgage-backed securities, which involves bundling loans into securities and selling them to investors worldwide. Financing, however, has dried up since the wave of foreclosures spawned by the collapse of the subprime mortgage market last year.

Unlike mortgage securities, which pass all the risk to investors, covered bonds collateralized with mortgages would continue to perform even if the mortgages backing them default -- as long as the bank remains solvent.

Covered bonds are widely used in Europe but have only become attractive in the United States since the segment of the mortgage securitization market driven by investment banks dried up last year. Officials from the four banks, said in a statement, "We look forward to being leading issuers as the U.S. covered bond market develops."

Covered bond loans stay on the balance sheet of the bank that issues the bond, so they are obligations on the bank. The issuer retains control of the assets that back the loans, which will be high-quality home mortgages in good standing.

What this means in a nutshell, is that if the covered bonds, essentially backed by mortgage securities meets with optimism on the worldwide market, it could lead to new more secure innovative loan programs, which are much needed in today's lending industry.

Senate gives final approval to Housing Bill - President to sign

2008-07-26T11:34:39Z

The Senate voted overwhelmingly on Saturday for final approval of a huge package of legislation that includes an ambitious program to save hundreds of thousands of families from losing their homes to foreclosure.

The housing legislation is the latest in a series of extraordinary interventions this year by the Bush administration, Congress and the Federal Reserve as they seek to limit the risk that shockwaves in the housing sector will ripple across the American economy and the world financial system. In the process, the central bank and taxpayers have taken on what critics warn are incalculable liabilities and risk.

The bill grants the Treasury Department broad authority to safeguard the nation's two mortgage finance giants, Fannie Mae and Freddie Mac, potentially by spending tens of billions in federal money to prevent the collapse of the companies, which own or guarantee nearly half of the nation's $12 trillion in mortgages.

To accommodate the rescue plan for the mortgage companies, the bill raises the national debt ceiling to $10.6 trillion, an increase of $800 billion and the first time that the limit on the government's credit card has grown to 14 digits.

The Senate, convening for a rare Saturday session as it neared summer recess, approved the bill by a vote 72 to 13. The measure now goes to President Bush, who has said he will sign it, perhaps early next week, to send a reassuring message to the credit markets.

Lawmakers in both parties hailed the bill as crucially needed. "We are in the midst of the most serious economic crisis to face our nation in many years," said Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the banking committee. "This bill is going to make a difference almost immediately."

The federal intervention has certainly been bold. The nearly $29 billion loan by the Federal Reserve Bank of New York in March to orchestrate the sale of Bear Stearns to JPMorgan Chase might seem small compared to the Federal Housing Administration's authority, granted in the new legislation, to insure up to $300 billion in refinanced mortgages to help stem a tide of foreclosures.

Analysts, including the Congressional Budget Office, expect less than $100 billion of that authority to be used. The risk to taxpayers is minimal, analysts say, given higher insurance fees that will be charged to recipients of the refinanced loans.

And yet, even that $100 billion could seem small compared to the Treasury Department's authority to spend unspecified amounts of tax dollars to rescue Fannie Mae and Freddie Mac if they are in peril of collapse.

The Treasury secretary, Henry M. Paulson Jr., an architect of the rescue plan, said he expects never to use the new authority. And the Congressional Budget Office predicted that any bailout between now and Dec. 31, 2009, when the authority sunsets, would likely cost $25 billion or less, and that there was a better than even chance of no cost at all.

But the only real limit on the Treasury's authority is the new $10.6 trillion debt ceiling. There is roughly a $1.1 trillion cushion between the new limit and existing federal debt of $9.5 trillion.

Indeed, a little-noticed provision in the bill underscores the continuing pessimism about the state of the economy going forward. The provision gives the Federal Deposit Insurance Corporation authority to create so-called bridge institutions for failing savings associations, mirroring a capability that has existed since 1991 for failed banks.

The new power will give the F.D.I.C. more latitude to continue the operations of savings associations like California-based IndyMac, which failed earlier this month, and buy regulators time to work out a resolution at the lowest possible cost.

Politics aside, the measure approved by Congress this week represents the most aggressive government intervention in the housing market since the 1989 response to the savings and loan crisis and perhaps the boldest attempt to aid troubled borrowers since the creation of the Home Owners' Loan Corporation in 1933 as part of the New Deal.

In addition to the program to prevent foreclosures and the rescue plan for Fannie Mae and Freddie Mac, the 694-page bill contains a sweeping new regulatory structure for the mortgage giants, including the creation of an independent regulator, a stand-alone federal agency with a director appointed by the president and confirmed by the Senate.

The bill also includes $15 billion in housing related tax incentives, including a $7,500 tax credit for first-time homebuyers and business tax breaks for home builders and other large corporations.

Home Reduced to $670,000 2/3 3000+ s.f. on 1 1/2 Acres - Pool Home with Views

2008-07-17T14:58:18Z

This elegant older home is in need of a facelift to restore it's earlier elegance. The 2/3 home has a wonderful great room with floor to ceiling windows, two fireplaces, courtyard, swimming pool and spa and rear lot that can accomodate guest house. Home has had recent inspection and is in good condition but needs updating. Views are panoramic. Currently the lowest priced home in Sedona with on 1+ acres. Visit website for additional photos: http://www.35BellRockTrail.com

Perfect home for builder/contractor/handyman as neighborhood consists of many $1M homes. Motivated Sellers....Cash Bonus being ofered to Buyer's Agent.

Maximum LTV Changes For Properties In Ariz., Calif., Fla. and Nev. will go into effect on July 14th

2008-07-09T21:28:12Z

Private mortgage insurance companies are further restricting guidelines on loans that they deem acceptable for them to insure (mortgage insurance is, typically required on any conforming loan over 80% LTV). To satisfy new requirements; conforming loan transactions with Loan-to-Values greater than 90% are no longer available in Arizona, California, Florida and Nevada.

*** It should be noted here that there is an option for exceeding the 90% maximum, which is a first mortgage (to 80%) coupled with a concurrent second mortgage. Although, PMI companies (Private Mortgage Insurance Companies) will no longer insure anything over 90% in these states, borrowers may qualify for a concurrent second mortgage in excess of the 90% LTV and thus not be burdened by this requirement.

Sedona Visitor Stats

2008-07-09T08:20:37Z

Sedona Visitor Statistics

Approximately 80% of our visitors come from the Phoenix area, Las Vegas, Tucson or Southern California.

About 6% come from outside the United States. The average household income of our visitor is a whopping
$106,000. The average visitor is between 35 and 54 and our average visitor has a minimum of 4 year college degree. Day trippers make up 44% of Sedona visitors, 32% spend 1 or 2 nights and 24% more than 2 nights.

The typical overnight visitor spends an average of 3 nights in the city. The typical overnight Sedona visitor spends $334/day while in the area while 38% spend $400 or more a day. When asked what specific activity Sedona visitors participate in, shopping with the most frequently mentioned followed by art galleries, outdoor recreation (including hiking and biking).

New Developments Around Sedona

2008-07-09T08:18:36Z

New Developments Around Sedona

L'Auberge de Sedona was recently purchased by Al Spector - current owner of Amara Creekside Resort
(L'Auberge's next door neighbor). Mr. Spector plans to add 30 new guest room cottage units, an arrivals
building and a 2 level parking garage. Also planned re 5 units of affordable housing.

A new car dealership has opened along Highway 260 in Camp Verde. Steve Coury now has two side by side dealerships, the original one selling Buick, Pontiac, and GMC, the new one now selling Ford, Lincoln, and
Mercury.

For those of you always looking for a bargain, a new Sedona area flea market has just opened. McGuireville's Antique N' Unique Market will be open the second weekend of each month Saturday and Sunday's from 8am
- 3pm. The cost for sellers will only be $15. For information contact 634-5760.

The City Council has approved preliminary plat for a new 9 unit residential condominium subdivision located east of Jordan Road and North of Navahopi Road.

The Planning and Zoning Commission has conducted a conceptual review of a mixed use and lodging development project located along Sombart Lane behind the Comfort Inn on Hwy. 179. Also reviewed was a
conceptual presentation of a proposed commercial, lodging and residential development at the Sedona Cultural Park and an application to build a new Taco Bell/Kentucky Fried Chicken restaurant on the north side of Hwy.
89A just west of the National Bank of Arizona.

Construction has begun on a remodel and addition to the Church of the Red Rocks.

The Yavapai Apache Nation is investigating the commercial development of a 2.7 mile stretch of road known as Old Hwy. 279.

Horizon Air, a division of Alaska Airlines, has commenced flying twice daily from Flagstaff to LAX. The initial fare is only $89 one way. This will allow Northern Arizona residents and tourists a faster way of connecting with flights in Los Angeles.

Possible new developments in the city:

     Redevelopment of the Windsong Trailer Park.
    A possible expansion of the Sedona Rouge Hotel.
   Temporary uses at the Sedona Cultural Park.
   The Falls at Oak Creek Condominium Project on Hwy. 179.
      (approved by P & Z)
   A new public parking lot in the Uptown area.
   A remodel of the New Day Spa building in West Sedona. (underway)
   A new office and residential and condominium project on Sunset Dr.

Payment Resets Peaking on Subprime Mortgages

2008-07-03T18:16:56Z

The number of homeowners facing an increase in their subprime adjustable-rate mortgage payments will peak this summer, testing the efforts of lenders and others to keep those people out of foreclosure and stabilize the housing market.

The timing reflects the height of subprime lending in the summers of 2005 and 2006, when many borrowers secured loans scheduled to adjust in two or three years (2/28 and 3/27 loan products). For many, an adjustment means their interest rate will go up two to three percentage points, based on the index the loan was tied to.

Nationally, the number of subprime adjustable-rate loans resetting peaked at 7.61 percent of the loans outstanding last month, according to data from CoreLogic. More than 300,000 such loans will adjust this summer. CoreLogic's data covers about 80 percent of the national mortgage market.

Lenders, federal officials and housing counselors have worried that borrowers will not be able to afford the higher payments after the reset and will quickly fall into foreclosure. Declining home prices have made it impossible for many of these homeowners to refinance.

After reaching its peak this summer, the number of subprime adjustable-rate loans facing resets drops off significantly early next year, according to CoreLogic's figures. By January of 2009, only 4.8 percent of subprime loans will face resets, compared with 7.61 percent this month. By next May, that will fall to 1.94 percent

Bye - Bye Countrywide

2008-07-03T18:14:43Z

Well, it is official, as of Tuesday July 1^st, Countrywide is no longer. By mid 2009, all business will be done under the Bank of America corporate umbrella. This merger for approximately 2.5 billion dollars, much less than the 30 billion dollar offer B of A was mulling over a year ago. This merger makes B of A the largest mortgage servicer and loan originator in the nation. Job loss estimates for this takeover are estimated at 7,500.

"Declining Market Policy" Eliminated

2008-07-03T18:13:08Z

In an effort to help potential home buyers, Fannie and Freddie have eliminated the "declining market policy" that required potential home buyers' to put down more money than traditionally required when purchasing a home in areas that were shown to have a higher than average decline in ˜market' value.

It is anticipated that this also will help ease the current housing inventory that sits at approximately 11.5 months.

Sedona Stats for the first half of 2008

2008-06-30T12:17:38Z

Stats for 2008 There are currently 537 Active Residential Listings in Sedona. 406 Homes are listed under $1M and 131 are $1M or above

There are currently 395 Active Lot Listings in Sedona. 367 Lots are listed under $1M and 28 are $1M or above.

Month of Januray: 13 Residential Home Sales - Average $386,000 4 Vacant Land Sales

Month of February: 14 Residential Home Sales - Average $601,000 3 Vacant Land Sales

Month of March: 33 Residential Home Sales - Average $614,000 6 Vacant Land Sales

Month of April: 24 Residential Home Sales - Average $595,000 9 Vacant Land Sales

Month of May: 37 Residential Homes Sales - Average $507,000 3 Vacant Land Sales

Month of June: 18 Residential Homes Sales - Average $646,000 5 Vacant Land Sales

Like to Remodel...Decorate? 3360 s.f. home on 1 1/2 acres in heart of Sedona

2008-06-30T10:26:41Z

Yavapino Estates Home on approximately 1.5 acres in the heart of Sedona. Endless possibilities for this 3000+ s.f. older, estate home with sweeping views, natural landscaping and pool. New paved roads and sewer with all fees paid. Home on natural gas. Great Room with fireplace embraces the outdoors. Formal Dining with tray ceiling, large Master with full bath and walk-in closet. Guest bedroom has ample closet and private courtyard. Spacious Family Room with fireplace and full bathroom off Kitchen. Large outdoor patio with pool that invites daydreaming, all amidst million dollar homes. Home being sold "As Is" with copy of recent home inspection available. Rear, level property can accomodate guest house....amazing views!!!

Creekfront, Remodeled Home with Pool - Lowered to $719,000

2008-06-30T10:23:46Z

Rare acreage on Oak Creek with remodeled home, swimming pool with new stone decking & Tiki-style pool bar, 25x50 garage/workshop plus a spacious storage building, all on 2+ acres. Extensive landscaping, new creek-side flagstone patio with view of Oak Creek, red-rock columned archways, new pathway to the creek & much more. House is not in the flood plain. 15 minutes from Sedona or Cottonwood, Arizona.