James Wexler's Blog - Scottsdale | Phoenix Real estate

Phoenix AZ Golf Guide - Top Scottsdale AZ Public Golf Courses

James Wexler, Scottsdale AZ Luxury Homes (Coldwell Banker) (wexzilla.com) — Mon, 02 Mar 2009 22:32:00 -0600

I am gong to take a moment to gloat. It is 85 degrees today in Scottsdale AZ. Actually, it is 80 degrees almost every day in the greater Phoenix AZ area. And, it is March 2.

There is a lot for resident and visitors to do. You can hike, bike, camp, play tennis, fish, and eat at sidewalk cafe’s just to name a few.

However, when it comes to the Valley of the sun (Phoenix AZ), there is really only one thing to do; and, that is play golf.

Scottsdale AZ is widely considered the golf capital of the United States and many (Americans) would argue the golf capital of the world.

350 days of sunshine and beautiful weather make year-round golf possible as some retirees play every day, literally on the, more than 400 golf courses throughout greater Phoenix AZ.

If have a friend who is a member, here are world famous private courses such as Troon, Silverleaf, Ancala and Desert Mountain. However, what makes Scottsdale AZ golf so unique is the seemingly endless number of world class public courses available to any golfer, no matter the handicap or even wallet size.

I am an avid golfer. Meaning, I play for love of the game, and not scoring, as I struggle happily (and frustratingly) to break 90 most of the time. However, the scenic beauty and no cell phones make each day memorable no matter my driver and putter are working.

Here are my top Scottsdale AZ public golf courses.

TPC Scottsdale AZ Golf Course -

The Phoenician Golf Club -

GrayHawk Golf Course -

Troon North golf course -

The Westin Kierland Golf Course -

These are some of the best golf courses in Phoenix AZ and Scottsdale AZ. There are many many more.

In fact, if you ask 10 people, you would likely get 10 different lists of top 5 gold courses.

Most of golf courses and resorts have golf-packages with hotel rooms , spa , pool, panoramic views and other amenities. Golf vacation packages are available for all price ranges.

I recommend you take a look at AZgolfguides.com as a resource and insider’s guide to Arizona courses.

Have fun and hit’em straight.

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If you are considering life in North Scottsdale or living in a golf community, hire an agent who is an expert in Phoenix AZ golf properties and has the experience to get the job done.

Call 480.221.8080 to find out more about Phoenix AZ real estate and life in Scottsdale AZ

(almost) Speechles Sunday

James Wexler, Scottsdale AZ Luxury Homes (Coldwell Banker) (wexzilla.com) — Sun, 01 Mar 2009 00:14:04 -0600

I am going to my first Spring Training game of the year. Not to rub it in, but is supposed to be 88 degrees tomorrow (It was only 85 today )

Spring Training offers a baseball environment like no other. Big league stars, up close and personal in the small confines of a Stadium create an experience that is not to be missed.

Baseball fans young and old do not miss doing this ritual each and every year!!

Buy a Chandler AZ HomeSteps Home from Freddie Mac

James Wexler, Scottsdale AZ Luxury Homes (Coldwell Banker) (wexzilla.com) — Sat, 28 Feb 2009 09:01:29 -0600

If you are a first-time homeowners and interested in buying Phoenix AZ real estate, I have to suggest looking at Freddie Mac owned real estate marketed by HomeSteps.

Short sales are flooding the market confusing buyers on the difference between lender owned real estate and ‘pending lender approved real estate.

HomeSteps make the process easy, and most importantly attentive to buyer offers. Freddie Mac is not in the business of buying and selling real estate. Because of the economy, ie., high unemployment, declining real estate prices, and lack of available loans to borrowers, Freddie Mac, by default is now in the business of selling homes in Phoenix AZ.

So, for the most part, these homes are priced right. Here are HomeSteps 7 easy steps to buy a HomeSteps home.

1. Work with a Phoenix AZ real estate agent who knows the bank owned real estate market

2. Locate HomeSteps , Freddie Mac owned homes

3. Prepare your offer using your local state contract. The Seller should be Freddie Mac

4. Contract should include all required addenda (your Phoenix AZ Realtor will know)

5. Submit a buyer pre-qualification offer with the AZ real estate purchase contract. Any supporting financials will strengthen your offer (they are not required)

6. Your agent will negotiate the offer verbally until a final agreement is reached.

7. Formalize the offer in writing with original signatures and earnest deposit monies

8. Inspect property and request repairs Please Note: HomeSteps will not accept offers contingent on the sale of a buyer’s current residence.

Also, they do not accept offers based upon price alone. The likelihood of an offer closing escrow (cash-offers are usually better) is an important consideration. HomeSteps advises , ” the mortgage is not the only expense you need to consider.

Homeownership comes with other potential budget items such as repairs, maintenance, taxes, landscaping, etc. Once you fully understand your current situation, your future plans, and the big picture in terms of homeownership, it’s important to look at the pros and cons of homeownership to make the best decision for you and your family.”

Finally, if you are considering a HomeSteps home owned by Freddie Mac, make sure you work with a Phoenix Realtor or Scottsdale Real Estate agent who is experienced with short sales and bank owned transactions.

If you are a buyer, make sure you contact a real estate broker who is knowledgeable with Phoenix AZ REO ‘ s and Chandler AZ lender owned real estate.

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If you are listing your home as a short sale in Phoenix Arizona or Scottsdale Arizona make sure you hire an agent who knows how to do short sales and has the experience to get the job done.

Call 480.221.8080 to find out more about Phoenix AZ Short Sales and Scottsdale AZ short Sales my advice is to work with an agent who is experienced with the Freddie Mac

Taking money from an retirement account to pay debt poses problems

James Wexler, Scottsdale AZ Luxury Homes (Coldwell Banker) (wexzilla.com) — Sat, 28 Feb 2009 01:00:27 -0600

Americans are well known for their infatuation with debt and their inability to save. However, there have been two places that Americans have managed to save to accumulate wealth. do not take a heloc to pay off other debt

* The first is their primary residence, their home (believe it or not).

* The second is in retirement plans such as IRA and 401Ks.

The primary reasons these investment vehicles have been successful amongst the free spending is that they are both forced savings plans. People will pay their mortgage first. Before any bills.

If you have a fixed rate mortgage , principal will accrue and likely offer a nice savings nest egg down the road. The retirement plans/IRA also are often pre-tax withdrawals prior to receiving your after-tax paychecks. Again, a forced savings.

Amidst these surviving opportunities to save money for later in life is a growing problem that is happening much too often.

Americans who are facing difficult financial situations are pillaging both these valuable resources.

Now, there are circumstances that require a move to empty a 401K or get a (HELOC) /Home equity line. Though, these are last resorts. And, sadly, more and more frequently, people are taking on new debt (yes, these are loans) to pay other debt.

The problem with taking from a Home Equity Line is that you rarely pay off the debt. Most hope to sell their home at some point in the future. However, debt accumulates quickly. Also, you are paying interest (more than 7%) on your own money.

If your home grows at historical rates, you are just breaking even; not at all saving for the future.

Taking money from an retirement account poses a whole new set of issues. There are serious tax implications for early withdrawal distributions that you must be aware. These tax issues need to be explained by a CPA only!

Also, and most dangerously, it is very rare that someone every repays their IRA or 401K. Typically, if you need money for financial hardship, you rarely pay it back in a lump or installments. Ultimately, that money is not working for you over the years and you will pay the price when you need that money down the road.

When people are struggling the predators come out with promises and untold offers to reduce debt and offer debt consolidation. It may sound callous. However, Yes, I do mean to scare you.

4 Reasons to Buy a new construction home

James Wexler, Scottsdale AZ Luxury Homes (Coldwell Banker) (wexzilla.com) — Fri, 27 Feb 2009 16:25:55 -0600

Phoenix AZ real estate is made up of new home developments that sprouted up during the real estate ‘gold rush’ of 2001-2005. In

fact, I would argue that Phoenix AZ real estate leads the country in the number of new home builders who have come here to develop land.

As a result, the choice between resale and new home construction is difficult. Although,, I have argued very good reasons for both, it seem lately the advantages weigh in favor of new home construction.

There are many pros and some cons to both choices.

However, are 4 Reasons to Buy a new construction home direct from a builder.

1. Pricing/Value - most builders have a lot more room to negotiate than resale owners. The sales process is much more of a business decision versus an emotional one for most homeowners. Also, builder’s incentives make the price quite compelling.

2. Modern Energy Efficient Design - makes a home eco-friendly and “Green” ?

3. Design your Dream Home - both offers an array of modern floor plans that you can choose paint color, stonework, flooring, cabinets, landscaping and what seems to be an endless amounts of choices in amenities and design.

4. Long-Term Equity Appreciation- Think New Car Smell! Lets face it, who doesn’t like New vs. Used is as American as apple pie. Think, new car smell.

less buyers and more sellers, Make your home Stand out

James Wexler, Scottsdale AZ Luxury Homes (Coldwell Banker) (wexzilla.com) — Thu, 26 Feb 2009 23:15:03 -0600

The question I have been asked quite a bit lately from sellers is , “Should I Stage my house” in order to sell it at a better price and more quickly?

Before I answer that question, you should know more about the

A-B-C’s and 1-2-3’s of Home staging by Craig Schiller who is the Founder of one the premier home staging companies in the country.

In great detail, he outlines the 2 steps ,

1) prepping the home, making sure the home is in physically presentable condition and 2) staging the home.

In today’s challenging market with less buyers and more sellers, Make your home Stand out

* enhanced marketing such as staging your home so it appears above your neighbors and your competitors (often they are one in the same) is critical.

* A home that has obvious physical flaws or simple lack of upkeep leads buyers to wonder if something they cannot see is wrong with the home.

* A home that has no poor street presence s a result of an unkempt front yard or exterior will deter drive-by traffic from calling to ask to even see whats beyond on the inside.

* An empty home does not feel as warm as a dressed home. Make sure you use furniture that will appeal to the broadest amount of buyers

Reach out to one of the many truly talented staging experts here on Active Rain.

Hold a Raffle to sell your Gilbert AZ home!

James Wexler, Scottsdale AZ Luxury Homes (Coldwell Banker) (wexzilla.com) — Thu, 26 Feb 2009 10:53:02 -0600

We all read the news. We know the stock market is struggling. Likely, if you read this blog, you are more concerned with the Phoenix AZ real estate market. And, for the most part Phoenix AZ real estate and Scottsdale Real estate is selling, but slowly.

It is a challenge for homeowners to sell a home at fair market value as sellers are (in most places) competing with short sales, foreclosures and bank owned homes (REO). These types of listings are priced at significant discount to resale market prices as a net amount a sale is less important to banks and short sale listings.

As a result, if you really want to sell a home in most parts of Phoenix AZ, Peoria AZ, Chandler AZ, Gilbert AZ and Glendale AZ, you need to price your Phoenix AZ real estate near the price of neighboring REO’s and Phoenix short sales.

There is a growing trend that I have been hearing more and more of and wanted to offer it as a solution to selling your home at a fair price and relatively quickly.

It is called a Home Lottery or Home Raffle. Here’s how it works.

* Let’s say you own a home in Gilbert AZ

* You want to sell your home at $250K * You do not want to pay a Gilbert AZ real estate agent to list the home.

* You do not want to pay a Phoenix AZ real estate agent to bring a buyer * Hold a raffle. (please see your local guidelines about the legal requirement for non-profit organizations to conduct the raffle)

* Non-profit should conduct/Advertise raffle or lottery tickets at $100. * Offer that $10/each ticket goes to a local charity * Receive some radio and other advertising for free as a result

* Sell 3,000 tickets for a total of $300K. * One lucky winner, will own the Gilbert AZ home , ‘dream home’ for only $100. Not bad, right ?

* And you get to help donate $30,000 to charity while you sell your home at at a ‘dream price’.

Q: Is it legal ?? IMPORTANTLY, I am NOT an attorney. I do not know the laws in your area, jurisdiction or state. Although, each state has different laws,

I have been told by Ser Greene at USA Home Raffle , one of the leaders in helping conduct Home Raffles , that these raffles must be held by Non-Profit organization. Otherwise, as stated above, they would be illegal.

Make sure you speak with local governments about raffle, sweepstakes and lottery laws as such a priced item may require certain guidelines and registration. I wish you the best of luck and happy selling!!

Contact your bank a real estate professional to help you through the process.

Make sure you work with a Phoenix Realtor or Scottsdale Real Estate agent who is experienced with auctions and lottery sales.

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If you are listing your home as a short sale in Phoenix Arizona or Scottsdale Arizona make sure you hire an agent who knows how to do short sales and has the experience to get the job done. Call 480.221.8080 to find out more about Phoenix AZ Short Sales and Scottsdale AZ short Sales

Finance 101: Buy Low and Sell High

James Wexler, Scottsdale AZ Luxury Homes (Coldwell Banker) (wexzilla.com) — Wed, 25 Feb 2009 20:54:21 -0600

You have all heard the investment phrase, ‘Buy Low Sell High’. Buy ( Real Estate ) Low - Sell High.

However, how do you actually do that?

at least when it comes to buying real estate as in East Valley (Maricopa County) Real Estate. Let me tell you story which might help shed some light on this investing “ Holy Grail ” “

Finance 101 will often tell you that, “the best time to buy is when opportunities are created out of seller necessity.

A couple I have worked with for some time, just bought a home straight out of a Builders Inventory (these days, builders have taken homes back from a buyer who could not qualify for a loan.)

The original price on this home was more than $700K. They bought this brand large beautiful new home in a wonderful community of Peoria for $400K.

Now, this couple has bought this new build home low. Have they purchase at the lowest?

My crystal ball has not worked as well as I would like. However, based upon their needs, wants and desires, they have bought “Low” and have a wonderful home to raise their family.

How do they sell High? Well maybe the correct term is sell their real estate “Higher”. Again, my home buying crystal ball is on the fritz. However, they have a very affordable 30-year fixed rate that they can comfortably afford and do not have plans to sell for many years to come.

A historical outlook will suggest that their plans to live in this home for 5-7 years and possibly longer will give them an excellent chance to build equity, save on taxes, sell higher, and most importantly give their family a place to call home.

I would say that I have never seen so many great buying opportunities for the prudent, savvy, patient and credit-worthy real estate investor and/or new home buyer.

More and More these days, in Phoenix and the surrounding towns of Peoria, Tempe , and Fountain Hills to name a few great Arizona cities, Opportunities abound. You just have to know where to look.

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like it or not, .... Loan Modification is here to stay

James Wexler, Scottsdale AZ Luxury Homes (Coldwell Banker) (wexzilla.com) — Wed, 25 Feb 2009 09:54:23 -0600

There is a lot of news about loan modifications. In fact, due to the decline in home prices of Phoenix AZ real estate, we are a national leader in loan modifications.

On Monday, Citigroup says it is imposing a moratorium on most foreclosures as part of a series of initiatives aimed at helping at-risk borrowers.

Previously, Bank of America halted foreclosures in California and more then 2,000 homes in greater Phoenix.

JPMorgan Chase & Co. won’t put any more homes into foreclosure for the next 90 days while it implements a plan to help borrowers stay in their homes.

Yesterday, and most significantly, government sponsored entities and lending giants, Fannie Mae and Freddie Mac held a major news conference to announce that they too would be modifying loans for hundreds of thousands of borrowers.

The loan modification is here to stay. It may even pass sub-prime and credit crisis as the financial word of the year for 2009.

The question is : What is a Loan Modification ??

A loan modification is a permanent change in one or more of the terms of a mortgagors loan which allows the loan to be reinstated and results in payment the mortgagor can afford.

Loan modifications typically involve a reduction in the interest rate on the loan, a fixed rate mortgage vs. adjsutable rate mortgage (ARM), the term of the loan, principal, interest and fees (the arrears ) added to the loan balance to bring you current.

A loan modification can consist of any and or all of the above. The next question: Why would a bank or lender or the government want you to modify your loan? The government, through such programs as the Hope for Homeowners Act is pressing banks and lending institutions to work with borrowers in what is called “Loss mitigation” to modify loans for qualified borrowers.

Believe it or not, legal fees and related foreclosure costs for a home that is lost in foreclosure is often more costly to a bank then a loan modification (assuming the borrower can and still wishes to pay). Short sales have been the most common form of loss mitigation.

In a short sale, a bank agrees to take less money then the borrower owes when the home is sold. Bank have been (somewhat) adverse to short sales as they do not recover any interest, fees, principal in arrears, take a drastic loss int he home and lose a potentially paying customer.

Loan modifications have now emerged as the best alternative for banks as a way to keep a borrowers in the home , borrowers continually paying interest (which is how banks make money), and maybe most importantly keeping less bank owned real estate hitting the market for sale which further drives down prices.

Keep in mind that the government has established loan modification to help prevent more Americans from losing thier home. It is not something to be afraid of at all. In fact, for many, it is the best thing they have done since the day they bought their home.

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Copyright © James Wexler *Why Loan Modifications for Phoenix AZ Real Estate?* If you are listing your home as a short sale in Phoenix Arizona or Scottsdale Arizona make sure you hire an agent who knows how to do short sales and has the experience to get the job done. Call 480.221.8080 to find out more about Phoenix AZ Short Sales and Scottsdale AZ short Sales

Toll Brothers Phoenix AZ - great homes better prices

James Wexler, Scottsdale AZ Luxury Homes (Coldwell Banker) (wexzilla.com) — Tue, 24 Feb 2009 13:09:59 -0600

After you have made the decision to buy new home construction from a Scottsdale AZ new home builder or Phoenix AZ new home builder, you have to decide which builder from whom to purchase.

Again, choices range from large builders like Pulte, KB Homes, Lennar, Shea Homes and Engle to smaller luxury new home builder , Camelot Homes.

One of the builders that is offering great homes at even better prices is Toll Brothers.

The are currently running a sales special called the Toll Brothers New Home Expo. The Toll Brothers New Home Expo is this Saturday (today) and Sunday only.

Communities include Windgate Ranch in Scottsdale AZ, Saguaro Estates in Scottsdale AZ and Treviso in Scottsdale AZ. In Phoenix AZ visit The Villages at Aviano at Desert Ridge. Montevista in Phoenix AZ and the Desert Enclave in Sonoran Foothills.

Toll Brothers invites you to ‘ Take advantage of new low pricing and special incentives from *America’s luxury home builder* (trademark).’

Sales specials, Favorable financing, seller contributions, builder incentives and Free Upgrades are just some of the great deals during the self-proclaimed “New Home Expo Stimulus Package”!

I encourage you to visit the field models and sales office of any of the great new home communities from Toll Brothers in greater Phoenix AZ and Scottsdale AZ. The have great homes in builder inventory at prices we have not seen in many many years.

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If you are considering buying a from a new builder in Scottsdale AZ or Phoenix AZ, hire an agent who knows the new home construction market in Scottsdale and Phoenix AZ and has the experience to get the job done.

Call 480.221.8080 to find out more about Phoenix AZ real estate and life in Scottsdale AZ

5 Phoenix AZ Real Estate Investing Ideas you Must Know

James Wexler, Scottsdale AZ Luxury Homes (Coldwell Banker) (wexzilla.com) — Mon, 23 Feb 2009 19:17:31 -0600

According to a recent RealtyTrac report, Phoenix AZ foreclosures have risen more then 25% in the last year.

In fact, more then half of all sales in greater Phoenix AZ (Maricopa County) are foreclosure sales. As a result, Phoenix AZ real estate prices have dropped more than 31% according to the S&P|Case Shiller Index.

What does all this bad news mean to you??

Well, struggling real estate sales can be great news if you are a home buyer or Phoenix AZ real estate or Scottsdale AZ real estate investor.

Usually, cliche’s like ‘be careful of sharks who smell blood in the water’ is used to make buyer beware of quick-buck artists and get-rich quick schemes. However, if you are a real estate investor looking to buy homes in and around greater Phoenix AZ, ask yourself if you can be real estate investment shark?

If so, there are homes listed for short sale, foreclosures and bank owned real estate (REO) that are selling as much as 50% discount prices to the high levels of 2005. Even new Phoenix AZ new home builders are selling inventory specs at or below it cost the builders to actually construct the home.,

here are 5 Phoenix AZ Real Estate Investing Ideas that the millionaire real estate investors are preaching and living by in today’s market.

1. Don’t follow the herd - while everyone else is selling, you may want to buy. You can take advantage of seller paranoia, fear and over-reaction of emotion. You still need to be prudent and know that you are likely not going to be buying at the absolute bottom of the market, but you can get a great piece of real estate at steeply discounted prices.

2. Dont’ be afraid to make mistakes - let me be clear. You will not make money on every investment you ever make. Anyone who tells you that they have, is likely lying. The key is to make investment decisions with sound, prudent investment strategies and don’t risk money you cannot afford to lose. Think, ‘don’t put all your eggs in one basket’ If you diversify and protect your money, you will have a high likelihood of making money over time.

3. Do not be afraid to say ‘No”- Do not fall in love with any one house, stock or any one investment. Make sure you make offers based upon your investment strategy. Do not chase seller counter-offers. If so, you are letting seller dictate your investment strategy. There is no last deal. There is no ‘last’ opportunity. If a deal appears too good to be true, it most often is!

4. Cash is king - if you are a cash buyer, you have a tremendous amount of leverage in getting offers accepted in a credit crisis in which sellers are well aware of the limited amount of borrowers who can qualify for a loan even if they want to buy. Further, protect your cash, do not ‘go all-in’ as they say in poker. Always, keep reserves should you need to hold-on to investments longer then your strategy had outlined or should another investment opportunity present itself.

5. Slow and steady win the race - turn off late night television. Those get-rich investment programs touted by modern day snake-oil salesman are just that. If they worked, these guys would be following their own advice, not selling books for $79.9. Real Estate investing works.

However, it takes time, lots of time, patience and learning from your mistakes. Rome wasn’t built over night , the pyramids were not built in a day. And, you cannot build your fortune quickly either. Again, real estate investing is not for all people. Make sure you only take investment advice from a real estate attorney or experienced real estate agent who has real estate investment representative.

I love sundays

James Wexler, Scottsdale AZ Luxury Homes (Coldwell Banker) (wexzilla.com) — Sun, 22 Feb 2009 10:42:38 -0600

. I am not sure why there is no TGIG, or I hate monday type of saying or cliche' for I love Sundays. Mabe, that is it , ILS. Maybe a new entry to the lexicon of American language. Like Will Smith, lets' get "Jiggy".

Anyway, I digress with my delusion of grandeur. :)

I love Sundays becuase it is the only day that I can wake up, take my dog on as long as a walk as he would like (which is forever) , drink coffee out of a mug; not an adult "sippy cup", and read the Sunday edition of the newspaper at lenght; even do (or try) the crossword puzzle.

Enjoy your Sunday with your family, friends, favorite sporting event, coffee and paper! and turn off those darn cell phones!

Make Money while Phoenix AZ real estate declines in value

James Wexler, Scottsdale AZ Luxury Homes (Coldwell Banker) (wexzilla.com) — Sat, 21 Feb 2009 09:49:19 -0600

Most people are suffering as a result of a decline in Phoenix AZ real estate. In fact today, according to RealtyTrac, More than 300,000 U.S. homes received at least one foreclosure-related notice in Jan, an increase of 5 percent over the year before. The number of homeowners caught in the wave of foreclosures in October grew 25 percent nationally.

Is there a way to make money while Phoenix AZ real estate prices continue to decline? The answer is yes. Well , indirectly.

About 2 years ago, the Chicago Mercantile Exchange (think New York Stock Exchange for commodities) started trading futures contracts on” index-based housing price futures and options on futures based on indexes depicting matched sales prices for single family residential dwellings in 10 different U.S. cities.

Investors can trade contracts based on an index of median home prices in the metropolitan areas of Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco, or Washington, D.C. or in a composite index of all 10 cities.”

Although, this type of Wall Street investing is slightly complicated, I will try to explain.

Please note, * I am not a licensed investment adviser. * I am not making an investment recommendation. * This type of investing contains a high degree of risk. * Please consult with your Attorney, CPA and registered investment advisers before trading in stocks and futures.

If you are a real estate investor and believe that home prices are going to go higher in the future and want to participate in the rise you can always buy a home.

Let’s say you cannot afford a home or do not want to invest that type of money. You can buy futures (commodity contracts) on a composite index of all 10 cities or a specific city that you are optimistic about. The contrary is also possible. If you are negative and believe housing prices are going to continue to decline, you can ’sell’ futures that will increase in value if home prices drop in those cities.

These financial instruments were designed for hedging real estate investing, not speculating. Though, real estate futures can be used for both. A hedge is a way that you can buy insurance in case your investment works against you.

For example, a builder is planning on building homes in a subdivision. It can take more than a year for the homes to be completed and sold by the developer. If the new home builder wants to protect against a price decline during that time-frame, they can invest that the home prices in that region will decline. Thus, if home prices decline, they can make up some of the difference in profiting on the futures commodities contract.

If home prices increase the builder will realize that profit when the homes are sold at the current or increased market value. Again, this type of investing is not for most people.

I am not recommending that you buy and sell options, futures or stocks. Make sure you only take investment advice from a licensed investment representative.

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If you are listing your home as a short sale in Phoenix Arizona or Scottsdale Arizona make sure you hire an agent who knows how to do short sales and has the experience to get the job done.

Call 480.221.8080 to find out more about Phoenix AZ Short Sales and Scottsdale AZ short Sales

Bring back 100% financing for phoenix real estate az

James Wexler, Scottsdale AZ Luxury Homes (Coldwell Banker) (wexzilla.com) — Fri, 20 Feb 2009 09:43:34 -0600

ok, I have your attention.

Unfortunately, or fortunately, depending on your view of the problem with the credit crisis, 100% is not back. Phoenix AZ real estate is still in a decline and lenders still do not want to lend until either prices stabilize or to the most credit worthy buyer with large down payments. As a result, 100% financing has not made a comeback. It is not even on the board for discussion.

However, I have what you might call radical suggestion that may get the Phoenix AZ real estate market moving again.

Foremost, I don’t believe lowering interest rates will help. Lowering interest rates has not help so far. Let’s face it, interest rates are at historical lows.

For the vast majority of borrowers (not companies) lowering interest rates have little significant impact on a monthly payment. Yes, even small interest rate reductions help, but rarely will saving $50 bucks a month make or brake a purchase decision. Especially with price reductions as much, and perceived real estate opportunities (great deals), most , and I do say, most people are not affected.

The problem is that buyers are required to have much larger down payment requirements. Large down payment requirements mean cash. Bottom line, people do not have cash. If they do, they are fearful to part with sums like 20% down payments in a Phoenix AZ real estate market, stock market, job market and economy with so much uncertainty.

So what can the FED do to stimulate housing,which most people be the lifeline to get the real estate market stabilized and move towards a recovery?

Here’s is my suggestion. Bring back 100% financing.

If we had 100% financing, I believe there would be a large number of buyers get off the sidelines and start making offers. There might even be a run on bank owned properties which are (generally) the best deals in town. A reduction in bank owned real estate (REO) is the first and biggest step towards stabilizing real estate prices.

In order for banks to lend at 100% they would need guarantees of these loans from the FED. Sounds crazy, maybe! or, not really.’ The insured 100% financing loans would be at such low price levels with only qualified buyers.

Here’s a thought, only allow 100$ financing for bank owned real estate. The effect would be strengthening bank balance sheets by lowering inventory and stabilizing housing making it safer for banks to lend.

And really, how much risk is 100% loans at low fixed mortgage rates on bank owned homes? maybe a lot, maybe very little. That is for the experts to decide. But, the losses may likely be less then just giving more than $800 Billion directly to the banks who seem unwilling to lend.

Let me know what you think?

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If you are investing in Scottsdale AZ real estate or Phoenix AZ real estate, make sure you work with a real estate broker who knows the Phoenix bank owned real estate market and the Phoenix AZ foreclosure market.

Call 480.221.8080 to find out more about Phoenix AZ Short Sales and Scottsdale AZ short Sales

Scottsdale AZ real estate Agents: Please Do not list short sales

James Wexler, Scottsdale AZ Luxury Homes (Coldwell Banker) (wexzilla.com) — Thu, 19 Feb 2009 17:12:40 -0600

I received a phone call this morning from a successful Scottsdale AZ real estate agent that I want to share.

She had read my on-going series of short sale nightmares which are horror stories that buyers and sellers have experienced dealing with short sales and bank owned properties.

I have also been a loud voice and advocate calling for a ban on all short sales that are not actually approved short sales. She called to share a story that I will outline in her words.

“Greed is what created this mess and greed is continuing…….Common fellow agents…I am so frustrated by some agents who pursue short sale listings only to contribute to the short falls of the current market. I have even seen homes with a $1m balance being sold at $500K by some idiot who pull the number out of their ass….The bank never approved it …now they just created a false market price…you suck! you hurt many families along your greedy path—- you are contributing to the insanity. Stop listing the homes way below what the banks will even consider get a pre approved #. I consider these agents the bottom feeders of our industry. Complete trash!

I have to applaud this Scottsdale AZ real estate agent. Too many short sales are not short sales at all. I should qualify that by saying, they are an attempt to sell short by a seller with co-operation with an agent pending bank or lender approval they may never receive.

The problem is that these active listings are not offers to sell. Non-approved short sales are offers to solicit offers for the banks to decide if they will accept the offer. However, they are not basing the acceptance of an offer on the offer itself. The bank will weigh most heavily the financial wherewithal of the current owner. That will include a short sale package, hardship letter and a variety of other criteria.

The complaint many agents have is that it is affecting the market. In the example above a listing is priced at $500K in a neighborhood of million dollar homes. The short sale has no chance of approval. However, now potential buyers of homes in DC Ranch are convinced that other accurately priced listings are overpriced. Sellers cannot sell. Buyers will not buy or only put in offers on a home they cannot ever be accepted.

I hope you see the problem. Do not waste your time with Scottsdale AZ short sales or Phoenix AZ short sales that are not approved. There are too many other bank owned homes and short sales that are approved and you can negotiate directly with the bank.

Do not contribute to the problem. If you are an agent, do not list homes that cannot be sold. If you are a buyer, work with a Scottsdale real estate agent that has experience with Phoenix short sales and Scottsdale bank owned properties and can point you towards deals that an actually close escrow.

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Copyright © James Wexler ** If you are listing your home as a short sale in Phoenix Arizona or Scottsdale Arizona make sure you hire an agent who knows how to do short sales and has the experience to get the job done.

Call 480.221.8080 to find out more about Phoenix AZ Short Sales and Scottsdale bank owned

CityNorth at Desert Ridge in Phoenix AZ

James Wexler, Scottsdale AZ Luxury Homes (Coldwell Banker) (wexzilla.com) — Thu, 19 Feb 2009 09:01:08 -0600

After years of thoughtful planning, we are delighted to present all of the dynamic elements that will define the CityCenter of CityNorth.

Experience the vision for the largest mixed-use development in Arizona’s history, a co-development of Related Companies and the Thomas J. Klutznick Company.

CityNorth is a unique destination that will incorporate engaging public spaces and world-class architecture to provide a sophisticated and convenient lifestyle for residents and visitors. Like other celebrated cities of the world,

CityNorth will feature distinctive neighborhoods, each with its own personality.

High Street, will be a classic urban setting with approximately one million square feet of national retailers, specialty boutiques, restaurants, Class A office space, medical space and luxury living space above retail.

The Residences on High Street are our first release of residential above retail. Condominiums range in size from approximately 800 to 1850 square feet, all single story, with 1, 2 and 3 BR plans with prices ranging from $456,000 to just over $1M. In the fall of 2010, CityNorth will debut

The Boulevard, CityNorth’s grand public space and central focus of the community, with elegant condominium residences, luxury retail and creative office environments. Refreshing landscaped in-city parks featuring cascading fountains, inspiring art installations and public performance spaces run through the heart of this extraordinary urban enclave.

54th Street, also opening in the fall of 2010, is the vibrant, dynamic gateway to CityNorth. Elegant residences will overlook exquisite arcades and canopies of vivid bougainvillea in this bustling commercial corridor.

he CityNorth Sales Team is Signature Properties, Exclusive Residential Broker

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If you are interested in The Residences on High Street Condominiums, please visit the sales office or call me to arrange a tour.

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Call 480.221.8080 to find out more about Phoenix AZ real estate and life in Scottsdale AZ

Short Sales are not all Bad !!

James Wexler, Scottsdale AZ Luxury Homes (Coldwell Banker) (wexzilla.com) — Wed, 18 Feb 2009 21:06:31 -0600

Most people who read my daily Phoenix AZ real estate blog and musings on Scottsdale AZ real estate know that I have not been a fan of short sales.

To clarify, I am referring to the vast majority of short sales listed on the AZ MLS (multiple listing service) that are, in fact, not approved short sales. These are listings posted by Phoenix AZ real estate agents who are picking arbitrary prices, hoping to solicit offers.

The offers are subsequently, submitted to the banks for their approval.

The problem I have is that the sales prices and offers to purchase have little bearing on whether or not banks will accept the short sale.

When deciding on whether or not to accept a short sale, the banks weigh heavily the financial hardship and current financial condition of the borrower before deciding on a price. As are a result, the prices on the MLS are random, arbitrary at best.

The prices, then skew the actual market for houses. Buyers do not know true market pricing. In fact, short sales adversely affect those who are trying to sell their homes. And buyers are mislead on what is really for sale at what price.

However, there is an upside to short sales that are approved by the banks.

First of all, It would be almost impossible to be approved for each Short Sale. The bank would have to do a Broker Price Opinion on all properties all the time. Short sales are a pretty good model, but they could be streamlined to speed up the acceptance. The most frustrating thing to a buyer is waiting all that time and the find out it’s rejected.

The other issue is a (potentially) false market as prices are random. We need a system in place to keep short sale listings priced at/near market so other home prices are not dragged down by the neighbor who is selling the home short.

Short sales are not all bad.

In fact, approved Short Sales can save the bank money, help the seller avoid foreclosure on their credit, help the buyer get a great deal on a house, and help the community by not having a vacant house.

If you are a buyer, make sure you contact a real estate broker who is knowledgeable with Phoenix AZ REO s and Scottsdale AZ lender owned real estate.

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If you are listing your home as a short sale in Phoenix Arizona or Scottsdale Arizona make sure you hire an agent who knows how to do short sales and has the experience to get the job done.

Call 480.221.8080 to find out more about Phoenix AZ Short Sales and Scottsdale AZ short Sales

Stop Foreclosure! Save Your Phoenix AZ home!!

James Wexler, Scottsdale AZ Luxury Homes (Coldwell Banker) (wexzilla.com) — Wed, 18 Feb 2009 09:46:38 -0600

With Phoenix AZ real estate prices dropping, unemployment fears rising many Phoenix AZ homeowners are facing a tough decision.

Borrowers are asking themselves, if they should continue to deplete long-term savings and pay their mortgage. A very scary question to ponder.

A new option as emerged at the forefront of those facing foreclosure. It is called a loan modification.

A loan modification is a permanent change in one or more of the terms of a mortgagors loan which allows the loan to be reinstated and results in payment the mortgagor can afford.

Loan modifications typically involve a reduction in the interest rate on the loan, a fixed rate mortgage vs. adjustable rate mortgage (ARM), the term of the loan, principal, interest and fees (the arrears ) added to the loan balance to bring you current. A loan modification can consist of any and or all of the above

Fannie Mae and Freddie Mac had announced a plan to Suspend Foreclosures Until January 2009 While Streamlined Modification Program is Implemented. Fannie Mae, Freddie Mac, Bank America and Chase Bank have all suspended foreclosures in most of the country for several months until they can establish loan modification departments to handle the massive amounts of borrowers requesting to modify their loans, avoid foreclosure and stay in their homes.

Fannie Mae and Freddie Mac , alone, expect to modify loans of more than 400,000 borrowers. I am not in the loan modification business. However,

I have advised struggling Phoenix AZ real estate owners to speak with an attorney and their bank to decide if a loan modification is right for them.

I wanted to share a story.

A borrower, who is now almost 6 months behind on their payments for about $10,000 solicited the help of a Phoenix AZ loan modification company, who for a small fee has worked to negotiate a loan modification for the borrower.

The original terms where a 6 month forbearance. In the context of a mortgage process, forbearance is a special agreement between the lender and the borrower in order to delay a foreclosure. In this situation, the bank would request 20% of the monies past due “Arrears” paid immediately and then a fixed payment of 80% of the current loan amount for six months.

The client came back to the bank with an offer of $1,000 now and a 6 month payment of $1,300/month. The bank accepted. In 6 months, if the client is paying on-time, the bank will review the current financial health of the borrower and offer a permanent loan modification.

Everyone is happy. Banks keep a client paying interest, prevent foreclosure and most importantly, the borrower avoid foreclosure and is home for the holiday.

If you are considering a loan modification please ask for a referral of a loan modification company that has been successful for borrowers.

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Copyright © James Wexler *Stop Foreclosure! Save Your Phoenix AZ home for the holidays!* If you are listing your home as a short sale in Phoenix Arizona or Scottsdale Arizona make sure you hire an agent who knows how to do short sales and has the experience to get the job done.

Call 480.221.8080 to find out more about Phoenix AZ Short Sales and Scottsdale AZ short Sales

Camelot Homes - Buy low, Save High in Scottsdale AZ

James Wexler, Scottsdale AZ Luxury Homes (Coldwell Banker) (wexzilla.com) — Tue, 17 Feb 2009 19:03:33 -0600

Scottsdale AZ real estate developer and luxury home builder, Camelot Homes is having their Buy Low Save High new home sales event where the builder offers you the opportunity to ‘buy the masterpiece’ for the ‘lithograph price’.

* The Courtyards at Desert Park

* The Villas at Desert Camp

* The Verandahs in Silverleaf Southeast Valley

* Watermark at Ocotillo in Chandler, AZ

* Windward at Ocotillo in Chandler, AZ Northwest Valley Sonoran Mountain Ranch in Peoria, AZ

* Canyons Edge

* The Ledges at West Valley

* Cortile at Palm Valley in Goodyear AZ

Camelot Homes is offering beautiful homes at Cortile in Palm Valley, Goodyear AZ that are a selling at prices that we have not seen for years and likely will not see again in our lifetime. The field models are being sold at what seem to be less then builder cost which is almost unheard of.

For example, the Cortile Serenity series, in Goodyear, AZ was originally listed at more than $735,000. The save high, buy low sales event prices is $445,500 for this 3,852 sq/foot luxury home is . A saving so f more than $290,000.

The Gourmet Kitchen is a CHEF’S DREAM with upgraded granite countertops, Alder Wood cabinets and upgraded appliances!!!

Vaulted ceilings in the family room and master bedroom add to the UNIQUENESS of this wonderful home! Price of home includes a $15,000 lender incentive. “ encourage you to speak with your real estate experts and industry professionals for detailed information before any buying decision.

There are 5 Model homes to visit. Mon-Wed 10am-5pm.

Saturday 10-5. Sun 12-5. Closed Thursday/Friday.

I encourage you to visit the field models and sales office of any of the great new home communities.

The have great homes in builder inventory at prices we have not seen in many many years.

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Call 480.221.8080 to find out more about Phoenix AZ real estate and life in Scottsdale AZ

To Buy , To Buy , To Buy , "That is the question:

James Wexler, Scottsdale AZ Luxury Homes (Coldwell Banker) (wexzilla.com) — Mon, 16 Feb 2009 10:33:32 -0600

This slight variation of Shakespeare’s famous line from Hamlet is the question I am hearing from as they buyers ponder and weigh-in on when it comes to that big decision to purchase real estate.

Here are 4 things to consider whether now is the right time for you to buy a home here in Greater Phoenix , Fountain Hills or Scottsdale….

1) A Home first, and investment last – a primary residence is just that, a residence, it is a place to live, to realize the American dream, to enjoy, to raise a family, it can create long-term wealth, however that is not the primary reason to enjoy homeownership

2) Low interest Fixed rates are a hedge against inflation – some of the lowest fixed rates are available; as a result you can buy the same house with a lesser payment, more importantly, with fixed monthly payments, you have a hedge against inflation, as your dollar buys more new home now, than it will later

3) Tax advantages – speak with a CPA or expert, however, there are some great tax advantages to primary homeownership, including no capital gains breaks on up to $500K in appreciation for married couples and deductions of interest against income

4) Long-term capital appreciation – many Americans have created significant wealth through home ownership and real estate across the country and here in Maricopa County, Arizona . Remember, Capital Appreciaion should be the last reason to buy; as homes do cost about 8%-10% year to own when you figure in interest, taxes, insurance and upkeep.

Though, if you have a fixed rate mortgage, pay down principal and are patient, history tells us, you will enjoy the many wealth creation benefits

Make sure you make prudent investment decisions when you buy Real Estate and buy a home for the right reasons. Most importantly, make sure you can afford it, there is no sense working hard 7 days a week, even if we do have beautiful weather here in Scottsdale and the Greater Phoenix Valley, just to struggle to pay a mortgage that you cannot enjoy.

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Contact James Wexler (480) 221-8080 for all your Phoenix Scottsdale area Real Estate needs.

Down Payment requirements are the problem

James Wexler, Scottsdale AZ Luxury Homes (Coldwell Banker) (wexzilla.com) — Sat, 14 Feb 2009 10:53:14 -0600

Down Payment requirements are the problem.Yes, we need to stop foreclosure. However, no mater how low prices get, most people cannot buy due to the lack of cash on hand and/or willingness to part with it.

This news paints a picture why banks will simply not lend money to (virtually) anyone without 20% down payments (there are exceptions.)

The reason being that if home prices continue to drop, homeowners are less willing to pay their mortgage if financial problems arise as the home is worth less then they paid. They can simply , and often do, just walk away from the home. Thus, the banks foreclose on the homes and lose money.

In order to combat the liquidity problem, the Federal Government has made a bold move today and announced, “The government has introduced a pair of new programs that will provide $800 billion to help unfreeze the market for consumer debt which Treasury Secretary calls vital to supporting the economy.”

The FED says all “the government programs have been aimed at supporting the lending that is vital to the economy.” I applauder the move by the FED and am optimistic that the new Presidency will continue to do everything in their power to protect banks by insuring loans, thus make mortgage loans available to qualified buyer, supporting purchase and sales of low priced foreclosures, clearing supply of homes and stabilizing Phoenix AZ real estate prices.

Once, the bleeding stops, we can build a foundation towards a Phoenix AZ real estate recovery and a national economic recovery.

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If you are listing your home as a short sale in Phoenix Arizona or Scottsdale Arizona make sure you hire an agent who knows how to do short sales and has the experience to get the job done.

Call 480.221.8080 to find out more about Phoenix AZ Short Sales and Scottsdale bank owned homes

foreclosures are not the problem facing Phoenix AZ real estate.

James Wexler, Scottsdale AZ Luxury Homes (Coldwell Banker) (wexzilla.com) — Fri, 13 Feb 2009 09:21:25 -0600

I guess someone is listening. Or, at least, someone is reading my Phoenix AZ real estate and Scottsdale AZ real estate blog.

Ok, Ok, maybe I am being a little overzealous with my readers. However, to make myself feel better, I will take credit for the following.

Recently, I wrote a story disputing a real estate expert who claimed that foreclosures are not the problem facing Phoenix AZ real estate.

I argued that foreclosures are the problem because until foreclosure stop dragging down prices, banks will not feel comfortable lending. As a result, dropping prices affecting availability of mortgage rates with reasonable down payments are the problem.

Buyers are more and more reluctant to part with down payments averaging more than 10% of purchase price, or more often do not have the cash on hand at all.

The most recent S&P Case-Shiller Home Price national index recorded a massive decline in the third quarter compared with the same period a year ago. According to the report, “With foreclosures soaring at record rates, the economic picture dimming and job losses ramping up, all the elements were in place to push prices lower.”

This news paints a picture why banks will simply not lend money to (virtually) anyone without 20% down payments (there are exceptions.) The reason being that if home prices continue to drop, homeowners are less willing to pay their mortgage if financial problems arise as the home is worth less then they paid. The can simply , and often do, just walk away from the home.

Thus, the banks foreclose on the homes and lose money.

In order to combat the liquidity problem, the Federal Government has made a bold move today and is about to pass a historic piece of legislation.

Stay tuned and keep your fingers crossed.

New Home Builder Report (Phoenix AZ) from RL Brown

James Wexler, Scottsdale AZ Luxury Homes (Coldwell Banker) (wexzilla.com) — Thu, 12 Feb 2009 15:45:37 -0600

RL BROWN , the Maricopa County, Real Estate Expert shared the following information about the new home market and new home builders in a recent letter

DR Horton captures the #1 spot for unit volume in 2008. 3,607 units were closed.
Pulte was second with 3,238.

Both builders were aggressive in marketing and spec building.

It should be noted that DR Horton’s numbers do not reflect the large number of age-restricted units that are enjoyed by Pulte/Dell Webb division.

Right now, we have a 70,000+ unit housing market! Last year there were 72,000 actual new sales and resale home sales in the metro Phoenix housing market – not just contracts, but CLOSED HOMES.

While that is not what we enjoyed in 2005, it remains a WORLD CLASS HOUSING MARKET.

RL Brown believes that there will be an increase in the percentage of new homes this year because the “smart” builders are working with their land owners and subcontractors to compete with the foreclosed bank owned inventory that will be our competition for the next 4 to 5 years.

RL Brown believes many builders will be offering products that compare more favorably to the foreclosed homes. More innovative floor plans, higher energy efficiency, and larger lots will be the norm. Many builders are re-platting entire communities to offer larger lots with smaller homes.

RL Brown believes we will sell more than 70,000 units this year and a larger percentage will be new construction. He notes that, “qualified buyers will buy new homes that are smaller, less exotic, and that attract attention because of the innovation of the builders and developers.”

RL Brown believes, “Interest rates will provide some offset for strict loan qualifications and FHA loans with minimal down payments will dominate a large segment of the market.”

Condos will remain attractive for a buyer segment that desire urban living and most condos of the future will be in FHA price ranges so that the typical urban worker demographic can qualify. Lastly, there are many challenges ahead, and 2009-2013 will be a period where housing history will be made in metro Phoenix.

Times may not return to the “good old days” of 2005 for some time but we do expect to see an increase this year and total sales of 105,000 by 2013.

RL Brown finishes by saying- ”The REO holders will lose a lot of money. Housing speculators will lose a lot of money.” Some things never change. Sounds like the “smart guys” are figuring it out and will live to enjoy another cycle. Sound familiar?

Why is the stock market down ?

James Wexler, Scottsdale AZ Luxury Homes (Coldwell Banker) (wexzilla.com) — Thu, 12 Feb 2009 09:16:37 -0600

I am confused. That in itself is not surprising. However, today it is more than ever.

I get news headlines on my phone (yes, more distraction from my family ) and today we had what I thought were good news headlines.

Yet, when I turned on my computer, the stock market was down 200 points.

U.S. retail sales unexpectedly up 1 percent-
U.S. jobless claims dip but by less than expected
Economic stimulus package on track for final votes-
Oil slips below $36 as inventories rise

Even news on the Housing market was (somewhat) positive. Though, I am always hesitant to use that word when it comes to real estate market.

Foreclosures were up year over year but slowed at a much greater rate than expected.

Can any explain why the sky is falling in today ?

Market Statistics (December) for Maricopa County

James Wexler, Scottsdale AZ Luxury Homes (Coldwell Banker) (wexzilla.com) — Wed, 11 Feb 2009 14:46:55 -0600

NEW HOME CLOSINGS - Dec 08

Sales for Month 1,361
Same Month Last Year 3,458
Percent Change -60.64%
Year to Date Closings20,547
Year to Date Last Year 38,308
Percent Change -46.36%

PERMITS

Permits for Month 365
Same Month Last Year 1,312
Percent Change -72.18%
Year to Date Permits 12,582
Year to Date Last Year 31,172
Percent Change -59.64%

RESALES

Resales Last Month 5,513
Same Month Last Year 3,212
Percent Change 71.64%
Year to Date Resales 58,595
Year to Date Last Year 58,417
Percent Change .30%

The resale numbers reflect both Pinal and Maricopa and counts units by owner as well.