residential real estate brokerage: A Long, Hot [REO] Summer in Arizona's Golden Corridor
- 10/19/10 04:17 PM
Hindsight is really wonderful and clear, as we all know. Looking back, I could not have written our first ROX REO 1 progress report at a better – or perhaps worse - time than June 2010. We had just closed our first round of residential REO resales, and our time-adjusted yields looked on target and good; the residential brokerage business was posting really healthy numbers, and I felt smart – briefly – again. When asked if the federal tax credits had played a role, I said “not so much” but feared “maybe a little.” The weeks rolled on with no action … (0 comments)
residential real estate brokerage: TGIF (Thank God It's Fall)!
- 09/14/10 08:53 AM
Last spring the firm experienced a surge of (residential) business. I told my residential REO partners and investors then that this was only partially due to tax credits but mostly the green shoots of a vibrant market, because our residential unit volume has been strong all summer. I was wrong. Home prices in our market did indeed swoon 5-10%, so purchases we underwrote in early summer based on May/June closings were all wrong. Last month we looked at the comps, saw this clearly and adjusted our asking prices downward. Still nothing. Last week we revisited again, felt our prices were right … (2 comments)
A discussion of current real estate trends and issues in Arizona's Golden Corridor (Pinal County, the fast-growing area between Phoenix and Tucson, centered on Casa Grande), including day-to-day market and brokerage business concerns as well as macro-economic factors affecting the area.
Hindsight is really wonderful and clear, as we all know. Looking back, I could not have written our first ROX REO 1 progress report at a better – or perhaps worse - time than June 2010.
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