The fact that several these purchases are now defaulted is not great news as many of the projects included area infrastructure improvements as well, like parks, roads, etc.  It is also not great to see all the desert cleared to the East of CityNorth and now to see that project halted in its current state.  It remains to be seen what the City of Phoenix will do with those incomplete projects and the land.

The  bright side though is that existing home builders like Del Webb at Fireside, DR Horton at Cielo and Toll Brothers at Villages at Aviano are all reporting an increase in traffic.  Toll Brothers just started construction on a new building after months of holding off on new to decrease existing inventory. Also consider that Del Webb opened Fireside at Desert Ridge in February of 2007 and is almost 50% sold…all that being accomplished in a huge real estate down turn.

Current new home prices are averaging around $148 per square foot up to $700 sq foot.  Most single family homes are closer to $160 – $175 per square foot.  Also note that in Aviano at Desert Ridge, the average cost per square foot for all resales that sold in 2008 was $171 per square foot.

There is no question that real estate prices have dropped dramatically in the Desert Ridge area, but considering that many areas of the valley are struggling to get $100 per square foot, Desert Ridge is holding its own.  One has to believe that the centralized location, area amenities and proximity to major employers like the Scottsdale Airprark, American Express and several large resorts is a big reason.

The point of this post is to note that we are seeing new home inventory reducing and hopefully price stabilization will soon follow.  We are not out of the woods with area short sales or foreclosures and for that reason we are going to see incredible bargains to still be available.  There are currently several home bargains in Aviano that are $127 – $135 per square foot.  However, my long term forecast for the area is positive as I analyze this market compared to many other areas in the valley.

The homes are open today from 12-5pm and bids will be reviewed after 5pm today.  The seller does have an undisclosed reserve price, but is motivated.

The home in North Canyon Ranch has an opening bid of $125,000.  The home is 1,311 square, 3 bedrooms and 2 baths. This is a greatroom floor plan with vaulted ceilings. This home is located on a corner lot with a charming backyard and covered patio.

I would love to see you today at the open house! The address is 24443 N. 35th Dr., Glendale, AZ. This located is just south of Happy Valley Rd off of 35th Ave.  This home is close to I-17 and all of the shopping and dining at the new Norterra shopping center.  Feel free to call me at 480-201-4185 for more details!

~Kim

Ready To Sell You Your Slice of the Arizona Sunshine!

In total there are 5 series and 25 floorplans to choose from.  Each series is located in the same area of the subdivision so there is a common theme in that area.  Entry level base pricing at Montevista is $592,995. Both the Strada in the Ocotillo collection and the Borrego in the Palo Verde collection start at $592,995.  The Strada is a 2 story plan and is 3,294 square feet. A two car garage is standard with this plan.  The Borrego is also a 2 story plan and is 2,991 square feet.  A split 3 car garage is standard with this plan.

The Desert Willow collection features homes from 3,150 – 4,369 square feet and prices in this collection range from $662,995 – $789,995.  The Cottonwood collection has homes ranging from 3,402 – 4,639 square feet.  Prices in this collection range from $725,995 – $784,995.

In 2009 the Cypress collection will be released.  These are the largest plans available and will be situated on 1/2 acre lots.  The square foot range for this series will be 4,060 – 5,125 square feet.  Prices for this collection have not been released yet.

Montevista consists of 302 homesites on 160 acres and includes a 5 acre park in the center of the community.  The community also includes 3 gated entrances, natural desert washes, walking and biking trails and children’s play area.  Monthly dues are approximately $150 per month and include street and gate maintenance, common area maintenance and home security monitoring.

If you would like more information on these homes or would like to tour these homes, feel free to contact me. I can help you navigate through all the options, plans, financing and selections.  I encourage you to be represented by a licensed professional when you walk into a new home community.  I feel it is important to have a professional as your advocate as you make your decisions to purchase your next home.

~Kim

Ready To Sell You Your Slice Of The Arizona Sunshine!

All the condos at Sonoran Villas offer generous private backyards, 2 master suites & 2 car garages.  These condos are complete with the kind of upgrades and finishes you would find in a custom home.  Granite counters or stone counters, upgraded cabinetry, gas ranges, islands, upgraded flooring & 8′ solid wood doors.  Each unit has two balconies to take advantage of the spectacular views. These are also Energy Star Certified homes.

A community pool will be completed soon and homeowners will enjoy the short walk to hiking, shopping or dining.  If you are looking for the perfect location for a second home, then you must look at Sonoran Villas.  If you hurry, you will can get a Smart Car to park in your garage ready for your next visit.

Fpr more information regarding the Smart Car offer, call Kim at 480-201-4185.  Smart Car is approximately a $16,000 value.

The Strada on Crest Lane is a short sale and is down to $475k. This is only a 2 car garage but does have a nicely landscaped backyard and spool. I believe the listings agents are close to an approval on this. Probably a decent short sale to write an offer on as I don’t think it would take as long as some short sales.

The Velez on 39th Way is very “vanilla” and it backs to 40th st. However, the price is right at $135 per square foot.  Good opportunity if you want to live in Aviano.

The Borrega on Herrera is a nice home and has just been reduced by $10k.  This home backs to an interior rd, Lockwood, but that is not too big of a deal.  This home has some nice flooring upgrades and landscaped backyard with built-in BBQ.

The LaBella on Crest lane came back on the market at $525,000. This is a nice home and a good opportunity for someone with the patience for the short sale.

The San Benito on Crest lane is a nice home, but only 3 bedrooms, but does have a den. This home was on the market a year ago at $724,900.  It came back on the market in April at $579,000 and is now reduced to $539,000.  It does back to Rough Rider Rd. which is one of the main arteries through Aviano.  It is next door to the larger Strada at $475,000.  While that is a short sale, it is probably not helping the value of this home. This home is probably worth a good look if you like the plan.

For more information on any of these listings, drop me an email or feel free to call me at 480-201-4185.

-Kim

Ready to sell you your slice of the Arizona Sunshine!

Many of our clients tell us they have pets so the the private backyard is appealing for the family pet.  Don’t forget the views from the two upper balconies and the gated courtyard entry.

If you are looking to downsize and don’t want to give up the feel of your custom home, then you need to see Sonoran Villas.  We think you will see the quality and love the location and low maintenance.

Open weekend 12-5pm or by appointment.  Call Kim at 480-201-4185 for more information about our current incentives on our last two inventory homes.

Below is a chart showing the 5 lowest price per square foot homes in Aviano.  You can click on the image for a larger view.

I have outlined which of these are bank owned, short sales and there is even a regular seller in there.  What does that mean?  Well, the bank owned are ready to move and if you write an offer you will probably hear back in 3 days or so. I would be able to help you decide where I think the bank may accept at.  The short sales can take up 2-3 months to respond.  If you have nothing but time, these can be great deals.  I can find out where the agent is in the short sale process and can also project at where the bank may approve at.  The real seller – well that is a seller who is motivated and has positioned their property to move.  If you need a 30 day close, there is probably a good chance this can happen here.

The Mirador on Expedition is a huge house, but it backs to Pinnacle Peak Road and it needs a little TLC. It is not horrible but you better LOVE slate and bring a paint brush. The back yard has a good start, but needs a little help with the lack of maintenance.

The Terraza on 37th place is a nice home and has been reduced again to $685k. This home has been modified so there are two master suites, one up and one down. The other bedrooms upstairs have been combined to make 2 large secondary bedrooms, each with there own bath. The problem is they took the 3rd bay of the garage to make the master suite downstairs.  Many people at this size and price point are looking for 3 car garage. However, if this modified floorplan appeals to your lifestyle, there can be a great opportunity.

The Velez on 39th Way is very “vanilla” and it backs to 40th st. However, the price is right at $135 per square foot.

After starting out at $1,105,000 and 569 days on market, the owners of this Marisol on 36th Way appear ready to sell.  This home sits on an oversized lot and backs to a wash.  On 10/21 this was reduced from $699,00 to $619,000, where it sits now. Given the good condition of this home, I predict this to move quickly.

Lastly the Strada on Crest Lane is a short sale and is down to $475k. This is only a 2 car garage but does have a nicely landscaped backyard and spool. I believe the listings agents are close to an approval on this.

So, if you are bargain hunting – these are a good start. If you have a model in mind or certain criteria that you are looking for, give me a call at 480-201-4185 or send me an email and I will be able to send you info. I can also email you these 5 listings if you would like more info.

Stay tuned tomorrow – the 5 lowest priced homes in Aviano!

-Kim

Ready to sell you your slice of the Arizona Sunshine!

]]> http://thesunshinebroker.com/2008/10/26/the-5-lowest-price-per-square-foot-homes-in-aviano-at-desert-ridge/feed/ 0 http://thesunshinebroker.com/2008/09/21/owner-financing-provides-a-way-to-get-your-home-sold/ http://thesunshinebroker.com/2008/09/21/owner-financing-provides-a-way-to-get-your-home-sold/#comments Sun, 21 Sep 2008 17:38:30 +0000 Kim Anderson http://thesunshinebroker.com/?p=86

With housing inventories at an all time high and banks tightening the guidelines for obtaining a mortgage, agents must think “out of the box” to help their clients sell their homes.  Owner financing, a.k.a. seller financing is one such technique as it will open the pool of buyers who could purchase your home.

With institutional financing being a challenge to obtain, buyers are searching for creative ways to get into homes.  Many of these buyers have a down payment and have good income, but they have a credit flaw from the past or perhaps they are self-employed and have a problem proving their income.  As a seller, if you can provide the vehicle for them to purchase, your home will stand out from the others.

I am not suggesting that a seller would allow any buyer to buy their home on terms.  A credit report is highly recommended and an application stating income, employment, etc. would also be advised.  This process would be similar to how a bank reviews a mortgage application.  The difference is that you may be more willing to carry the note than the bank who may be trying to sell it on the secondary market and must meet strict guidelines.  Your risk is off set by the down payment.  The riskier the applicant, the higher the down payment usually.

At this point you may be thinking, “This is all fine and good, but I have a mortgage and no equity in the property, how am I going to do this”?  Well, you can.  Especially if you have a good interest rate on your existing mortgage as many do since rates were very low in recent years.  An instrument called the Illinois Land Trust offers many forms of protection on owner financing deals, but most notably it protects a lender from executing their due on sale clause if title transfers.  (I will go into more detail on the Illinois Land Trust in  future posts. ) So by eliminating the risk of the due on sale clause, a seller can effectively allow a new buyer to take advantage of the financing they already have in place.  If the existing mortgage is 6%, a seller can offer the new buyer (who does not usually have perfect credit) a rate of 7% and even cash flow a little.  A seller can usually justify their price as they are offering creative terms that the buyer needs.  The length of terms is negotiable as well.  A longer term will allow for the property to appreciate a little thereby eliciting the seller some equity that they maybe did not have.

There is so much to talk about regarding owner financing.  In an effort to keep this brief, I am going to be writing several future posts on the topic.  If you get anything out of this article, I hope it would be that I can help you as a seller or a buyer if you need seller financing.  It is very important to have a knowledgeable agent to put these deals together for you.  I have several properties now that offer owner financing, you may go to my Featured page to find some. I have others not listed yet so please Contact me for more information.

If you want to make sure you do not miss a future post on Owner Financing, sign-up to receive my posts directly to your email or blog reader.

I look forward to hearing from you! – Kim

“Ready to sell you your slice of sunshine…”