Subdivision map of Maricopa. Many folks ask about the locations of the subdivisions in town. This is the best map that I have found. http://www.vestar.com/newsite/Assets/PropertyAssets/MaricopaTC/MaricopaTC.pdf Please note: The brochure is that of a shopping center coming to town. It has 3 anchor stores and a movie theater.
Source: BIG BUILDER News Publication date: August
20, 2008
By Sarah C. Yaussi
Neither the new $7,500 first-time buyer
tax credit nor the closing window on seller-funded down payment assistance have
had much effect on traffic at new-home builder communities in the weeks since
the housing recovery bill was signed into law, according to an August
neighborhood survey by FTN Midwest Securities. The results suggest that the
legislation's stimulative effect on housing may be less of a shot in the arm and
more of a time-release formula.
Of the sales representatives surveyed,
nearly half said traffic levels remained primarily unchanged from last month.
Thirty percent reported increased traffic at their communities since July while
23% saw traffic levels decline.
Roughly eight out of 10 sales reps
surveyed understood both the tax credit and changes in down payment assistance,
but few were actively marketing these aspects of the new law to home shoppers.
Twenty-two percent of respondents sent mailers explaining the new provisions to
potential buyers; 16% indicated they sent information out in an e-mail blast to
prospects. About half of the survey respondents said they had some sort of
information sheet available in their sales centers.
However, more builders may soon begin
promoting the legislation, as well as local home building associations. Pulte
Homes and Beazer Homes, for example, already initiated marketing campaigns
around the tax credit. Pulte launched a national "Jump-Start" promotion, where every buyer who purchases a Pulte home
from Aug. 5 through Sept. 15 will receive at least $7,500 in savings to match
the government's tax credit. Yesterday, Beazer produced a free informational Webinarfor prospective home buyers that focuses on the tax credit.
These types of tactics intend to
increase buyer awareness of the law and create urgency in the marketplace, but
buyers still appear reluctant. Of the surveyed sales reps who had marketed the
new law's provisos, 44% reported little interest from potential buyers.
Thirty-nine percent found their efforts generated favorable buyer interest,
while 17% said they received mixed responses from prospects.
This stands in stark contrast toreports from the NAHBthat its consumer-targeted Web sitewww.federalhousingtaxcredit.comhas generated a tremendous amount of
interest. In the site's first five days, the association reported that it
generated 50,000 hits from unique visitors.
"Given the significance of this act, a
greater sense of urgency was expected, but respondents had a wait-and-see
approach," noted FTN analyst Jay McCanless in a research note.
McCanless added that a number of
respondents mentioned that new marketing material was expected in the coming
weeks, a factor that could influence September traffic levels.
The problem is growing. Finally the Department of Real estate is taking notice also.
The department has released this public information on their website. These are a list of the AZ builders that the Dept of Real Estate feels are in financial danger.
Home buyers should do their due diligence in researching a builder. The only builder that is on this list in Maricopa is Elite. The builders listed seem to be regional builders. No National builders are on the list.
Saw this one coming.. as blogged about on July 25th. Elite had 4 communities in Maricopa, one of them was 95% sold out. The other 3 seem to be most affected by this Chapter 11
Elite Homes firm files bankruptcy
by J. Craig Anderson - Aug. 14, 2008 03:36 PM The Arizona Republic
A
land-investment firm founded in 2005 by the president of Scottsdale
home builder Elite Homes Inc. has filed for bankruptcy protection,
adding its name to a growing list of housing-industry businesses unable
to pay their creditors.
The oddly named company, STH 6,8,10,11,13 Inc., is headed by Elite
Homes President Lance Keller. It was incorporated in September 2005 and
since has accrued unpaid debts totaling about $10.8 million.
STH 6,8,10,11,13 voluntarily filed for reorganization late Wednesday
under Chapter 11 of the U.S. Bankruptcy code, which allows a
debt-ridden company to continue operating while the federal bankruptcy
court sorts out its creditor issues.
The bulk of STH's debt - $10.5 million - is owed to Seattle-based
WRI Communities Fund I LLC for a "bank loan," according to U.S.
Bankruptcy Court documents.
Other debts include nearly $50,000 owed to the homeowners
association of San Tan Heights, a master-planned community in northern
Pinal County developed in 2000 by Miller Holdings principal Larry
Miller.
Miller sold Elite Homes 1,290 single-family home lots in 2004 for
$37 million to create the Tortosa subdivision in Maricopa along with
home-builder partners Shea Homes, HomeLife Communities and DR Horton.
A Larry Miller is listed in STH's declaration of creditors as the company's "chief restructuring officer," but The Arizona Republic was unable to determine Thursday whether he is the same Miller associated with San Tan Heights and Tortosa.
"We don't have any comment at this time," STH and Elite President Keller said Thursday about the bankruptcy filing.
Miller, STH attorney Sheldon "Tony" Freeman and the San Tan Heights HOA did not return calls.
STH 6,8,10,11,13 was the second of two Scottsdale land-investment firms to file for bankruptcy protection Wednesday.
A Scottsdale-based "land bank" has filed for bankruptcy protection
in the midst of pending foreclosure action on hundreds of vacant lots
it owns in Gilbert and Phoenix.
Taro Properties Arizona LLC and two affiliates, Taro Properties
Nevada I and Taro Properties Texas I, filed for protection from
creditors in the midst of pending foreclosure action on hundreds of
vacant lots it owns in Gilbert and Phoenix.
I received an email from Bill and Anna (of Calgary) today.
Thanks for the kind words. It really makes it all worth wild when I meet or exceed someone's expectations!
Hi Brian
Bill and Anna (from Calgary) here. You are bang right
on about the deal we secured in Maricopa. We are extremely happy with our
find/purchase. Your knowledge of the Maricopa market, reputation with the
local builders and your insight into the "best smokin hot deals" directed us to
the winter home we had been looking for. The home is all you've said and more.
If anyone would like to speak with us about our recent 3 day trip to Maricopa,
just have them email us at removed for privacy . We'd be glad to answer questions
and offer them a very positive reference on "Brian Petersheim ... Mr. Maricopa"
(yes ... one builders rep actually used this line !!)
This is from my friend Bruce in Canada. It seems as not only the prices of homes are better here, but looks like gas (as high as we think it is) has better prices in the U.S.
The Median Price in the recently-released June
ARMLS1 resale sales reports is $198,900, a decrease of $6,100 from
the May reports.The Average Price dropped
slightly from $269,700 to $264,500.The
graph below displays both the monthly Average Price and Median Price of resale
homes sold in MLS from January 2002 through June 2008.
The average price is calculated by dividing
the sum of the sales prices by the number of homes sold.The median price is determined by finding the
price where the quantity of homes sold for less than that price is equal to the
quantity of homes sold for more than that price.The median is a better indicator of the
overall market.
Patterns Emerge When the Time Period is Subdivided
When there is a
change in the slope of the line for several consecutive months, it indicates a
new pattern is emerging.Four such
changes appear on this graph.The
display below has been subdivided at each change in slope:
Segmented History
At each change in
slope of the lines in the graph above, a shift in trend is indicated.We have identified five such distinct market
conditions (detailed below).Slow steady
growth was experienced from 2002 through 2003 and into very early 2004.Then between March 2004 and February 2005,
the median home sales price increased by $40,000.In the four months after that a $60,000 increase
happened during the hot market of early summer 2005. Starting in July 2005 and lasting through
September the market experienced a clear shift back to a more normal
appreciation rate.October 2005 was the
first month in the current market condition of flat or slightly falling median
home prices.
The five market conditions are defined in the
following table:
The annual rate of
appreciation (listed as “Annual % Gain for this Market Period” in the chart
above) is graphically represented below:
Commentary
Our current real
estate market is being driven by both
supply and demand.Up until two years
ago, demand was the primary driver (B
and C).Then, for the past two years supply was the primary driver (D and E).The trigger for the significant fall off in
sales prices over the last three months has been the drastic decrease in demand
experienced during that period of time.We may have entered a sixth market condition of price fall-off.
This
article looks at the relationship pattern between the Median* Listing Price and
the Median* Sales Price.
Commentary
The
pattern associated with the size of the expectation gap that started appearing
when the median sale price flattened out in June 2005 has significance. Also
note that the expectation gap is shrinking.
*The median price is the price at which 50%
of the homes sold had a price greater than this number and 50% had price less
than this amount.
The June ARMLS Reports reported sales of 5,748, which is an increase of 111 from
May. On a seasonally adjusted basis sales were up 309 from June 2007.
IN-DEPTH
ANALYSIS
July
2008
Resale Sales Analysis
The
June ARMLS1 Reports reported sales of 5,748, which is an increase of
111 from May.On a seasonally adjusted
basis sales were up 309 from June 2007.
Sales Patterns
There are several different factors that
interact to make up the current sales numbers.One of the most significant is the seasonal pattern clearly seen in the
graph below.The winter months show the
lowest sales volume, while the summer months are the highest in sales.This basic pattern is true for each year
displayed.
A second factor is an abnormal market
condition.The investor/speculator craze
in 2004 and 2005 was just such a condition.Therefore comparing sales numbers to those time periods shows a
significant decline, which is not an accurate indication of the health of the Phoenix area real estate
market. Sales similar to the 2002 and
2003 sales volume represent a normal sales level for the Phoenix metro area market with current
interest rates and job growth.
Historical Patterns
In addition to the seasonal pattern, note the
monthly sales volume increase of each year from the previous year.This pattern existed throughout 2002-2005,
until twenty-eight months ago.In these
last twenty-eight months sales volume has been well below that of the same
month a year prior.This relationship is
shown in the graph below.
Commentary
The sales level for the past nine months is
far below the historical norm. Lack of consumer confidence is likely the
major factor. Counter balancing this lack of consumer confidence is
a growing pent up demand for the purchase of houses to support the occupant's
lifestyle. We are not making a prediction as to when the pent up demand
will overcome the resistance of the lack of consumer confidence, but when it
does happen there will likely be a surge in buying.
An important phenomenon to understand is the
very significant jump in sales between 2003 and 2004. For most of 2004
and 2005 sales numbers were much higher than would normally have been expected
because of the excess home purchases for non-owner occupied purposes.Investor/speculator buying was a significant
contributor to this increase, and we are now seeing many of these properties
re-listed on the market.
The listing count reported in the June Arizona
Regional Multiple Listing Service (ARMLS)1
Reports, which were released on July 15th, was 53,826—down 335
listings from the May reports. The listing quantity has declined for the
4th straight month, and has now returned to approximately the same
level as April 2007.With the exception
of December 2007, the listing count has been fairly flat for the last twelve
months. This current level, however, is substantially above the record
level of listings prior to January 2005 which was 30,046 listings in February
2003.
Resale
Sales
ARMLS-reported sales for June rose about 2%
from the May sales figure with an increase of 111.On an annually adjusted basis sales were up 309 or almost 6% from June 2007.This is the first month that there has been
an increase in sales over the same month in the prior year since September 2005.June’s sales quantity is typically very close
to May’s and seems to be following the normal calendar cycle. In this normal calendar cycle, sales tend to
be highest in the summer and then gradually taper off over the next few months
before resuming the climb during the first quarter of each year.The winter months are consistently the lowest
in sales.
Our sources of data for these displays are
the ARMLS reports.In these, there are
three months, January – March 2005, for which we have not shown listing data
because of apparent discrepancies.Additionally, ARMLS notes that the listing information for March through
August 2002 may contain errors, but we have chosen to display this reasonable
data above.
A Two Year Perspective
The graph below
displays the same data as above, but focuses on only the most recent 24 months.
Adjusted Monthly Sales Trend
Sales, when compared
to one year ago, rose for the first time since September 2005.This increase of 309 is illustrated in the
chart below.
ARMLS REPORTED SALES
The chart is divided
into market condition segments by comparing current sales activity to the sales
activity during the same month in the previous year.Orange
reflects relatively normal conditions; Green shows higher than average sales;
and Red indicates slowing market activity.
Analysis of these
figures clearly shows the following:
1.Prior
to thirty-four months ago, sales increased every month for the past four years
when compared to that month in the year prior (from orange to green, then back
to orange).
2.The
thirty-four most current months (red) clearly demonstrate that the hot market
of March 2004 – September 2005 has totally disappeared.
3.The
collective increase in sales for the past forty months (orange and red) has
been at a substantially slower rate than during the preceding thirteen months
(green).
Our Assessment of the Resale
Market
Supply
and demand are interrelated variables in the Real Estate Market.Currently both of these variables are driving the market. Up until two
years ago, demand was the primary driver. Then for the past two
years supply was the primary driver. In the last few months demand has also fallen
off substantially from what we had considered the norm - a pace similar to 2002
and 2003.
Because
of the prolonged over-supply situation, appreciation in resale housing prices
has totally disappeared. The market has now entered a phase where we are
seeing an overall price level decline. A significant price adjustment
will be necessary to realign the supply and demand variable. It is
difficult to tell how long that will take.
I am so tired of having to drive to Chandler for my office supplies! I am glad the specualtion and uncertainty is over!
Walmart Breaks Ground in Maricopa.
Maricopa, Ariz. (August 1, 2008) – Maricopa Mayor Anthony Smith, City Council members and representatives from Walmart and Shea Properties will break ground on a Walmart Supercenter in Maricopa’s new retail power center, The Wells, Tuesday, Aug. 12. The groundbreaking ceremony will take place from 8 - 8:30 a.m. with photo opportunities following the ceremony. The Wells is located at the northwest corner of the Maricopa-Casa Grande Highway and Porter Road.
“The city is proud to welcome Walmart as Maricopa’s first anchor store in this new power center,” said Mayor Smith. “This store will provide residents with new local employment opportunities and shopping choices.”
Maricopa’s first Supercenter is slated to open in late spring of 2009. The highly anticipated Walmart store will bring local residents more than 200,000 square feet of savings on grocery, apparel and home items. The new Walmart also will create hundreds of new local jobs.
“The Mayor and City Council, city staff and Burt Dezendorf, among others at Shea Properties, have been extremely helpful partners in bringing Walmart to Maricopa,” said Delia Garcia, Walmart senior manager of public affairs. With their support, Walmart will be able to better serve the needs of the Maricopa community.”
Maricopa’s new Walmart Supercenter is part of the approximately 650,000 square-foot power center, The Wells being developed by Shea Properties. The center’s name is derived from the historic well stop where travelers and locals alike stopped to get water. “Walmart has been an excellent development partner throughout the entire planning process,” said Burton Dezendorf senior vice president and general manager of the Arizona Division of Shea Properties. “The company has worked closely with Shea Properties and the City of Maricopa to create an architectural design and theme for the project that is perfect for Maricopa. We could not ask for a better anchor tenant.”
Press release content above courtesy of E.B. Lane Public Relations.
§Friday
August 1st and Saturday August 2nd - Open to the
Public
§All Items
Must be Picked Up at Time of Purchase
§This
Sale will be
Managed by a Third Party Company
DIRECTIONS:
East on US 60 to
Ironwood. Exit south to Combs (about 12 miles). At Combs head East to
Schnepf
Rd. Go North on Schnepf to Laredo Ranch
Community.
38467 N. Nuevo Laredo
Lane Queen Creek, AZ85240 480-987-2699
Buyer doesn't have any disposable income for the 3% down payment required.
Buyer pays $1000 to use the proram.
Builder gives the $3000 down payment to a 3rd party like Ameradream or Neeahmiah. The 3rd party then "donates" the money back to the lender as the client's (buyer's) down payment.
Result is the buyer now has put 3% down toward the home, and now has a new home.
This program is used very often with primary residences. I personally have done had about 20 clients use the proram THIS year.
Making a long story short, this will no longer be allowed.
Here is an exerpt of the stimulus package!
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 $4billion 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.
Well, Digging deep, I found out about a buyer or two. They aren't investors, and will be building a new line of homes in some of the partially completed subdivisions.
Please keep in mind that the builder may modify or even choose total different floor plans. There is no guarantee until they have permits.
I like the look of some of the new builder's homes. I think they will compliment the subdivisions. Here are a few pictures of their homes throughout the valley.
Like I mentioned, no guarantees until the permit is final! Just some great info to know!
Looks like we will have some nice floorplans to look at in the near future!
EastValley foreclosures by ZIP code for the first six months of 2008, compared to the same period in 2007. The foreclosure crisis started gaining momentum in May 2007.
The economic recovery in Arizona is expected to be subdued over the next few years, but the state's growth machine should be accelerating again by mid-2010.
That's according to the latest issue of Arizona's Economy, published quarterly by the University of Arizona Eller College of Management.
"All considered, the recovery is expected to be subdued and similar to the 'jobless recovery' following the last recession, when it felt as though the malaise would never end," the report concludes.
The report also offers some specific predictions that back up that view.
Personal income in the Phoenix area is expected to make only a 2.9 percent gain this year to hit $152 billion, followed by 2.5 and 5.2 percent gains in the next two years. More significant jumps are forecast for 2011 at 8.7 percent and 2012 at 10.6 percent.
Retail sales look to regain speed on a similar schedule. Sales are expected to remain flat in the next two years inching up 1 percent to $58 billion this year and another 0.4 percent in 2009. The year 2010, however, is expected to see a 5.2 percent boost, followed by 8.1 percent and 9.5 percent leaps in 2011 and 2012, respectively. That would land Phoenix-area retail sales at $72.5 billion in 2012.
Forecasters say residential building permits will end 2008 down 43 percent at 21,856, then squeak ahead by 2 percent in 2009. An upward climb is expected again in 2010 with a 49 percent jump to 32,663. Significant jumps are forecast for 2011 and 2012, 52 percent and 30 percent, before growth softens in 2013 with a predicted 12 percent growth to 71,732 permits.
Nonfarm jobs are expected to decline by about 1 percent this year and next to 1.88 million, then start a climb hitting 2.25 million by 2013, the report says.
File Photo, Accidents, like this July 24, 2007 wreck along Arizona 347, will be a key cog in determining where new speed cameras will go.
Speed cameras aren't just a Loop 101 lurker any longer.
Drivers ripping down Arizona 347 provided a portion of the impetus for the State Legislature to expand Arizona's state level photo-radar program last month. The state - which rolled out two mobile speed camera SUV units in 2007 as part of a trial program - now projects to have 100 units online by January.
The Department of Public Safety will have 60 permanent cameras and 40 mobile units ready to go in the next six months, expanding Arizona's groundbreaking use of speed cameras at a state level. DPS hopes to have half that number online by September when the legislation mandating the program's increase takes effect.
The state is contracting with Redflex to place the cameras along Arizona roadways and will cite drivers going 10 mph or greater above the posted speed limit.
The caveat is that drivers caught on film have the opportunity to pay the fine - which should total in the $180 range - and have their records expunged of the violation.
Unlike the state's current driver forgiveness clause that allows a day-long driver education class to wipe out a first-time speeding or traffic-related violation, drivers can ping the cameras multiple times and keep their records clean, so long as they pay each fine on time.
DPS Director Roger Vanderpool said the effort is in the interest of public safety first and foremost.
"Photo enforcement is about traffic safety," he said in a release. "It slows people down and will reduce injury and fatal collisions on Arizona highways."
While DPS has said they will focus the majority of their initial resources in the Phoenix metro-area, blanketing the highest speed and collision areas first, Arizona 347 has shown to be among that group.
A report in the Arizona Republic late last week showed local courts are overwhelmed by the number of tickets being issued by the DPS mobile units - which have been used heavily along Arizona 347 and Interstate 10 during the trial program.
DPS spokesman Bart Graves said that doesn't necessarily guarantee that permanent speed cameras will be installed along the roadway to Maricopa.
"It's too early to say with any certainty that cameras will be placed at that location," he said. "We'll be looking at a number of high collision areas throughout the state in terms of photo enforcement cameras."
Graves said while Arizona 347 used to have a high collision rate, statistics from the past year have shown a decrease in accidents. He believes that can be attributed in part to the use of the department's mobile speed cameras slowing drivers down.
The legislature approved $20 million in state funding to install the permanent camera stations and purchase the mobile units. Additionally $4 million was set aside for the
