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Tuesday, April 29
Maricopa Real Estate Quiz
by
Maricopa New Homes
on Tue 29 Apr 2008 12:59 AM MST
Match the builder with recent incentives.
Can you? I can, and if you are considering Maricopa, your Realtor should be able to also!
(Several of the choices might actually work for more than 1 builder)
1. DRHorton Dietz Crane a. upto $70k incentives, bank now foreclosing on builder
2. Centex b. $14000 discount, builder pays 2-1 buy down
3. Beazer c. Pays closing costs plus 3% down payment
4. Capital Pacific d. upto $140,000 discount
5. Richmond e.Up to $65000 discount
6. Engle f. 3% towards closing costs
7. Elite g.25,000 incentives plus a free upgrade package
8. Morrison h.seller closeout in Maricopa
9. DRHorton Continental i -5,000, -3% plus free washer/dryer/fridge
10. Hacienda j. upto $100000 discounts. Builder filed Chapter 11
What are you thinking? Maybe getting someone that knows the area and builders to work for you.?
Heres is an example:
You walk into Centex with Joe Scmoe Realtor from Phoenix. The sales person goes down the price lists. She says" $14000 incentive, but we are also buying yout rate down to 3.75% for the 1st year." Prices look very good to you. You love the house. Your Phoenix Realtor has never seen a deal as good as this one, he tells you to jump on it!
If you called me, I would have pulled you to the side and let you know that last month, the incentives were $20,000 discount PLUS a FREE $22,000 pool!
I think the latter deal would be more fitting for many buyers. What do you think?
Would you like your Realtor to be able to mention what has happened in the past with a specific incentive?
If yes than 800.207.6919
For my Canadian Clients
by
Maricopa New Homes
on Tue 29 Apr 2008 12:22 AM MST
Hi, & Welcome to the wonderful world of Arizona Real Estate.
You have probably been directed here because you have seen the ads for the Phoenix Market and think that they are too good to be true. Your dollar has a good value and you have heard that it is nice and warm here almost year round.
Yes, we have great weather, and yes these deals are real.
Here is a little more information about what I think are two of the best deals.
Number one:
This home is a new build. It will be started for you after signing a contract with the builder. Build time is 4-6 months. The home is a 2bedroom/2bath. It is 1060sqft. Perfect size for a winter home.
Price is $89,990 CASH or $99,990 financed with the builder giving $10,000 toward closing costs!
Included features in this builder's homes are:
GE washer/dryer
GE stove/microwave/dishwasher
Recessed can lighting (pot lights)
Mini blinds
2 cable outlets, ceiling fan prewires and phone jacks
Covered patios
Front yard landscaping
6' block wall privacy fencing
Here is a picture of the home:
This builder is also offering homes a bit bigger for great prices:
1251sqft 3bed/2bath CASH $109,990 or FINANCING $119,990 plus $10k toward closing costs
1506sqft 3bed/2bath CASH $119,990 or FINANCING $129,990 plus $10k toward closing costs
1800sqft 3bed/2bath CASH $129,990 or FINANCING $139,990 plus $10k toward closing costs
Here is deal number 2:
Home is also a new build, 4-6 months Home is 1581sqft
Included in the price of the home is, of course the land
Separate tub and shower
2 sinks in the master bedroom
Covered patios
2' free extension in garage
Recessed can lights (pot lights)
Disposal, dishwasher, stove
and much more.
PRICE IS $113,900
The builder is offering a free upgrade package. You get to choose ONE of the 4 packages, included in the price:
1 That’s Entertainment Package
• 42" Plasma TV
• Bracketing and installation
• Surround sound with speakers in family room
• Pre-wire for speakers to patio
• Pre-wire for speakers to master bedroom
2 All Wired Up Package
• Structured Wiring
• 8 recessed can lights in choice of locations
• Under cabinet lighting in kitchen
• Pre-wires for ceiling fans and cable in every bedroom
• Pre-wire for security system
• Dedicated outlet in garage
• Programmable thermostat
4 Gourmet Kitchen Package
• Stainless steel refrigerator
• Upgrade kitchen appliances to stainless steel
• Custom 36" cherry cabinets
3 Finished For You Package
• Washer and dryer
• Refrigerator
• Garage door opener
• Upper cabinets over washerand dryer in laundry room
• Up to $3,000 window treatment allowance
Here is the picture. Please remember, this is a new build. Picture is of a completed home
Here are a couple of Frequently asked questions by my Canadian clients:
1. Is the land included in the price?
Yes. A standard size lot is included. You would have several lots to choose from in the subdivision. You could choose a larger or a corner lot for a small premium.
2. Do I need to put up fences?
No. The backyard will be fenced with 6' concrete fencing
3. Are the yards completed?
The front yard will be completed with desert landscaping. There will be a few trees, gravel and shrubs. The greenery will be hooked up to a timed irrigation system. The backyard will be left dirt.
4. What are these closing costs?
The majority of closing costs are incurred by loan fees. If financing, assume 3% of the financed amount to be closing costs. If a cash deal, costs will be minimal, typically under $1000.
Please don't hesitate to call me with any questions.
1 more thing. There is no dual agency involved. I don't work for any builders. I am a Realtor that is a Buyer Representative. I know the area well, and I know the builders well. My job is to get you the best deal possible
Sunday, April 27
Shortsales are the biggest headache ever!
by
Maricopa New Homes
on Sun 27 Apr 2008 11:43 PM MST
They are making me crazy!
It isn't the work, its the bank!! I try to warn my clients, but the banks are taking way to long to resond. They seem to be holding offeres to create a bidding war!
I keep leaving the listing realtors messages. My clients are looking for an answer. It is hard to look into the future when a huge purchase is in limbo!!!
Darn you shortsales!!
Thursday, April 24
Canadian tips for buying in the US - Arizona
by
Maricopa New Homes
on Thu 24 Apr 2008 10:24 PM MST
Thanks to my Canadian client Bruce for sending this to me :)
There was no author to give credit to, but very insightful post about choices that a Canadian can make! As always, please consult an attorney and/or an accountant
When it comes to U.S. real estate properties, the strong loonie has put Canadians in the driver's seat.
Property prices are dropping precipitously in the U.S. while new home prices in Canada are rising. But
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Foreign Tax Credit
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Canadian residents are taxable in Canada on world income from all sources. Income from foreign jurisdictions may also be subject to tax in that jurisdiction. Foreign tax paid may be claimed as a foreign tax credit against Canadian taxes, subject to limitations.
Foreign income that is exempt from tax in a foreign jurisdiction pursuant to, say, a tax treaty might not be included in the foreign-income base for purposes of the tax-credit calculation.
Although this income may be exempt in a foreign jurisdiction, however, it must still be included in the taxpayer's world income for Canadian tax purposes. A separate credit calculation is required for both business and non-business income of each source country. Using Canada Revenue Agency form Foreign Property Reporting, taxpayers are also required annually to report specified foreign assets, whose total cost exceeded $100,000 at any time during the previous taxation year. Social Security taxes paid to a foreign government are not eligible for Canadian foreign tax credits, with the exception of certain taxes paid in the U.S. covered by provisions in the Canada-U. S. Income Tax Convention. |
although it's a buyer's market down south, there are tax, financing and insurance issues that should be considered very carefully.
The areas that have been hardest hit so far are Florida and Arizona, but real estate specialists note that opportunities have never been better or cheaper in such other attractive locations as Nantucket, RI, Martha's Vineyard, MA, Aspen, CO, and Las Vegas, NV. And many economists expect housing prices to fall farther this year and next before the real estate market stabilizes.
That may make it seem tempting to hold off and wait for even better deals, but bear in mind the possibility that the loonie's par with the greenback may not hold much longer.
The North American and global economies may be on the verge of recession – or at least a major slowdown. The Canadian dollar is tightly linked to basic commodities such as oils, grains, and forest products, so if those prices drop as the world economy slows, the loonie could lose some gains. Still, many economists don't expect the currency to fall significantly against the greenback.
If you are thinking about chasing down property bargains in the U.S., here are a few considerations before making the plunge:
Decide how much you want to spend and whether you will pay cash or need financing.
If you can pay cash, consider converting the funds into U.S. dollars and putting the proceeds into a highly liquid U.S. dollar money market fund. You will lock in a favourable exchange rate, collect some interest and have the money instantly available when you need it.
If you plan to take out a mortgage, the terms will depend on how you use the property.1. If you are buying a vacation home in the U.S. that isn't your principal residence and you don't rent out when you aren't in residence, you will generally need a 30 per cent down payment and proof that you have three to six months of liquid reserves.2. If you plan to purchase investment real estate, such as a home you don't live in but rent out for the income, the down payment is likely to exceed 30 per cent, determined on a case-by-case basis, and you may have to prove up to a year's worth of liquid reserves.
You may find better terms at U.S. subsidiaries of Canadian banks.
Evaluate state and federal taxes.
Generally, state property taxes are calculated by multiplying the nominal property tax rate by the assessment ratio – or the percentage of the value of the property that is taxed -- by the value of the property. Thirty-eight states levy both state and local property taxes.
Florida presents a more complicated situation. The state has a two-tiered tax system that hits newcomers and part-time residents harder than longer-term residents.
The state's Homestead Act and a state constitutional amendment give permanent residents as much as $50,000 of the assessed value of their home tax free and caps the rest of their property tax at three per cent, or the inflation rate, whichever is lower. That advantage isn't passed on to newcomers, who can wind up paying nearly double the tax paid by long-term residents.
On the federal level, you may have to file a U.S. tax return, while in other instances income from the property, or the proceeds of the sale of the property, will be subject to non-resident withholding taxes.
Taxability in the U.S. is determined by the concept of substantial presence, which is based on the total time you spend in the country over three years. If you fail the test, you are required to pay taxes in both Canada and the U.S.
There are legitimate ways to avoid double taxation, but you are responsible for knowing your residency status, the required tax returns and forms to file, and when to send them in. Ignoring the rules can result in heavy penalties. You should consult with your tax professional about these complex tax rules.
If you have rental income from your U.S. property and don't fall into the deemed resident category, you do not
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It takes five times more money to acquire new customers than to maintain existing ones. |
have to file a U.S. tax return provided you withhold sufficient non-resident tax from the rent. A 30 per cent non-resident tax applies to gross rental revenue. If you don't file, you cannot deduct rental expenses.
If you do file and report income as if you were a resident, you can deduct allowable rental expenses.
However, keep in mind that you also will have to report the rental income on your Canadian tax return, and may end up paying Canadian taxes. You may be able to claim a foreign tax credit for the U.S. tax you paid. (See right-hand box.)
If you sell a property in the U.S., you will be subject to U.S. tax on the gain on the sale. In this case, you will not be subject to Canadian tax on the sale, because of the U.S. -Canada tax treaty. You will be required to file a tax return with the IRS, and may be required to file a state tax return.
Don't overlook estate taxes.
Unlike Canada, the U.S. has an estate tax that applies to any resident who owns property in the country. The property is taxed at 45 per cent if the deceased's worldwide holdings are worth more than $2 million.
Some advisors recommend having assets outside of the U.S. owned by one spouse and assets in the U.S. owned by the other spouse or common law partner. That way, the spouse owning the U.S. property pushes the worldwide estate to below the $2 million level.
Passing the house on to your children doesn't really help much, as the U.S. also has a hefty gift tax.
Be sure to talk to your accountant. Finding a great property deal is more complicated than it might seem on the surface and you will want help to ensure you have covered all the angles, including insurance coverage which, in some states, can be very expensive, as well as the possibility of having to pay a 10 per cent tax charged to foreign investors through the Foreign Investment Real Property Tax Act.
Builders and the Stock Market
by
Maricopa New Homes
on Thu 24 Apr 2008 08:43 PM MST
This is updated stock info for some national builders as of 1pm eastern on 4/24/08. I highlighted the builders that work in the Valley. Many have subdivisions in Maricopa, some are in the west valley! I was in awe of some of the 50 week highs vs the current market value.
Symbol (Name)
1:00 p.m. ET, 04/24/08 50-Day Moving Average 52-Week Range
ATR (Avatar Holdings Inc.) 43.53 45.39 33.60 - 84.61
BZH (Beazer Homes USA, Inc.) 9.88 8.6572 4.53 - 38.76
BHS (Brookfield Homes Corp.) 16 15.5 10.51 - 36.61
CTX (Centex Corporation) 22.8 23.42 17.77 - 49.85
CHCI (Comstock Homebuilding) 0.6 0.76 0.50 - 4.29
DHI (D.R. Horton, Inc.) 15.44 15.2408 9.78 - 24.49
HOV (Hovnanian Enterprises, Inc.) 11.09 10.34 4.25 - 27.04
KBH (KB Home) 23.49 24.7222 15.76 - 48.67
LEN (Lennar Corp. CI A) 17.93 18.1306 11.98 - 47.41
MDC (M.D.C. Holdings, Incorporated) 42.76 42.26 31.57 - 55.00
MHO (M/I Homes, Inc.) 17.78 17.52 7.20 - 31.40
MTH (Meritage Homes Corp.) 20.43 17.28 7.04 - 38.72
NVR (NVR, Inc.) 617.02 577.46 398.96 - 851.96
OHB (Orleans Homebuilders Inc.) 4.965 5.0703 2.93 - 9.31
PHM (Pulte Homes) 13.9 13.98 8.20 - 29.40
RYL (The Ryland Group, Inc.) 32.9 30.6133 19.51 - 48.61
JOE (Saint Joe Company) 40.08 40.95 26.70 - 60.85 7
SPF (Standard Pacific Corp.) 5.27 4.68 1.47 - 23.74
TOL (Toll Brothers Inc.) 22.41 22.09 15.49 - 31.15
WLT (Walter Industries, Inc.) 66.06 59.61 20.53 - 72.98
WCI (WCI Communities, Incorporated) 3.51 3.59 1.35 - 22.61
WY (Weyerhaeuser Company) 61.26 63.54 58.25 - 84.85
TARR (Tarragon Corporation) 2.17 2.07 0.50 - 10.74
Monday, April 21
Foreclosure rate in AZ- Update
by
Maricopa New Homes
on Mon 21 Apr 2008 03:44 PM MST
RealtyTrac: Foreclosures drop 5 percent in March, but Arizona continues in nation's top five
The Business Journal of Phoenix - by Adam Kress
Tuesday, April 15, 2008 - 9:27 AM MST
Home foreclosures across the country are leveling off a bit, but Arizona continues to be one of the states hit hardest.
Arizona ranks fourth among all states in the rate of home foreclosures, according to new research from RealtyTrac. Nearly 9,200 homes in Arizona were touched by foreclosure proceedings in March, an average of one in every 283 households. That's more than double the rate from March of 2007.
Nationwide, rates are up 57 percent from March of last year. In all, nearly 235,000 homes were hit with foreclosure filings last month, which include default notices, auction sale notices and bank repossessions. Of those, 51,393 homes were lost to foreclosure - a 10 percent increase over the number of homes lost in February. Overall, one in every 538 households were affected by a filing in March.
But filings were up just 5 percent from February of this year, after an unexpected month-to-month decline from January to February. Though rates remain high, activity over the past few months could mean foreclosure rates have reached a plateau, experts say. Still, March marked the 27th consecutive month of year-over-year increases in national foreclosure filings.
The state with the highest foreclosure rate is Nevada. One in every 139 Nevada households received a foreclosure filing during March, 3.9 times the national average and the highest state foreclosure rate for the 15th consecutive month.
Foreclosure rates in California and Florida ranked second and third highest, respectively, among the states for the fourth straight month. One in every 204 California households received a foreclosure filing in March -- 2.6 times the national average -- and one in every 282 Florida households received a foreclosure filing during the month -- 1.9 times the national average.
Despite a nearly 5 percent dip in foreclosure activity in March, Arizona posted the nation's fourth highest state foreclosure rate for the third straight month.
Other states with foreclosure rates ranking in the top 10 were Colorado, Georgia, Ohio, Michigan, Massachusetts and Maryland.
http://www.bizjournals.com/phoenix/stories/2008/04/14/daily9.html?f=et73&ana=e_du
Thursday, April 17
Builder turns down full price offer
by
Maricopa New Homes
on Thu 17 Apr 2008 10:34 PM MST
I thought I had seen it all. If it didn't happen to my clients, I wouldn't have believed it.
They said poor market conditions are so bad that some builders have actually stopped building. Many builders are now trying to clear out their spec inventory.
The short sale article of a few days ago really hits the nail on the head. The biggest issue with a short sale is that the bank must approve any offers. The listing Realtor can arbitrarily choose an incredible price, and a buyer can come in, make an offer for the full asking price and be turned down.
Fast forward today:
My clients wrote a contract with a builder about a week ago. The full price of the home was $123,000 (builder set price). The sales person typed up the contract at the sales office. My clients signed and gave an earnest deposit.
We get a call today. The bank (guess the bank may have a construction loan on the property) turned down the offer.
Last week, the builder had about 10 spec homes and 30 empty lots. As of today, according to the sales rep, they are sold out. Not sure exactly what that means. The bank could be repossessing the land or calling the loan due.
Strange things happen in Maricopa!
Good shortsale article from the Wall Street Journal Online
by
Maricopa New Homes
on Thu 17 Apr 2008 12:43 AM MST
I Have been saying the same thing!! 
Why Lenders Are Leery
Of Short Sales
This Foreclosure Alternative
Helps Strapped Homeowners,
But It's Not Easy to Pull Off
By RUTH SIMON and JAMES R. HAGERTY
April 17, 2008; Page D1
As more people fall behind on their mortgages, lenders have been slow to take advantage of a longstanding alternative to foreclosure -- a so-called short sale.
At first glance, a short sale might seem like a win-win for everyone involved. In such an arrangement, the borrower sells the home for less than the amount owed, with the lender forgiving the difference. The sale releases borrowers from their obligations. For mortgage holders, it can be less costly than foreclosing -- and could provide protection against future price drops. For buyers, it can be a chance to buy a home at an attractive price.
SELLING SHORT
Short sales -- in which a homeowner sells a property for less than its loan value -- are tricky to pull off:
• It can take weeks or months to get mortgage companies to respond to an offer.
• Mortgage servicers may balk at the purchase price.
• Homeowners may have more than one loan on the property, slowing the process.
Short sales -- which were rare when the housing market was booming -- can also be a good way for lenders and investors to minimize losses. They typically result in losses of 19% of the loan amount, compared with an average loss of 40% for homes that are sold after foreclosure, according to a recent analysis by Clayton Holdings Inc., which tracks more than $500 billion in mortgage loans monthly for investors. The costs of foreclosure can include not only legal fees, but also taxes, insurance and the expense of maintaining the home until the property is sold and repairing any property damage.
As the housing market continues to weaken, the number of short sales is edging upward. Short sales currently account for about 18% of home sales, according to the National Association of Realtors. But it can be extremely difficult to get these deals completed. Unlike a traditional real-estate sale, a short sale requires the approval of not only the buyer and the seller, but also the mortgage-servicing company. In many cases, loans have been packaged into securities -- which means that the mortgage servicer must consider the interests of the investors who own the loans.
Deals can fall apart because the mortgage company rejects the price that has been agreed upon by the buyer and seller. Long delays in getting an answer from the mortgage servicer are another obstacle.
The process can be so frustrating that some real-estate agents and home buyers have decided that a short sale isn't worth the effort. Shari Adams, a paralegal, bought a foreclosed three-bedroom house in Stuart, Fla., after she tried twice to buy a home being sold in a short sale. One deal fell through when the mortgage servicer turned down her offer after six weeks and didn't make a counteroffer. Another deal collapsed because it wasn't clear that the seller was truly facing a financial hardship.
"I basically started to run away from any home listed as a short sale," Ms. Adams says.
Low Success Rate
The success rate for short-sale offers is low, real-estate agents say. Molly Kay Hamrick, president of Coldwell Banker Premier Realty in Las Vegas, estimates that 20% of short-sale offers in the area lead to completed sales, compared with 85% for more traditional sales. Redfin, an online real-estate brokerage based in Seattle, says it represented buyers on 65 short-sale offers in the first quarter but expects only two or three to result in a completed sale.
Because so many deals fall through, Jean Manner Schwimmer of Coldwell Banker Gay Dales in Salinas, Calif., advises buyers making an offer on a short sale to put a clause in their contract that says the deposit can't be cashed until it is clear that the sale has been approved by the mortgage company and the contract has been signed.
Many borrowers walk away in frustration because it takes so long to get a response from the mortgage company to their offer. Servicers take an average of 4½ weeks to provide an answer on a potential short sale, according to a recent survey of real-estate agents by Campbell Communications, with some taking two months or more to respond. By contrast, it takes an average of less than two weeks to get a response to an offer for a property that has been foreclosed on, the survey found.
"To make the process work, you have to have a buyer who just wants that property and is willing to wait three to four months," says Beth Butler, chief operating officer of EWM Realtors, based in Miami.
Alicia and Greg Green accepted a short-sale offer in December for a home in Los Angeles they had purchased as an investment. But the deal didn't close until late March because of delays in getting an answer from the mortgage servicer, Option One Mortgage Corp. At least two offers at higher prices fell through because of delays, says Bill Etchegaray, the couple's real-estate agent.
"Luckily, we didn't lose the buyer," says Ms. Green. "I thought we would because the process took so long." The couple sold the home for $299,000, well below the $375,000 mortgage balance. They fell behind on their payments when the construction business Mr. Green owned went under. A spokeswoman for Option One pointed to the complexities of arranging short sales and said the company is pleased that the sale was successful.
Coming up with what everyone agrees is a fair price can be tricky in a soft market. "Servicers are finding that people try to low-ball the sales price knowing that the property is distressed," says Vicki Vidal, a senior director with the Mortgage Bankers Association.
Missed Opportunities
But with home prices falling in many markets, a rejected short-sale offer may wind up as a missed opportunity. Donald Schriver, owner of Assist-2-Sell Good Sense Realty in suburban Phoenix, says a homeowner he was helping late last year was offered $190,000 for his house in a short sale but was unable to win approval from his mortgage company. The borrower later decided to abandon the four-bedroom house, which was built in 2005. The house is now in foreclosure, with an auction scheduled for June. Prices in the area have continued to fall, says Mr. Schriver, who believes that the most the home would now fetch is $180,000.
A spokesman for Wells Fargo & Co., which services the loan, said the company "made several unsuccessful attempts to connect with the customer" and didn't turn down an offer for a short sale.
Some mortgage-servicing companies are tightening up on short sales because they worry borrowers are rushing into these arrangements when there are better alternatives. In March, Ocwen Financial Corp., based in West Palm Beach, Fla., told its customers it would consider a short sale only after it had talked directly to the borrowers and determined there are no alternatives for keeping them in the home.
"We are concerned that some of our customers are not given all the facts," says William Rinehart, the company's chief risk officer. "In some cases, it's represented to them that a short sale is the only solution to the problem they are in."
Part of the problem may be that many mortgage servicers were ill-prepared for the spike in bad loans. As delinquencies have climbed, they have had to scramble to add staff. Mortgage companies say they prefer other means to help borrowers, such as a repayment plan or loan modification.
Clearing Hurdles
Gathering all the information needed to evaluate a short-sale offer can take time, says Patrick Carey, an executive vice president with Wells Fargo. The loan servicer must first determine whether the homeowner really can't continue meeting the loan payments, then get an appraisal or broker's opinion of the home's value.
Mortgage servicers also try to ensure that the proposed sale is an "arm's length" transaction between two parties rather than, say, a sale to a relative on sweet terms. They must also determine whether the buyer has sufficient funds or the ability to get a loan. If all those hurdles are cleared, the servicer may still need to get approval from the investor that owns the loan and provide an analysis showing that the investor will be better off with a short sale than with another solution.
There are additional complications if the borrower has a mortgage and a home-equity loan. In that case, both parties must approve the deal -- which is a challenge when the sales price may not even be enough to cover the mortgage balance.
To minimize delays, Mr. Carey suggests that homeowners contemplating a short sale immediately call the loan servicer to get the approval process started, rather than wait for an offer.
There are some signs that the process is getting smoother. In recent weeks, some mortgage companies have begun to approve short sales for borrowers who can show financial distress but haven't yet stopped making monthly payments, says Dan Elsea, president of brokerage services for Real Estate One in the Detroit area. Until recently, servicers wouldn't even consider a short sale unless a borrower was at least 60 days late.
Fannie Mae and Freddie Mac, which own or guarantee nearly half of all outstanding U.S. mortgages, both say they are trying to streamline the short-sale process. Fannie Mae says that it plans to introduce a policy in the next few months under which real-estate brokers would be given an advance indication of the approximate minimum price that would be acceptable in a short sale, a move designed to quickly weed out offers that are too low.
Freddie Mac says it has already given its top servicers more flexibility to accept short sales for homes backed by loans it guarantees or owns. Lehman Brothers Holdings Inc., another issuer of mortgage-backed securities, also is offering incentives in some cases for servicers to arrange short sales or loan modifications.
Write to Ruth Simon at ruth.simon@wsj.com and James R. Hagerty at bob.hagerty@wsj.com
RELATED ARTICLES FROM ACROSS THE WEB |
Sunday, April 13
Maricopa Salsa Festival 4/26
by
Maricopa New Homes
on Sun 13 Apr 2008 12:13 PM MST
Salsa Festival.
Spring is just around the corner and plans are underway for the fourth annual Maricopa Salsa Festival to heat-up the season. The event will take place on Saturday, April 26, 2008 from 12 noon to 6:00 p.m.
This community event is free and is sponsored by 85239.com, a local media website. It will include an array of activities, including Vendor Village where over 90 businesses and organizations will provide information to the attendees.
In addition, plans include the salsa, guacamole and bean dip competition, live music, a beer and margarita garden, free tortilla chips, kids zone, junior salsa bar and salsa lessons for everyone.
"If you think you have the best salsa, guacamole or bean dip recipe, join the competition," said Marty McDonald, director of Maricopa Parks, Recreation and Library Department. "Whether its Pico de Gallo or mango salsa, we look forward to your entry. Come, participate and have lots of fun."
The competition will award $1,000 for the best overall salsa and $500 each for best mild salsa, hot salsa, and unusual salsa. In addition, $300 each will be awarded to the best guacamole and bean dip entries.
For more information, contact Maricopa's Parks, Recreation and Library Department at 520/568-9098 or visit maricopasalsafestival.com.
Sponsorship packages still available.
- Reach over 7,000 people in one day.
- Packages available from $300 to $2000
- Last year’s event had more than 6,000 attendees, and we are expecting the turnout to top 7,000 this year
- We offer a focused environment to market your company, and, we are increasing signage throughout the event so more residents will be exposed to your company
- Download the sponsorship form
Vendor space is sold out! Thank you for your support.
Saturday, April 12
Canadian Buyers in Arizona
by
Maricopa New Homes
on Sat 12 Apr 2008 12:58 PM MST
Great article about our friends from the North!
Canadian investors snapping up Valley homes
Catherine Reagor
The Arizona Republic
Apr. 9, 2008 12:00 AM
Canadian investor Trevor Matheson has taken an interest in metro Phoenix's real-estate market. So much so that he plans to buy six homes in the area over the next year.
"There are definitely deals to be found in Phoenix," said Matheson, who plans to hold onto the properties for at least three to five years.
Matheson is among a growing group of investors from north of the border converging on the Valley's real-estate market to take advantage of falling home prices and a weak dollar.
Last year, 752 Canadian buyers purchased Valley homes, according to the real-estate data firm Information Market. That's almost double the number in 2006 and even in the boom years of 2004-05. Though Canadians account for only small part of the Valley's total housing market, their interest is growing, and that's giving home sales a boost. Through mid-March of this year, 381 buyers from Canada invested in metro Phoenix homes.
Valley real-estate agents, who have seen home sales fall dramatically during the past few years, are abuzz about all the calls and visits they are getting from Canadian clients.
"I am working with five different Canadian buyers now," said Diane Watson of the Scottsdale office of Realty Executives. "Many Canadians are seeing the weak dollar and what a great long-term investment Arizona real estate is going to be."
Short-sale bargains
Matheson purchased his first Valley home in January. Watson found him a house in north Phoenix's Kierland area that sold for $785,000 in 2006. The owners were facing foreclosure, and Matheson got it through a short sale for $470,000. Short sales let sellers avoid foreclosure, but a lender has to first agree to the price, which is less than what is owed on the home.
Matheson is looking to sell six homes in Edmonton, Alberta, to buy homes here. He is selling at the peak of the market in Edmonton, where the oil industry is big and the economy is booming as a result of record-high gas prices.
Canadian buyers are helping the Valley's sagging housing market, said Amy Swaney, vice president of Artisan Lending of Phoenix.
But they aren't typically getting financing through local lenders because U.S. lenders have pulled back on all types of investment loans as part of the mortgage meltdown.
Matheson is using a Canadian line of credit to buy his Valley properties to protect himself against fluctuations between the U.S. dollar and the Canadian dollar, known as the loonie. The loonie was worth about 70 cents to the dollar five years ago, but it's now almost equal.
Lowballing is risky
Last month, Canadian attorney Jeffrey Slopen took advantage of the low value of the dollar to pay $14 million in cash for a Paradise Valley estate. It's the priciest Arizona home sale to date.
Bob Hassett of the Paradise Valley office of Russ Lyon Realty said he is getting calls about luxury homes from many Canadians and some Europeans. Florida and East Coast cities are attracting more European buyers, while Arizona is seeing more Canadian investors looking for bargains. The state has long attracted Canadian visitors during the winter. Arizona is second only to Florida for Canadian tourists.
But some potential investors are losing out by lowballing the market.
Watson was recently working with a Canadian couple who were interested in a home that had been foreclosed on in north Scottsdale, where comparables sales were in the mid-$500,000s.
"This home was well-maintained and was listed in the mid $400,000s - a great buy," Watson said. "My advice was to come in with at least a $375,000 offer. However, they decided to offer $250,000."
She said the couple had heard property was selling for 50 cents on the dollar in metro Phoenix. So no matter what, they weren't going to offer more than 50 percent of the asking price, she said, and the bank turned the offer down.
"The buyers wound up getting back on a plane to Canada without having purchased anything," Watson said. "They could have had a great buy if they had just been realistic about the market."
http://www.azcentral.com/arizonarepublic/news/articles/0409canadians0409.html
Monday, April 7
The Goonies in Pacana Park
by
Maricopa New Homes
on Mon 07 Apr 2008 12:43 AM MST
Free viewing of the 80's classic "The Goonies" on Friday April 12th in Pacana Park in Maricopa.
Movie starts at dusk.
Don't forget to bring a blanket, sodas and even fishing pole???
Sunday, April 6
Smokin Pool Packages
by
Maricopa New Homes
on Sun 06 Apr 2008 08:43 PM MST
Pool builder has several pool packages that are smokin deals. Seems that the pool company will honor these packages throughout the Valley.
Please keep in mind that I have never donebusiness with this company, I saw the ad and I am letting you know about it. Always check references on a large purchase like this!
Package1 "The Wave" $11,995
Custom hand troweled marble white plaster finish
65' perimeter, up to 249sqft surface area
250sqft acylic deck
Package 2 "The Paradise Pool" $16995
Pebbletec Interior finish
80' perimeter, upto 395sqft surface area
250sqft acrylic deck
Package 3 "The Sheer Classic" $16995
Custom Hand troweled marble white plaster finish
80' Perimeter, upto 395sqft surface area
250 sqft acrylic deck
6' of 6" & 6' of 12" raised bond beam
4' sheer descent waterfall
All pools include Normal excavation, 50' of elec conduit, 20' brass conduit, 15' plumbing run, 400w light bulb, 1hp hayward pump. hayward cartridges, sand or DE filter, Hayward pool vac, Auto water leveler
Prices do not include tax.
Email me or call me for the pool company contact
Brian@Maricopanewhomes.net 800.207.6919
Friday, April 4
Home Sales in March in the city of Maricopa
by
Maricopa New Homes
on Fri 04 Apr 2008 01:53 AM MST
Home sales finally up a good bit in March!
IMPORTANT NOTE:
These are numbers from the MLS! Please keep in mind that while most of these are resales, some builders do list their spec homes on the MLS. Either way, it would also mean that the number of new homes rose also, since approx the same percent of Builders homes would be listed on the MLS in the past few months also.
March 1-31 103 sales
Feb 1-28 64 sales
Jan 1-31 59 sales
Dec 1-31 79 sales
How did the 103 sales break down? Glad you asked!
Foreclosures: 49
New Homes: 47
Auction: 3
Short sale: 3
Resale: 6
Wednesday, April 2
Current Rental Prices in the City of Maricopa
by
Maricopa New Homes
on Wed 02 Apr 2008 11:43 PM MST
Under $799 6
$800-850 28
$851-899 16
$900-949 16
$950-999 38
$1000-1049 11
$1050-1099 7
$1100-1149 5
$1150-1200 15
$1200-1300 16
$1301-1400 13
$1401-1500 5
$1501+++ 3
Tuesday, April 1
Maricopa Fishing Rodeo
by
Maricopa New Homes
on Tue 01 Apr 2008 12:00 AM MST
Kudos for Fry's grocery story & Orbitel cable for sponsoring the FREE rodeo.
The kids received free fishing poles, boatloads of raffle prizes and free lunch to everyone there!
 
 
Maricopa- A small town feel, only 20 minutes to the big city!
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