Arizona Real Estate

What You Never Wanted to Know About Arizona Subdivisions

If you own 6 or more properties in the same plat of land at any point in time and you offer any for sale then you are required to obtain a public report. This can be a situation where a person or entity obtains properties over a period of time and does not require the purchase or sale to occur at one point in time. Meaning if 2 properties were purchased every 2 years for 6 years and then 1 property was listed for sale then a public report aka Subdivision Disclosure Report would be required.

As a result of this Arizona statue any bank that ends up owning 6 or more properties in one subdivision will be held liable for obtaining a public report. If they don’t then the buyer of the property will maintain certain rights, such as rescission for up to 3 years. It is likely that many banks will ignore or overlook this as it is a unique law.

Another potential blunder is for the real estate investor who buys several properties in the same area. Many investors utilize individual LLCs for each property they purchase; however, this will not eliminate the necessity of a public report. As long as the person is an equitable member of each LLC it is more than likely that this law will apply.

Since this particular law is not well understood by many it is important to obtain competent legal advice on this issue based on your circumstances. Additionally, if you are a Arizona real estate agent representing banks on REO properties, I would recommend spending some time understanding this law. Of course legal advice should not be provided, but a recommendation to obtain some would be appropriate.

Arizona based Valley Cities

Phoenix and surrounding valley cities in Arizona are ripe with great real estate options. You can find the listings via the internet. You can also contact a real estate company in the surrounding areas and have them take you around to visit the different options that are out there. There are so many great properties to look at and you will find something that will suit your needs. Be sure that when you look at these properties you will have the idea of moving there. It is a great place to relocate a family to. There are many things to see and do and it has just about everything you can imagine.

There are lots of positives about moving to the Phoenix and surrounding valley cities in Arizona. You will find a reasonable cost of living, lots of jobs and good school systems. There is a great possibility for having a good to great life in these areas, so if you are looking for a great place to live or are thinking of relocating then this is the place to go. With all the positives that are there it is a great idea to start planning on it now. Make the move to this area and watch your life improve dramatically.

In Phoenix and surrounding valley cities in Arizona there are lots of opportunity for those looking to buy or for those looking to sell, too. Getting into the real estate in this area is a great field right now, so if you were thinking of doing it you might find it very lucrative right now. Remember that you will need to do your research and make sure that you get the license requirements filled before you can go list and sell houses. This career might be the one for you so it is worth looking into especially at this time.

When you are in the market for some prime properties in Phoenix and surrounding valley cities in Arizona start looking into it now because there is a lot of opportunities out there. You will be pleased with what you find and that is the main goal. Get busy and see just what the area has to offer you.

Up and Coming Hot spots to buy a home near Phoenix, Scottsdale, Gilbert, Chandler, and the surrounding valley.

In the month of July 2009, over 10,444 homes were sold in the Phoenix metropolitan area. Arizona’s unemployment is in double digits, yet homes are selling like hotcakes. That seems to be a dichotomy in national economics. Regardless of the contradictory evidence of global, national, or international economic factors, the Phoenix market is hot.

Choosing a community for your new home depends on your family situation, your life style, and what things you find important in a neighborhood. For those looking for a community that caters to family and family life, you may want to look at the Mesa and Gilbert community. Mesa and Gilbert are a quick drive south east of Phoenix directly off the interstate 60 highway. These communities are more sedate with little to do after nine o’clock in the evening. They tend to focus on family and family activities.

If you like living in a college community with a rich intellectual and cultural experience, Tempe may be your destination. The Arizona State University is located here. The theatre, college sports, and distinguished speakers are options for a night out here.

If you are young thirty something, you have several options to choose from for your new residence. Chandler, Ahwatukee, and Scottsdale are all established communities with amenities for the young professional. Upscale restaurants, bars, and unique shopping experiences are all available in those communities. They also have the top schools in the state.

If you don’t mind a long drive, there are several bedroom communities with new housing still being built. The communities of Avondale, Queen Creek, Surprise and Maricopa are all in driving distance of downtown Phoenix. All of those communities have blown-up exponentially in the last few years. The housing dollar is strong in these communities also. The homes there are larger and more economical because of the drive. They tend to price out a few thousand lower than the homes closer to Phoenix.

The data collected continues to improve in every area. Housing permits for new builds are showing strength. The resale market is up 59% over July 2008. Those selling homes are now getting multiple offers for their properties. So, with things looking up, where should a buyer plan to purchase in the Phoenix area? No matter what your taste in community living, you will find something in the Phoenix Valley. With real estate getting back on track the choice is yours!

Logical Advice for Buying a Home

Rushing into a house purchase is all too common. As with romantic relationships, it’s easy to get swept away by emotion. Once you realize you’ve fallen in love with the wrong house, it may be too late! The consequences of a bad decision range from buyer’s remorse to foreclosure. When buying a home, avoid costly mistakes by using logic.

Before looking at a single house, know whether you’re buying a house or a home. Will this be a place in which to raise a family? Is the purpose of buying a house primarily as an investment?

Know what you can comfortably afford. Please note – this is not the same as how much you can borrow! Factor in a reasonable cushion for unforeseen maintenance and other expenses.

Assess your actual needs versus optional wants. Knowing the difference is a key step toward buying a home based on logic. In addition, also determine your deal-breakers. Know ahead of time where you are able and willing to compromise.

Think about amenities in advance. For instance, do you have the extra time and money required for pool or hot-tub maintenance? Don’t even look at houses with amenities that are impractical based on your lifestyle or economic circumstances.

Consider your skills and interest in home maintenance and repair. Unless you can easily afford to pay to have the work done, or are confident in your ability to do the work yourself, do not consider a home in need of even minor renovation.

Based on your needs, wants, and deal-breakers, create a rating sheet with which to compare houses. This helps you when viewing homes and also gives direction to the real estate agent so as not to waste valuable time. Refuse to see homes that do not meet your criteria. If the agent is not respectful of your budget or specifications, find a different agent.

When viewing homes, do not take the agent’s or seller’s word on questions of permits or zoning. For instance, if you intend to do renovations or operate a home-based business, contact the proper local authorities regarding applicable regulations or permit requirements.

Hire an independent home inspector to assess any house under serious consideration. Talk to the inspector about both current and potential problems.

Finally, have patience with the process. If you’ve done your homework and you’re proceeding logically, the right home is out there just waiting to be found.

Interesting Elements to buying Arizona Homes

I’ve been giving a lot of thought to the subtleties and landscapes (no pun intended) of real estate in Arizona, and have come up with a handful of tidbits which I find really different and interesting. I wanted to share them, so here goes.

1. Like just about everything else in the country right now, property prices in Arizona have plummeted over the last year. Zillow.com offer some great city-by-city statistics on this, if you’re interested in checking them out. While the prices have been cut in half (and by more than that in some places), now that the economy is supposedly on an up-swing, this means people with money to spend on real estate in Arizona have a great position. You can buy cheap and wait to cash in as property values and prices rise.

2. Arizona has low, competitive property taxes which, although they vary from one city, town or village to the next, holding relatively low at an average of 1.3% on market value. States like New York have property taxes that are nearly 40% higher than the national average, so Arizona residents get a pretty sweet deal on their taxes!

3. In 2006, the DaimlerChrysler (remember back when Chrysler wasn’t part of Fiat?) Proving Grounds, located to the northwest of Phoenix, were sold for a record-breaking $312 million dollars to a group of developers who paid a premium price for this huge tract of land. (Okay, that one doesn’t have a lot of bearing on the points about owning property in Arizona, but it’s an interesting fact about how much money has exchanged hands for massive – we’re talking 5,500 acres here – tracts of land in this state in the past).

4. The owner of the Grand Ole Opry has been planning a huge hotel located in Mesa, Arizona, since September 2008. This hotel would be the biggest one in Arizona, featuring a huge golf course and other amenities for guests.

There are plenty of other interesting elements to Arizona’s real estate scene. If you look for yourself, you’ll be surprised at what you find!

Arizona Foreclosures Still Some of the Highest in the U.S.

If economic growth statistics are any indication, Arizona foreclosure percentages continue to decline. Overall, in June and July of 2009 research by Metrostudy.com showed major growth in new home starts and existing home sales. In the second quarter of 2009 Phoenix-area contractors and builders started 1,654 homes, which was 58 percent more than in the first quarter of 2009. This information comes on the tail of news that shows in June of 2009 home sales rose and Phoenix foreclosures fell. According to a study by the Arizona State University Realty Studies department foreclosure activity in May represented 30 percent of all transactions. In February that percentage hit a high of 51 percent. Overall this is good news for a state that has struggled in the current real estate market.

The news for Arizona and more specifically Phoenix isn’t all positive, though. In early April, Arizona was ranked number two for foreclosures by RealtyTrac.com. They further placed Phoenix foreclosures at ninth in the United States. Only Nevada was ranked higher over the duration of this time period. During the first half of the year, Arizona real estate suffered and Phoenix foreclosures were 52 percent higher than during the same time in 2008. This placed the Phoenix foreclosure rate at 4.4 percent, which was 3.2 percent higher than the national average. This news for the Arizona real estate market followed an encouraging June report by the S&P/Case-Shiller Home Price index that found a slowing in the recent slide of Phoenix home values.

R.L. Brown Reports, an Arizona-based research firm showed in The Phoenix Housing Market Letter that the Arizona real estate market was showing promising signs of growth in a comparison between February and March. Home sales between those two months rose by nearly 200. While these numbers are still down from 2008 it’s an encouraging sign for a market that has sought to stabilize itself in a struggling economy. In another sign of stabilization R.L. Brown reported that home resales were up. The downside of this information is that 67 percent of the resales in the Arizona real estate market were from bank-owned properties. This mixed news shows that while the Arizona foreclosure rate may be high, that the Arizona real estate market is slowly becoming more stable.

Fortunately for buyers, while mortgage interest rates have risen slightly, they are still relatively low making the idea of new home ownership an enticing notion. Also in the Arizona real estate market’s favor is that in the past, summer has continuously proven to be the strongest part of the year for home purchases.

Overall it appears that Arizona foreclosures and Phoenix foreclosures may very well be dropping and that the Arizona real estate market is stabilizing and that the demand for new and resale homes is up. Under the current circumstances of an economy that is only now beginning to show signs of recovery this news is excellent and bodes well for a market that has struggled significantly over the last 12 months.

Renting vs Buying a Home

Deciding whether to rent or to a buy a home can be a challenging decision. Many weigh the aspect of “throwing” equity or potential future value away when renting a home. That said there are many other reasons to rent over buying a home and vice versa. Here are some considerations I would recommend when making this type of decision.

Renting a home

The pros of renting a home:

• As a renter you don’t assume any of the major responsibilities of owning a home. Of course you should keep the home in good order; however, you’re not required to replace the broken water heater or maintenance the AC. Your responsibility is to keep the home in good condition less wear and tear.
• Before our current economy no one thought of the values of homes declining, especially in such rapid form. Since this is now a certain possibility, as a home rentor you will not take this potential risk.
• By renting a home you can stay flexible by signing a leas for 6,9, or 12 months, based on your planned stay. At the end of the term you can always re-sign an extended lease or decide to depart to a new location.
• The monthly cost of renting a home can be substantially lower then owning a home, especially with the many home available at present

The cons of renting a home:

• The tax write-off one receives from owning a home can be significant. This is especially true if you just recently purchased your home as lenders front-load your load with interest. So in the beginning a majority of your monthly payment can be deducted. Additionally, your real estate taxes can be deducted from your taxes as well. This can lead to significant tax savings, in particular if you are in a high tax bracket.
• Your monthly payment is effectively locked for the next 15-30 years when you buy a home. As a renter you are subject to increases in your payment at the discretion of your landlord.
• You lose the opportunity to receive a potential increase in value by owning the home.

Buying a home

The pros of buying a home:

• I believe the single most reason people buy a home is because it’s “The American Dream.” There is a sense of emotional satisfaction when you can stand on a piece of your own real property.
• You can do almost whatever you want to your home. Of course you’ll need to make sure it meets your neighborhoods CC&Rs(codes covenants, and restrictions). I know you didn’t read it, neither do most, but as long as it doesn’t violate that or your city’s/town’s building code, go for it.
• Write it off. You know this is probably the 2nd most common reason for buying a home. You can write off every penny of interest and real estate taxes, which can lead to HUGE tax savings.
• Time has proven that your home will “most likely” gain value. This can lead to significant wealth and security; however, as we’ve recently seen this is not always true.

The cons of buying a home:

• You’re responsible to maintain your home, so when it breaks and you didn’t plan for it, you still have to fix it. Air conditions, water heaters, and many other potential issues can arise on a home and they can be very costly to fix.
• Closing costs are thousands of dollars in most cases, so budget accordingly, usually about 1% off of the home value.
• You’ll be forced to pay private mortgage insurance (PMI) if you don’t put 20% or more down.

I hope these help you with making your decision with whether to buy or rent. If you have questions or need to find a real estate professional in your area, please let me know.

You can reach me at lhasson@realestatearizona.com

Arizona Cardinals Couch

I was looking for some new furniture and found these really cool couches. Most of my friends are sports nuts and I thought these would go great in a bar or entertainment room.

Baseline Arizona Cardinals NFL Pub Sofa

Sports Fan Arizona Wildcats NCAA Teamseats Leather Sofa

Sports Fan Arizona State Sun Devils NCAA Teamseats Leather Sofa

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