Short sale, very aggressively priced against the comps. The downside is that it might need more work than it’s worth.
Needs window treatments, paint, landscaping, repairs.
For more details, click here.
Archives (page 7 of 17)
Further notice on Canadian real estate investors buying real property in Metropolitan Phoenix, this time from Channel 15, ABC-TV News in Phoenix:
A short sale offered at a deep discount on the comps. No telling if that price will sail with the bank, but there’s no commitment until the lender gives full approval.
Nice overall, needs carpet, paint, landscaping.
For more details, click here.
The Canadian Loonie is trading at parity with the once-robust American dollar.
If you’re a Canadian real estate investor interested in buying rental homes in Metropolitan Phoenix, it would be hard to pick a better time to make your move.
Depending on your point of view, the Barrack Obama administration has been either great or lousy for Americans. But there is no doubt that Obamas’s “creative” management of the American economy has been a huge benefit to Canadians and other foreign investors.
Even if you’re buying with dollars, don’t let that stop you. Bargains abound, and the prospects for the greater Phoenix real estate market are sunny — not to pun. I shop every day for premium value in potential rental homes in the Phoenix metropolitan area. If you would like to explore your opportunities, shoot me an email or give me a call at 602-740-7531.
It’s offered as a short sale, but, for now, lender-owned homes are a tough get: Too much competition from first-time home-buyers looking for that $8,000 tax credit.
Nice overall, a lot of tile but needs some carpet, paint can just be touched up in many places, some new paint needed, needs landscaping. No range, no fridge.
For more details, click here.
It’s a short sale, but that makes it eminently doable for cash investors.
Good shape overall. Needs carpet, paint, landscaping.
For more details, click here.
Click on the embedded audio player below or read the story on-line. Reporter Peter O’Dowd — a genuine born-here Phoenician and a Brophy Prep alum — spent about four hours, total, with Bill Chipman and me, an amazing commitment of effort. And that photo above? That’s what paradise looks like. We have plenty to go around…
I look at homes in the Phoenix area for investors several times a week. Here are four I saw yesterday:
- 10716 West Granada Road, Avondale, AZ 85392
- 12575 West Cheery Lynn Road, Avondale, AZ 85392
- 12575 West Fairmount Avenue, Avondale, AZ 85392
- 12521 West Lincoln Street, Avondale, AZ 85323
The home on Granada is sweet. I don’t love lakefront lots for rental homes, but this is truly a premium spot on the globe. The house could command a premium rent, and it should do well on resale. For what it’s worth, it would make an excellent residence.
The homes on Fairmount and on Lincoln are both excellent values at their list prices.
I’m shopping for premium value in potential rental homes in the Phoenix metropolitan area. If you would like to purchase one of these homes — or one like it — shoot me an email or give me a call at 602-740-7531.
Are you a Canadian thinking about buying residential real estate in metropolitan Phoenix? You and everybody else. Prices are low, the weather is incomparable — and the Canadian dollar — the Loonie — is trading at very favorable rates against the U.S. dollar. Canadian home buyers can take a 60% discount off our peak prices, plus an additional 15% discount on the exchange rate. There’s just something about buying a rental or getaway home for 75% off that’s hard to beat.
I tend to write a lot about rental home investing, but opportunities for all sorts of Canadian buyers abound in Phoenix right now. For example, here is a search of single-family homes in tony Paradise Valley. And here is every golf course home currently available in Scottsdale. If anything, prices on higher-end homes are even lower than they are for cheaper properties. And mortgages for Canadian home buyers are easier to obtain than they have been for years.
The truth is, it’s a perfect storm for all buyers in the greater Phoenix market right now. There are plenty of great homes available at bargain-basement prices. Interest rates are hovering at historic lows. And the house-hunting weather could not be more perfect. But Canadian buyers have all those advantages plus a very favorable currency exchange rate. If you’d like to explore your options, you can start by searching for your ideal home in Phoenix or Scottsdale. When you’re ready to find out more, send me an email or phone me at 602-740-7531.
You may never see a convergence of events like this again. We’re ready to jump when you are.
I look at homes in the Phoenix area for investors several times a week. Here are four I liked today:
- 10356 West Granada Road, Avondale, AZ 85392
- 10805 West Alvarado Road, Avondale, AZ 85323
- 11633 West Jackson Street, Avondale, AZ 85323
- 12525 West Madison Street, Avondale, AZ 85323
I’m shopping for premium value in potential rental homes in the Phoenix metropolitan area. If you would like to purchase one of these homes — or one like it — shoot me an email or give me a call at 602-740-7531.
Tom Vanderwell, who writes with us at BloodhoundBlog, our national real estate industry weblog, adopted two of his children from Haiti. He has long been involved with the orphanage there, even setting up their weblog: God’s Littlest Angels in Haiti.
Since yesterday’s earthquake, Tom has been working continuously with the orphanage’s staff, both to make sure they have what they need right now and to help them prepare for what seems likely to be a surge in orphaned children.
No doubt there are a lot of people appealing for your help right now, but Tom’s efforts could produce the most immediate and yet also the most lasting impact.
Read his post about the Haitian relief effort at BloodhoundBlog. And then, if you can, push the PayPal button at the bottom of that post to make a contribution.
There’s so little we can do, really, at times like this. But that little bit we can do can make a big difference to people who have lost everything — maybe even their parents.
I’ve known for six months or more that there was a sweet spot on the horizon for investors and other highly-solvent buyers in the Phoenix real estate market. That event was delayed by the first-time home-buyer’s tax credit. Today’s news about declines in the number of pending purchase contracts is a symptom of the market returning to an unstimulated level of demand. I watched the dropoff reflected in today’s news as it happened last fall. Lenders cut off new applications for first-timers and, just like that, price pressure eased, available inventories started to rise and it came to be a lot easier to get a house under contract.
We’re all waiting for the other shoe — the shadow inventory — to drop, but the supply of the homes I want most for my investors has almost doubled since mid-October, from around 350 units then to just over 600 today.
Here’s even better news for buyers (not for banks): Prices are going down.
This is the Cliff’s Notes for the last four months, as reflected in the BloodhoundRealty.com Market Basket of Homes:
September: +3.15%
October: +2.14%
November: +2.22%
December: -8.03%
That’s a huge drop for December — giving back almost everything we’ve gained since April, 2009. But, interestingly enough, the ratio of sales price to list price was positive. In other words, there is still competition for listed homes, but list prices are dropping.
I don’t know how it is where you live, but this is the perfect storm for investors in Metropolitan Phoenix. The homes are in much better condition than they were this time last year, and the prices are at hovering just above the 2009 low.
Are we at the bottom? Feels like it — but we’re going to be here for a while. Positive cash flow is easy, but cash flow is all there is right now. If you’re not a buy-and-hold investor, Phoenix is not for you. I’m sure that’s true in most rental markets.
But if you’re thinking of buying a rental home anywhere in Greater Phoenix, reflect on this: This could be the coldest winter in 25 years. Whether they can afford to or not, people in the snowy states are going to move. When they do, they’re going to need a place to live.
Give me a call at 602-740-7531 and let’s talk about how you can ride the Phoenix real estate thunderbird as it rises anew from the ashes and soars its way back into the cloudless skies.
An extended answer to a question from a buyer client, the short film linked below goes into the in-house procedures that result in the observed effect: Lender-owned homes are much easier to get under contract and to get through the closing process than are short sales.
We also talk a bit about strategy, particularly for mortgage-financed transactions.
Click on the link below to watch the video.
Here’s to your health, wealth and happiness in the coming year!
My friend Andrew Breese asked me to go through my own history, in light of both the real estate boom and the bust, detailing where I was wrong and where I was right.
Very big job, and it would be a long essay to write, so I’ve elected to go through it in video instead.
Click on the graphic below to watch the video.