Thursday, December 30, 2010

5 BIG BEDROOMS! JUST $232,490!

At 3,540 SQFT this Gilbert home will knock your socks off and it’s not “AS IS”. Huge island kitchen, grand master suite. Community pool, lake, Club house, 10 acre park and neighborhood school. Call The Pete Dijkstra Team Today!! 480-812-9200 or 800-318-8330. PIN #268

Tuesday, December 28, 2010

2,640 FANTASTIC SQFT AT $207,490!

You’ll love this 3 bdr plus den or 4th bdr. Big island kitchen 2 door den with adjacent bathroom. Clubhouse, community pool, Lake, Recreational fields, mountain views and More! Call The Pete Dijkstra Team Today!! 480-812-9200 or 800-318-8330. PIN #267

AN AMAZING 3,700 SQFT AT $279,900!

AN AMAZING 3,700 SQFT AT $279,900!
Click here for more info.
Visit www.AnyArizonaHome.com for more information.
The web address for this property is:
http://www.AnyArizonaHome.com/MyHomeDtl.asp?lstPages=1&HomeID=1058732
Location:262 Queen Creek, Queen Creek, AZ 85142
New or Resale:New
Type:Single Family Home
Price:Amazing Deal / $279,900
Address:262 Queen Creek
City/St:Queen Creek, AZ
Zip Code:85142
Bedrooms:4
Bathrooms:3 full, 0 half, 0 three-quarter bath
Square Footage:3705
MLS#262
  
Pete Dijkstra & Team
RE/MAX Infinity
2450 S Arizona Ave. #1
Chandler, AZ 85286
Ph#: 480-812-9200
Fax: 480-760-2330
Equal Housing NUMBER1EXPERT(R)

NEED 4 TO 6 BEDROOMS? $198,800!

Yup, that’s 3,293 sqft of brand new home for pennies on the dollar, and your choice on bdrs as an option. Huge island kitch & pantry, study, 2.5 bths, loft and an enormous mstr bdr & closet, and 3 car garage. Not used and abused, but “BRAND SPANKING NEW.” Call The Pete Dijkstra Team Today!! 480-812-9200. PIN #247

Wednesday, December 22, 2010

THIS HOUSE CAN’T BE $115,000

But it is and it’s waiting for your arrival! Terrific 3 bdr, 2.5 bths, and den located in Gilberts Power Ranch with community pools, lakes, tennis, basketball, bike paths and more. Call The Pete Dijkstra Team Today!! 480-812-9200. PIN # 344

Monday, December 20, 2010

GATED IN CHANDLER LAKE COMMUNITY!

3,116 sqft includes loft, den, formal living and dining, fireplace, and tile throughout. Spacious open island kitchen with granite countertops, stainless steel appliances, double ovens, cherry Cabinets, and upgraded lighting. Only $249,900. Call The Pete Dijkstra Team Today!! 480-812-9200 or 800-318-8330. PIN #164

SPLIT MASTER PLAN AT $180,990 IN GILBERT!

There’s lots of privacy in this wonderful 3 bdr, 2 bth home. Featuring a large island kitchen, ample dining area & sizeable great room. Split mstr bdr with double walk-in closets included. In Gilbert golf community full of amenities. Call Pete Today!! 480-812-9200 or 800-318-8330. PIN #220.

Wednesday, December 15, 2010

ROOM FOR ALL ONLY $101,000!

Spacious open 2,230 sqft single level home wth lots of extras. Formal living and dining, tile and custom counters throughout, upgraded appliances, huge master suite, split 3 car garage, and so much more. Only $101,000. Call The Pete Dijkstra Team Today!! 480-812-9200 or 800-318-8330. PIN #818

2,929 SQFT, HEATED POOL $180,000!

Astonishing Mesa home with 4 bdrs, den, loft, formal living and dining, spacious island kitchen, 3 car garage and resort like backyard with heated pool and spa, covered patio, and lush landscaping. Call The Pete Dijkstra Team Today!! 480-812-9200 or 800-318-8330. PIN #816

Monday, December 6, 2010

GORGEOUS NEW SPEC, $500 IMMEDIATE MOVE IN!

Brand New 5 bdr Energy Efficient home W/ loft, Study, Formal Living and Dining, Huge island Kitchen, Covered patio, and RV gates. Full appliance package, window coverings, landscaping, and no closing costs are also included. Only $129,900. Call The Pete Dijkstra Team Today!! 480-812-9200 or 800-318-8330. PIN #234

GOLF COMMUNITY AT $105,000!

And it includes 4 big bdrs, 1,914 Sqft, extensive tiled floors. Big entrainment niche, inviting fireplace, fans, window coverings and mature landscape. Call The Pete Dijkstra Team Today!! 480-812-9200 or 800-318-8330. PIN #814

Friday, December 3, 2010

$500 FOR IMMEDIATE MOVE IN!*

Brand new and includes full appliance package, window coverings, landscaping, and no closing costs. Energy Efficient home W/ bonus room, loft, Formal Living and Dining, Huge island Kitchen, Covered patio, and RV gates. Only $126,900. Call The Pete Dijkstra Team Today!! 480-812-9200 or 800-318-8330. PIN #233

IN THE HEART OF OCOTILLO WITH POOL!

Remarkable 2,201 sqft ready to call home. Meticulously maintained 4 bdr, Formal dining, fireplace, Large island kitchen, Granite counters, and master suite W/ huge walk-in closets. On large lot W/ self cleaning heated pebble pool and spa. In Ocotillo community featuring golf, lakes, parks, and so much more. Call The Pete Dijkstra Team Today!! 480-812-9200 or 800-318-8330. PIN #162

Thursday, December 2, 2010

CHANDLER WATERFRONT UNDER $150,000!

Cozy 1,288 sqft on the water in Chandlers Pecos Ranch. Tile in all the right places, soaring vaulted ceilings, spacious great room, and 3rd bdr is set up as a den with custom built-in work station. Enjoy the views of the lake from the master suite with huge walk-in closet, dual sinks, and separate garden tub and shower. After paddling your boat around the lake relax on the pavered courtyard or under the covered patio surrounded by lush grass and mature shade trees. Priced to sell and won't last long. Call The Pete Dijkstra Team Today!! 480-812-9200 or 800-318-8330. PIN #115

Monday, November 29, 2010

REMODELED THROUGHOUT AND ONLY $92,500!

Quality craftsmanship ha been used in this lovely single level, 4 bed, 1.75 bath home in desirable central location. Spacious formal front room with vaulted ceilings and gorgeous tile. Beautiful two toned paint and ceiling fans throughout. Cozy family room, open and bright kitchen with plenty of cabinet space, and recently replaced neutral two toned counters. All bedrooms have had the carpets replaced with quality plush and neutral color. Enjoy the breezy evening under the covered patio front or back. 2 car port and mature trees. Close to everything and waiting for you. Call Pete Dijkstra & Team Today 480-812-9200 PIN #106

Tuesday, November 23, 2010

OCOTILLO WITH POOL! $215,000!

Spacious 2,000 sqft, 4 bdr beautifully upgraded W/ tile flooring, plush neutral carpets, dark granite counters, maple cabs, stainless appliances, custom paint, surround sound, and more. Extended 2.5 car garage, covered patio, refreshing pool, and lush landscaping. Call The Pete Dijkstra Team Today!! 480-812-9200 or 800-318-8330. PIN #163

5 BDRS IN GILBERT W/ POOL!

Huge 2,917 sqft W/ formal living and dining, large loft, bright open island kitchen, breakfast bar, double ovens, and huge master suite W/ walk-in closets, and separate garden tub and shower. Backyard features sparkling pool, luscious landscaping, and covered patio. Only $237,500. Call The Pete Dijkstra Team Today!! 480-812-9200 or 800-318-8330. PIN #159

3,390 SQFT, POOL, 4 CAR GARAGE AT $197,500!

And it’s loaded with plantation shutters, granite counters, 42” cabs, stainless appliances, wood floors, surround sound, 5 bdrs, 3.5 bths, covered patio, mature landscaping, and the Pool. Call The Pete Dijkstra Team Today!! 480-812-9200 or 800-318-8330. PIN #812

Monday, November 22, 2010

GATED IN LAS SENDAS GRANITE PRESERVE!

Pure elegance! 3,554 sqft, 3.5 bths, 2 master bdrs, turret foyer, center courtyard, Huge formal living & dining, Travertine throughout, fireplace, Granite counters, Cherry cabs, and Stainless appliances. Gorgeous custom pool, putting green, a 4 car garage, and Incredible panoramic mountain views. Call The Pete Dijkstra Team Today!! 480-812-9200 or 800-318-8330. PIN #161

Friday, November 19, 2010

LAKE VIEWS, 3 CAR GARAGE, & POOL!


Here’s your chance to live in The Islands. Spacious open floor plan W/ extensive tile floors, vaulted ceilings, granite counters, and a balcony off the master suite overlooking the lake. 3 car garage W/ work area, extended covered patio, and refreshing pool W/ water feature. Only $169,900 Call The Pete Dijkstra Team Today!! 480-812-9200 or 800-318-8330. PIN #165

Thursday, November 18, 2010

WOW! 3,450 SQFT, 5 BDR, 4 CAR GARAGE, $150,000!

Formal living & Dining, Spacious loft, and Huge Master suite. Extensive upgraded tile floors, Cherry cabinets, Granite counters, Stainless Steel appliances, & Double ovens. In a lake community featuring 2 pools, fishing, parks, basketball courts, trails and much more. Call The Pete Dijkstra Team Today!! 480-812-9200 or 800-318-8330. PIN #810

Tuesday, November 9, 2010

It's a new home in Chandler with 3 car garage and huge incentives

At only $266,490, this 2,490 sqft 2 story home is built as a standard 3 bedroom, 2 bath and den on the first floor and a huge 2nd story loft, den or office & storage upstairs by itself. The possibilities are endless. A great room and nook in the kitchen is just off the huge 2 car garage. Call Pete Today! 480-812-9200 or 800-318-8330. PIN #218.

*All new homes are subject to price adjustments and incentive reductions until time of accepted contract. Homes pictured may be the actual model home offered by the builder and are for illustration purposes only.

PICTURESQUE 3 LAKE SUBDIVISION IN CHANDLER! GRAND NEW HOMES W/ TUSCAN STYLE AND CHARM


This 2,766 sqft Tuscany features 3, 4, 5 or even 6 bedrooms, 2.5, 3 or 4 baths, and a 2 or 3 car garage. You build it how you want it! Courtyard entry, island kitchen, study, den, breakfast room, formal dining and more are included as well. Showcased by 3 lakes, ramadas, trails, basketball courts and tree-lined streets that welcome you every time you come home. Standard 7,200 sqft lots from $290,490! Call Pete Today! 480-812-9200 or 800-318-8330. PIN #217

*All new homes are subject to price adjustments and incentive reductions until time of accepted contract. Homes pictured may be the actual model home offered by the builder and are for illustration purposes only.

BRAND SPANKING NEW SINGLE LEVEL HOME IN CHANDLER AT $229,490!


It’s built as a 3 bedroom, 2 bath or you can add a casita & bath. Large island kitchen, huge great room, split master bedroom and covered patio are all included. Wonderful neighborhood surrounded by 3 lakes, trails, tree lined streets, sport courts, tot lots and more. Plus, there’s and additional $20,000 in incentives. Call Pete Today! 480-812-9200 or 800-318-8330. PIN #216.

*All new homes are subject to price adjustments and incentive reductions until time of accepted contract. Homes pictured may be the actual model home offered by the builder and are for illustration purposes only.

Monday, November 8, 2010

PRICED LIKE A REPO BUT BRAND NEW!


2,987 sqft Gilbert home featuring 4 bedrooms and 2.5 baths. 3 car garage, large island kitchen, formal dining room, breakfast nook, covered patio, walk-in pantry , and much more. Many options and upgrades to choose from. Just $227,990. Call Pete Today!! 480-812-9200 or 1-800-318-8330. PIN #457

OVERSIZED LOT & A CASITA? THAT’S JUST CRAZY!


An impressive entry tower leads to the beautiful interior courtyard of this 3 bedroom plus den, 3900 sq ft home. The master suite is a quiet sanctuary with a private patio, dual walk-in closets, split vanities & grand snail shower. Guests may never want to leave the resort-like casita complete with en suite bathroom, large walk-in closet & private courtyard entrance & patio. All this on a standard 21,000 square foot lot! Call Pete Today! Call The Pete Dijkstra Team Today!! 480-812-9200. PIN #430

WOW! AN AMAZING 1,684 SQFT AT $124,950!


Located in a gated master planned community with amenities for everyone to enjoy. You will feel right at home in this wonderful 3 bedroom, 2.5 bath house. Includes dual pane Low E windows, front yard landscaping with autotimer, covered patio & a very spacious master suite with walk-in closet. Call Pete Today! 480-812-9200. PIN #427.

Friday, November 5, 2010

IN PHOENIX AND CLOSE TO IT ALL AT $274,990!


Unexpected standards like granite counters, huge walk-in closets, 9 foot ceilings, low maintenance, no yard work and intriguing modern style architecture are already included. You will love the community pool, parks, playcourts, rec. center, exercise gym, spa & kids pool. Featuring 1,870 sqft, 3 bedrooms, a den & 2.5 baths. Just $274,990! Call Pete Today! 480-812-9200. PIN #414.

BRAND NEW 3,082 SQFT, 5 BDR HOME IN QUEEN CREEK FOR ONLY $192,800!


Why not move to 3,080 sqft that includes 5 beds, big island kitchen, media center, loft, and a stunning master bed and bath with a bedroom sized walk in closet. 3 car garage, and patios are included. Aquatic park is now open. Just $192,800. Call The Pete Dijkstra Team Today!! 480-812-9200. PIN #246

ONE LOT LEFT IN PREMIERE GILBERT GOLF COMMUNITY NEW HOME 2,418 SQ FT AT $244,490



Featuring 4 large bedrooms, a den, 3 full baths, an open 2 story great room, and a huge gourmet kitchen W/ Stone Counters, Maple Cabinets, and Stainless Steel Appliances. The covered patio and 3 car garage are also included. Call on your new dream home and ask about qualifying for the 1% down payment program. Call Pete Today!! 480-812-9200 or 1-800-318-8330. PIN #221.

*All new homes are subject to price adjustments and incentive reductions until time of accepted contract. Homes pictured may be the actual model home offered by the builder and are for illustration purposes only. All loan programs are subject to qualifying terms and conditions.

Thursday, November 4, 2010

3,38 4SQFT IN CHANDLERS OCOTILLO GOLF COMMUNITY!


Why live anywhere else? Just minutes from the San Tan Freeway, amazing golf courses, fabulous restaurants, shopping and more! The standard 4 bedroom, 3 bath w/loft can be built as 5 or 6 bedroom, 4 bath and a basement. With over 3,380 sqft the choices are endless and the conveniences are everywhere. Starting at $339,000. Call Pete Today! 480-812-9200 or 800-318-8330. PIN #236.

Spec home close out in Goodyear. New home, great incentives and full warranties only $144,284


Featuring 4 bedrooms, 2 baths & a foyer. Large great room, an oversized island kitchen, a cozy breakfast nook & split master bedroom w/a huge walk-in closet are all included. Located in a master planned community with tons of amenities for everyone to enjoy. Just $144,284! Call Pete Today!! 480-812-99200 or 800-318-8330. PIN #199.

*All new homes are subject to price adjustments and incentive reductions until time of accepted contract. Homes pictured may be the actual model home offered by the builder and are for illustration purposes only.

COWBOY UP FOR JUST $193,500!


Yup! You’re gonna love the wide open spaces, star lit nights, and plenty of privacy for you and yours. The ample sqft has 4 big bdrs all on one level, pool and horse privileges to boot. Call The Pete Dijkstra Team Today!! 480-812-9200 or 800-318-8330. PIN #806

NORTH SCOTTSDALE WITH A POOL $229,900!


Charming 3 bedroom home with refreshing pool, formal living and dining rooms, open kitchen, vaulted ceilings, cozy fireplace, spacious master bedroom, covered patio and 2 car garage. In highly sought after North Scottsdale neighborhood with no HOA fees. Call The Pete Dijkstra Team Today!! 480-812-9200 or 800-318-8330. PIN #702

Wednesday, November 3, 2010

ARE YOU KIDDING? $137,990 IN GILBERT! New homes with warranties, none of the worries of buying "AS IS"




Plus, an additional $10,000 incentive toward options or closing costs. Featuring 3 bedrooms, 2.5 baths, ceiling fans, garage door opener & double sink in the master, these are just a few of the upgraded items that are included for FREE! Fast move in on specs w/even bigger incentives. Call Pete Today!! 480-812-9200 or 1-800-318-8330. PIN #191.

*All new homes are subject to price adjustments and incentive reductions until time of accepted contract. Homes pictured may be the actual model home offered by the builder and are for illustration purposes only.

Not far from the San Tan Village Mall www.shopsantanvillage.com/

Gilbert Chamber of Commerce http://www.gilbertaz.com
Town of Gilbert www.ci.gilbert.az.us.
Gilbert Schools www.gilbert.k12.az.us/
HIgley School Dist http://www.husd.org/
Community College http://www.cgc.maricopa.edu/

Tuesday, November 2, 2010

UNBELIEVABLE 4,602 SQFT IN CHANDLER $359,950!


Have it your way, 4 beds & study, or 5 & 6 beds with up to 3 baths. Granite counters, an enormous piano island kitchen, bayed breakfast, walk-in pantry, refrigerator, micro, front landscaping, and 2% towards closing costs are all included. Call The Pete Dijkstra Team Today!! 480-812-9200. PIN #226

Monday, November 1, 2010

WHY BUY A FORECLOSURE? THIS ONE’S NEW!


You’ll love this 2,242 sqft, 3 bed, 2 bath featuring: Study, 3 car garage, formal living and dining rooms, covered patio, front porch and much more. Just $223,300. Call The Pete Dijkstra Team Today!! 480-812-9200. PIN #466

DON’T BE A SHOUDA, COUDA, WOUDA!


That’s what you’ll be saying if you missed this 2,189 sqft, 4 bdr, large lot in wonderful Power Ranch. You’ll love the 2 fishing lakes, 2 pools, bike trails, tennis, basketball, Call The Pete Dijkstra Team Today!! 480-812-9200 or 800-318-8330. PIN #807

NEW SPEC HOMES IN LAVEEN $152,270 FOR S,174 SQ FT PLUS 3% TOWARDS CLOSING COSTS





Now you can own this wonderful 2 story, 4 bedroom, 2.5 bath home with over 2,000 sqft for an amazing low price of $152,270 PLUS $5,000 towards upgrades and 3% towards closing costs...wow! Island kitchen, front yard landscaping, dual pane low E windows, covered patio, 2 car garage. Call Pete Today! 480-812-9200. PIN #169.

*All new homes are subject to price adjustments and incentive reductions until time of accepted contract. Homes pictured may be the actual model home offered by the builder and are for illustration purposes only.

New specs at amazing pricces $159,380 for 2,525 sq ft, ask about qualifying for 1% down payment program




WOW! A fabulous 5 bedroom, 3 bath home in a wonderful master planned community. Dual pane Low E windows, 13 seer a/c, covered patio, & front yard landscaping with autotimer are all standard. Just $159,380 and $5,000 towards upgrade and 3% towards closing costs! Ask about available spec homes with additional incentives. Call Pete Today!! 480-812-9200 or 800-318-8330. PIN #181.

*All new homes are subject to price adjustments and incentive reductions until time of accepted contract. Homes pictured may be the actual model home offered by the builder and are for illustration purposes only.

Saturday, October 30, 2010

2010 October ARMLS Stats

To our valued clients:



The format of the newsletter has changed. The Arizona Regional MLS now publishes a newsletter called STAT. A link to the website is included below. This newsletter is published ahead of most other statistical publications so the numbers are more current. I will no longer make the comparison from month to month on inventory, days on market and prices as the information is included in the STAT newsletter. I will still included local real estate articles pertaining to the Greater Phoenix area and may pull some statistics from STAT. I hope this additional information is helpful.



http://www.armls.com/Libraries/STAT/STAT_October_2010.sflb.ashx





Market Recap



Good News



Interest rates continue to be the lowest in history hovering just about 4% sparking a rash of refinancing for those who still have equity in their homes. Buyers are also taking advantage of low rates and the competition for entry level housing priced under $125,000 is fierce.



Elliot D Pollack and Company think the commercial market is at or near the bottom ASU Realty Studies predicts the 2010 vacancy rate for multi-family apartment buildings to be at 12.9%. This is down from 14.2% in 2009. The last time vacancy rates were at 14% was in 1988. Despite the high vacancy rates there are 293 multi-family units under construction due the the low cost of land and low interest rates. Kammrath & Associates report apartments are selling for $56.9 per square foot which is about what they sold for in 1998. CB Richard Ellis reports the office space vacancy rate at 24.5%. The last time it was this high was in 1991. There is currently no multi-tenant office space under construction and no significant construction expected in the next 5 years. Industrial space vacancies are at 16.1% which is the highest since 1986. The is about 0.8 million SF of industrial space under construction. Retail space vacancies are at 12.9% and have not been this high since 1990 when the vacancy rate was 14.2%. In general Elliot D Pollack and Company predict no new commercial construction is needed for years.





Bad News

Phoenix home foreclosures hit highest level of the year. The actual number of existing-home foreclosures in September was just over 4,100. It’s the highest number recorded since March and up slightly from about 4,000 in August. It’s also way up from fewer than 3,000 foreclosures last September.



Buyers are taking advantage of low rates though many are still hesitating as home values in the greater Phoenix area have dropped slightly in the last 90 days.





Articles

1) STAT Newsletter Link

2) Arizona home sales propped up by investors

3) Phoenix home foreclosures hit highest level of the year



****************************************



1) STAT Newsletter Link



http://www.armls.com/Libraries/STAT/STAT_October_2010.sflb.ashx



Highlights from the newsletter are:



Sales Month to Month - The sales increase seen in August was reversed in September with 6,764 listings sold, compared to 7,358 sold units the month before. This represents an 8.1% decline in sales and the lowest sold units since February. With the exception of the teaser increase in sales in August, the overall trend since June is downward. The 27% overall decline from June (9,280 sales) to September (6,764 sales), reverses the stable sales levels enjoyed from March to June, but is still the second highest September sales total in the past five years.



New Inventory - The trend of new inventory to the market since June has held steady with an average of 12,540 new listings per month. September’s 12,601 new listing figure represented only a .48% deviation from the recent four month average. In Q4 2010, ARMLS expects the new inventory figures to hold steady or rise slightly in October, and drop in November and December, mimicking the pattern of previous years. Seven out of the last nine years saw new inventory rise in October, and every year since 2001 experienced an inventory drop in November and again in December.



Prices - Median List Price which has been on a downward trend since February, finally pulled out of the nose dive to realize a nominal increase in September, rising a meager .1% to $130,000 from $129,900 in August. More discouraging is the decline of 10.3% in the Median List Price over September 2009 figure of $145,000.



Average List Price, which remained flat through July and August, with the lowest averages in the last ten years ($198,700 and $200,800 respectively), took a refreshing 3.5% upward turn in September to $207,900. This indicates that more higher-end homes were added to the average price calculation, offering one of the few positive glimmers in the October STAT report.



********************************************



2) Arizona home sales propped up by investors Valley landlords buying some houses; hedge funds and equity firms want to buy more by Catherine Reagor - Oct. 17, 2010 12:00 AM The Arizona Republic



Investors are dominating metropolitan Phoenix's home-buying market again. The region's growing supply of inexpensive foreclosure homes is drawing thousands of investors, who can pay cash and close deals fast. The growing supply of renters means those investors can make money off the homes they have scooped up. The market has drawn a diverse crowd of investors, spurring small-scale landlords to add more homes to their holdings and attracting buyers from around the world looking to get in on a down market. It also has quietly attracted investment firms that are buying huge quantities of houses in a strategy aimed at reaping big profits from today's low prices. Big investors are showing so much interest that some observers say lenders may soon start selling foreclosure homes in bulk batches, an unprecedented tactic in metro Phoenix where the homes have always been sold in small groups or one at a time. Whether the investor-buying trend of the past few months continues at this pace in the Phoenix area depends in some part on the foreclosure moratoriums announced in the past few weeks by a handful of the nation's biggest lenders. So far, many Valley real-estate agents and investors aren't seeing a drop in supply of fore- closure homes for sale or problems finalizing sales on lender-owned homes. In the past, too many investors hurt Phoenix's housing market. Speculators were blamed for driving up home prices during the area's housing boom of 2004-06. But now many traditional buyers, who would purchase a single home and live in it, won't buy because of concerns about another dip in home prices or can't because of bad credit. So market experts say investors are welcome these days; without them, even fewer homes would sell. That would drive home prices down further and likely trigger even more foreclosures. Investors are behind nearly 40 percent of all Phoenix-area home sales now, according to industry estimates, up from about 25 percent in January.



During the next year, Fannie Mae, Freddie Mac and other big lenders are expected to unload tens of thousands of additional foreclosure homes in metro Phoenix, meaning more low-priced properties ready for investors. Foreclosure homes taken back by lenders are known as REOs, "real estate owned." It's a banking-industry term that has now become

a buzzword among buyers and sellers in Phoenix's real-estate market. "REO inventories have been climbing quickly, up 70 percent since early May," said Mike Orr, publisher of the "Cromford Report," a daily online analysis of metro Phoenix home sales and foreclosures. "If investors were not active in this market, the situation would be dramatically worse," he said. "Prices would be very much lower, and blighted properties would be deteriorating instead of getting fixed up and resold." All investors are looking for the best return on their money, whether that means keeping a home as a rental or trying to resell it for a profit. But the huge number of purchases means investors will shape neighborhoods and the resale housing market for years to come.





Classic investors

Julie and Mike Bieganski have bought 10 Phoenix foreclosure homes in the past 15 months. The couple have lived in the Valley for several years and know the neighborhoods where they are buying. The Bieganskis' strategy is to pay cash for bargain-priced homes in central Phoenix that they can spend less than $20,000 to fix up for renters. Julie is a real-estate agent and finds the homes and renters; Mike handles most of the renovations. "It's all cash deals now. But if you buy a home for $65,000 and rent it out for $850 to $900, that's a much better return than you would get on your money with a bank," Julie said. "To rent our homes fast, we can list them below current rental rates. With so many displaced people, the rental market will be excellent for years to come." The Bieganskis already have a renter lined up for their latest foreclosure home, which they closed on less than two weeks ago. The couple are looking for more to buy.



Julie found a low-priced, lender-owned home in northeast Phoenix last weekand was going to make an offer but was unsure if the foreclosure moratoriums would stop or slow a sale. "I asked the Realtor who has the listing what may happen, and she said everything seems to be fine," Julie said. "There was already another offer on the home. I really think if the folks left the house willingly and let the house go into foreclosure, it shouldn't be a problem to buy it from the lender. There are so many vacant homes out there." The couple plan to keep acquiring foreclosure homes that fit their strategy and hold onto them longer, profiting on steady rents until they can sell the homes for a considerable profit. Many of their renters can't buy because their own recent foreclosures or short sales, in which banks allowed them to sell for less than they owed, hurt their credit.



If the investor-buying trend continues, some metro Phoenix neighborhoods are bound to have more renters than homeowners living in them. But since many investors are paying cash and fixing up the houses, another foreclosure cycle for those neighborhoods is less likely. "We try to buy the ugliest home on the block and make it one of the nicest," Julie said. "We are also open to working out deals for people to rent-to-own our homes. We know it's tough to get financing now."



International buyers

Terri and Don Bozok live in Edmonton, Alberta, but were recently in Phoenix shopping for inexpensive houses. The semiretired couple own a home in Mesa and visit the Valley often. They have seen home prices sag and feel like it's a good time to buy a few fixer-uppers they can renovate and sell quickly. "We are definitely looking at foreclosures and not short sales because those take too long to negotiate," Terri said. "Because prices are down, we feel like it's definitely feasible we can make a few dollars on homes here." In April, Canadians passed Californians as the biggest group of out-of-state buyers of metro Phoenix homes, according to the Information Market, a Phoenix-based real-estate data firm.



"Canadians are finding great values in Phoenix homes for their dollar," said one realtor. "Some are investing in a home they will rent for a few years and then use as a part-time retirement home." Phoenix's housing market also is drawing the attention of buyers much farther away than Canada. "We are seeing an interesting mix of international investors now. Everyone thinks Canadians are the only ones, but we have buyers from Pakistan, Bogota (Colombia) and Israel," said an REO expert "Investors from around the world are seeing the housing deals in Phoenix." Although some investors have been able to buy foreclosures for prices low enough to resell them quickly for a profit, most investors are buying knowing they will need to hold onto Phoenix homes for at least a few years before prices rebound enough to flip them.



Big groups, big funds

Since last year, G8 Capital has paid cash for more than a hundred metro Phoenix foreclosures homes. The Ladera Ranch, Calif.-based investment firm typically buys Valley foreclosure homes for less than $20,000. The company led by Evan Gentry, former CEO of Money Line Lending Services, has been able to flip some of the Valley foreclosure homes it has bought but is also holding onto other properties and renting them out until home prices climb again. "We will continue to buy in Phoenix. It's a great long-term market for us," Gentry said. "The foreclosure cycle is far from over, despite any lender moratoriums." Unlike smaller investors, G8 can buy bulk portfolios of foreclosure homes located across the country from lenders. "We can buy a portfolio that gives us five foreclosure homes in Phoenix and five in Cleveland," Gentry said. "Our strategies differ by city. We think Phoenix will be a great rental market for a while." Several out- of-state U.S. hedge funds and investment partnerships are buying Phoenix foreclosure homes. Some of the firms are very low-key about their strategies, partly because they don't want to be seen as "vulture funds" profiting on the real-estate crash. Most of these large investment firms have had to buy foreclosure properties one-by- one in metro Phoenix. Elsewhere in the country, they have received discounts from lenders when they buy several homes at once.



One realtor said when foreclosures started to climb in metro Phoenix in 2008, several groups formed to try to buy portfolios of bank-owned homes in the region. But so many individuals are buying foreclosures that lenders offer few deals to buy multiple Valley properties at once unless foreclosure homes in other parts of the country are acquired at the same time. "In this second leg of foreclosures, lenders could start to sells homes in bulk to save time and money," she said. "Investors are an important part of the market now and will definitely help keep inventories from climbing too fast."





***************************



3) Phoenix home foreclosures hit highest level of the year October 14, 2010



The Phoenix area just hit an unfortunate record for 2010. According to a new report from ASU's W. P. Carey School of Business, 46 percent of the total transactions in the existing-home market last month were foreclosures. That’s the highest percentage recorded in any month this year. Unfortunately, the report’s author predicts even more trouble from foreclosures. “The biggest issue is heightening uncertainty in the housing market throughout the country, brought about by the evolving problems within the foreclosure process,” said Jay Butler, associate professor of real estate. “The potential impact could include foreclosure moratoriums, the availability of title insurance, the willingness of people to purchase foreclosed properties, and the public perception and acceptance of the entire home-financing process. In confronting potential uncertainty, the level of activity and prices could even be lower than generally expected as people await the review and resolution of the problems associated with the foreclosure process.” The actual number of existing-home foreclosures in September was just over 4,100. It’s the highest number recorded since March and up slightly from about 4,000 in August. It’s also way up from fewer than 3,000 foreclosures last September. Butler said the market experienced a bump up in home resales in September. That’s normal for the end of the annual selling season, when people are wrapping up summer vacations and children start to go back to school. About 4,900 homes were resold in the Phoenix area in September. That’s up from 4,800 resales in August, but it’s still way down from more than 6,100 resales in September of last year.



The median home-resale price for September was $135,000, the same as in August. It’s down from $140,000 last September. “Another influence on the market is that, for the last year approximately 40 percent of the traditional resales were foreclosed homes sold again with a median price markdown of 14 percent from the foreclosed price,” Butler said.



In the townhouse/condominium segment of the market, more than 550 foreclosures occurred in September. That’s down from 630 in August, but still up from 410 last September. The median resale price of a townhome/condo in the Phoenix area was $75,000 in September, a step down from $80,000 in August, and a huge step down from $100,000 last September.



Butler’s full report, including statistics, charts and a breakdown by different areas of the Valley, can be viewed athttp://wpcarey.asu.edu/realestate/Phoenix-Resale-Market-Reports.cfm . More analysis also is available from Knowledge@W. P. Carey, the business school’s online resource and biweekly newsletter, athttp://knowledge.wpcarey.asu.edu

.

Friday, October 29, 2010

$35,000 IN INCENTIVES TO CUSTOMIZE THIS GORGEOUS HOME ON 10,000 SQ FT LOT IN CHANDLER


Whether you’ve waited or just got lucky, you’ll feel the value driving through this great lake community. Featuring trails, basketball courts, BBQ’s and tot lots on the way to your new 3,014 sqft, 4 bedroom, 2.5 bath home on a 10,000 sqft home site. Split master floor plan and designed for family & entertaining. Just $323,990 plus $35,500 in incentives. Call Pete Today! 480-812-9200. PIN #285.

New in Buckeye Stunning Floors Plan and lots of specs ready to go!

And it’s a brand new home with warranties and no bidding. 4 big bedrooms or 5 W/ the optional loft conversion, 2.5 baths, huge front room and living room, or an optional den, a huge laundry room and enormous kitchen. All built in a stunning master planned community with parks, trails, and so much more! Call Pete Today!! 480-812-9200 or 800-318-8330. PIN #294

GOLF COURSE LOT, 5 BDRS, POOL, $143,000!


Here’s your opportunity to own your dream home for only $143,000! Absolutely beautiful inside and out. Featuring an enormous 3,058 sqft single level floor plan with 5 large bdrs, Gourmet kitchen with stainless steel appliances, large open great room. An entertainers dream in the backyard with gorgeous views, sparkling pool, built in fireplace, and mature landscaping. Call The Pete Dijkstra Team Today!! 480-812-9200 or 800-318-8330. PIN #809