Buying and Selling

8.9 Million Scottsdale Villa That’s Been on The Market for 4 Years

phoenixIt fits the bill of any other mansion that’s usually in the eight-figure price range. The home is located on a 5-acre hillside property in Desert Mountain, north of major cross streets Loan Mountain and Cave Creek roads. It features six bedrooms, 10 bathrooms, 10 fireplaces, 12-car garage, 16-seat movie theater with its own popcorn/concession stand, 700-bottle wine cellar and, of course, an elevator.

For full article see: http://www.bizjournals.com/phoenix/blog/business/2013/10/go-inside-the-89-million-scottsdale.html?iana=ind_rre

Obama to Lay Out Plans to Aid Phoenix-Area Home Buyers

In an effort to expand home loans, especially to minorities and the newly re-employed, President Barack Obama is expected to announce in Phoenix today steps to cut government red tape for mortgage lenders and help more applicants qualify sooner.

For full article and video see: http://www.azcentral.com/business/realestate/articles/20130806obama-phoenix-housing-plan.html

Seller of ‘As Is’ Home is Liable For Defect

Home Inspection - Magnifying GlassQuestion: We purchased a home in Tempe from an investor who had purchased the home at foreclosure, and then fixed up the home. In the purchase contract, there was attached an “as is” addendum and also language stating that we waived the seller’s property disclosure statement. Almost immediately after we purchased the home, we discovered problems with the air-conditioning. When we were complaining to our next-door neighbors about the air-conditioning, the wife said that the investor told her that he did not have the money to properly fix the air-conditioning. If our home was sold to us as is, and we waived the seller’s property disclosure statement, could we still have a claim against the investor if the investor failed to disclose the known failure to fix the air-conditioning?

See the answer at: http://www.azcentral.com/business/realestate/articles/20130808seller-home-liable-defect.html

 

Pending Sales of US Homes Slip But Remain Solid

pending home salesFewer Americans signed contracts to buy U.S. homes in July, but the level stayed close to a 6 ½-year high. The modest decline suggests higher mortgage rates have yet to slow sales sharply. The National Association of Realtors says its seasonally adjusted index for pending home sales declined 1.3 percent to 109.5. That’s close to May’s reading of 111.3, the highest since December 2006

For full article see: http://www.azcentral.com/business/realestate/free/20130828pending-sales-us-homes-slip-remain-solid.html

Priciest Metro Phoenix Home Sales

priciest metro home salesA financial adviser, an executive of a health-care management company, an orthopedic surgeon, the founder of an electronic equipment company, an oncologist and a geologist, are among the buyers and sellers in this week’s priciest home sales.

For full article see: http://www.azcentral.com/business/realestate/articles/20130928done-deals-priciest-metro-phoenix-home-sales.html

ASU Polls Top Real Estate Brokers Opinions

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Apartment rents are climbing. Investors are paying higher prices for office buildings and warehouses leased by prominent companies located in employment corridors. Retailers are expanding again. Metro Phoenix’s commercial real-estate market is on the mend, but, like the economy, still has hasn’t recovered from the crippling recession, according to a new survey from Arizona State University that tracked the opinions of several top brokers in the region.

For full article see: http://www.azcentral.com/business/realestate/articles/20130926asu-polls-real-estate-brokers-metro-area.html

US Home Prices Rise 12.4% From Year Ago

U.S. home prices climbed 12.4 percent in August from a year ago, fueled by more buyers bidding on a limited supply of houses.

For full article see: http://www.azcentral.com/business/realestate/free/20131001us-home-prices-rise-from-year-ago.html

The Phoenix Miracle

phoenixNot long ago you’d look like a fool for buying real estate in Phoenix. Today, you’d be entitled to feel like a genius if you purchased devalued property back when every fourth home was in foreclosure.

 

How did one of the nation’s biggest real estate sinkholes become among the hottest real-estate markets? There are several answers. One, especially, might surprise you: Phoenix has developed a housing shortage, which is helping to drive up prices.

 

For full article see: http://money.msn.com/home-loans/article.aspx?post=910055c6-e12e-428a-a914-1d96d691a7d4

Mortgage Rates Affect Monthly Payments More Than you Think

While most home buyers know that the sales price they agree to pay for their next home will impact how much their next monthly mortgage payment will be. I believe home buyers should pay as much, if not more, attention to their mortgage rate.

For full article see: http://www.thehillgroupaz.com/2013/mortgage-rates-affect-monthly-payments-more-than-you-think/

Phoenix Area Home Sales, Interest Rates, and Prices All On The Rise

Despite the predictions of many who said a sudden spike in mortgage interest rates would dramatically decrease the demand for housing, home sales in the Phoenix area are not only still strong, they were actually higher during May and June of 2013 than they were during May and June of 2012!

For full article see: http://www.thehillgroupaz.com/2013/phoenix-area-home-sales-prices-interest-rates-rising/