NEW PRICE: $371,500.00
5226 E Sweetwater Dr., Scottsdale, AZ 85254
Bring us an Offer! New $18,000 price reduction for this charming 3 bed 2 bath with updated kitchen. Home is nestled on a large .87 acre lot with wonderful horse amenities including four stalls and two corrals, with large arena and bridle path access. The real value, however, is in the opportunity to acquire this property, as well as, the adjacent lot (MLS# 4531947 - offered at $249,500), to build your own estate on 1.74 acres. Live in this spacious ranch home while you build on the adjoining lot, or, tear this home down, combine the lots, and build your Dream Home. If you desire County-Living but require In-Town Convenience, do not let this opportunity pass you by. This is a rare and unbelievable opportunity to purchase two adjoining lots in the 85254’s desirable Sunburst Farms East.
OPEN HOUSE: Saturday may 7th, 2011 from 1:00 to 5:00 pm.
5226 E Sweetwater Ave, Scottsdale, AZ 85254
Offered at: $389,500
Charming and very livable 3 bed 2 bath 1832 sq. ft. with updated kitchen. This one-owner home is nestled on large .87 acre lot with wonderful horse amenities including four stalls and two corrals, with large arena and bridle path access.
See you There!
David E. Smith
by Carla Hill
Have you ever wondered what makes a home "modern" versus "contemporary"? Many people use these terms interchangeably, but that can lead to confusion when a home is listed for sale.
The label "modern" in architecture and design indicates an exact time period in our design history during the 20th century. Modern design came into its own in the 1920's and 30's and strongly reflects the emergence of new technology and advances in engineering. This means it relies heavily on mechanized design. Let's look at some "modern" design elements that will make this style more easily identified.
First, "form follows function" in modern architecture. This means that what an object's purpose is determines what form it will take. Modern design plays heavily on vertical and horizontal lines. The frilly and ornamental nature of previous styles was pushed aside for the clean lines and new utilitarian aesthetic.
Frank Lloyd Wright, known for his brilliant cantilever designs, was one of the most well-known modern architects. His famous "fallingwater" house in rural Pennsylvania is a great example of modern work.
What's important to remember is that modern style doesn't change. What was once modern, is always "modern." Contemporary, on the other hand, is an ever changing term. It is used to define what is trendy and in style now. Of course ... 20 years from now, something entirely different will be contemporary.
What is architecture doing in the present moment? That is contemporary. Today's trends see many builder focusing on green designs, with larger projects seeking LEED certification. Smart growth architects are looking for ways for homes.
There are buyers who are looking for one or the other in their design. By marketing your home with the write terms, you'll be sure to attract buyers more likely to put in an offer.
Published: April 20, 2011
Supply continues to fall at a fast rate and demand is getting stronger. Nevertheless the short term sales price outlook still remains stuck in neutral. This is due to a number of factors including negative sentiment among ordinary home buyers and a tendency for appraisals to be extra cautious which tends to push transaction prices a little lower than they otherwise would be if prices were determined by buyers and sellers alone.
However inventory is now down to the same levels (3.8 months supply) as in 2002 when average pricing used to appreciate at 2 to 5% per year. As we said last month, the changes in indicators other than price are almost all positive and therefore we do not see another significant price drop on the horizon unless and until circumstances change.
The last three and a half months have been the most stable in pricing that we have seen for many years. (excerpt from the Cromford Report Commentary April 17)
Great addition to the lineup of available homes in Sunburst Farms East, Scottsdale AZ 85254.
E Charter Oak | Offered at $1,200,000 | Beds: 4, Baths: 5.5, SqFt: 4968
More Details Here or http://www.SunburstFarmsEastHomes.com
This week's Sunburst Farms Featured property is not one, but TWO side by side properties for sale.
5226 E Sweetwater Ave - offered at $389,500 - Charming 3 bed 2 bath 1832 sq ft with updated kitchen. Home sits on .87 acres of horse property in an established and conveniently located central Scottsdale neighborhood. Four stall stable and coral in place for the equestrian lifestyle.
5214 E Sweetwater Ave - offered at $249,500 - Vacant .87 acre lot/land currently used as a horse arena. This is the very last undeveloped lot in wonderfully unique Sunburst Farms East.
Buy BOTH of these wonderful side-by-side .87 acres properties, combine into one lot, and build your dream home on almost TWO full acres in the green and tree studded community of Sunburst Farms East.
Both properties listed by David E. Smith of Russ Lyon Sotheby's International Realty.
Call David for a private showing at 602-617-7831
I'm going to let you all in on a secret: Sunburst Farms East in Scottsdale Arizona is one of the most unique and underrated neighborhoods in the state. Why, you ask?
I could go on and on - and I will...
If you want to know more about this fantastic neighborhood, please follow the link below to our dedicated community website and call me directly if you have any questions about homes for sale, recently sold homes, or the market in general.
Arizona's struggling housing market, still in recovery mode, has seen a continuing exodus of real-estate professionals.
Not surprisingly, the number of licensed agents and brokers statewide has declined almost 22 percent since 2007, just after the Valley's housing market peaked.
There are roughly 51,000 agents and brokers, according to the latest figures from the Arizona Department of Real Estate.
That is down from more than 65,000 in 2007.
Read more: http://www.azcentral.com/community/scottsdale/articles/2011/03/25/20110325arizona-housing-markets-struggles-lead-fewer-agents.html#ixzz1IkxfSUWy
Many homeowners long to hear the magic words, “your home equity loan is approved.” But for most, this type of loan, which allows a homeowner to borrow against the equity in the home, is hard to get.
The typical barriers are lack of equity, impaired credit and inadequate income to support additional borrowing.
Of those, negative equity, also referred to as being “upside down” or “underwater,” may be the most daunting hurdle.
More than 27 percent of U.S. homeowners who had a mortgage were in a negative home equity position or had less than 5 percent equity in their home as of Sept. 30, according to CoreLogic, a real estate data service in Santa Ana, Calif.
Negative equity is heavily concentrated in five states: Nevada, where 67 percent of homeowners who had a mortgage were upside down, Arizona (49 percent), Florida (46 percent), Michigan (38 percent) and California (32 percent).More here: http://www.siouxcityjournal.com/advertorial/siouxland_homes/article_f307a68d-d0de-5e4f-adc6-e22cc798f0ad.html
Bank of America is facing new litigation from investors who want the nation’s largest bank to buy back the mortgages backing their bonds.
The legal dispute stems from loans made by BofA’s Countrywide Financial unit that allegedly violate the representations and warranties clause of the mortgage-backed securities, according to the lawsuit filed in New York State Supreme Court in Manhattan.
more here: http://www.bizjournals.com/sanfrancisco/news/2011/02/24/bank-of-america-wells-morgan-chase.html
Yesterday, two writers from the Associated Press put out a story that said that 70% of the homes in Phoenix are at risk of foreclosures. By the end of the day the story had gone viral on the Internet and was picked up by multiple large media, including the Wall Street Journal. Of course, the information is flat out wrong, and unfortunately, it was attributed to ARMLS. We are reaching out to the original writers and others who re-circulated it to get the information corrected.
The statement was a result of the writers’ misinterpretation of the correct information put out in the February issue of STAT. In that issue we stated that distressed properties accounted for 70.2% of total sales.
E. Arroyo Verde Dr., Paradise Valley, AZ
Offered at: $2,399,000 "SOLD"
Listing Agent: David E. Smith 602-617-7831 Direct
You may love this home for its interior design; its tranquil elegance and for the joy of comfort it beholds. A sincere tribute to its enriched soft modern style; expertly orchestrated throughout this very functional floor plan. Savvy home buyers have always search for the right floor-plan to live a healthy active lifestyle. This award winning home offers just that. Europeans have paraphrased us as a 'distinctive classic'; we call it 'quality artistic-expression'. Offering convenience, endless outdoor amenities', oversize back yard space and including a grand swimming pool under a clean mountain-air breeze. Experience the nobility and beauty seldom seen all in one.
Stocks climbed to 2½-year closing highs after Egyptian President Hosni Mubarak stepped down.
The Dow Jones Industrial Average rose 43.97 points, or 0.4%, to 12273.26, its highest close since June 13, 2008, and the second consecutive week of gains. The measure rose 1.5% this week and posted its strongest two-week performance since June, with a 3.8% jump over the period.
Sales weren’t the only reason Centurion Jewelry showgoers were buzzing with excitement this week. Participants in the 10-year-old fair, located near the American Gem Trade Association GemFair Tucson, were discussing the show’s decision to relocate closer to Phoenix—a decision that met with mixed reviews. While many Centurion attendees look forward to staying in a more luxurious resort with more direct flight possibilities into the Phoenix Sky Harbor International Airport (there are far fewer nonstop flights into Tucson’s smaller airport), jewelers who enjoy attending the GemFair expressed disappointment in the venue’s departure from Tucson.
Show organizer Howard Hauben, president of H2 Events, tells JCK that Centurion “is very pleased to announce its move beginning in 2012 to a top Scottsdale resort."
more here: http://www.jckonline.com/2011/02/04/centurion-jewelry-show-2012-moves-to-scottsdale
Meritage Homes Corp. said Wednesday it swung to a loss in the fourth quarter versus the prior-year period, when the homebuilder benefited from a hefty tax benefit.
The Scottsdale, Ariz., builder saw contracts on new homes rise 15 percent, but completed home sales fell 30 percent, contributing to a 25 percent drop in revenue.
Meritage Chairman and CEO Steven Hilton noted that the builder closed the year with 29 percent fewer orders in backlog, which will make it more challenging for the company to turn a profit in the first quarter.
"Even so, we expect to be more profitable in 2011 than we were in 2010," Hilton said.
more here: http://www.businessweek.com/ap/financialnews/D9L51OF01.htm
SCOTTSDALE, Ariz. (AP) — Bill Haas, Jason Bohn, Tom Gillis and Champions Tour player Tom Lehman shot 6-under 65s in chilly conditions Thursday to share the lead in the suspended first round of the Phoenix Open.
The start of play was delayed four hours because of heavy frost at TPC Scottsdale and only the scheduled morning starters completed the round.
The temperature dipped into the mid 20s overnight and it was 39 when play started at 11:40 a.m. The high was 47 on a cloudless day in the desert.
Another frost delay was expected Friday, likely forcing most of the second round to Saturday and possibly setting up a 36-hole finish Sunday.
Arizona State University Professor Karl Guntermann predicts that the Phoenix-area housing market will improve in 2011 even though the most recent numbers in the ASU-Repeat Sales Index register more price declines.
“Given the pattern that is emerging, it is likely declines will continue for at least the next several months. However, with the economy gradually recovering, employment improving and the foreclosure problem apparently past its peak, odds are good 2011 will be a transition year in the Phoenix-area housing market,” Guntermann said.
more here: http://www.bizjournals.com/phoenix/news/2011/01/26/asu-housing-market-could-rise-in-2011.html
The Spot : Picazzo's Organic Kitchen,440 W. Warner Rd., Tempe, AZ 85284. 480-831-5823
Picazzo's has four other valley locations: The Esplanade; North Scottsdale; Paradise Valley; and Goodyear. Check each location for variations in menu and prices. Other AZ locations include: Casa Grande, Tucson, Sedona, Flagstaff, and Surprise.
more here: http://blogs.phoenixnewtimes.com/bella/2011/02/picazzos_organic_kitchen_happy
A number of restaurant real estate deals are being served up in and around Phoenix. Here’s a rundown that might make you hungry.
Read more: http://www.bizjournals.com/phoenix/blog/business/2011/02/new-restaurant-leases-pop-up-valleywide.html
In a strategic move by its new ownership group to get a fresh financial start, the Arizona Biltmore, one of Phoenix's oldest and most iconic resorts, has gone into bankruptcy.
The resort's business will continue as usual during peak tourism season despite the filing, according to CNL-AB LLC, which is made up of investors from Paulson & Co. Inc. and Winthrop Realty Trust.
The announcement that CNL-AB was filing for Chapter 11 reorganization came only days after CNL-AB assumed ownership of the property at a Jan. 28 foreclosure auction.
Read more: http://www.azcentral.com/business/articles/2011/02/03/20110203biltmore-owners-file-bankruptcy.html#ixzz1CwqyVNsv
The recent sale of a water company that serves parts of Paradise Valley and Scottsdale has left area officials waiting to see how the acquisition unfolds.
Last week, Edmonton, Alberta-based Epcor Water Services Inc. agreed to buy Arizona American Water for $470 million.
The company's Paradise Valley Water District serves about 3,500 customers in Paradise Valley and 1,500 in Scottsdale.
Paradise Valley Town Councilwoman Pam Kirby, who chairs of the town's Water Utility Committee, said the sale has yet to unfold.
Read more: http://www.azcentral.com/community/nephoenix/articles/2011/02/02/20110202paradise-valley-scottsdale-waiting-game-water-company-sale.html#ixzz1CwpnAYqs
Financing deals are beginning to pick up — another sign the economy may be taking a turn for the better.
Scottsdale-based Columbia West Capital LLC served as financial adviser in a $63.2 million management buyout for a client in Nevada and a $7.5 million leveraged recapitalization for Phoenix-based Televerde.
The Televerde deal gives a bigger company stake to James Hooker, Televerde’s president and CEO for the past 15 years, as well as other senior members of the management team. Part of the money, which comes from Houston-based Main Street Capital, will be used for growth initiatives.
Long-term and short-term mortgage rates held steady this week as economic reports continue to point to a gradual recovery.
A 30-year fixed-rate mortgage averaged 4.81 percent in the week ending Feb. 3, up from 4.8 percent last week, according to Freddie Mac’s weekly rate report. A 15-year fix averaged 4.08 percent, down from 4.09 percent, and a one-year adjustable rate mortgage was unchanged this week, at an average of 3.26 percent.
“Mortgage rates held relatively stable this week on news that the economy improved and inflation remained in check at the end of 2010,” says Freddie Mac (OTC BB: FOMC) chief economist Frank Nothaft.
Whether it was the winter chill hitting Phoenix or the chilly reception many homeowners get from their banks when they ask to modify mortgage, there was limited turnout Thursday morning for two mortgage assistance events in downtown Phoenix.
$35,000 is the fixed price for this '49 Victoria Packard. It's one owner since day one
and for past 30+ years, one mechanic.
Call for Details 602-617-7831
62 major markets add jobs; Phoenix ranks 4th in U.S.
Nearly two-thirds of the nation's major labor markets added private-sector jobs in 2010, and Phoenix was among the biggest gainers.
Sixty-two of the top 100 markets posted higher private-sector employment figures at the end of last year than in the final month of 2009, according to data released Wednesday morning by the U.S. Bureau of Labor Statistics.
Phoenix was the No. 4 city in the country in terms raw job growth. It added 33,100 jobs between December of 2009 and the same month in 2010.
The Bureau of Labor Statistics also reported percentage changes in private-sector employment. Phoenix led the nation with a year-to-year increase of 2.3 percent, while Sacramento was last with a loss of 3.1 percent.
Metro Phoenix's median price for an existing home fell in December to $115,000 - comparable to the median home price in 1999.
The dip is a new low for the region's housing market since the boom ended. The previous low was $119,900 in April 2009, according to real-estate analyst Information Market. The Pending Price Index from the Arizona Regional Multiple Listing Service projects the Phoenix's median home price to be $115,000 in January and $112,000 in February.
Bristol Palin buys a five-bedroom house on the edge of Maricopa, Ariz. Locals wonder whether it's a sign of a housing market rebound in the sleepy Phoenix suburb.
No one here really knows why she bought a five-bedroom house in a sprawling subdivision, or if she even intends to live in it. But, already, Bristol Palin's real estate acquisition has residents in one hard-hit desert neighborhood chatting about their hopes for a housing market rebound.
Artis Real Estate Investment Trust has acquired three properties in the United States and one in Canada for more than $63 million.
Winnipeg-based Artis said it paid an aggregate US$52.9 million for three newly constructed office buildings in Arizona, New York and Florida.
Meanwhile, the company also acquired an industrial property in Calgary for C$10.6 million and confirmed the closing of a previously announced acquisition of a $48-million retail/office property in Port Coquitlam, B.C..
Since 2008, 11 percent of the single-family homes in Maricopa County, Arizona, have been through foreclosure -- 4 percent in the last year alone. And with moratoriums on foreclosures ending, the new year is expected to start with an uptick in the number of property owners losing their homes. Associate Professor Jay Butler, author of the monthly Realty Studies Report, has looked at the preliminary census numbers. They show that actual population growth in the last decade was slower than projected. This raises questions about the amount of time that will be needed for the surplus housing in the Phoenix market to be absorbed. Arizona historically has relied on in-migration and construction to power economic growth. Looking ahead, Butler says that the state faces serious questions about this reliance on population.
The budget proposed by Gov. Jan Brewer includes a $25 million Arizona Competes Fund that the governor can use to craft incentive packages for businesses and investors looking to bring jobs to Arizona. The fund is part of the new Arizona Commerce Authority a public-private group that is replacing the state Commerce Department. ACA's board includes CEOs, professional sports owners, real estate developers, state lawmakers and univerity presidents.
Read more: http://www.bizjournals.com/phoenix/morning_call/2011/01/brewer-wants-25-million-business-fund.html
More than 11,000 Tucson-area property owners received notice that they'd fallen behind on loan payments last year, numbers from the Pima County Recorder's Office show.
The bulk of those are residential delinquencies (see related story on Page D7), but the foreclosure wave has had a drastic impact on commercial properties as well. Affected properties run the gamut from luxury lots to master-planned communities to hotels and apartment complexes.
The number of homes for sale in metro Phoenix is declining, a sign that the housing market could start to recover this year.
However, foreclosures and short sales continue to dominate the region's home sales.
Data from the Arizona Regional Multiple Listing Service show the number of homes for sale in the Phoenix-area dropped by almost 3,000 to 42,500 in December. Fewer homes for sale means less supply. Demand from homebuyers must return to balance out the healthy equation for the market. Housing inventory averaged about 43,000 a month during 2010.
Read more: http://www.azcentral.com/business/realestate/articles/2011/01/18/20110118biz-catherine0119.html#ixzz1BxokSsH8
Buying a home is cheaper than renting in 72 percent of the largest U.S. cities, led by Miami and Las Vegas, as an increase in foreclosures boosts demand for apartments, said real estate data provider Trulia Inc.
The cities where purchasing is most affordable include Arlington, Texas, and Mesa and Phoenix, Arizona, according to Trulia’s latest Rent vs. Buy Index, released today. The San Francisco-based company compares the costs of leasing and buying a two-bedroom home in the 50 biggest cities each quarter.
“Many former homeowners have flooded the rental market,” Trulia Chief Executive Officer Pete Flint said in a statement. “Following the principles of supply and demand, renting has become relatively more expensive than buying in most markets.”
More Here: http://www.bloomberg.com/news/2011-01-24/buying-home-is-cheaper-than-renting-in-72-of-big-u-s-cities-trulia-says.html
Beacon Economics analyzed home affordability and came away feeling optimistic.
Beacon Economics founding principal Christopher Thornberg, whose firm advises a variety of business clients, says the high level of affordability is likely to drive demand and reduce the stock of excess inventory, ultimately resulting in the need for new housing, a rise in prices, and a pickup in new construction.
"While prices may fluctuate modestly over the next several months, we believe the worst of the housing crisis is behind us," says Beacon Economics Research Manager Jordan G. Levine. "We expect prices to stabilize around current levels and likely be higher in the next 12 months."
Source: Beacon Economics (10/11/2010)
Many intelligent, otherwise qualified buyers have to be asking themselves, is it better to buy or to rent right now. One of the most helpful indexes for determining if it's better to buy or rent is the price-to-rent ratio.
The math works like this:
Average List Price: $130,616 (for a 3 Bedroom Single Family Home--source: ARMLS Home Sales Report for August)
Average Rent: $1,227 (for a 3 Bedroom Single Family Home in Phoenix--source: rentvine.com)
Price-to-Rent Ratio: Average Price / Annual Rent $130,616 / $14,724 ($1227 x 12 = $14,724) = 9
Economists agree that if the Price-to-Rent ratio is much below 20 it's a good time to buy. It makes sense all things considered, however, if the ratio is much above 20, then it's a good time to rent.
Maybe your thinking, but what about mid-range homes? Well, take a $700K home that would rent for $3500 per month. $700,000 / 42,000 (3,500 x 12) = 17.
Trulia.com recently listed the Top 10 Cities Rent vs. Buy Index. Below are the Top 10 Cities ranked Buy versus Rent. Remember - below 20 it historically makes sense to buy:
Buying, Selling, Renting, or Trading - CLICK HERE for more information.