foreclosed homes

Is This the Best Time of Year for Real Estate in Phoenix?

Yes, end of article…  Okay, I’ll go further.  Today is February 1st, 2012 (2/1/12 for those fans of a certain Canadian trio), and it will be 75 degrees and sunny today.  And, contrary to popular belief, the Phoenix area real estate market is showing signs of a boom.  While the rest of the country is freezing we’re down here in our shorts and flip-flops buying real estate.  Now, you may be saying, “Patrick the national media says real estate is still in a slump”.  Do you really want to believe some talking head in a TV studio?  Or, do you want to listen to someone who has been practicing real estate in the Phoenix market for the last 14 years?  I will tell you this, if you’re not buying in the Phoenix real estate market RIGHT NOW, you may arrive at the party too late.

Let’s take a section of the market that’s popular with second home buyers and investors. Continue reading

Phoenix Luxury Condos a Great Way to Spend the Winter!

Upscale condo projects in desirable locations throughout Phoenix epitomized the housing boom here.  They were also the most visible reminders of the crash.  In 2006 the Arizona Republic showed that there were 8,000 new condo units planned for the valley.  Only half of those were built!  Fast forward 5 years…

Several of the high-rise towers and other luxury-condo projects are filling up with buyers.

- Almost 90 percent of the 146 condominiums at One Lexington, a converted 1974 bank building on Phoenix’s Central Avenue, have sold.  Only 14 of the condos were sold before the project’s previous developer filed for bankruptcy in 2009.

- In central Scottsdale, more than 20 condos out of 50 planned have sold at the once-stalled Sage project along the city’s waterfront.  The Safari development, which is on the grounds of the once famous Safari resort, is also filling up. Continue reading

Canadians Buying Short Sales in Arizona

 

Asset Manager

That’s right, I said it.  People do actually buy short sales.  It’s interesting that five years ago most people didn’t even know what a short sale was, and now it’s part of the vernacular (look it up, it’s a word).  For those of you who have been living under a rock (or the ice) for the last few years, let’s define a short sale.

 

Short Sale: Borrowing a security (or commodity futures contract ) from a broker and selling it, with the understanding that it …  WAIT A SECOND!!  We talk real estate here, not stocks.  We like our investments backed by something tangible not some fat cat CEO.  Short Sale: Simply put, a short sale is when a home is sold and the proceeds from the sale are less than what is owed on the property.

How can this be?  Well, you have to get approval from the bank to do it, but it is done day in and day out in our current real estate market.  These sales are tougher to navigate than conventional sales, but can be done with the help of an experienced agent.  They will take longer to close than a regular sale, so be prepared.

The process is pretty much the same with one added player, the ASSET MANAGER (cue dramatic music).  This is the guy who is going to say yea or nay to your purchase.  And, there is no way to butter him up.  So, if you’re thinking about coming to Arizona from Canada this winter, a short sale might be the way to go.  If you think you want to go that route though, now is the time to start.  They can, and do, take anywhere from 6 to 8 months to close escrow.  But, if you’re patient, you can get a lot of house for your money.


Buying Winter homes in Arizona for Canadian's

Artisan Real Estate Group
3239 West Lone Cactus Dr
Phoenix, AZ 85027
(602) 463-0642

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