I recently received an e-mail from an urban living fan who wanted to let me know that she heard “from a reliable source” that the construction note for Century Plaza had sold or was about to sell to an investor for $27M (this is unverified).  I responded that if that was the case the number sounded very very high as other bids that had been seriously considered by the lender were in the $11 – 13M range.  I GUESSED that if someone was willing to pay $27M that it might be the ... Read Full Story

VERY few people are buying anything today that isn't a short sale or an REO property (I define this later). Why? Because everyone is looking for a great deal but the only great deals out there are in the hands of the banks. Anyone who purchased a property from 2005 to 2006 is "upside" down, meaning that they owe more money than the property is worth, so they are unable to sell the property at today's prices without "writing a check to the bank" or negotiating a short sale. A short sale is a t... Read Full Story

Ok I know that there is still tons of bad news out there and plenty of reasons to believe it but here are a few things that MIGHT indicate that the real estate market is starting to firm up in Phoenix. 1.  A mortgage lender friend of mine says that April will be his best month since 2005. 2.  I wrote purchase contracts on two different properties today and received offers on two different listings this weekend.  This constitutes the busiest weekend I have had in four ... Read Full Story

I heard recently that historically Americans pay 26% more to own property than to rent it.  As I didn't know whether this was true or not I did a little digging and found a site called www.economicpolicyjournal.com with the following: "After two years of rapid home-price depreciation, the relationship between the cost of rental payments versus after-tax mortgage payments is tilting toward ownership in a number of metropolitan areas. Over the past 18 years, after-tax mortgage pa... Read Full Story

You asked for it so we went out and got it.  Short term rentals that is.  In the past we turned away many people who needed help finding cool condos in downtown Phoenix because there flat out wasn't anything available, until now.  We now have access to VERY nice furnished one and two bedroom high rise condos right next to the baseball stadium downtown.  These condos are available for as short as one night and for as long as six months.  Each condo comes... Read Full Story

Despite the slowdown in the national housing market, condominiums remain a popular option among home buyers. But they're also at the heart one of one of the biggest misperceptions surrounding FHA loans. There are some strings and limits, but make no mistake - you can obtain FHA financing to help purchase a condominium. The Federal Housing Administration offers a program geared toward prospective condo buyers. The single largest hurdle is that buyers must find a condominium that's part of an F... Read Full Story

Despite the slowdown in the national housing market, condominiums remain a popular option among home buyers. But they’re also at the heart one of one of the biggest misperceptions surrounding FHA loans. There are some strings and limits, but make no mistake — you can obtain FHA financing to help purchase a condominium. The Federal Housing Administration offers a program geared toward prospective condo buyers. The single largest hurdle is that buyers must find a condominium that’s part of an F... Read Full Story

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We just learned about a steep price cut on high rise condo rentals in downtown Phoenix.  Condos ranging in size from one bedroom with one bathroom to two bedroom with a den and two bedrooms and priced as low as $1300 per month in an "A-Cabin" building walking distance from everything that downtown Phoenix has to offer.  High ceilings, floor to ceiling glass, exposed ductwork and conduit, upgraded lighting, wood floors and more.  To view these great condos click the "contact us"... Read Full Story

You might remember me writing about a purchase that fell through at The Vale because the Buyer's lender would not make the loan because the Home Owner Association (HOA) at The Vale was in financial trouble with 25% of the condo owners behind on paying their fees.  It was my opinion that until the HOA got its financial house in order, condo sellers would have an extremely difficult time selling there and prices would most likely drop.  I learned last week that the same... Read Full Story