The Phoenix area real estate market was good to home owners in 2012. It was the first year of appreciation since 2005. Buyers frequently found themselves frustrated by the competion for homes especially those under $200K where there is an abundance of first time home buyers and investor demand. After a robust year in 2012, how is 2013 shaping up?
West of Arrowhead Lakes in Glendale is the gated lake community of Palomino. The homes were built by Shea Homes and all 109 homes are single story with 2 – 4 bedrooms with an average size of 1,900 square feet, and 61 of them are waterfront homes. The gated waterfront community of Palomino is located close to freeways, parks, Lake Pleasant to the north, and local shopping. Like many waterfront communities in the Glendale area, Palomino enjoys views of the hills north of Phoenix.
One of the most important criteria for a waterfront home is not the curb appeal as you drive up to the house, but the view from the backyard looking out on the lake. Even though an appraiser may not be able to quantify this view, waterfront home buyers understand the importance of a view that extends more than 100 feet from the shoreline. The Islands is also a true boating community that allows boating for lakefront residents with pontoon boats as you can see from the picture to the right.
When you see a short sale or foreclosure, do you think a bargain is coming your way? My advice: slow down and see who owns the note on the property. If the foreclosure is a Fannie Mae owned property, be patient. If it is a short sale and Fannie Mae holds the lien, you should seriously question submitting an offer. You could wait months and then be asked to pay market value or higher. Don’t expect logic or common sense to found anywhere in the transaction.
Sources of water for Phoenix lake and waterfront home communities
Many visitors are amazed that Phoenix has lake communities and waterfront homes since Arizona is in fact a desert. The next question is obviously, “Where does the water come from?”. Isn’t this a waste of scarce water resources? And if you own a waterfront home in one of the Phoenix lake communities, don’t you want to know the source of the water next to your lot? This may turn out to be another criteria in your search for a waterfront home. If you are interested in the answers to these questions, read on.
The year in review of 2012 for homeowners was an encouraging one to be sure. 2011 was essentially a flat line, and there has not been any appreciation in home prices since 2005. Therefore, the 12 – 29% increase experienced in nearly all Phoenix metropolitan cities in 2012 was the perfect present indeed! If you’re interested in why prices finally made a U-turn and the chances of a repeat performance, feel free to read on.
Waterfront Property at Ocotillo Lakes in Chandler
Ocotillo Lakes is located in south Chandler and features 5 lakes and is part of the Ocotillo Community Association. It is very close to many high companies such as Intel, Motorola, and Orbital and a mile from the Ocotillo Golf Resort. Homes were built between 1998 – 2000 on lots that range from 7,000 – over 13,000 square feet with living space ranging from 1,500 – 3,900 sq.ft.
New Chandler lake community-The Waters at Ocotillo opens Dec 2012.
In contrast to seeking out large land parcels to develop in outlying areas of the valley, Pulte has chosen to build this lake community on 28 acres in Chandler near many Chandler high tech semiconductor companies and close to the 101 & 202 freeways. There will be a total of 96 new homes, 44 of which will be waterfront homes. The Waters at Ocotillo will be part of the 2,700 acre Ocotillo master planned development which was established in 1983. The lot sizes will vary in size from 5,900 sq.ft. – 15,000 sq.ft. There will be two different Pulte series that will be built, the 4000 and 5500 series.
Yes, an address is the unique identifier for a location within a city, and should let everyone know exactly where you live, but how useful is it? How are addresses determined and what do they mean? Most addresses include a north/south/east/west coordinate. North, south, east or west of what? Are all addresses based on one central coordinate in downtown Phoenix, or does each city have their own coordinate sytem? How much do we really rely upon an address to arrive at a destination? If you know the answers, congratulations; if not then read on.
The Villas in Ocotillo originally opened in 2006 and within the first year waterfront properties were selling for over $1 million. The builder was Kitchell Custom Homes and the luxury interiors included Cantera fireplaces, Viking appliances, wood beamed ceilings, alder doors and 2×6 construction. Some floor plans even included basements. Of the 49 homesites, the original builder sold 19 before the remaining lots went into bankruptcy. What happened next… read on.