Popular Power Ranch – A Family Community Turns 10 Years Old
While award winning Power Ranch may not have waterfront homes, it is such a popular and amenity rich community that it is impossible to ignore, and this year Power Ranch celebrates its 10th anniversary. This 1,414 acre development boasts 240 acres of open space and greenbelt parks and a 26 mile trail system that weaves throughout the community. Power Ranch was voted the number one community in “Ranking Arizona” for 2003 – 2005, and azcentral.com’s Best list named Power Ranch as the best masterplanned community in 2009. These awards serve to confirm what the residents already know, that Power Ranch is a highly desirable family friendly community.
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Ocotillo Area Gated Lake Community Condominiums
This 234 unit gated community of townhouse style condos located within the Ocotillo master planned community features 2 and 3 bedroom floor plans that range in size from 1,226 to 1,805 sq.ft. The development includes a community swimming pool, spa, fitness center and clubhouse. Unique features of this Chandler Az community include 2 car garages and 9 foot ceilings. The award winning builder Starpointe Communities began building in 2003 and completed the development in 2006 so the feel and architecture is more contemporary than other communities in the area.
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Phoenix Arizona Short Sales and “upside down” homes.
Short sales in Phoenix, Gilbert, Chandler,Queen Creek, Scottsdale and all across the valley are taking center stage as they have become the topic of any Az real estate discussion. Many a buyer or seller that has been through a short sale transaction will undoubtedly compare it to high drama movie because of the highs and lows, a soap opera because it never ends or a nightmare due to all of the above. These discussions will continue with home prices at current levels. According to an article in the Phoenix Business Journal, First American CoreLogic Inc., estimates that 51% of the mortgaged properties in Arizona are “upside down”, also described as having negative equity, because the balance on the mortgage is more than the market value of the home. This is confirmed by the fact that in most Phoenix area towns and communities, distressed sales account for 50 – 75% of the monthly home sales. Therefore, many homeowners will need to become well informed of the various aspects of a short sale when a situation arises and they need to sell. The following are important points that must be considered:
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What to Expect in 2010 for Mortage Rates
by Jaime Beus Kinman, Guaranteed Rate
Where will home loan rates go during 2010 and why? Rates are going to be higher in 2010. There will be more supply coming to the market in the first quarter, while the Fed’s purchase of mortgage backed securities will be winding down. They pledged over a year ago to purchase $1.3 Trillion which has kept rates low with demand high. In fact rates are about 1% lower than they would be if they weren’t participating in the purchasing program.
New REO lot comes on the market in Santan Lakeside Estates and sells in 1 month
Lot 17 on the west side of the ski lake at Santan Lakeside Estates just came on the market the last week of February bringing the total lots for sale to 3. The other available lots are 3 and 17. Many water ski enthusiasts and owners will be watching this specific transaction as it will aid in determining the current market value of a Phoenix valley water ski lot. So how did they set the list price for this ski lake lot at $340,000? My opinon? You have to go back to 2009 when lot 13, previously a bank owned lot was initially listed for $480K. After periodic price reductions that are consistent with bank owned property, the list price eventually reached $399K, an offer for $340K was accepted and closed in August 2009. When that is the only comparable sale, it makes sense to use it! Getting back to lot 17; a couple of early offers were received within days of being listed, but considered too low by the bank. Time will tell as the ski season approaches and the bank watches the days on market increase , and periodically considers price reductions. See sales update further down in article.
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Hospitals Keeping Up With Growing East Valley
The typical growth pattern in Phoenix Arizona is the following: the residential homes are constructed, the developers watch the population increase until the critical number to sustain grocery stores and retail establishments is reached. Then we cross our fingers and hope that road construction catches up. A longer leadtime but very important infrastructure component is the addition of hospitals to meet the healthcare demands of the growing community. The east valley has seen the addition of 4 major hospitals open their doors to the public in the last 4 years. The Mercy Gilbert Medical Center, pictured above opened in June 2006, Mountain Vista Medical Center in Mesa opened July 2007, Banner Gateway in Gilbert opened Sept. 2007, and Banner Ironwood in Pinal County is scheduled to open in November of 2010, even though construction was finished Fall of 2009.
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