Short sales continue to be a significant portion of real estate sales in the Phoenix Az valley. And they affect each city to varying degrees. For example, short sales in Sun Lakes were 12% of the total sales in June 2011, while in El Mirage they accounted for 41% of the sales. Other cities were somewhere in the middle; Gilbert – 35%, Chandler – 35%, and Scottsdale – 23%. During the month of June 2011, there were 91 waterfront properties that were sold as a short sale transaction. Short sales provide a method for homeowners experiencing a financial hardship to sell their home. And lenders see short sales as a way to prevent costly foreclosures. Freddie Mac CEO, Ed Haladman, summed it best when he said, “Freddie Mac is doing everything it can to prevent more foreclosures, and short sales are becoming an ever-popular tool in situations where foreclosure is imminent and modifications have failed.” Properly negotiated short sales also offer homeowners a way to sell their homes without a deficiency judgement and in many cases the opportunity to purchase a home within 2 – 3 years. The above chart provided by The Cromford Report shows the percentage of 2011 June sales with the blue bars.
It had its origin in Tucson then progressed northward to Phoenix. The “haboob” arrived in Phoenix late afternoon with winds in excess of 50 mph and a vertical height of 5,000 to 6,000 ft. The picture to the left was taken at the National Weather Service Phoenix office. The storm even shut down Phoenix SkyHarbor Airport for 45 minutes with visibility near zero. While this haboob was one of the largest in history, Phoenix averages about 3 per year during June through September.
This Mesa lake community is a hidden treasure among lake communities in the Phoenix area. First of all, Mesa doesn’t have a lot of lake communities or waterfront communities, so potential buyers may not think to look in Mesa. Secondly, it has less than 70 waterfront lot homes, so the community is not well known among lake communities. These lake subdivision homes, mostly single story, represent some of the most affordable and best values in waterfront property in the valley.