A term that is mentioned over 35 times in the AAR Purchase Contract is the phrase close of escrow. Many buyers from the east coast mistakenly believe that when they sign the final documents at the title/escrow company, the transaction has closed. Not so in Arizona. Continue reading to find out all the activities surrounding the close of escrow.
AAR Residential Real Estate Contract Contingencies
When the contract has been signed by both the buyer and seller, it’s a done and the buyer must cannot back out, correct? Not so fast! There are events in the contract that must be fulfilled and also give the buyer the opportunity to cancel the contract and receive a refund of their earnest money. The to find out more about these “contingencies”, continue reading.
Gilbert is home to three water ski communities; SanTan Lakeside Estates, Crystal Point and Playa Del Rey Estates. Nestled at the foot of the San Tan mountains is San Tan Lakeside Estates, home to the most expensive luxury water ski homes in Phoenix.
Owner Occupied Residences Pay Less in Maricopa Property Taxes
Many Maricopa county residents don’t realize that they will receive a tax break when their property is owner occupied. The other classifications are residential rental and non-primary. When you receive your Notice of Value and notice the property classification is wrong, what’s the next step? The erroneous classification could be costing you up to $600/year.
Gilbert is home to many popular lake communities which includes The Islands, over 1 square mile, and 80 acres of water among 3 separate lakes. With over 400 waterfront homes built ranging from townhouses to custom homes, you have a variety of waterfront property choices. And if boating is important, The Islands should be at the top of your list. To give you a quick peek at The Islands lake community, check out the video below:
We’re almost at the end of 2018, so it would be appropriate to look back and see how the 2018 real estate market performed. If graphs and numbers are not your thing, this might be a little boring, but how else do you track prices and trends?
Review of 2018 and where we may go in 2019:
I look forward to your comments and questions. We’ll look back in a year and see how 2019 unfolded!
A common question I receive about waterfront property is,”Can I boat on the lake?” Many waterfront owners want to use a pontoon boat or a kayak and enjoy boating from a dock in their backyard in the desert! Some may not. A previous post discussed how to determine if a lake allows boating. Now let’s take it a step further and list the best residential lakes in Phoenix for boating.
Gilbert Waterfront Homes in Stonebridge Lakes Estates and Manor
Next to the heart of Gilbert is Stonebridge Lakes with over 110 waterfront homes in a community with 2 community pool that features distinctive UDC floor plans, built in the early 1990’s. Stonebridge Lakes is divided into two communities, the Estates and the Manor with the differences being the size of homes and lot sizes. Waterfront lots in each section allow boating on the lake.
Central Arizona Project (CAP) – A long time coming and coming a long way!
The history of Arizona’s most precious resource, water is fascinating. For example, after forming the Colorado River Compact, Arizona held out for 22 years from 1922 to 1944, in a dispute for it’s portion of the 7.5 million acre feet to be divided between Arizona, California and Nevada (the Lower Basin states). It took another 22 years to lobby congress to approve the Central Arizona Project(CAP), and 20 years to complete the construction of the canal which runs 336 miles from Lake Havasu to Phoenix and down to Tucson. It was declared substantially complete in 1993, over 70 years in the making at a cost of almost $4 billion.
As the popularity of STR’s (Short Term Rentals) continues to increase, homeowners that have extra rooms or do not occupy their home full-time are wondering if this may be an untapped source of income. Airbnb, VRBO, Turnkey, Oasis and others have answered that question with a YES in bold letters. Their growth has been impressive. While these provide a good revenue stream and provide an alternative to hotels, some neighbors worry about the inevitable change that comes with constantly changing short term tenants that do not have an investment in the community. Is there a balance that can be achieved that maintains the character of a neighborhood where families feel comfortable yet allows owners to use their property as they see fit? The short term rental dimension of a community may also factor into a real estate purchase. Is there a balance? Continue reading.