Determining if a Phoenix lake community allows boating
One of the most frequently asked questions I recieve is “Does this lake community allow boating?” The second most frequent question is “How big is the lake?” We’re going to answer both of these questions. Previously, I’ve attempted to make a list of lakes where boating, kayaking, and canoeing are permitted and which lakes are larger and more conducive to boating. I’m going to share some tools with you so that you can answer these questions.
What makes a Gilbert waterfront home great? – The View
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.
There is no doubt, 2012 has rewarded home owners, to which they say it is about time! Some reports are indicating a 15% – 25% increase in home values over the last 12 months. The graph to the left shows the average $/sq.ft. for homes sold in Gilbert, which has rebounded to pre-2009 levels. Can we expect this favorable trend to continue in 2013, or is this another bubble that will burst in 2013? They tell me I’m an analytic which probably explains why I’ve included charts and graphs to explain my reasoning, so read on.
Last year buyers enjoyed a real estate buffet that served a combination of foreclosures/REO’s, short sales, or normal/traditional sales at historically low prices. The inital buyer consultation included an explanation of the in’s and out’s of each. Frustrated sellers knew they were competing with distressed sale pricing as they tried to obtain the highest price for their traditional sale that had seen years of declining value. It was common for most valley cities to have a majority of the sales to be distressed foreclosure or short sale transactions. Distressed sales as a percentage of total sales were above 80% for a couple of Phoenix valley cities! It was the exeception for a city to have less than 50% of total as distressed sales. The chart on the left shows the percentage of sales by each category for May 2011 for each valley city. As you know things change in real estate, so read on to see what has happened since last year.
Phoenix is home to many custom luxury homes. When luxury homes are on a waterfront lot, it adds another dimension to its desireability and uniqueness. In many cities, the most appealing and expensive homes are those found in lake communities. For some buyers, waterfront homes represent the perfect paradox, a waterfront home in the desert.
Headlines quick to report foreclosure activity rises in 21 states
News of this activity seemed to cast doubt on a housing recovery, and gives hope to buyers who have been watching the market for great deals that have seemed to evaporate in the last 12 months. One article even said it was the 2012 tidal wave of foreclosures. The trap that many fall into is not understanding the underlying cause as why this is happening in these specific states. Some states have been impacted harder than others; Florida, California, Arizona, Georgia, and Nevada, to name a few. However, the increase in foreclosure activity in this case can be better traced to the foreclosure process employed by a state. The above graph shows the pending foreclosures for Maricopa county. No tsunami or tidal wave on the horizon for Arizona. Read on to find out why.
For 6 years the Phoenix market has been a declining market with some property values declining by more than 50 – 60% from their peak. At last, many of the fundamentals strongly indicate that home prices bottomed out in 2011, and 2012 will reward homeowners with long awaited appreciation, a word that hasn’t been spoken since 2005. The graph to the right shows sales price/square foot for homes sold in Gilbert. Instead of the typical year end slump, 2011 finished with a positive upward trend that has continued in 2012. In fact, the average price per square foot for Gilbert homes for 2012 is higher than in 2011. The following fundamentals show that 2012 will be a transition year with significant changes compared to previous years.
Christmas time in lake communities takes on an added dimension. In addtion to the he annual ritual of displaying holiday lights in the front yard, waterfront lots can decorate the backyards which can be seen from quite a distance. Some lake communities even schedule a boat parade to show off decorated boats. Some communities such as Val Vista Lakes and The Islands in Gilbert make the boat parade an annual event.
The Islands consists of three separate man made lakes that are boat friendly with over 400 single family home lakeside lots. For those who enjoy the waterways, any three of the lakes provide over 1/2 mile of boating. Many homes are located on lots where the opposite shore is over 200 feet. The location of The Islands is equidistant between the US60, the 202, and the 101 freeways so getting around to any part of Phoenix is not a problem. The Islands lake community cover 2.5 square miles, so you’re bound to find a house that is just right.
It is very common to associate a foreclosure with a bank, and this idea is reinforced when we see advertisements for “bank owned” properties. Mistakenly, we also believe banks are taking the biggest financial hit when a house is sold as a foreclosure. However, the fact is that in many cases a foreclosure is not owned by a bank. If not the bank, then who owns these distressed properties and takes the financial loss? Continue reading “Who really loses on a foreclosure – the bank? Think Again!”