The Phoenix Real Estate Advisor

I found this interesting article in Fortune magazine that agrees with what I have been saying to my clients. The active adult communities have not taken as big a hit as the traditional communties and have already started to see increases. Here’s a part of the article-

According to the latest MLS data, Sun City, while definitely hurting, is a lot better off than its neighbors. The median sales price in April for a single-family dwelling in surrounding Maricopa County (Arizona’s populous region that includes Phoenix, Mesa, and Scottsdale) was $125,000, down from $230,000 a year ago. That’s 46% in 12 months. Ouch. In Sun City during the same period, home prices fell just 24%. What’s killing Maricopa County is foreclosures. Even as home sales rise, cheap, bank-owned properties are flooding the market: 1,042 in April alone, plus 8,396 new pre-foreclosures, where the borrower has stopped paying and the eviction process is underway. Foreclosures during the same month in Sun City? Six, representing an infinitesimal one-hundredth of 1% of Sun City’s single-family homes. Fewer foreclosures equals greater stability.

It’s a pattern that seems to play out nationally. While there’s been little research on how retirement markets have fared specifically, experts say that the same profile - minimal foreclosures, less severe price drops - is true of retirement communities across the country. Says Bill Ness, founder of the retirement website 55places.com: “It is a common understanding among most agents that real estate values have held up better in active adult communities than in other non-age-restricted communities.”

There could be a simple explanation for this: Old people aren’t as stupid and greedy as young people are. Or maybe they’re just not as stupid and greedy as they were when they themselves were younger. “By the time you’re retired,” says Phil Andrews, 85, a Vietnam vet and 10-year resident of Sun City West, “you’ve got a little bit of sense about buying a house. You’re not going to buy one you can’t pay for.”

If you would like to read the rest of the article you can click this link and it will take you to the Fortuen website.

Of course for more information about real estate in Arizona you can contact me direct at 623.271.4234 or visit www.Retiring2Az.com for all you active adult questions.

Jay Otlewski

RE/MAX Integrity

Here’s your May 2009 Phoenix Arizona market update that will help you better understand where this market is at and where it’s going. Have you wondered how many homes have sold? How about how many were banked owned homes?

Here’s a quick look at what the Phoenix Arizona market did for the month of May.

Sales were even higher in May than April and June is setting up to be another banner month. Please watch the video and let me know if you have any questions or comments.

Of course when you’re ready to buy a home in the Phoenix Arizona area please consider me. I would be happy to spend a few minutesd with you in person or on the phone to evaluate if we’re a good match.

I can be reached at 623.271.4234 or email me at Jay@valleyREadvisor.com.

PS. Remember you always have ValleyREadvisor.com and Retiring2Az.com for all your real estate needs!

Are you the type that really likes to “dig into” the market numbers? I now have a great multi-page newsletter that gives you more information than you could every want about our market. This FREE report will now be available every month so you can stay in touch with the market just like I do!

This newsletter breaks down all the subsets of our market like how many bank owned homes sold? What percentage of the market were they? What price range is selling fast? And much more!

To get this new report please email me at jay@valleyREadvisor.com and request this free market report!

Has the market changed? Are we still selling as many homes? Are we at the bottom of pricing?

These are the questions that I get asked all the time. By watching this video you will understand what the market is doing here in Phoenix Arizona and if it’s time to buy that home you’ve wanted.

If you still have questions please don’t hesitate to call me at 623.271.4234 or email mne at Jay@valleyREadvisor.com. Also you can visit a couple of my resource sites-

www.valleyREadvisor.com and www.Retiring2Az.com

Jay Otlewski

RE/MAX Integrity

Good afternoon, 

What a difference a month makes!  Today revealed even more positive news such as Pending Home Sales up by 3.2% against expectations of zero, zip nada!  Other good news was revealed during an interview with Jim Cramer when Robert Toll, CEO of homebuilder Toll Brothers shared that he “sees signs of a rebound in 80% of the country.”

I have attached a letter that I wrote specifically designed to help you inform your clients on the current rate environment, what to expect and why.  Please feel free to forward this on.  If you would like to add your info to it, please contact me and I will be happy to help!

Your Trusted Advisor,

Jeremy House, C.M.P.S.