Real Estate Buyer Nightmare in Phoenix AZ
September 30, 2008
We all know that it has been a difficult time for Phoenix Real estate. Homeowners from Mesa to Scottsdale to Peoria are having a difficult time selling homes. As a result, values of homes in Phoenix area have dropped as much as 30%.
To make matters more difficult for Phoenix area homeowners the fallout of the sub-prime debacle is a credit crisis that has seen lending giants Fannie Mae, Freddie Max and Lehman Brothers virtually bankrupt. The result is a lack of liquidity or funds to loan to Phoenix real estate buyers.
I wanted to share a story of a buyer’s nightmare in Phoenix.
Mr. & Mr. Phoenix home buyers (”The Buyers”) were in escrow for a $1 Million home in North Scottsdale. As would be required, The Buyers were pre-approved for a jumbo loan at the time the offer was accepted and escrow was open.
The Phoenix home buyers were approved for their stated income loan with 20% down payment as a result of a 720 FICO score and more than $1 Million in cash, stocks and bonds in the bank.
As the close of escrow approached, the lending institution reviewed the loan package in what is now referred to as ‘quality control’. The bank (lender) , noticed that the buyer’s FICO score had dropped to 709. This new FICO score was below the (720) minimum requirement for the banks loan parameters. As a result, the bank told the Phoenix Real Estate buyers that they would now require 30% down payment. That is $100K more down payment money than expected. As if that was not frustrating enough, the new interest rate was nearly 11%.
The Phoenix real estate buyers decided to cancel the contract. Thus, one less Scottsdale real estate purchase and one less Scottsdale real estate sale.
Phoenix home buyers and Scottsdale real estate investors with top tier credit credit ratings and assets are not getting approved to buy homes in the greater Phoenix real estate market.
The above Phoenix real estate nightmare for home buyers and home sellers goes to show the need for a rescue bill or housing legislation package that adds liquidity to the credit markets so Phoenix real estate and the housing economy across the country can recover.
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Copyright © James Wexler *Real Estate Buyer Nightmare in Phoenix AZ *
Call me for a private tour of homes in Paradise Valley or Scottsdale or to learn more about life in Scottsdale and living in luxury communities in Scottsdale.
Contact James Wexler (480) 221-8080 for your Phoenix | Scottsdale area Real Estate needs
10 Reasons to invest in a ‘Solar’ or ‘Green’ home in Phoenix AZ
September 29, 2008
Every Phoenix real estate home seller wants to know how to sell your home, how to sell your Phoenix home quickly and how to sell your Phoenix real estate close to the listing price.
There are tips & advice on selling your Phoenix home quickly as well as home selling tips and selling Phoenix | Scottsdale real estate mistakes to avoid.
Professional home staging has proven to be an effective way to market your home in Scottsdale, Paradise Valley and Fountain Hills. 
More and more home buyers in Scottsdale and real estate investors in North Scottsdale, Carefree, Fountain Hill, Peoria and all of the towns that make up Maricopa County, Arizona are asking about utility costs.
One option you have to sell your Phoenix real estate is to upgrade you water and energy efficiency by making your house ‘green‘ and investing in your Phoenix area home by turning your energy heating systems to solar power.
If you have ever been to Phoenix, AZ , Scottsdale, Mesa, Chandler or Gilbert you know why they call the greater Phoenix area, ‘Valley of the Sun’.
According to the U.S. Department of Energy report on Solar heating systems,
On average, if you install a solar water heater, your water heating bills should drop 50%–80%. Also, because the sun is free, you’re protected from future fuel shortages and price hikes.
If you’re building a new home in Phoenix or refinancing your Scottsdale vacation home, the economics are even more attractive.
“Including the price of a solar energy water heater in a new 30-year mortgage usually amounts to between $13 and $20 per month. The federal income tax deduction for mortgage interest attributable to the solar system reduces that by about $3–$5 per month. So if your fuel savings are more than $15 per month, the solar investment is profitable immediately. On a monthly basis, you’re saving more than you’re paying.”
Investing in a solar energy system to heat your water system may just what you need to reduce monthly energy costs and get sell your Phoenix home.
Here are 10 Reasons to invest in a solar home in Phoenix AZ:
- Reduce hot water utility costs
- $1,000 tax credit from State of Arizona with purchase of your system.
- The Federal government will give you up to $2,000 in tax credits
- APS and SRP will give you up to $2,025 fore converting your home hot water system to solar
- The cost of a solar heating system is usually paid back within 2 years.
- New solar hot water system is typically offered with each solar system purchase.
- Phoenix home buyers will love the new hot water heater with modern insulation for energy savings
- help the environment.
- Reduce your carbon footprint.
- Be an example to your neighbors
If you want to market your home as ‘green‘ energy efficient there are a few inexpensive ways to show real estate buyers that you are taking steps to help reduce utility costs, such as using fluorescent light bulbs, low-flow shower heads and upgraded insulated water heater tanks.
Though, for a few thousand dollar investment, you can take advantage of the sunshine and go ‘Green’ or go ’solar’ to save money and help sell your Phoenix home.
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Call me for a private tour of homes in Paradise Valley or Scottsdale or call me today at (480) 221-8080 to learn more about life in Scottsdale and living in luxury communities in Scottsdale.
Copyright © James Wexler * 10 Reasons to invest in solar or a ‘Green’ home in Phoenix AZ *
Contact James Wexler (480) 221-8080 for your Phoenix | Scottsdale area Real Estate needs
Bailout - $7K/ taxpayer
September 28, 2008
Those of you who read my blog about Phoenix, Scottsdale Real Estate and new home builders and new home communities in Peoria, North Scottsdale and Glendale know that I have been opposed to the bailout in its current form. I do think Congress has been working hard to get a plan that will take a major step towards helping (maybe not fixing) the financial crisis that has put a stranglehold on real estate in greater Phoenix, Scottsdale, Fountain Hills and the nation.
The new rescue package is expected to pass Congress and would be the largest intervention since the Great Depression. Without going into too much detail the major changes are:
- The government could get at $250 billion immediately, $100 billion more if the president certified it was necessary, and the last $350 billion with a separate certification — and subject to a congressional resolution of disapproval
- letting the government insure some bad home loans rather than buy them — designed to limit the amount of federal money used in the rescue
- To help struggling homeowners, the plan requires the government to try renegotiating the bad mortgages it acquires with the aim of lowering borrowers’ monthly payments so they can keep their homes
- The government would receive stock warrants in return for the bailout relief, giving taxpayers a chance to share in financial companies’ future profits
I am still not satisfied that the plan will help real estate. I expect the government to take possession of real estate , like REO’s , think GEO’s (Government owned real estate) and they should not be expected to manage a real estate portfolio any better than banks who are in that business. As a result, I expect to see a lot of real estate hit the Phoenix, Scottsdale, Peoria real estate market in the next 6-9 months. More inventory, will drive down prices further. Maybe a necessary evil ? We will see.
Never the less, I am going to play devil’s advocate for a moment.
There are approximately 300 Million Americans and about 1/3 are taxpayers or (very) roughly 100 million taxpayers. At a cost of less $700 Million , that equals 7K/ per tax payer.
Agreed, it is not as good as getting $7,000. However, I would argue that if taxpayers are going to pay for ’social’ programs for the welfare of the American people, this is probably more important then health care, education or national defense. Further, these banks should have be able to pay these loans back, with interest. Additionally, the stock (warrant) participation should provide profit participation from the taxpayer investment.
No one disagrees that as a result of the real estate market and 30% price declines, Phoenix and the surrounding towns of Gilbert, Mesa, Glendale, Peoria and Tempe are suffering. We don’t need bank failures to tell Phoenix residents we are struggling. Just look at the amount of Phoenix area homes for sale, short sales in Fountain Hills and bank owned homes (REO) in Peoria.
Clearly, we need the banks to be solvent so that depositors will come back and banks can begin lending money again. Not until then can Phoenix real estate get back on the road to recovery.
However, even at a cost of $7K, I believe that every Phoenix area homeowner, Scottsdale new home builder and Peoria real estate investor would take the money out of their wallet to get real estate back on track to lead the economic recovery Phoenix residents need.
Let me know what you think.
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Copyright © James Wexler * Bailout is cheap: only $7/ taxpayer * Contact James Wexler (480) 221-8080 for your Phoenix | Scottsdale area Real Estate needs
Call me for a private tour of homes in Paradise Valley or Scottsdale or call me today at (480) 221-8080 to learn more about life in Scottsdale and living in luxury communities in Scottsdale.
Life in Fountain Hills AZ - Phoenix real estate’s hidden jewel
September 27, 2008
Fountain Hills, AZ is a small desert town on the outskirts of Phoenix, Mesa and Scottsdale.
Developed by MCO Properties and MCO Realty, Fountain hills is a hidden oasis high in the Sonoran Desert offering some of the best real estate (in quality and great deals) and custom homes in greater Phoenix with unparalleled mountain views, desert landscaping and city lights of Fountain Hills, AZ and Scottsdale.
Fountain Hills, AZ is a desert community offering some of the best real estate opportunities in greater Phoenix including single family homes, townhomes, condominiums and apartments.
All of these homes for sale and unsurpassed Arizona desert lifestyle are supported by commercial and retail business, 3 major community parks, a public library, nine schools, a variety of civic groups, churches and diverse religious organizations,fine dining and two primary health care centers.
If you are thinking of buy a home in Fountain Hills, golf enthusiasts rest assure that this Phoenix ‘Malibu’ has 3 beautiful public golf courses and one private course.
- Desert Canyon golf Club
- The Golf Club at Eagle Mountain
- SunRidge Canyon Golf Course
- FireRock Golf and Country Club
Fountain Hills, AZ gets its name from its world-famous fountain. Centered in Fountain Hills Park, it shoots nearly 600 feet in the air every hour making it the highest fountain in the world. Surrounding the Fountain Hills ‘Fountain’ is a 30-acre park with areas of picnics , “disc-golf” and large playground for kids (and adults 
The real estate developer, MCO Properties and MCO Realty, has designed 3 luxury home communities in Fountain Hills, AZ offering a variety of real estate and homes for sale.
- Eagles Nest - a gated community with unrivaled mountain vistas of Four Peaks, Superstitions Mountains, and the Goldfields stretching out before you, Eagles Nest offers 244 home sites, 40 miles of walking, hiking and horse trails, all only minutes from Scottsdale, Fountain Hills and Phoenix.
- SunRidge Canyon - is a golf community in Fountain Hills, AZ with 541 production homes, 286 custom home sites, an 18-hole championship golf course designed by Keith Foster, neighborhood parks connected by bike paths, and open tracts of undisturbed, natural open space.
- FireRock - just minutes away in Fountain Hills and the nearby communities of Scottsdale, Tempe and Mesa, FireRock is a private gated community with luxury custom homes built into the desert terrain of a world renowned 18-hole championship private golf course with panoramic views including the East Valley skyline, Four Peaks, Red Mountain, and downtown Phoenix.
- Eagle Mountain - buying a home in this Fountain Hills community will offer panoramic views of Phoenix and Scottsdale, Red Mountain and the undisturbed Sonoran desert canyon terrain of Scottsdale and Phoenix the ‘Valley of the Sun”.
Just 15 minutes to Scottsdale, 17 miles to Mesa, 20 minutes to Tempe and less than 30 miles to downtown Phoenix, Fountain Hills, AZ offers majestic views, scenery, biking, hiking, picnicking, children’s playgrounds, golf and the lifestyle to just do nothing.
Life in Fountain Hills, AZ truly offers something for everyone (and their friends.)
Currently, there are great real estate, single family homes, townhomes and condominiums from $150,000 to more than $2MM and up custom homes for sale in Fountain Hills, AZ
If you want to enjoy the privacy and serenity of Fountain Hills with the immediate proximity of Scottsdale, Mesa and Phoenix, ….. Fountain Hills, AZ might be for you.
Call me for a private tour of the master-planned community and homes in Fountain Hills, AZ or call me today at (480) 221-8080 to learn more about life in Fountain Hills and living in luxury communities in Fountain Hills, AZ and Scottsdale.
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Copyright © James Wexler * Life in Fountain Hills AZ - find Phoenix real estate’s hidden jewel*
Contact James Wexler (480) 221-8080 for your Phoenix | Scottsdale area Real Estate needs
5 Reasons to Buy a home in Phoenix
September 26, 2008
If you are renting a home in Phoenix or planning on relocating to any of the towns around Scottsdale , like Fountain Hills, Mesa, Paradise Valley or Peoria, there has been no better time than the present to buy Phoenix real estate.
I normally reserve myself from ‘realtor’ talk by saying buy a Scottsdale home today. Buy a home from that new home builder in Sonoran Mountain Ranch in Peoria, AZ before the inventory is gone or don’t miss out on that Mesa, AZ home.
However, Phoenix real estate prices have dropped as much as 30% in most area outside of Scottsdale, Paradise Valley, Carefree and Fountain Hills where prices are down closer to 15%.
If you find a Phoenix area home or any Fountain Hills real estate that you love and it is more than 30% off of its 2005 price, here are 5 reasons to buy a home in Phoenix.
1) Phoenix, Arizona Homeownership has been a sold long-term investment. - Historically, if you purchased a home in the last 30 years in Phoenix, Scottsdale, etc… you would have received substantial tax benefits and as much as 6%-10%annual appreciation (according to the OFHEO). This rate of return includes the downturn we are suffering through currently.
2) Mortgage interest rates are at historic lows -
- Rates on 15-year, fixed-rate mortgages are at 5.77 percent
- Rates on five-year, adjustable-rate mortgages averaged 6.02 percent this week
- One-year, adjustable-rate mortgages rose to 5.16 percent,
3) Mortgage rate increase could prevent you from buying homes in Phoenix you want -
Freddie Mac survey showed that other mortgage rates rose this week as well.
- 15-year, fixed-rate mortgages, rose to 5.77 percent, up from 5.35 percent last week.
- five-year, adjustable-rate mortgages averaged 6.02 percent this week, up from 5.67 percent last week.
- One-year, adjustable-rate mortgages rose to 5.16 percent, up from 5.03 percent last week.
4) Time is everything, not Timing and there has been no better time to buy real estate in Phoenix- it is impossible to predict the bottom in Phoenix real estate. However, home prices in the surrounding towns of Maricopa County, which includes Phoenix, Tempe, Mesa, Chandler, Scottsdale, Peoria are down about 30% in home value. If you purchase now , and stay in your home at least 5 years, history tells us that even with dips in value , your home will appreciate in value.
5) A hedge against inflation is arguably the most important reason to own a home in Phoenix. Simply, put if you buy real estate in Scottsdale and you monthly mortgage payment on a 30-year fixed rate mortgage is , for example, $2,000/month, that payment is fixed for 30 years and never increases. It actually will go down. As inflation goes up (which it always does) and rents in your area and home prices rise, your monthly payment never changes for 30 years. You know that the amount you pay on your Scottsdale or Phoenix area home per month is fixed in time and will never rise as everything else around you does.
There are many great reason to own a home in Scottsdale, Phoenix , etc… such as
- long-term investment
- tax benefits
- a place to live and call home
- a hedge against inflation
Yet, there has been rarely a better time to buy real estate in Scottsdale or Phoenix with fixed mortgage interest rates at historic lows and prices 30% discount to where they were just several years ago.
For more information, call your local Real Estate agent or call me today at (480) 221-8080 to learn more about life in Scottdale and living in luxury communities in Phoenix |Scottsdale.
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Copyright © James Wexler * 5 Reasons to Buy a home in Phoenix*
Contact James Wexler (480) 221-8080 for your Phoenix | Scottsdale area Real Estate needs
Eagles Nest - luxury living in Fountain Hills, AZ
September 25, 2008
There are a lot of choices to buy luxury real estate in Phoenix, AZ, Scottsdale, Paradise Valley and the surrounding towns of Fountain Hills, Carefree, Mesa, Chandler, Gilbert and Peoria.
After deciding to buy real estate between Scottsdale , Paradise Valley, Carefree , Fountain Hills or any of the wonderful towns with great homes in Mesa, Gilbert, Chandler, Glendale and Peoria, you have to choose community. 
Scottsdale luxury golf communities include Silverleaf, DC Ranch, Grayhawk, Troon Country Club and Troon North.
Peoria luxury resort and golf communities include Sonoran Mountain Ranch and Vistancia.
Fountain Hills is the home to luxury golf community Firerock golf and Country club.
One of the most desirable communities with unparalleled city lights and majestic mountain views that is home to the southwestern desert lifestyle is Eagles Nest in Fountain Hills, AZ.
MCO Custom homes promises that at Eagles Nest “you will encounter a world of unsurpassed natural beauty and a plethora of activities in the mountainside community in Fountain Hills, AZ” or reward yourself and “take in the magnificent views from the comfort of you new custom home.”
They have just announced the release of new lots offering some of the most dramatic mountain views, desert views and city light views anywhere in Fountain Hills, Scottsdale or anywhere you can find in the Phoenix area.
Enjoy homes with views of Four Peaks, The Superstition Mountains, the city lights of Fountain Hills and the world famous Fountain Hills, AZ ‘Fountain’ shooting water 500 feet in the sky.
I should also mention that the sales center is currently offering FireRock Country Club (Fountain Hills, AZ) golf membership incentives with the purchase of a custom home site or custom home in Eagles Nest.
If you want to build your dream custom home in Fountain Hills, AZ take advantage of premium home sites priced from the mid-$400K to over $1.5million.
I know Eagle’s Nest in Fountain Hills, AZ very well. If you want to enjoy the privacy and serenity of Fountain Hills with the immediate proximity of Scottsdale, Mesa and Phoenix, Eagles Nest in Fountain Hills, AZ might be for you.
Call the Eagles Nest sales office for a private tour of Eagles Nest community in Fountain Hills, AZ or call me today at (480) 221-8080 to learn more about life in Fountain Hills and living in luxury communities in Fountain Hills, AZ and Scottsdale.
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Copyright © James Wexler * Eagles Nest - luxury living in Fountain Hills, AZ*
Contact James Wexler (480) 221-8080 for your Phoenix | Scottsdale area Real Estate needs
The end of capitalism is upon us
September 24, 2008
Those of you who are kind enough to take time out of your busy days to read my blog, rants, ravings and musing of all things Phoenix | Scottsdale real estate, know that I am not happy with the proposed bailout of the banking system in its current form.
The proposal, now being debated before Congress, calls for more than a $700 Billion (call it a cool Trillion) bad-debt fund that would, essentially, buy all the worthless debt from the struggling major financial institutions. By worthless, I mean loans that are larger in value than the homes that they collateralize.
I call this the end of capitalism.
I do not say this because it offers little help to Phoenix, Scottsdale, Peoria, Glendale, Carefree, Mesa real estate market and home values.
I call it the end of capitalism because the bailout by the Federal Government is giving a free pass to corporate America. Basically, big banks were able to participate in 100% of the profits. Yet, virtually, none of the losses.
Think about it like this.
If you could go to Las Vegas, wager and win keep you profits would you? If you do not win, the house would come and give your money back in the form of a low interest loan and say ‘try again’. Now, with this new found money, you have a second chance. If this second change is successful you keep all the profits above and beyond these low interest loans. If this second change does not prove successful, you don’t have to pay the money back.
This bailout of those who are not rewarded for taking risk is completely opposite to what built our economy which rewards for risk. And of course, that risk comes at a price if you don’t succeed.
What makes matters worse is that if the program does not prove successful and the banks cannot right the ship, the owner of this $700 Billion in bad debt and worthless loans are the American Taxpayer. Most Americans would probably not make this investment the Government is making for us.
Does it get worse?? Possibly.
What scares me the most is if this bailout plan actually works and the government takes the debt as the banking system pumps more loans on the market with the new found lottery ticket winning from the FED.
I see the government becoming the owner of a trillion dollars in REO debt as a result of these worthless loans. I call them GEO (think REO, but Government owned real estate) properties.
Ultimately, the government will need to sell this inventory of homes. I expect a flood of GEO real estate on the Phoenix, Arizona real estate market.
These homes will be sold at steep discounts to already sharp price declines as the government has little concern for profits and losses (as we well know).
Government owned real estate will further drive down prices (if that is even possible) and paralyze any chance of homes that are not short sales, REO , GEO’s and bank owned homes in the greater Phoenix area from selling.
We do not need more homes for sale in Greater Phoenix, Scottsdale, Fountain Hills, Glendale, Peoria, we need less.
Most people in Phoenix, Glendale, Peoria, Gilbert, Chandler, and most Americans have most of their net worth tied up in their primary residence. Until, supply of homes in Phoenix stabilizes, real estate prices will continue to decline. Until we resolve this issue, Americans will not be able to recover the current economic stranglehold.
Either, the government should buy your loan if you are in trouble as a result of your financial planning or they should not do the same thing for big banks.
Do not let banks have a free pass.
I suggest that we are able to participate in a greater amount in the profits and are offered more security in terms of capital stock. We should be shareholders of the company if we are going to be partners with the banks.
Equity participation for investment risk is how the banks would make an investment. Why should we be any different? Capitalism should apply. There is no reason for the Government (U.S. Taxpayers) to make bad investment decisions.The banks wouldn’t and either would you!
Do not let this bailout be the end of capitalism.
Call you Congressman and let your opinion be heard.
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Copyright © James Wexler * Luxury Retirement Communities in Scottsdale*
call me today at (480) 221-8080 to learn more about life in North Scottsdale and living in luxury retirement communities in Scottsdale.
Get your hands dirty to get a great deal on your next home
September 23, 2008
This post is directed at the home buyer who wants to get a great deal on their next home, but is not afraid to get a little dirt under their fingernails.
So far in 2008 we are in what is called a real estate buyers market. What does that mean? The technical description is that there is more than 8 months supply of homes on the real estate markets actively for sale. To most of the home buyers and sellers it means that there are lots and lots of homes available for sale, and it is taking a really long time to sell them. In reality both descriptions are correct, and it is a lack of buyers which makes all this happen.
In a market such as this, which homes sell the easiest? The homes which sell the easiest are those which are priced right, but more than that, they are also the homes which look the best. Even in today’s real estate market, homes which are in great condition will always sell for much more than homes which are not in such great condition. Many times home buyers are trying to discount homes which need work $3 for every $1 of actual improvements that are needed. This is where many of the best possible deals are.
A few years back when the real estate markets were red hot, these were the homes that the real estate ‘flippers’ would look for and even pay very good price for these homes which needed updating. Today, many of these real estate ‘flippers’ are not actively looking for homes which need updating, many times because they over extended themselves and many times, because the mortgage companies have gotten so strict with them on lending requirements. That leaves very little demand, little completion for these homes which many times just need lots of cosmetic work to really make them shine.
This is where you come in. If you are willing to buy a home that is not in move in condition, but rather you are willing to buy a home that needs updating, you should be looking at these so called ugly homes, which can easily be made to be wonderful updated homes which are updated in the ways and styles that you specifically want.
Go down this road and you can likely get a home at a discount, even after you have spent money on all the updates.
Written by James Boyer REALTOR, specializing in luxury homes in and around the Morristown NJ Real Estate market. If you are interested in buying or selling a home in Northern New Jersey I am at your service. Please call me today: (973) 647-0253
Luxury Retirement Communities in Scottsdale
September 23, 2008
Phoenix, Arizona, Scottsdale, Mesa are among the largest and most desired resort and retirement destinations in the country, rivaling South Florida and California.
Just outside of Phoenix, in Scottsdale three new luxury retirement communities are under development. These North Scottsdale luxury retirement communities will be designed for independent living in Scottsdale and geared towards a wealthy clientele.
—- Maravilla Scottdale - Maravilla Scottsdale is an Independent living facility and an Assisted Living Facility. Maravilla Scottsdale has one of the few Alzheimer’s/Dementia Care Facilities attached to a Senior Community in Scottsdale.
The ease of life at the soon to be built Maravilla Scottsdale will include housekeeping, linen service, cooking and interior and exterior upkeep are all handled for you by a first rate staff.
The community site describes “fine cuisine offered in Maravilla’s gourmet restaurants, participating in fitness and educational classes at Maravilla’s clubhouse and one of the indoor or outdoor pools.
—- the Arte‘ - Scottsdale Resort Retirement Living- Currently under development in the heart of Scottsdale, Arizona at Frank Lloyd Wright and Via Linda. the Arte Scottsdale Resort Retirement Living- is located right next to a large shopping mall and medical service facilities.
The Arte, Resort Retirement Living, Scottsdale, will have 170 suites in total. With 154 independent living suites and 16 suites designated for assisted living.
—- Classic Residences at Silverstone - Classic Residence at Silverstone, is an “encore luxury living development in Scottsdale, Arizona. From the first moment, you will feel something special. With the mountain views and its close proximity to upscale shopping and restaurants, state-of-the-art medical facilities, parks, cultural and recreational areas, this luxury senior living community offers a wealth of choices to complement your lifestyle.”
Classic Residences at Silverstone in Scottsdale will join its already completed and successful sister community , the Classic Residences at Grayhawk nestled in the majestic McDowell Mountains, combined with Grayhawk’s championship golf courses and abundant amenities, provide the backdrop for one of Scottsdale, Arizona’s premier continuing care retirement communities.
These luxury retirement communities in Scottsdale (North Scottsdale) are aimed at the Independent and active senior who wants to enjoy golf courses, fitness centers, club houses, fine dining, house keeping, hiking, and an event dilled calendar for those who rightly deserve to enjoy their golden years.
However, all the communities have well-addressed the needs of aging retirees in Scottsdale who need continuing care, assiated living facilities, and Alzheimer’s/Dementia Care Facilities.
For more information, visit the websites and contact the sales offices of the above communities or call me today at (480) 221-8080 to learn more about life in North Scottsdale and living in luxury retirement communities in Scottsdale.
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Copyright © James Wexler * Luxury Retirement Communities in Scottsdale*
Contact James Wexler (480) 221-8080 for your Phoenix | Scottsdale area Real Estate needs
Short Sale Nightmare - Phoenix Renter’s Beware
September 22, 2008
Everyone knows that Phoenix, AZ, Scottsdale, Peoria, Tempe, etc… saw real estate prices more than double from 2000-2005. Real Estate Investors flocked to this real estate ‘gold rush’ from all over the country, Canada and abroad.
Fueling the Phoenix real estate investor frenzy was an era of (too) easy lending and (virtually) free money. Top that off with low fixed mortgage interest rates and so-called “NINJA” loans (No Income, No Job, No Asset Verification) loan and every person with a 600 credit score becoming a real estate investor in Phoenix, Scottsdale, Mesa, etc…
Phoenix area Real Estate investors hoped to either ‘fix & flip‘ he homes for a quick profit or turned them into rental properties using the rental income to pay for a majority of the monthly monthly fixed rate mortgage or adjustable rate mortgage.
As we all know, real estate in Phoenix, Fountain Hills, Gilbert, Mesa and Chandler has declined sharply. As a result, towns like Tempe, Glendale, Scottsdale, North Scottsdale and even Paradise Valley are experiencing short sales, lender owned homes (REO) and foreclosures.
The result of the Phoenix area real estate collapse has been a series of short sale nightmares.
A new short sale nightmare in Phoenix is arising as a result of the Phoenix real estate crisis. As we know, Phoenix, AZ homeowners are having difficulty or no success in selling homes. Now, homeowners are making the conscious decision to walk-away from their homes in Scottsdale, Phoenix, Peoria homes and decide to no longer pay their mortgage.
They are facing a short sale, so “why pay??” they ask themselves.
The problem is that they are not telling their tenants. Phoenix area homeowners are keeping the monthly rent (minimum 90 day foreclosure process) and not paying the mortgage. Also, in many cases, the owners are keeping the damage deposit and not returning it to their tenants.
I am hearing story after story of good paying renters coming home to foreclosure notices on their doors with no return phone calls from the landlord. Other tales of water being turned off at the city as those utilities are often paid by the landlord.
I was told a story about a Scottsdale resident who arrived home from work to find an eviction notice from the bank demanding they move out immediately. The nice couple had to take days off work, pack their belongings, hire and pay for movers and deplete their savings to pay for first, last month rent and damage deposit on a new apartment.
The worst part of all of these short sale nightmares is that there is little renters can do. The current law does not require that rental monies be paid toward the mortgage or returned to the renter.
Due to the conditions present in today’s Phoenix area real estate market, this needs to change to protect tenants and to expand tenants rights in Phoenix and the rest of Maricopa County.
Contact your local Congressman and let your voice be heard.
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Copyright © James Wexler * Short Sale Nightmare - Phoenix Renter’s Beware*
Contact James Wexler (480) 221-8080 for your Phoenix | Scottsdale area Real Estate needs
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