Some interesting news articles over the last week July 31, 2009
Posted by mkuhbock in Arizona Vacation Property.Tags: Arizona Vacation Property, foreclosures, good news real estate, phoenix real estate, Phoenix real estate research, phoenix vacation homes, positive real estate news, real estate investments, real estate opportunity, real estate resources, vacation home strategies, vacation homes
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The wild and wonderful world of metro Phoenix real estate.
Is it good? – Yes
Is it bad? – Yes
Is it all over the map? – Yes
The market is definitely not for the faint of heart but when markets are in upheaval there are opportunities for those who buy smart and have the right time horizon in their investment plan.
Below are a couple of recent news articles that you might find of interest, the comments on the ‘New Law’ article are interesting!
Have a great weekend!
Cheers,
Michael
Phoenix Existing Home Sales Increases 71 Percent
NuWire Investor – Bellevue,WA,USA
Phoenix real estate appears to be rebounding with a strong increase in existing home sales. Existing home sales have increased for 12 consecutive months now …
New law triggers fear for housing
Arizona Republic – Phoenix,AZ,USA
“I got a call from an out-of-state lender that is considering holding off on a foreclosure until after September 30,” said Phoenix real-estate attorney Marc ..
TopTenRealEstateDeals.com Introduces The Top 10 Phoenix Real …
PR Web (press release) – Ferndale,WA,USA
According to Amy, “It’s old news that the Phoenix real estate market has been pretty hard hit over the last few years. This has created some incredible …
Real Estate is all about self education June 24, 2009
Posted by mkuhbock in Arizona Vacation Property, Uncategorized.Tags: Arizona Vacation Property, home auctions, kuhbock, Phoenix real estate research, phoenix vacation homes, real estate education, real estate opportunity, real estate resources, research, trustee sale, vacation home strategies, vacation homes
1 comment so far
Regardless of how many personal and professional advisors one has nothing replaces self education, especially when dealing with vacation or investment property purchases.
In past posts I have listed many real estate resources that one can put into their arsenal and frankly you can never have too many available. I recently came across a couple of others that seem to be a little slicker than previous real estate resource sites.
Zillow is of course one of the higher profiled comp sites and they do reflect pricing reality but you cannot bank on the values, it is a great start to your research. Trulia is another major real estate search portal.
A new site called Movoto has just entered into the Arizona market and seems a little more indepth than Zillow but time will tell, again another good research site.
Of course there is the old standby Realtor.com or Realtor.ca for Canada which are the official sites of the National Association of REALTORS® and is operated by Move, Inc. and the Canadian Real Estate Association respectively.
Do not confuse Realtor.com and Realtor.ca with mls.com which is an independently owned and operated Real Estate Advertising Service Company site.
Some other real estate sites I have stumbled across are:
http://www.foreclosuredeals.com/
These are only a few of hundreds of sites but at least it is a start in your education process.
Happy house hunting!
Cheers,
Michael
PS
Here is an interesting article outlining a new program for buyers:
New program yet to help buyers land homes
CNN International – USA
Connolly has been in the Phoenix real estate market for about nine years and has seen the disastrous real estate downturn up close. …
How to afford Arizona vacation real estate in 2009 – Joint Ownership March 17, 2009
Posted by mkuhbock in Arizona Vacation Property.Tags: 4154 E laurel ave, Arizona Vacation Property, foreclosures, joint ownership, phoenix real estate, phoenix vacation homes, real estate, real estate investments, real estate opportunity, vacation home, vacation home strategies, vacation homes
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Hi All,
How can someone make a real estate investment in todays challenging economic climate a reality? Well read on to find out! 🙂
We all read the headlines and hear the dialogue about how the economic sky is falling, the bank and mortgage crises, global equity market realignment, the drop in the price of oil and gas and of course the plummeting value of real estate. With all of the bad news maybe we just need to focus on the glass being half full.
Lets focus on Arizona vacation real estate opportunities, although everything mentioned above is also a fantastic opportunity, and why now is one of the best times in history to get into the real estate market.
Metro Phoenix is one of the top ten residential real estate markets that got hit hard by the sub prime debacle and the effects of an over inflated real estate rush over the last 5 years. Today the opportunity to pick up well built, located, and priced properties in Metro Phoenix is abundant. Depending upon areas you can purchase an investment or vacation home for 50 to 60% of what it was valued in the peak of the market.
Great deals but how to afford the opportunity and investment in today’s market when your net worth has taken a big hit?
Unfortunately not everyone has the financial ability to put down $200,000 in cash or take out a large mortgage to leverage the buying opportunities that abound in Arizona, and specifically metro Phoenix.
As I mentioned in a previous post, Joint Ownership is a wonderful vehicle to leverage today’s market and real estate opportunities.
If you get 3 to 5 families together (2 would even work) and work through the proper processes and requirements (identifying needs, wants, desires and must haves) the capital costs of a vacation home along with the monthly operating expenses can be split evenly between the joint owners.
As an example, 5 families split a $400,000 metro Phoenix home (buys you something nice with 5 bed 3 bath, stainless, granite, 3 car garage and pool) then add $50k for any upgrades that might be needed and furniture. Thus you have ownership in a fully furnished vacation home, a 3 hour flight away, for $90,000 all in with a monthly operating cost of around $200.
At the end of the day you can probably never use it more than your proportionate share of 2.4 months a year (spread throughout the year). Now you have an asset that will substantially appreciate over time and somewhere to call home when it is minus 40 in Canada.
Take a look at what less than $400,000 could buy you in the Metro Phoenix market today.
4154 E Laurel Avenue, Gilbert, AZ
The structure of a Joint Ownership investment is easy and I am happy to assist with that if there is a need.
Cheers,
Michael
How to afford Arizona vacation real estate June 16, 2008
Posted by mkuhbock in Arizona Vacation Property.Tags: Arizona Vacation Property, joint ownership, phoenix real estate, phoenix vacation homes, real estate, vacation homes
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Well it seems like most of Alberta has jumped on the vacation home band wagon and bought something down in Arizona. Just about everyone you talk to has bought, is looking to buy or would love to find something down south to get away from the inevitable cold weather we will be suffering in the Canadian prairies in approximately 5 to 6 months (yes the summer in Canada is way too short).
Unfortunately not everyone has the financial ability to put down $200,000 in cash or take out a large mortgage to leverage the buying opportunities that abound in Arizona, and specifically metro Phoenix.
But wait, there is a way the average Canadian can buy a vacation home in the warmer climates and not go broke doing so. Though joint ownership it is possible to purchase a great place down south for no more than the price of a new car.
If you get 3 to 5 families together (2 would even work) and work through the proper processes and requirements (identifying needs, wants, desires and must haves) the capital costs of a vacation home along with the monthly operating expenses can be split evenly between the joint owners.
As an example, 5 families split a $250,000 metro Phoenix home (buys you something nice in the 3 bed 2.5 bath in a gated community) then add $50k for any work that might be needed and furniture. Thus you have ownership in a fully furnished vacation home, a 3 hour flight away, for $60,000 all in with a monthly operating cost of around $200.
At the end of the day you can probably never use it more than your proportionate share of 2.4 months a year (spread throughout the year). Now you have an asset that will appreciate over time and somewhere to call home when it is minus 40 in Canada.
New Blog post I will cover off some of the things you need to consider when you go the joint ownership route.
Cheers,
Michael
Michael Kuhbock 