Home Prices in Aviano
There was no activity in MLS this weekend for sale or lease in Aviano, Fireside and Bella Monte. It has been awhile since that has happened.
Please join me on September 1st for the next Aviano real estate discussion. 6:30 PM in the Aviano community Center. Free, casual and informative. See you there.
There are currently 8 homes for sale in Aviano. And there is demand for homes in Aviano but pricing is the issue. I know the demand is there from all the folks swarming over the new Tercera short sale listing at 3660 East Adobe
Drive priced at $479K. A really nice home which will quickly be under contract I'm sure. But with only 8 homes you would think that prices would stabilize but they are still flat. This is due to the amount of distressed properties in Aviano and the appraisors looking at the numbers and determing us to be a "declining market". Lenders will only lend depending on what the appraisor says and therein lies the problem.
The Brezza at 22313 North 39th Run did flip over to bank owned but is now back to being a short sale still owned by an individual. The problem is that the lender has issued an agreement notice for $410K. But that may not appraise given the recent Brezza sales. So in effect it is almost like a regular sale but only if the buyer can bring extra cash to the table. It would be interesting to see if the bank will redo their appraisal of the homes value and reduce asking price.
The investor flip up the street of the Brezza at 22529 North 39th Run is a normal sale but is priced at $440K. Here are the last 3 Brezza models to sell:
3984 East Morning Dove Trail: $370K
3752 East Donald Drive: $382K
22529 North 39th Run: $400K
When appraisors look at this there is no way to deny that some asking prices are just not going to fly unless they are cash sales.
The top 4 homes are overpriced in my opinion. And the bottom 4 while not seriously overpriced are not selling because of this downward trending. This is a bad situation for all of us and until Aviano can significantly reduce the amount of distressed inventory in our 902 single family home paradise, pricing appreciation simply cannot happen on a widesread basis. I am continuing to watch the homes under contract as these will be a bellweather for pricing. If the sold prices show strength and continuity it will help. But if the deals unravel and the homes come back on the market at reduced prices.....................................
Tags: aviano, desert ridge, phoenix, real estate, villages, fireside, Arizona, short sale, foreclosure, Toll Brothers. Information and pictures supplied by MLS and deemed reliable but not guaranteed. Proud to wake up, live and work in the great State of Arizona.
Please join me on September 1st for the next Aviano real estate discussion. 6:30 PM in the Aviano community Center. Free, casual and informative. See you there.
There are currently 8 homes for sale in Aviano. And there is demand for homes in Aviano but pricing is the issue. I know the demand is there from all the folks swarming over the new Tercera short sale listing at 3660 East Adobe
Drive priced at $479K. A really nice home which will quickly be under contract I'm sure. But with only 8 homes you would think that prices would stabilize but they are still flat. This is due to the amount of distressed properties in Aviano and the appraisors looking at the numbers and determing us to be a "declining market". Lenders will only lend depending on what the appraisor says and therein lies the problem.
The Brezza at 22313 North 39th Run did flip over to bank owned but is now back to being a short sale still owned by an individual. The problem is that the lender has issued an agreement notice for $410K. But that may not appraise given the recent Brezza sales. So in effect it is almost like a regular sale but only if the buyer can bring extra cash to the table. It would be interesting to see if the bank will redo their appraisal of the homes value and reduce asking price.The investor flip up the street of the Brezza at 22529 North 39th Run is a normal sale but is priced at $440K. Here are the last 3 Brezza models to sell:
3984 East Morning Dove Trail: $370K
3752 East Donald Drive: $382K
22529 North 39th Run: $400K
When appraisors look at this there is no way to deny that some asking prices are just not going to fly unless they are cash sales.
The top 4 homes are overpriced in my opinion. And the bottom 4 while not seriously overpriced are not selling because of this downward trending. This is a bad situation for all of us and until Aviano can significantly reduce the amount of distressed inventory in our 902 single family home paradise, pricing appreciation simply cannot happen on a widesread basis. I am continuing to watch the homes under contract as these will be a bellweather for pricing. If the sold prices show strength and continuity it will help. But if the deals unravel and the homes come back on the market at reduced prices.....................................
Tags: aviano, desert ridge, phoenix, real estate, villages, fireside, Arizona, short sale, foreclosure, Toll Brothers. Information and pictures supplied by MLS and deemed reliable but not guaranteed. Proud to wake up, live and work in the great State of Arizona.
