Phoenix Homes for Sale - Demand is There
Reader Michael sent me this very cool map for changes in home values. It boggles my mind the different way you can slice and view this craziness. Reader Sam sent this article about how home values have altered the lives of everyday folks. The very last paragraph sums it up - small business owners are the key to Americas economic engine. Given the opportunity, that kitchen counter guy would grow his business large again if he thought there would be some degree of stability for his business. Taken together, these are sad pictures of the state of housing.
Yet this short sale at 4052 East Melinda Lane had multiple offers before closing for $136K. This is that area at the NE corner of Deer Valley and 40th Street called Fiesta. Even the bank owned Savino in Aviano at 3956 East Parkside Lane has had multiple offers recieved. This price for this home was just reduced by $20K to $419,900. My guess is that an appraisor will notice the lack of kitchen so those multiple offers were likely less than the $440K original asking price. Either way there is demand out there. An Amici unit in the Villages at Aviano just sold for $175K. It was a short sale.
And I think that price appreciation will be slow as we move forward. We have reduced inventory, robust demand but a high percentage of bank and short sales within that inventory. That is just gumming up the works. Get rid of the distressed inventory or get it to levels that existed in 2004 (a fraction of todays number) and things will improve. Appraisals are key to getting this turned around as well. As long as those guys check that box that says "declining market", lenders aren't going to loosen up. Not much gonna change in the near term.
Tags: aviano, desert ridge, phoenix, real estate, villages,fireside, arizona, short sale, foreclosure, toll brothers. Information and pictures supplied by Arizona Regional Multiple Listing Service and deemed reliable but not guaranteed. Proud to live, work and play in the greatState of Arizona.
Yet this short sale at 4052 East Melinda Lane had multiple offers before closing for $136K. This is that area at the NE corner of Deer Valley and 40th Street called Fiesta. Even the bank owned Savino in Aviano at 3956 East Parkside Lane has had multiple offers recieved. This price for this home was just reduced by $20K to $419,900. My guess is that an appraisor will notice the lack of kitchen so those multiple offers were likely less than the $440K original asking price. Either way there is demand out there. An Amici unit in the Villages at Aviano just sold for $175K. It was a short sale. And I think that price appreciation will be slow as we move forward. We have reduced inventory, robust demand but a high percentage of bank and short sales within that inventory. That is just gumming up the works. Get rid of the distressed inventory or get it to levels that existed in 2004 (a fraction of todays number) and things will improve. Appraisals are key to getting this turned around as well. As long as those guys check that box that says "declining market", lenders aren't going to loosen up. Not much gonna change in the near term.
Tags: aviano, desert ridge, phoenix, real estate, villages,fireside, arizona, short sale, foreclosure, toll brothers. Information and pictures supplied by Arizona Regional Multiple Listing Service and deemed reliable but not guaranteed. Proud to live, work and play in the greatState of Arizona.
