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Dear Friends, August 2008
I hope everyone is doing well and enjoying the summer and maybe getting out of the heat a little in spite of the cost of gas and plane fares. There are some positive things happening in the market that have been reported recently. As you know, statistics can only be reported after the fact. The stats just came out for June for the Phoenix housing market and the report is good, not great, but in this market any positive news is good news. Catherine Reagor of the Arizona Republic reported on Sunday August 10 th that homes priced under $350,000 are selling much faster than higher priced homes. She also noted there are only 7 months of inventory in the lower priced homes while there is 17 months of homes priced over $350,000. That’s great news for many sellers. RooPho Realty has felt the affects by selling 3 listings this summer in less than 20 days each in a market where many homes are still on the market over 100 days. I wish all of our listings were selling that fast but these homes showed well, were priced right and of course it doesn’t hurt to have a good buyer walk in. RooPho Realty would be happy to sell your home too.
Reagor also reported that homes sales are up for each month this year over the same month last year. About 35% of the homes sold in July were bank owned having been taken back by the bank through foreclosure and sold for about $40,000 less than other homes in their respective areas. As Reagor points out, these prices are dragging down the overall values in the areas but the fact is that they are selling and that’s good. Pre-foreclosure homes have actually declined slightly in July over June.
Many pre-foreclosure homes for sale are “Short Sales.” The problem is, many people think “Short” means they can close on them fast but the truth is, they take a lot longer because the seller is Short Changing the bank on the amount they owe and the bank has to approve it. In some cases this is taking up to 6 months or more. Many of our buyers are asking NOT to even look at Short Sales because they take too long.
Everyone is waiting for the bottom of the real estate market. As I have mentioned before, by the time we know it’s the bottom, we’ll be heading back up even if it’s slowly. However, if you keep up to date on the economic indicators you’ll see we could be at or near the bottom now. Home sales are up a bit, gas is down a bit. Unemployment claims are still high but lower than last year. Retail sales are still lower than last year but June ’08 was better than May ’08. Do all of these numbers mean we’re at the bottom? Not necessarily, but they are the best numbers we have seen in a while and I’ll enjoy them while I can and remain optimistic that they will continue to improve.
You may recall from my last news letter that we would like to go green and offered you to e-mail me your e-mail address and I will take you off of my snail-mail list to save on paper. Many did reply so my snail-mail list is getting smaller and we thank you for that. If you are still getting this via snail-mail then please consider sending me your e-mail address and your first class mailing address so that I can send you this Newsletter via e-mail. Thanks for helping us do our part.
If you live in Downtown Phoenix you know what I mean when I say FINALLY ASU dorms will be filling up with students. This is a major step not only for the Downtown ASU Campus but for Downtown businesses. Having students live Downtown should be a boost to many businesses as well as a big step in making Downtown Phoenix a 24 hour city. Hopefully, they will be dining or shopping and not studying too much. OK, you all know I’m kidding. As long as they eat and shop Downtown when they aren’t in class or studying I’ll be happy. J
Enjoy the fall and don’t forget to call RooPho Realty when you’re ready to buy or sell residential property anywhere in the valley or if you just want us to see what your current home is worth or if you have questions about the market. We’re always here and happy to help.
Best Regards,
How would you like the view on the left from your living room? I have a great 2 bedroom, 2 bathroom, 1165 square foot condo at Executive Towers. This 1964 building has all the charm of the sixties and this condo has been upgraded to today’s standards, with hardwood floors throughout, a new Kitchen and appliances, Jacuzzi brand tub in the Master Bath and a private balcony for each bedroom plus a nice sized balcony off the living room. The unit is on the most sought after location, THE SOUTH EAST CORNER! You can enjoy sunrises if you’re an early bird and if not, at least you don’t have to worry about the summer afternoon sun heating up your home. You’ll have beautiful views of Downtown Phoenix, South Mountain and the Estrella Mountains and all from the 10 th Floor. The 
seller has moved out of state and wants this sold, so we have reduced the price to $235,000. Don’t wait, call me today!
If you like views but don’t want a highrise, how about views of Indian Bend Wash near Camelback Road in Scottsdale? Just minutes from Downtown Scottsdale and Scottsdale Fashion Square. Not to mention overlooking the Greenbelt and you don’t have to mow it. This unit also faces east so there’s no summer western sun to heat you up. The asking price for this gem is $199,900. It’s 1356 square feet, 2 bedroom, 2 baths with all new carpet on the second floor and tile floors in the living room, dining and kitchen. A brand new kitchen and appliances in 2006 and freshly painted interior.
DNA is Downtown’s Newest Address. Prices start at $189,950 for a 1 bedroom and 1 bath and go up to $305,400 for a 2 bedroom, 2 bath. They have 4 floor plans, two-1 bedroom plans with one having a den and two-2 bedroom plans with one having a den. DNA will be located between Van Buren and Fillmore between 2 nd Ave and 3 rd Ave. This is a great location with easy access to the freeways, the light rail, the downtown shuttle not to mention the Ball Park, Arena, Museums and Theatres. The highlight of DNA Condominiums will be Market Place, an urban bistro and fresh food market and next door will be Grotto, DNA ’s own wine bar and lounge. Expect a great location, great living spaces and many great things to do just outside your door.
Located within blocks of ASU’s downtown campus, Metro 4 Twelve offers 12 town home style residences. Designed by Michael Underhill, the project includes a lush open courtyard, terraces, glass arched entry doorways and private back yards. Nestled in the historic Roosevelt District and within walking distance of Roosevelt Row, residents can enjoy an urban lifestyle within a quaint and charming neighborhood setting. Homes range from 1,300 to over 1,700 square feet with a variety of floor plans. Prices have not been published.
Now for the economy - Government-sponsored mortgage finance giant Freddie Mac reported on 8/14 that 30-year fixed-rate mortgages averaged 6.52%. That's the same level as the previous two weeks but below the 6.62% average a year ago. "Mortgage rates held relatively steady for the second week in a row amid offsetting economic data releases," Freddie Mac chief economist Frank Nothaft said in a statement. News of the housing market was mixed; pending existing home sales unexpectedly rose in June, but commercial banks have tightened lending standards in July. Nothaft said the rise in home sales signaled a possible increase in home sales in July and August, but he called the tightened lending standards " an action that may dampen further home sales activity going forward."
If you need ANY home repair, remodeling, cabinetry work, painting, plumbing, carpet/tile/grout cleaning or repair, electrical, sheetrock or just general cleaning, our own Jude Smith’s Dad, Dr. Jude Smith Sr., owns Clean Design, Inc. for all your household needs. Call Dr. Jude Sr. for just about everything at 602-677-2802. Allow Jude Sr. to assist you in the creation of your ideal environment. He has many years of experience and will do a great job!
               
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