January 2009 was a mixed-performance month for single-family homes in Scottsdale. Sales in January 2009 took a dip relative to December's sales numbers. However, pending home sales jumped back up to previous levels after falling in December. The number of active homes for sale also crept up in January, which is not surprising since many homeowners probably decided to take their homes off of the market for the holidays. January Highlights: Active Homes for Sale- The number of active homes for sale in Scottsdale jumped 4.6% in January to 3,964 after dropping 6.9% in December. However, this figure is still tracking behind the 12 month average of 4,013. Pending Homes for Sale - Pending homes had a healthy rebound in January. Pending home sales were 255 at the end of the month, versus 212 in... 02/11/2009

The desert is no place to be without water......... So when the forecast calls for rain, we Phoenicians are ready to enjoy a cloudy rainy day. With a high of 61 degrees seems cold to the ‘desert rats' who live here year round so we don our warmest coats and brave the weather. The average rainfall for the Phoenix / Scottsdale metro area is only 8.3 inches per year. Our local newscasters are always excited to be able to report rain as a deviation from our typical ‘bright and sunny' forecast. The cloudy skies develop into sections of  cotton white clouds adjacent to the gray ones with precipitation.  The beauty is unending as the cloud formations continually change presenting an artistic masterpiece.  From some rainy downpours & light hail to bright rays of sunshine the Valley of the Sun w... 02/08/2009

Scottsdale offers 3 ‘off leash’ dog parks, but my favorite is Chaparral Park located in central Scottsdale. This is a great place for pet lovers and for their dogs! Our rescue dog Heidi has acclimated to our family quite nicely and now rules the roost. She is currently attending doggie training classes but also needs to be ‘socialized.   So we were off for our first trip to the dog park to learn some doggie etiquette.   Chaparral is the largest of the Scottsdale off leash parks (4 acres) offering large divided fenced areas—one for passive and one for active dogs. There area actually 3 separate fenced areas, but one is always closed for maintenance and turf restoration. This keeps the grassy park in good condition as the city rotates the sections so that the dogs don't totally kill the g... 02/08/2009

As we start a new year, I wanted to take a look back to see how the luxury condo market in Greater Phoenix performed in 2008. For this analysis, I looked at resale condominiums where the listed price was over $1,000,000. Active Listings at the End of 2008As of January 1, 2009, there were 98 luxury condos on the market with a list price of over $1 million. Forty-six of these condos were located in Scottsdale, primarily in the Optima Camelview and Scottsdale Waterfront developments. Thirty-six of the active listings were in Phoenix and the remaining 16 were in Tempe. 2008 Sales PerformanceThirty-four luxury condos sold in 2008. Prices ranged from $920,000 for a 3 bedroom, 2 bathroom unit at Optima Camelview to $3,900,000 for a 3 bedroom, 3 bathroom penthouse at the Scottsdale Waterfront R... 02/08/2009

Scottsdale Stonebrook is one of the best kept secrets for affordable real estate in the 85255 area code. The Scottsdale Stonebrook Community offer incredible location, close to everything Scottsdale has to offer. Scottsdale Stonebrook subdivision, built in 1995,  offers single family homes in a quiet neighborhood with great location and close proximity to some of the most prestigious real estate in Scottsdale at an affordable price. Walk to the TPC Stadium golf course and the annual FBR Phoenix Open. Scottsdale Stonebrook is in prime location for all Scottsdale and Phoenix have to offer; Minutes form the Scottsdale airport, and surrounded by premier dining, entertainment, with premier shopping at Kierland Commons, City North, not to mention a golfer's paradise surrounded by an abundance... 02/07/2009

Here is a snapshot of Scottsdale's 2008 performance for single-family resale homes. I have included total sales for 2008 as well as sales acitivity by price band.Overall, sales were off by 13% over 2007, which is not surprising given the economic challenges this market has been facing. The hardest hit price segments in 2008 were the $1,000,000-$1,499,999 segment and the $2,000,000-$2,999,999 segment which were off by 45% and 48% respectively.The majority of the sales activity in 2008 was focused in the $999,999 or less price range, which represented 84% of sales. This is typically the largest sales segment, but in 2008, this price range really saw a lot of activity due to short-sale and bank-owned property sales as well as the ability to get funding more easily at the lower price points... 02/06/2009

The outdoor Scottsdale Civic Center Mall is situated in downtown Scottsdale adjacent to 'Old Town’. The mall is the home of the Scottsdale Historical Museum, the Scottsdale Center for the Performing arts, The Museum of Contemporary Art, the Civic Center Library, City Hall, a myriad of restaurants with both indoor and outdoor seating and an outdoor amphitheater.  Scottsdale Civic Center Slide Show The free downtown trolley operates from 11 am to 9 pm daily stops right at the Brown Ave mall entrance. As you enter from Brown Avenue you are welcomed by a beautiful bronze of galloping horses. Continuing into the mall you are surrounded by lush landscaping, beautiful flowers and amazing fountains! It is a perfect place for a relaxing stroll or peaceful picnic lunch. The photos in my slide sh... 02/05/2009

I while ago I wrote about going back to school. It wasn't something I had hoped to do... after all I earned a degree many years ago. My daughter signed me up for a class at the local community college. I blogged about the experience here: I took my daughter to school. Well, one of my assignments was entered into a contest. It's a story I reluctantly shared here: There is a bridge. I just received a letter informing me that I won second place in the personal essay category. Entries came from a variety of universities in the Maricopa County Community College system. This is a collection of ten Arizona universities with over 250,000 enrolled students. Wow... that's somewhat awesome... but I'm guessing only a very small fraction were in the contest. They're planning a banquet and we'll be r... 02/03/2009

Image via Wikipedia I have been recently challenged by some readers (originators) who feel they should not have to discount fees on reverse mortgages. They have questioned my knowledge of the program, accused me of non compliance and have been downright offended at my desire to give my customers a better deal. I can understand why, of course, these mortgage originators come from the old school and the forward mortgage world where they were used to making a killing on each and every loan. Not me, I started in this business in reverse mortgages only, in 2003 when the average origination fee was much lower than today and I made just a percentage of that fee after the split with my employer. Well, I am still 100%, a reverse originator and derive all of my income from reverse mortgages. Unl... 01/29/2009

Recently, when I was on the same stretch of the Loop 101 almost every day for a month, I needed to find a place that was convenient to grab a coffee and something to eat. One morning, I decided to try a place I had seen just off of the freeway called Sonoma Coffee Café. Located at the Loop 101 and Via De Ventura in Scottsdale, the Sonoma Coffee Café has a drive-through window as well as a storefront. Sadly, I never had an opportunity to go inside - but I was a frequent drive-through customer and the convenient location allowed me to get back on the 101 in no time at all. Every time I visited, my coffee was consistently good and various samples of the baked goods all proved to be tasty. However, what set Sonoma Coffee Café apart for me was the service. Each morning, regardless of who was... 01/29/2009

The FBR Open (formerly the Phoenix Open) is in full swing here in Scottsdale, Arizona. This tournament is played at the Tournament Players Club (TPC) in north central Scottsdale. The TPC Stadium course hosted it’s first FBR Open in 1987 and has evolved in to the largest attended golf event in the world! The are expecting 500,000+ attendees this year. Yesterday, January 23, 2009 was Celebrity Day. Since we were offered free tickets we opted to ‘played hokey’ and took the day off to enjoy the outdoors and watch the golfers. Although it was bright and sunny, it was a brisk 57 degrees when we arrived but it eventually warmed up to a 64 degrees. You could definitely tell who was from the Valley of the Sun and who was from colder climates. The locals were bundled up in sweat shirts of warm co... 01/29/2009

If I'm unfamiliar with something I want someone to give me a hand. Or at least a few rules of thumb. Such tips can be helpful as a guideline until one acquires enough familiarity to draw larger conclusions. Right now Arizona has quite a few bank owned properties on the market. These are homes that have been through foreclosure. Now the bank owns them. They have their own peculiarities... they are sold "as is"; What you see is what you get. They will most likely be priced lower than the other homes in the neighborhood. People may tell you that these are the bargain homes and that you can make low-ball offers and the bank is very willing to unload them at rock-bottom prices. I'm an agent. I'll make the offer you want to make... but there are a few trends, at least with regard to Arizona,... 01/27/2009

As you might expect, the affordability of homes in the Phoenix area is growing more 'buyer-friendly'. And it's a good bet that it will continue that trent through 2009. With historically low interest rates, much improved affordability, buyers are snapping up homes in all areas of the valley. First time home buyers are taking advantage of FHA loans and buying homes with loans under $271k (the FHA loan max in Maricopa County). The advantage of FHA loans is that they only require 3.5% down and have looser credit requirements. So FHA loans are the loans du jour for most buyers these days. Sidenote: Many of my California mortgage refinance clients are taking advantage of FHA loans, where loan limits are higher, up to $625k in some areas. Back to AZ home buyers... Even in more expensive areas... 01/27/2009

Kierland Real Estate,  Scottsdale Real Estate, Arizona Bank Owned Homes Kierland homes for sale is one of Arizona's premier location communities.  Kierland is an eclectic mix of premier shopping, dining, living and amenities.  Kierland is in prime location for all Scottsdale and Phoenix have to offer; Minutes form the Scottsdale airport, and surrounded by premier dining, entertainment, with premier shopping at Kierland Commons, not to mention a golfer's paradise surrounded by an abundance of the most popular golf courses in all of Arizona including it's own Kierland Golf Club. Kierland is also a popular destination for tourist as it is home to the Westin Kierland. For the real estate buyer there is a variety of choices from single family, town house, loft style and traditional condomini... 01/25/2009

Without a doubt if you were to ask 10 different people their perspective on the real estate market in Scottsdale, Arizona you would certainly get that...10 different perspectives. Truth be known, our market appears to have "dodged the big bullet" and we are experiencing 12-18% downturn versus the 28-36% turn some parts of the valley have been "shot at" of late. The good news is that there is positive activity and it appears the pricepoints most active are between $500,000.0 and $800,000.00. Clearly the second homes have been selling at a rapid pace thanks to our Canadian neighbours (not a typo, I am originally from Canada) who are capitalizing on the strength of the "looney" (Canadian dollar) and who recognize the investment opportunities in North Scottsdale and I am certain in most gol... 01/24/2009

According to the National Reverse Mortgage Lenders Association (NRMLA) there is a new Bill containing a provision to raise the HECM (Reverse Mortgage) limit through the end of 2009 to $625,500 which has been introduced in the House of Representatives. The current nationwide limit is $417,000 with the exception of a few high price/value areas. This would give millions more access to the program due to a current lack of jumbo reverse mortgage in the marketplace which is due to the current credit crisis. The lending limit is the limit of value that would be considered in the reverse mortgage equation and not the loan amount. That is why the limit increase is crucial and if passed, senior borrowers with mortgage balances greater than $300,000 will qualify. In most cases, it has been my expe... 01/24/2009

When I first got into this business a decade ago, it didn't take long to encounter one of the favored pastimes of consumers and professionals alike:  Reveling in prices that once were. Whether it was the colleague pointing out a development where he lamented not purchasing five units back when they could be had for $75,000 apiece, or the investor who regretted selling that rental property years before now that it was worth three times as much, the underlying wish was to turn back the clock to grab as much Real Estate as humanly possible at the never to be seen again values. Of course, the downside to the markets that spawned the low price housing in Scottsdale in years past was diminished purchasing power due to elevated interest rates, and the speculative nature of our community.  Alwa... 01/24/2009

DC Ranch Foreclosures, Short Sales, REO's www.dcranchforeclosures.com Compliments of Matt Horton-DC Ranch Realtor Area Expert John Hall & Associates 480-227-3311 I have a lot of clients that want to stay informed on DC Ranch deals! So here is the latest info on the area as of 1/24/09! If you are looking for a great deal on a home in DC Ranch, Silverleaf, Grayhawk, Troon or surrounding areas, give me a call. I scour the North Scottsdale area daily and provide updated information to my clients! To sign up for updated DC Ranch foreclosures, go to my website and sign up! They will go directly to your email daily! www.dcranchforeclosures.com. You can always call me or email me on your specific needs and we will give you free advice, market information, etc. info@thehortonteam.com DC RANCH FO... 01/22/2009

As a Phoenix real estate agent, it is my job to share accurate information to home buyers and sellers. Unfortunately, I cannot control the Phoenix real estate market, I can only provide the most detailed information to my clients and together make an informed decision. Understandably, people are nervous about the Phoenix real estate market. I would venture to say, a bit frightened if they read the newspapers and watch local television. However, I want not only may the doomsday media be wrong about the direction of the economy and real estate market, things are definitely not as bad as the news may have you believe. It was just a few months ago that oil prices hit $146/barrel and gas prices at the pump hit an average of nearly $4.50/gallon in many parts of the country. Further, everyone,... 01/21/2009

All FNMA and Freddie Mac loans will be required to comply with the Home Valuation Code of Conduct (HVCC) effective May 1, 2009. The HVCC is anticipated to become an industry standard. For the full story or to view the HVCC in PDF format please visit www.reversemortgageconcepts.com.   Michael Manfredi Reverse Mortgage Concepts   9915 East Bell Road Suite 114Scottsdale, AZ 85260 480-306-4432 phone 480-306-4839 fax 01/21/2009