Hotel & Resort Foreclosures In Scottsdale

February 7, 2009 at 07:46 by admin
Hotel Foreclosures Scottsdale Arizona

During the boom times here in Scottsdale and Paradise Valley there were projects proposed and funded that involved single family homes being built new and sold on property that surrounded an old hotel & resort which was renovated and improved upon.

Buyers who purchased these homes did so on the premise that the hotel and resort project and surrounding improvements would be completed. Now those same hotels and resorts are being delivered a Notice of Trustee Sale to begin the foreclosure process.

The question now should be, will the foreclosure involve the surrounding homeowners and the homes they purchased?

If you would like to read the article released by the Phoenix Business Journal about the hotel and resorts involved, you can find that here:

Hotel Foreclosures

Stew

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What Can Happen When You Change Realtors Mid-Stream?

January 23, 2009 at 07:34 by admin

I had an interesting and first time situation happen recently that I wanted to share with you all which is a good example of what happens when you elect to change Realtors mid-stream.

Buyers don’t fully understand one of the rules regulating our protection of representation and earnings so this will be a good lesson for all.

I have been working with a client for almost a year now. During the last several months she had decided to wait to purchase and then suddenly decided to look again. In the mean time she was introduced by a friend to another realtor who offered to show her properties. Not knowing anything about what the consequences might be and being a first time home buyer she said “sure, why not” thinking this was an innocent situation. She indicated she had been working with another realtor but there were no further questions asked by the new realtor she just met.

So, she was shown 3 properties by the new realtor and then she called me and asked me to show her this really nice property and I of course did. She then indicated that another realtor had already shown her the property but she really liked and trusted me and would be much more comfortable having me write the contract.

Long story short, I ended up paying a 20% referral fee to the new agent because of a little known law that most of the general public aren’t aware of called “Procuring Cause”.

So to all of you who look at homes out there with a realtor, remember that before you switch, you should be aware of the consequences to Realtors instead of making a decision to change.

I paid the 20% and moved on because it was simply too insignificant a sum to involve my buyer in at hearings and so on to prove I was more the actual cause of the purchase and sale.

~Stew~

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Buyers Are Actively Looking For Homes in Phoenix and Scottsdale

January 16, 2009 at 08:22 by admin
Scottsdale Phoenix Real Estate Sales

Hi Everyone,

I have noticed a peak in my own real estte business as of after January 5th of this year. Many of the clients I am working with are ready to buy. Their reasoning is that, even though they believe that foreclosures and short sales will continue, prices are at their lowest point for homes in the 300k range and downward.

Most visitors looking for purchases above the 1 million mark aren’t so optimistic. The general feel for most of them is that they believe that homes homes will continue to decline in value as the banks are forced to accept properties listed at 1 to 1.2 million at prices ranging from 800 to 900 thousand.

I would have to agree with the latter. Realtors I am working with that have listings in that range as I do (mine are not foreclosures…. yet) are telling me that the banks are now seriously thinking of accepting the offers. Those offers are from investors however looking to buy low and sell at a profit because the general sales in that area are in the 1.2 to 1.4 range and they see the potential for a nice profit.

Las Vegas is seeing a 15% increase in sales at lower prices because of similar reasons and the FHA loan availability.

My buyers are buying and real estate offices across the valley are starting to buzz again. This year may not seem as bad as most of us were predicting for 2009.

All The Best,

-Stew-

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Terrific Opportunity To Own A North Scottsdale Troon Home

January 10, 2009 at 17:16 by admin
Troon North Luxury Scottsdale Home

I have been following a particular sub-division in North Scottsdale Troon and I still call this the best unknown area to own a home in the upper elevations surrounded by luxury million dollar properties like Estancia and Desert Highlands 

Most people think that they cant afford to live where the affluent live but they are wrong! Right now is the PREFECT time to find these bargains and I prove it on a regular basis. This home is a great example of what you could own in great shape amongst the stars! The home next door is listed for 550k at 2800 sq feet 2 story and this is a one level 2400 sq ft home at 350k! The bank has already agreed to the price. This would be the lowest purchase price accepted for this area in the last 5 years!

You can view the video HERE

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New Arizona License Plate Frame Law!!!

January 2, 2009 at 18:39 by admin
New Arizona License Frame/Plate Law

Stew Keene

If you aren’t aware of this, you should be!

There is a new law here in Arizona about license plate frames. The license plate frame that surrounds your license plate can not cover up any of the plate lettering AT ALL!

Because of the new photo radar and other problems the State has deemed that any license plate frame covering up the lettering or other such information on the license plate that identifies the car it belongs to will not longer be allowed.

The fines are from 150-200 dollars!

The fix is simple. Take off the license plate frame.

Stew Keene – Inspire Realty Group

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