Phoenix AZ | Scottsdale AZ Real Estate

It takes 15 minutes to get to most parts of Scottsdale. It takes 30 minutes to get to Peoria and can take as much as an hour to get from Peoria to the east vally cities of Mesa, Gilbert and Chandler.

Although, less now, gas prices are still near record highs. We are all frustrated.

I am taking a poll. Please Vote on the ideas below.

I would like to hear your opinions. Agree or Disagree!

As I see it, here are my best ideas for cheaper gas. The extra disposable income can go towards economic consumption which helps the economy, creates, jobs, ideas, innovation, more revenue for the government, more social programs and ultimately more wealth for all.

1. Gas Tax Cut -  a Gas Tax cut would provide immediate relief. However, people fear a tax cut would just cause more gas consumption.
2. Income tax cut - I would suggest a tax break on the first $75K income. This group is more affected and has less discretionary income and savings. An income tax cut for certain incomes would open more disposable income. The problem with a tax cut is that while effective, it is not immediate. A tax cut has to pass the House, Senate and then a Veto by the President.
3. Increase taxes - spending money on programs for finding alternative energy sources. However, I don't know anyone who likes higher taxes.
4. Open U.S oil reserves - by drilling in places like Alaska -   less dependent on foreign oil - I have read that the US has more than 50 years of untapped Oil reserves.
5. Raise taxes on SUV's , trucks and high use vehicles - Increase incentives for more fuel efficient vehicles.  These are standard in Europe - why not here?
6. Regulate Oil speculation- commodities traders have had an impact on prices betting on future growth - again difficult to control global markets.
7. Increase tax breaks/government benefits to providers of public transportation. Thus, passing on lower costs for commuters.
8. Carpool, Ride a Vespa, bicycle or walk

whether you are a real estate agent, a soccer mom, a hard worker with a lengthy commute to work, simply if you own a car, we are all affected.

Please weigh in, vote, let your ideas be heard and if anybody has others, please add..

thanks and have a great weekend

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No one is happy about Gas prices. It was just a short time ago, I paid $4.25/gallon.

If you are familiar with Phoenix, you know how spread out the city can be. It can take an hour to drive from Fountain Hills to Glendale. It can take 40 minutes to drive from Scottsdale to Peoria and if you are in Mesa, it can take as much as 20 minutes to get to ASU (Arizona St. University) in Tempe.

Unfortunately, the impact of high gas prices is bing felt in the Real Estate market. Buyers have less disposable income to pay for the monthly mortgage and I am finding that buyers are less excited to get in a car and drive around Phoenix, Scottsdale, Gilbert to Carefree to preview homes.

I do not know if this is a solution. However, Hypermiling, the pursuit for improved fuel economy through a variety of driving techniques and maintenance , may help you add a few miles per gallon and have fun doing it.

Here are 10 Tips of Hypermiling that can save you some $$ at the pump:

1. High Tire Pressure - under-inflated tires can lower fuel efficiency
2. Less weight in the car - don't go on a diet, just remove the spare and extra junk
3. Efficient Speeds - under 55 mph
4. easy Acceleration - don't floor it,
5. minimize braking - anticipate what is happening so you don't have to step heavy on the breaks
6. slow down through coasting - not braking so it takes less energy to speed up again
7. lower octanes - work just as well has higher octane energy gas
8. time stop light - do not speed up to a red light
9. drafting behind trucks - (not recommended for safety) - however, hypermilers do utilize this technique
10. car pooling - sharing driving with friends/co-workers can save a lot of gas

there are many other techniques that these Hypermilers use. Including aftermarket equipment to measure energy output through gauges.

However, I am gong to follow a few of these tips and let you know if I can garner an extra 4-5 miles per gallon.

By the way, if you are planning to look at houses, meet your Realtor in the middle. Everyone should get in one car (preferably your Real Estate Agent's) and go together.

Have a great week and happy Hypermiling. Save money and help the environment.

By the way, there are a few realtors (read the comments below) that I am sure will be happy to take the time and show you some homes

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The Housing and Transportation Affordability Index (HTA index) developed by the Center for Transit Oriented Development Index is "an innovative too that measures the affordability of Housing".

Unlike the traditional and simplified measurement which takes a mortgage as a percentage of income, the HTA Index "takes into account not just the cost of housing but the intrinsic value of place as quantified through transportation cost".

Transportation cost is defined as auto ownership, commute, number of cars per household, availability of mass transit and other data. and use. For a more (detailed description of the methodology used to develop the HTA Index ).

Before you buy your next home here in Maricopa County (Phoenix, Scottsdale, Tempe , etc) , I recommend you take a look at the HTA Index website which offers information on 52 metropolitan areas and the sub-communities and neighborhoods with detailed information on travel, public transportation and average amount of family's spending on transportation.

When it comes to buying a home in Arizona, take the time factor in commuting and/or transit costs, don't forget taking kids to schools, related activities, food shopping and other errands.

Do your best to measure and factor in the costs.

Clearly, transportation, not just to work, but errands, and other family related activities are a large portion of a families income. With skyrocketing gas prices, this is becoming an even larger portion of disposable income and must be factored into a buyer's decision on whether or not one can afford the monthly loan payment comfortably.

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Copyright © 2008 By James Wexler, All Rights Reserved. *HTA Index - tells us "can you afford that house"*

Contact James Wexler (480) 221-8080 for all your Phoenix Scottsdale area Real Estate needs

With home prices dropping across the country and as much as 30% here in Phoenix (S&P|Case-Schiller) and its towns of Peoria, Glendale and Tempe, it may seem that the real estate market is ugly.

However, like Doug Willis says, there may be A silver lining in this Dark Cloud.

The Good from Bad & Ugly is that Pheonix area home prices have back towards more affordable levels. A quick story:

A family member moved to Phoenix in early 2003 and bought a wonderful home for $220K. In less than 3 years, the same homes sold were comparable at $440K; nearly twice the value. He told me that if he moved here (at that time, that he (with wife and baby) would not have been able to afford to purchase.

This little anecdote goes towards the root of the problem that led to this debacle.

Too many people, who just needed to fill out an application, were given loans to buy houses, at almost any price. Thus, inflating home prices to a virtually unaffordable levels. Think musical chairs; and then the music stops.

Affordability, or lack of affordability, was one of the main contributors of the housing market decline.

The good from this bad and ugly is that homes in Scottsdale, Tempe, Fountain Hills, Peoria and even Paradise Valley have retraced to much more affordable pricing.

The National Association of Realtors (NAR) released their Housing affordability Index this summer which ( very simply put) compares family income versus mortgage amount. Which shows percentage increase of more than 12% from year ago. In some cases, like California and Arizona , the numbers are even higher.

It is sad to see prices drop and home equity evaporate. However, we need to get back to affordable levels to 1) stimulate buying and 2) banks will feel comfortable lending again.

Then, and only, then we will see the stability and then eventual recovery of our Phoenix area real estate market for which we are eagerly awaiting.

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© 2008 By James Wexler,  *the Good from the Bad & Ugly of Phoenix Area Real Estate*

Contact James Wexler (480) 221-8080 for all your Phoenix Scottsdale area Real Estate needs

I recieve news headlines during the day from Inman news, marketwatch, etc...

Here are today's top stories.  

• FBI fraud probe grows to 26 companies -- Fannie, Freddie reportedly under scrutiny
• NAR: Sales, prices sink in August
  
• Mortgage applications tank as rates soar
  
• U.S. home prices slid in July
  
• How to overcome clients' market worries
• Stock Market drops on economic concerns
• Republicans and Democrats split on $700 Billion FED bailout

I know they are not reporting salacious headlines in order to sell newspapers. However, I am stronly considering 'blocking' these sources as junk mail.

I will return them to the safe senders list when the market returns to normal and I am not afraid to open my email anymore.

I have been working with several buyers in Metro Phoenix, Scottsdale and Carefree who are finally eager to purchase a home.

Though, like anyone who can read a newspaper or stand by the proverbial water cooler, they now it is just that; a buyer's market and can afford to be , shall I kindly put it, aggressive with offers.

Now, I do suggest, I recommend and share comps (which seem to be of little value in this market) with my buyers to arrive at a price that for which we can make a compelling argument to the seller to facilitate a transaction.

However, as a Realtor, we have to do what our client wishes. and, when they ask me to prepare an offer, it seems to start at a dollar value at a large percentage discount to whatever the home is listed.

However, yesterday, we made a full price offer on a home. Here is what happened.

Mr. & Mrs. client have been looking for a home in Carefree, AZ. a wonderful community with breathtaking mountain views. The home that they first wanted was listed at $1,050,000. My clients offered $850K and their offer was rejected.

However, we next found a home in the same area that was listed at $819K , reduced from $1.2MM that it was purchased for just 4 years ago.

They asked my opinion, and I said, if you want the house, "I recommend you Pay full Asking Price !"

Today, we joked around about the look on their face when they heard that. However, like they said the Price is Right !!

By the way, they did offer full price and as you might imagine, it was quickly accepted.

In fact, there are situations that still occur, with the abundance of foreclosures, that i recommend you bid higher than asking price. In fact, Real Estate auctions have bids starting below $100K for homes that will sell for more than twice that amount.

The general rule for buyers (not investors) who will own the home as a primary residence is to find the home you love, and offer a price you can comfortably afford.

make sure you or your realtor helps guide that offer price with a detailed comparative market analysis.

Make sure you stay in your home awhile (at least 5 years). You will receive tax benefits, long-term savings in equity, a hedge against inflation (if you have a fixed rate mortgage) and since you are buying 20%+ below the market highs, you will likely see some wealth creation through long-term equity appreciation.

Most importantly, you will have a place to live, to call a home and share with family.

There are  excellent Realtors on Active Rain  who can help you prepare a detailed CMA for your area

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Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale area Real Estate needs

Fortune Magazine on CNNmoney.com recently published a story about the Top 6 Real Estate Bargains as a result of the housing downturn.

Phoenix and the cities that make up Maricopa County was recognized by Forbes as a Best Real market that with prices in many of the planned communities around Phoenix dropping at least 20% and some home buying opportunites more than 30% from the 2005 peak.  

Jay Butler, director of realty studies at Arizona State University is quoted. Mr. Butler says, "look to the planned communities that surround Phoenix, which are magnets for retirees and are dropping more to the tune of 20% to 30%. A $1 million home at the market's apex might go for the mid-700,000's now".

What is important to recognize from the report is that these sharp housing correction may be offering home buyers the opportunity you had hoped for , but never expected.

It may be the time to buy a home in Phoenix \ Scottsdale.

Think Sale, Sale, Sale, think blue light special or Deal Days - yes, prices could go lower. However, they may not. You can buy , in many towns around Phoenix like, Peoria, Glendale, Anthem and Avondale that are 30% or more from the peak.

There are Short sales, REO (bank owned) homes that offer buyers even greater opporunities. ~please note that not all REO, short sale, and foreclosure opportunites are good investments.

Importantly, remember the reasons you are buying a home.

• Is it a place to live? A place to raise your family?
• Are you planning on retiring?
• Do you need the favorable tax advantages?
• Are you looking for a hedge against inflation?
• Are you looking for long-term appreciation?
• A place to live and call home? (I always say this twice)

If you answer ‘yes' to most of the questions above, consider the fact that you can buy real estate and have all of the benefits of home ownership and own your house at a steep discount from the prices of 3 years ago.

Always speak with and consult industry professionals for advice on what is right for you as each situation is unique.

The other Real Estate Bargain cites that made the list and find experts on Active Rain frpm these great cities who can help find you a great home.

• Las Vegas -
• San Diego -
• Miami - 
• Tampa -
• Denver -

• Short Sale Nightmare - Phoenix Renter's Beware
• Short Sale Nightmare - seller abandonment
• Short Sale Nightmare Part III

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May brought Phoenix, and the surrounding communities of Queen Creek, Scottsdale, Gilbert Peoria, and Goodyear some

Grand Openings of some wonderful new home communities.

If you are in the market for a new home. I strongly suggest you take a few minutes and visit the sales office that are open 7 days/week in the following communities.

1. Taylor Ranch by Pulte Homes, Queen Creek
2. Solera by Del Webb in Queen Creek
3. Martin Valley by Pulte Homes in Coolidge
4. Rosewood Homes at DC Ranch in Scottsale
5. Talking Rock in Prescott
6. Medallion by Richmond American Homes in Gilbert
7. Greenspointe by William Ryan homes in Goodyear
8. Berkana at Hidden Mountain in Phoenix
9. Cabrillo Pointe by Pulte homes in Peoria
10. Ridgefield at Riverbend by K. Hovnanian Homes in Phoenix

All of the communities have great sales teams, fantastic new homes and a variety of new home builder sales specials and incentives.

Tell them James from Wexzilla.com sent you.

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Copyright © 2008 By James Wexler, All Rights Reserved. *10 Must See New Home Communities in Metro Phoenix*

Contact James Wexler (480) 221-8080 for all your Phoenix Scottsdale area Real Estate needs

It appears that the so-called bailout that was leaked to Wall Street last week amidst a 1,000 point week decline has lost some momentum as the public awaits the terms and details of the $700 Billion bailout proposed by the FED.

The (irrational) exuberance has worn off and we are back to the reality that our economy is in trouble. The main culprit?? an ailing real estate market that is the foundation of American wealth. Not the stock market.

After the investing public had time to digest the proposed $700 Billion bailout over the weekend, reality shook the stock market this morning.

Read these headlines.

How's gas up $25/barrel at one point (25% in one day) feel? an all-time record

Uneasy?? That's one way to put it.  How's a 372 point decline in the stock market to start the week!!

I have said it before when I wrote about this the afternoon the plan (outline) was released.

The majority of Americans do not invest in the stock market. The rich do.

The majority of Americans do buy real estate and own (or at least they used to) their own home.

The FED could have cut interest rates when they met last week. They blew it. Much less costly ( Like a Trillion dollars less costly).

If a rate cut didn't work, the FED still could have outlined a bad debt fund proposal as we have on the table.

Bottom line: The plan did little, if anything to help real estate. Until that dilemma is resolved or at least addressed, there will be no recovery.

When news became public that Ed McMahon faces foreclosure of his Beverly Hills home. He cited a " set of problems all too familiar to many Americans: a foundering economy, health problems and poor planning".

Evander Holyfield also faces foreclosure of his 54,000(yes you are reading correctly, fifty-four thousand sq/ft Atlanta area mansion. Although, the Former World Heavywieght Boxing Champion , says estate will not be foreclosed upon.

Chris Iverson, shared CNN's take Early this year, when the Micheal Jackson, faced foreclosure on Neverland Ranch until a private investment company bought the loan and saved the King of Pop.

Other members of the rich and famous struggling to make mortgage payments are

• baseball star -Jose Conseco
• NBA Star -Latrell Sprewell
• Queen of Soul -Arethra Franklin
• California Congresswoman - Laura Richardson - Democrat Long Beach

This list is only meant to show that the majority of foreclosures are as a result of common real-world problems; Health and medical bills, job loss, divorce, illiquidity, unexpected higher cost of living and re-adjusting loan rates that borrowers did not understand and a decline in house values.

There is nothing to be embarrassed or ashamed about when it comes to short sales or foreclosures. You have options.

For advice, contact your bank or real estate professional to show you the ways to avoid foreclosure and bankruptcy. Don't worry. Along with millions of other Americans you will be emotionally taxed, but will get through it. I promise.

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