Phoenix AZ | Scottsdale AZ Real Estate

For those who read yesterday's Blog, when I took a leap of faith of faith (or as some have suggested, contributed to the problem) when I was either bold or crazy enough to suggest that the overall drop in home prices in Phoenix and the surrounding communities of Scottsale, Tempe, Fountain Hills and the other areas of metro Phoenix  announced is"Good News"!!

I must have miscommunicated. I Intended to attack the problem. Not Contribute.

I was simply attempting to address the pervasive negative headlines and show how they can be misleading and in fact not necesarily as negative news as the media would have us believe.

I am not retracting my belief just qualifying it as an assessment that the news was a case of the Glass Half-Full v. Half Empty. Here's why .... 

1) It's a Buyer's market - for the Half of every real estate transaction, the Buyer, opportunities are created for those who have the conviction to step in when value in home prices is in their sights and the patience for long-term growth which historically real estate has given

2) Lenders easing credit - the lower prices, offer less risk for lenders. Let's face it, values are not going to $zero. Lower purchase prices, lower loan amounts, lower payments for borrowers, more upside in appreciation, than downside, eventually lenders will ease credit

3) Lower interest rates - how you finance a home, is often times more significant than what price you pay, 30-year fixed rates are hovering near all-time lows. You can lock in a fixed payment with a reduced price and reduced rates than seen in many many years, thus lower monthly payments for the same house 3-4 years ago.

(for the rest of the reasons and story)

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Copyright © James Wexler, *5 Reasons why bad news in Phoenix can be Good News !*

Ok, ok, .... Maybe good news is pushing it a little.

And I don't at all want to sound happy or overjoyed as home values, and people's net worth slightly deteriorate..

However, after everyone catches their breath from this news and looks a little deeper past this fright filled front page headline in which a report showed an average home price drop accross the board for towns like Phoenix, Scottsdale, Fountain Hills, Gilbert, Mesa and Tempe (not Paradise Valley). it may a little more easily digested as a case of "Glass Half-Full" versus "Half Empty"....

Here's one man's humble of Why!!

1) It's a Buyer's market

2) Lenders easing credit

3) Lower interest rates

4) Reduction in inventory

5) Consumer confidence

(the rest of article continued)

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Copyright © 2008 By James Wexler, All Rights Reserved. Good News ! - Home prices in Greater Phoenix drop record amount in last 12 months !!*

The quest for the ‘ Triple Crown ‘ is over.

Big Brown comes in last in Belmont and it's bid for history.

whether your a horse racing fan or not, almost everyone likes the pomp and circumstance, the fan fare surrounding the Kentucky Derby, Preakness and today's Belmont stakes.

Horses with names like, Secretariat, Seattle Slew, and Barbaro are in the media and horses are stars in pop culture.

And even if you are not a gambler, almost everyone has a favorite 3-year old.

As you know, I relate everything to real estate (others feel like this about Golf) and there is something to learn from the Kentucky Derby and Belmont stakes.

The horse race is a sprint. Betting on a sprint is a gamble; anything can happen. However, real estate is not a sprint. Home buying never has been a race; if it is one, its a marathon.

Those who gambled, and invested , for short-term appreciation recently where on the wrong side of what was a bet (even educated) that the market would keep flying. We know the end of that story.

The last 100 years (marathon) of buying homes and investing in real estate has proven to be anything but a gamble.

Home buying, is proven to be one of the most a valuable way for families to save, earn and invest with , overall, wild successful results. The American dream has created so much wealth for so many Americans because we are taught by our parents to put away money every month, consistently over a long period of time (in 30-year and 15-year fixed mortgages.)

The old saying, those who don't learn from their past, are doomed to repeat it, is all too appropriate today.

Buying Real estate, home ownership, should be thought of as a marathon; not a sprint, not a horse race, it is not a bet or gamble.

Don't bet on your future.

Invest wisely and remember that home ownership is arguably the best way to create long-term value with the short-term benefit of use.

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Copyright © James Wexler, *"What gambling on horse racing can telll us about Real Estate Investing*

fellow fighters of the good fight.... just wanted to share my loud and gross objection to today's news; This is no way to go into a weekend.

• stock market down 400 points -  now stockbrokers now how we feel
• Oil at record highs $139/barrel  - time to buy a Vespa
• we may have to 'Lose weight before you fly or pay more for your ticket!! -
• largest jump in unemployment hits 22 year high

But hey, let's look on the brightside, at least there was nothing negative about Real Estate !

did some someone say "Thank God its Friday" !! and at least we have wonderful weather here in

Phoenix, Scottsdale, Tempe, Fountain Hills, Peoria, Glendale, Paradise Valley, and the golf communities of Desert Ridge, DC Ranch, Troon, Grayhawk

I wish everyone a great weekend

- James Wexler

www.Wexzilla.com

by the way, dont hesitate to complain, object or share your frustration;  sometimes, that's what we are here for.

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Copyright © 2008 By James Wexler, All Rights Reserved. *"Rants, Ravings, and gross objections !! from Sunny Phoenix | Scottsdale*

Contact James Wexler (480) 221-8080 for Internet Marketing Coaching and Consulting.

You have all heard the investment phrase, ‘Buy Low Sell High'.

seems simple enough.... However, how do you help buyers actually do just that?

Let me share a story which might help shed some light on this investing " Holy Grail "

"Finance 101 says that, "the best time to buy is when opportunities are created out of seller necessity.

A couple I have worked with for some time, just bought a home straight out of a Builders Inventory (these days, builders have taken homes back from a buyer who could not qualify for a loan.) The original price on this home was more than $700K. They bought this brand large beautiful new home in a wonderful community for $400K.

Now, this couple has bought low. Have they purchase at the lowest? My crystal ball has not worked as well as I would like. However, based upon their needs, wants and desires, they have bought "Low" ; and more importantly, have a wonderful home to raise their family.

How do they sell High? Well maybe the correct term is sell "Higher".

Again, my crystal ball is on the fritz. However, they have a very affordable 30-year fixed rate that they can comfortably afford and do not have plans to sell for many years to come. A historical outlook will suggest that their plans to live in this home for 5-7 years and possibly longer will give them an excellent chance to build equity, save on taxes, sell higher, and again, most importantly,give their family a place to call home.

I would say that I have never seen so many great buying opportunities for the prudent, savvy, patient and credit-worthy buyer.

More and More these days, Opportunities abound. You just have to know where to look.

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Copyright © James Wexler, All Rights Reserved. *Buy Low - Sell High -

I wanted to share Arizona State University 's, Dr. Jay Butler 's greater phoenix real estate market summary from January 07 to January 08.

Granted, this info is a little dated. However, it is important to summarize the year over year drop; especially in relationship to the steep drop from January of this year to June 1st of this year which has all but matched the previous 12 months in percentage decline.

In January of 2008, from January 2007 prices have declined in most areas of Phoenix and its surrounding towns/cities.

Mr. Butler's January study reported:

In Phoenix , the overall Median Price dropped from last year January $225K to $199K this year

In Scottsdale , the prices have remained relatively stable.The Median Price of $550K declined to $545K

In Tempe, Median Price has declined slightly from $283K to $254K

In Mesa, the median price has dropped about 10% year over year from $235K to $210K

In Glendale, home of the Superbowl, the median price has dropped also about 10% down from a median Price of $239K to $210K

In Chandler the median Price dropped from $305K to $257K

The highest Median price is in Paradise Valley at $1,108,000.

although, Mr. Butlers May report will not be out for a few weeks, it will likely show a decline of similar percentage in the first 5 months of this year that will match the average declines listed above.

Don’t fear, patient and loyal home buyer or seller and my dedicated and resilient fellow real estate professionals, lower prices can properly cool off a boiling market to a more stable level; much needed to stimulate buying and resuming confidence in a great place to live

Drinking coffee, this morning, which I am know to do, in large quantities, and (in exactly this order) waking up which arduously follows, I sit each morning, and flip between the multitude of news channels, and mainline the information from CNBC, CNN, Fox News, ESPN (for AZ sports fans, this is never good news) and start each day and the local news networks, force feeding me the information I thought I ‘need' to be prepared for a day out in the real world.

Most mornings bright and early, it's just me and my loyal (I say this because he always agrees with me) Jack Russell Terrier, Riley, listening to the well dressed and perfectly coiffed news anchor's report on the state of affairs, social , political and otherwise.

However, this morning, when I trudged to kitchen for coffee and sat in front of the television for my daily dose of must-have news, my shall we say, better half, was watching what I call a pseudo-news program like Today or Good Morning America. (and I might add she seemed to be happy)

I silently, (because I don't talk until I have had my first cup of coffee) took the remote in turned to "My" news channels and we watched together for a few minutes until she stood up and said, ,I don't know how you watch this stuff? It's depressing! This is no way to start (or finish) a Day!! And I said, defiantly, "what do you mean??" (probably not the smartest question, because she told me what she meant) Listen to what we had watched and heard, - oil prices at Record Highs, Home prices Plummet, Foreclosures up, stock market drops, Inflation is up, economy is in a recession, McCain is bad for economy, Barak Obama is bad for economy, and Hilary is bad for economy, something about Brittany Spears and my beloved AZ Diamondbacks lose again, ... all in a span of 10 minutes.

Again, I was quiet (mostly due the coffee not having time to work) and thought for few minutes, asked Riley what he thought , he also was quiet, (probably had not had his coffee yet either) and realized that , yes, I can admit it (of course, not to her, and she doesn't read my blog J ) that there may be something to these news channels seems to relish itself to try and quash any glimmer of good new; plenty of which I strongly believe we have plenty.

So I made a commitment to Quit the morning news for 30 days and start the day with coffee (I am only so strong) and a walk and good talk with Riley. Stay tuned. I will let you know how it goes. But so far I feel great

James Wexler

Yes, you are reading correctly. this past march , March, according to John McClean who researched this from the public tax records in Maricopa County , (which includes, phoenix, Scottsdale, Glendale, Tempe, Peoria, Fountain Hills and Paradise Valley)

in fact, throw in a couple of ‘smaller’ home sales for $3,900,000 and another $3,800,000 and you have a total of $34,000,000 (that’s 34 Million) in just 6 homes alone.

Let’s face it, Phoenix, and its surrounding cities like Tempe, Fountain Hills and Scottsdale, Arizona is still a wonderful place to live.

Home values are cheap (when compared to many other resort destinations) and have been getting cheaper (down about 20% from highs).

Interest rates are near historic lows. Stock market is volatile, inflation is high. Where else but real estate can you fix a payment for 30-years not rising against inflation. Not gold and oil and food commodities at all-time highs!

Granted, most home buyers are not spending $14MM no less $4MM on a home. And yes, wealthy people typically are more adverse to short-term drops in home values. However, Wall Street often refers to these larger buyers as ‘Smart money’ (again only time will tell). And these buyers have typically more resources to research and opportunities more negotiating power and more choices than you and I.

So when I see a successful attorney from out of state who spends $14MM in CASH!! And a CEO of a major manufacturing corporation to pay $8.2MM on homes here in Paradise Valley or Scottsdale, Arizona , it tell me that if their money is good enough to buy real estate now, today, in this market, then ,With these types of sales, I have to consider that we may be at or near a bottom.

Or at the very least , there are some truly great buying opportunities out there in the market.

I am curious what everyone else is seeing in their areas? Are these just islands in the storm?? or are we begining to see sun through the storm clouds?

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Copyright © 2008 By James Wexler, All Rights Reserved. *"Paradise Valley Homes Sold - $14,000,000 , $8,200,000 and $4,100,000 - all in 1 week*

Contact James Wexler (480) 221-8080 for Internet Marketing Coaching and Consulting.

There are reasons for buying resale and other good reasons to buy a new construction home Direct from a Builder; including,...

A wide variety of communities, location, location, location, modern floor plans, an practically unlimited choices of features, colors, fixtures and finishing’s, lot selection, modern safety and energy efficient standards, and invaluable Builder warranty offering an extended commitment to reliability and unique value opportunities.

It is difficult to look past a new home for your American Dream.

Consider these 5 Reasons

1) Value – In today’s market, almost everything is negotiable. Many home builders, if you negotiate well, will often help contribute down payment and almost always money towards closing costs; thus saving you what can amount to a lot of money out of pocket. Further, they are more willing to negotiate pricing, as they have more flexibility in pricing than the resale home seller. Finally, happy community residents and satisfied customers are the best source of new sales for the builder who has many homes available in that neighborhood.

2) Modern Architecture – Build the Home that’s Right for you Today’s New Home Builder, offers an array of modern floor plans that are sure to feel custom to each buyer, these plans are including large kitchens with huge family great room, more bathrooms, with steam showers, and jetted tubs, walk-in closets, his and her sinks, Guest Entrance/Casitas, Pool s, pools, spas, putting greens, fireplaces, home offices, built-in plasma tvs and wonderful use of windows for natural lighting and often spectacular views,

3) Choices - The dizzying amount of choices include and are no way limited to… exterior paint, stonework, windows, interior Paint colors, faux and textured, carpets, stone, floors or wood, variety of wood cabinets, stainless steel appliances, with larger capacity refrigerators, double ovens and 6 burner gas range, granite counters, tiled bathrooms, light fixtures, landscaping choices and solar heated pools, to name only a few of the countless choices making the process not only fun, but personal.

4) Spec Builds in Inventory – Discount price – no discount in product or value. If you can be a little more flexible in all of your specific desires. Many New Home Builders have some home in current Inventory. Either Buyers could not qualify or the Builder built as “Specs” , homes available for purchase immediately. These homes are often built 70-100% to completion; thus offering less choices. However, what you lack in choices, is often well made up for in pricing as these builders need to sell them more quickly as they are costly to keep each month.

5) Long-Term Appreciation - Think New Car Smell! Lets face it, who doesn’t like New. New vs. Used is as American as apple pie. Think, new car smell. And when it comes to resale, one of the first items looked at when comparing location, size and pricing, is Age of home and modern fixtures and finishings. If you compare equal homes, with equal amenities, the new home is more marketable, more saleable and often demands more money.

I want to say that there are also plenty good reasons to buy resale.

However, thought I would share these points and ask for your feedback of advantages, disadvantages, pros, cons, etc.... on what my respected peers and consumers think?

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Copyright © 2008 By James Wexler, All Rights Reserved. *"Why Buy New from a Phoenix | Scottsdale Builder??*

as we all know, ...When it comes to buying real estate, Patience, prudence, insight, educated decision making and a little luck can present you with promising opportunities.

However, financial professionals, will often tell you that “Risk evaluation" is probably the most important criteria one must consider before making the decision to buy.

Risk/Reward can be defined as the amount of risk one must take to provide a similar amount of return on investment. Generally, the higher the risk, the higher reward.

Here are 3 thoughts I recommend for all buyers to consider when evaluating risk before deciding whether or not your next Deal really is good as it looks.

1) Comfort level – too much stress, fear , and unhappiness, are lingering effects of taking a risk larger than you may want to handle

2) Can you afford a loss – if there is one thing this difficult period in real estate has taught us, is that real estate is not guaranteed to go up forever, ask yourself if you can afford to hold your real estate years and years past what you initialyl hoped

3) Opportunity cost – deciding not to buy that “good deal” may be the best investment you ever make. Experts will tell you that there are always other opportunities. If you have the money in your pocket and the ability to make a decision when it presents itself you may find that opportunity that you could not have take advantage of if you had purchased that deal on which you passed.

We All take Risks in Life; personally and professionally. The purchase and finance of a home is a risk that most people take. Historically, it has been very rewarding.

However, be prudent, make sure you have done your research, have double checked your finances, and have properly evaluated risk;The deal that sure looks good, may not be as good as it looks.

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for more rants, ravings, musings and market news follow me on Twitter or link to my blog www.Wexzilla.com

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Copyright © 2008 By James Wexler, All Rights Reserved. *"This Deal Sure Looks Good ", .... I think I should buy*