Phoenix AZ | Scottsdale AZ Real Estate

A new victim is beginning to suffer as a result of the condition of the mortgage and real estate market here in the towns and communities that surrounds Phoenix such as Tempe, Surprise and Peoria.

That unlikely victim is actually the good paying member of the HOA communities so prevalent in Arizona.

Scottsdale Republic, Matt Metz, a self-described resident of a Homeowners Association, shared his well-though opinion of the unfortunate state of how Foreclosures are hurting the dues-paying members of their HOA.

Here's what is happening.

When the foreclosure process occurs, either the new buyer, or the bank who takes the property back is responsible for unpaid property taxes, interest, etc.... However, they are not responsible for the unpaid debt of the owners HOA dues/fees.

The debt is not connected to the property. Dues are connected to the original owner and it is unlikely that that money will be ever collected.

As a result, the residents of the community- the good paying members of the HOA must make up for the lost revenue somehow, in the form of raised dues, new assessment, or reduction in quality services currently offered to members.

Under the terms of a traditional Real Estate purchase and sale, any monies due and HOA would be settled at closing per agreement of buyer and seller. Not until, these monies are paid can title transfer.

However, under a trustee sale (foreclosure), Title transfers with no consideration of this settlement of HOA fees. Mr. Metz makes and excellent point. , "Our state law should require that all liens must be settled before any transfer of ownership can be completed - whether that transfer is the result of a (traditional) sale, short-sale or a foreclosure.

I agree that we need to help people stay in their homes through a variety of methods including new legislation.

However, more importantly, we need new legislation to protect those who are paying their bills and are responsible for their debts.

Thank You Matt for speaking out!

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Copyright © 2008 By James Wexler, All Rights Reserved. *Be careful when buying a home in a community governed by an HOA! *

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

I live and work as a real estate broker for Coldwell Banker  outside of Phoenix in Scottsdale, AZ. 

Virtually, 90% of the year we have little to complain about; the temperature is nearly 110 degrees outside in July and August.

Lately, it seems everywhere I look in the media  there is , how shall I say it , less than positive news.

• Single Family Construction fall to 17 year low
• Fannie Mae & Freddie  Mac may  need a bailout
• IndyMac Bank becomes second-largest bank failure in U.S. history
• Home Builder Index sliceds to record low
• Interest Rate hikes may be coming 'very soon'

I am in a good mood, surprisingly. I know there is more to life then interest rates, real estate, the stock market and prices at the pump.

However, I would love it if my fellow professionals and the much appreciated readers of my blog would offer some headlines of positive news to what is a frustrating list of spiraling headlines.

 thanks and have a great week.

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Copyright © 2008 By James Wexler, All Rights Reserved. *Can someone give me some Good News ??*

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

I have an outside Blog about the Greater Phoenix | Scottsdale Real Estate market called Wexzilla.com

I also have a blog here at Active Rain, which you know, if you are reading this post .

I have never moderated comments. 

My thinking is that people have freedom of speach and that posts, comments and the inevitable criticism should be free-from , free-flowing stream of conscious.

However, there are those who seem to take freedom of speech  

well past the old saying of " if you don't have something nice to say, don't say it at all".

I was curious,

• do you moderate your comments?
• Do you approve post comments prior to making them public.
• Do you handle comments differently on your outside blog?

I know I sound like a 'newbie' (which I am proud of and fell like I am, as I am always learning) but ,... thanks for sharing :)

- James Wexler

Wexzilla.com - Phoenix | Scottsdale Real Estate Blog

According to a report from the Arizona State University just released , .. 

Valley Cities (Phoenix, Scottsdale, Paradise Valley and other surrounding cities of Glendale, Peoria, Mesa, Tempe ,etc...) recorded a year over year price drop of 18%.

In the North east region of the Valley which includes Paradise Valley and Scottsdale, prices dropped more than 10% from April of 2007.

ASU real estate professor Karl Guntermann, noted that the rising amount of foreclosures was the primary factor for the "off-the-cliff drop".

However, rising gas prices, rising food prices, rising interest rates also contributed to the falling home prices.

I am sorry to be the bearer of such news.

However, let's think positively for a moment and ask,

If you have been waiting for the house you could not afford, and can qualify as a first-time home buyer with an FHA loan, ..

Can you say "buyer's Market" ?

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call me with any questions:

James Wexler :  480.221.8080

Michael Clancy of the The Republic and AZcentral.com recentely reported ...

 that the the Mulit-Billion dollar project "CityNorth" (northeast part of Phoenix)

near Desert Ridge (loop 101 & 56th st.)

has added 10 high quality retailers and several restaurants.

The first phase of CityNorth,   called High Street,  

is scheduled to open November 13th and according to the article will have 44 retail stores and 7 restaurants.

The project will also have office space and condos. However, the details are yet to be released.

City North will be a huge boon to an already burgeoning area that has seen a tremendous amount of real estate development (commercial and residential) over the past several years.

In my opinion, this is not a bet or a gamble by the billions of dollars behind the CityNorth project. It is a intelligent investment into the heart of growth in Phoenix and Scottsdale.

If you have any updates on the condo portion or residential development, I encourage you to share.

Look forward to seeing you at Yogurberry in November.

James Wexler

one of my favorite days of the year is the first Saturday in May. The 'Run for the Roses', the Kentucky Derby! The first leg of the ' Triple Crown '.

whether your a horse racing fan or not, almost everyone likes the pomp and circumstance, the fan fare surrounding the race.

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-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 Derby.

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.  In Greater Phoenix, Scottsdale and the towns in Maricopa County, returns have been some of the best in the Country.

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.

If you want, ..bet $2 on your favorite horse (name) or a friendly wager with a buddy.

However, don't bet on your future.

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

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Copyright © 2008 By James Wexler, All Rights Reserved. *Kentucky Derby and betting on Real Estate*

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

As I read through the more than 50,000+ listings here in Maricopa County which includes ..

the cities of Phoenix, Scottsdale, Glendale, Peoria, Tempe, Fountain Hills, Carefree and Paradise Valley

I see listing after listing with photos and descriptions that makes one scratch their head in wonder what the seller and agent were thinking.

Listen to the first sentence description of this $1,000,000+ home 

 """"   Desperate seller  will carry for easy qualifying, can be creative.  """" 

I know the market is tough. And admittedly, many if not most sellers are desperate. However, is it really the first thing you want to say in the description?

If you have any other similar MLS remarks , please share

James Wexler : Wexzilla - Phoenix | Scottsdale Real Estate Blog

The Federal Reserve and the Treasury announced steps Sunday to shore up mortgage giants Fannie Mae and Freddie Mac, whose shares have plunged as losses from their mortgage holdings threatened their financial survival. 

This is an important step to support consumer confidence and " send a signal to nervous investors worldwide that the government is prepared to take all necessary steps to prevent the credit market troubles that started last year from engulfing financial markets and further weakening the economy and housing markets."

Secretary Treasurer Paulson's goal is to get his plan attached to a sweeping housing-rescue package that can prevent further deterioration of a housing slump that is hampering our economy.

I applaude the swift action by the FED. I generally am not a big advocate of too much government intervention. However, these 2 entities, Fannie Mae and Freddie Mac are simply too important too be allowed to fail.

I would love to hear your thoughts, if ...

is this is a good move, bad move, too little too late or just a band-aid on a bigger problem.

thanks for sharing

James Wexler

Mike Clancy , of the AZ Republic , reported that Westcorp and several partners purchased 112 acres in N. Scottsdale and committed more than $67 million for improvements, roads, and utilities.

The project will be mix-use including a shopping center, office space and condos. Westcor said work is to begin immediately.

The reason I bring this to your attention is to share my thoughts and get yours on what this means for the residential real estate market in Scottsdale and greater Phoenix overall.

Foremost, anytime , a larger company invests this type of money, in Arizona Real Estate, it must be considered a good thing.

These billion dollar companies, have extensive resources to information, marketing studies and analyst research; simply put, these real estate giants do not invest $100 million unless their due diligence points to a near 'guaranteed' chance of success.

Further, this type of development needs to be supported by consumer spending. That includes population growth, job growth, excess income from jobs, a stable or reasonable inflation and increase in home values and home equity.

This is all good news for the longer term prospects for the economy and residential real estate in Scottsdale and Phoenix.

I would love your thoughts, opinions on this project.

Do you think this is providing a glut of commercial real estate and residential product or more value to current and future residents of the area.

please, let me know.

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Copyright © 2008 By James Wexler, All Rights Reserved. *Westcor invests $100 million to develp Scottsdale Land*

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

George Carlin, one of the greatest comediens of our time passes away recently.

I wanted to share this little bit of his genius.  It has nothing to do with real estate. Please enjoy.

George Carlin on Aging !!    

Do you realize that the only time in our lives when we like to get old is when we're kids? If you're less than 10 years old, you're so excited about aging that you think in fractions.

'How old are you?' ' I'm four and a half!' You're never thirty-six and a half. You're four and a half, going on five! That's the key

You get into your teens, now they can't hold you back. You jump to the next number, or even a few ahead.

'How old are you?' 'I'm gonna be 16!' You could be 13, but hey, you're gonna be 16! And then the greatest day of your life . . You become 21. Even the words sound like a ceremony YOU BECOME 21. YESSSS!!!

But then you turn 30. Oooohh, what happened there? Makes you sound like bad milk! He TURNED; we had to throw him out. There's no fun now, you're Just a sour-dumpling. What's wrong? What's changed?

You BECOME 21, you TURN 30, then you're PUSHING 40. Whoa! Put on the brakes, it's all slipping away. Before you know it, you REACH 50 and your dreams are gone.

But wait!!! You MAKE it to 60. You didn't think you would!

So you BECOME 21, TURN 30, PUSH 40, REACH 50 and MAKE it to 60.

You've built up so much speed that you HIT 70! After that it's a day-by-day thing; you HIT Wednesday!

You get into your 80's and every day is a complete cycle; you HIT lunch; you TURN 4:30; you REACH bedtime. And it doesn't end there. Into the 90s, you start going backwards; 'I Was JUST 92.'

Then a strange thing happens. If you make it over 100, you become a little kid again. 'I'm 100 and a half!'

- George Carlin

Have a great weekend and enjoy yourself and you families.

May you all make it to a healthy 100 and a half !!

- James Wexler  -- 480.221.8080    Wexilla - Phoenix | Scottsdale Real Estate Blog