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Pima County distressed property report November 15 - December 15
Posted Under: Market Conditions in Tucson | December 18, 2009 9:37 AM | 18 views | No commentsSix months ago short sales represented 11.7% of the sales in Maricopa County. This month they represent 20.1% of the sales. Likewise, in Pima county, 6 months ago, Short Sales represented 7.2% of the sales. This month they represent 15.1% , essentially a doubling for both counties in the past 6 months.
Meanwhile, REO’s are a different story. In Maricopa County REOs represented 61.3% of the sales 6 months ago. This month they have dropped to 40.7%. In Pima County, just the opposite is happening, 6 months ago, they represented 13.8% of the sales, while this month they’ve risen to 28.8%.
In our outlying areas, distressed properties are still relatively quiet, but definitely on the increase.ACTIVE LISTINGS SHORT SALES REO % DISTRESSED SOLD LISTINGS SHORT SALES REO % DISTRESSED By County Maricopa County 34,446 12,575 4,473 49.49% 6,768 1,421 2,759 61.76% Pima County 7,745 1,604 815 31.23% 988 149 285 43.93% Pinal County 4,144 1,714 655 57.17% 961 195 438 65.87% Phoenix Area Ahwatukee-Foothills 678 265 61 48.08% 112 23 31 48.21% Anthem 235 136 10 62.13% 58 19 15 58.62% Apache Junction 469 128 80 44.35% 82 17 39 68.29% Avondale 541 314 101 76.71% 198 39 111 75.76% Buckeye 921 386 175 60.91% 236 52 123 74.15% Chandler 1,665 755 206 57.72% 365 87 120 56.71% Carefree-Cave Creek 596 135 37 28.86% 59 12 23 59.32% Fountain Hills 607 107 52 26.19% 57 11 19 52.63% Gilbert 1,810 977 181 63.98% 397 118 109 57.18% Glendale 1,421 677 267 66.43% 417 94 183 66.43% Goodyear 715 319 109 59.86% 201 50 79 64.18% Mesa 3,365 1,225 481 50.70% 663 135 279 62.44% Paradise Valley 523 54 19 13.96% 23 6 6 52.17% Peoria 1,363 610 192 58.84% 282 68 116 65.25% Phoenix 8,768 3,497 1,438 56.28% 1,987 374 936 65.93% Queen Creek 1,168 682 132 69.69% 370 103 130 62.97% Scottsdale 4,909 1,078 369 29.48% 581 112 171 48.71% Sun City 1,492 109 75 12.33% 178 9 24 18.54% Sun City West 577 24 17 7.11% 76 0 5 6.58% Surprise 1,546 748 179 59.96% 352 88 126 60.80% Tempe 926 256 129 41.58% 97 16 28 45.36% Tucson Area Central Tucson 954 134 110 25.58% 122 17 30 38.52% East Tucson 483 106 58 33.95% 58 12 13 43.10% North Tucson 763 57 27 11.01% 71 9 9 25.35% Northeast Tucson 446 53 31 18.83% 45 6 8 31.11% Northwest Tucson 2,023 401 170 28.23% 230 36 41 33.48% South Tucson Tucson Real Estate Market Continues on the Path to Recovery
Posted Under: Market Conditions in Tucson | February 4, 2009 8:52 AM | 72 views | No commentsThe Tucson market continues to show signs of a recovery with a better-than-expected December 2008 in terms of sales and pending closings.
Although the Arizona Daily Star published this story today, "34% of Tucson-area homes sold at a loss last year as values plunged," the story doesn't really give credit to the fact that overall sales are UP in relation to previous years (As home prices drop, sales begin to pick up).
The foreclosures and short sales seem to be thinning out and there are definitely not as many as during the past year. The homes that are on the market are priced appropriately which is a testament to the increased activity in the Tucson market.
When the investors come out in force, that means something!Pima County to Buy Foreclosed Homes.. But Does it Make Sense?
Posted Under: Market Conditions in Tucson | January 16, 2009 7:39 AM | 112 views | 3 commentsPima County announced yesterday the creation of $1.5 million in affordable-housing bonds that will go towards rehabilitating homes in neighborhoods worst hit by foreclosures.
In addition to the $1.5 million, another $3 million in federal funding will also be allocated towards this effort, which Pima County believes will assist former homeowners and communities that have been hit by the credit crisis.
The program will focus on three ZIP codes that have the highest foreclosure rates in Tucson — 85706, 85713 and 85746 — which are all on the Southwest and South sides.
The bond funds will only be enough to buy 12 or 13 homes, and I'm not completely sure this is the best use of this money. Essentially the County will become landlords for the time being and will probably sell the homes later at a profit.
Why not use these funds to create more jobs in the Tucson community?Gladden Farms Lender to Sell Land?
Posted Under: Market Conditions in Marana | January 6, 2009 1:06 PM | 288 views | No commentsThe real estate meltdown has reached critical mass in my neck of the woods. I live up in Gladden Farms, a master-planned community in Marana, AZ (just NW of Tucson) and the lender for the undeveloped property has filed a notice of trustee's sale.
Below is an excerpt from the Arizona Daily Star:
The lender for master-planned Gladden Farms in Marana has filed a notice of trustee's sale for about 605 acres, most of which is vacant farmland just east of the development.
The notice filed last month by a division of GMAC Bank also includes a small portion of subdivided but undeveloped lots, but the action is not expected to affect current Gladden Farms homeowners.
Dean Wingert, senior vice president for Gladden Farms, said in a prepared statement the project's developer and owners have a long-standing relationship with GMAC, but problems arose following a recent appraisal of the vacant land.
Lenders can sell property through a trustee's sale when a borrower is in default or foreclosure. Though full details of what precipitated the Gladden Farms sale were not immediately available, a drop in equity based on falling appraised values can trigger default provisions.
"They did an updated appraisal of the vacant land, and it came back with a very low value on today's conditions," Wingert said.
Gladden Farms acquired the land in 2005. It sits just east of the master-planned community between Tangerine and Moore Roads. The notice of sale will have no effect on the existing development, Wingert said.
For the last five months GMAC has not paid for any of Gladden Farm's expenses, so the developer has gone ahead on its own with $2 million in improvements to the site and also made a major payment to the town of Marana, Wingert said. Because of that commitment, Wingert said he expects the developer to find new financing before a trustee's sale occurs.
I've also received a letter in the mail regarding this issue, and I sure hope that Gladden Farms can get this sorted out. A Fry's shopping center has been on hold for the past year and a half (already bladed and utilities run) and if the land does go up for auction I imagine it would take even longer.
It sounds as though Gladden Farms management is optimistic about finding a new lender, however, so we'll just have to see what happens.Share this blogQuick LinksView Michael Krotchie'sBlog
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