Home Buying in Scottsdale>Question Details

Dk, Home Buyer in Scottsdale, AZ

Desert Parks Village; DC Ranch...Area between Pima/94th; Trailside/Unionhills: Opinions on the area, long term value, why the high number of sales?

Asked by Dk, Scottsdale, AZ Sat May 15, 2010

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My wife and I live in Desert Parks at DC Ranch and love the area. One of the main reasons for the high number of sales is that a lot of investors, especially from California, bought in the area thinking the prices would continue to rise. When the market dropped, a large number of these investors let them go into foreclosure or they did short sales. Of course, economic conditions have caused people to lose jobs and/or have a substantial drop in income so they have been forced to sell or go into foreclosure. This is a great location, close to the 101, shopping, restaurants, etc. so the long term value will be there. We have already seen the prices begin to rise some and the homes seem to be selling fairly quickly if priced right. We often have multiple offers on our listings in the neighborhood.
0 votes Thank Flag Link Sun May 16, 2010
This area will always be very desirable because of location and quality of homes. I live in this neighboorhood and absolutely love it. From a Realtor's perspective there have been lots of homes for sale because of foreclosures and now more commonly Short Sales. At the peak of the market a there were so many homes over valued compared to now, that many homeowners decided not to stay in the home or that could not even re-finance so that adds to the high number of foreclosures/short sales etc. There are still lots of homes for sale but not as many as there were just a year ago and depending on the price point your considering determines the number of homes available. Lots of homes listed for over 1 million, not as many under $600,000.
I think despite everything if your deciding to make a purchase in this area the big picture looks good for the long term. If your looking at homes over 1million there is still some uncertainity with the prices finding stability.

Lisa Katz, CSSN
Realty Executives
0 votes Thank Flag Link Sun May 16, 2010
D.C Ranch is a great area. This is an upscale community with a mix of Single Family, Townhomes and Condos. It is a very popular area.

Why so many sales? It is a large community and quite frankly the people that gravitate to this area have money (or the ability to purchase). They know prices are down and are buying at relative bargain prices. Long term value? EXCELLENT.
0 votes Thank Flag Link Sat May 15, 2010
D. C. Ranch area is great.

Lots of sales because people are actually starting to do strategic foreclosures.

Go here to see what I mean: http://www.cbsnews.com/video/watch/?id=6470184n

Here are some very interesting stats from last month.

April was a record month: 9297 Homes Closed

There is currently 3 months supply that makes this a SELLER'S MARKET

Why all the demand? And where is it coming from?

Every 17 seconds a baby boomer turns 50.

Lots of demand from people moving from "Rust Belt" to "Sun Belt"

Also Canadians can now buy homes in Arizona with a mortgage.

Many are going in together and buying 1 home to share for the year. Kinda like a time share except each person owns a portion of the home.

Hope this helps.

Terry S. Smith
Broker Associate
DPR Realty LLC
8341 E. Scottsdale, Az 85260
(602) 763-1858
0 votes Thank Flag Link Sat May 15, 2010
Due to the year built the area was priced at peak market values (2004 up) and loans were given to all buyers even if they were 'affordable' or not. The change in economy and housing has affected those who really couldn't afford their homes or have suffered job loss or other income downturn. This is a factor for all areas of homes built in this time frame and those areas where refinancing was used to improve homes and don't forget those that used homes fpr cash out to buy 'goodies'. This area is Scottsdale, expensive, to keep up some made these decisions to be a part of area when it was too much of a stretch and when things changed they couldn't hang on. The area is desirable and buying in a time where prices have dropped and interest rates are still low the dynamic is ideal for those wanting a home at this time. We still have a majority of sales under 400k but the good homes at higher prices are still selling quick.
0 votes Thank Flag Link Sat May 15, 2010
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