Home Buying in Scottsdale>Question Details

jtroywa, Home Buyer in Scottsdale, AZ

Looking to buy a second house/rental in Scottsdale (Kierland or Mayo Clinic Hospital) preferrably in 85254 zip code. Thanks a lot.

Asked by jtroywa, Scottsdale, AZ Wed Oct 31, 2012

200-300K 3bd 2bath 2 car garage. built 1990 and higher. no need for a pool. short sale would be well considered. Need a 15-20% discount from current market prices.

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19
Michael B Berg’s answer
You need to talk to a Realtor that does both leasing & sales.
That way you are not surprised by what you can get for rent & at the same time it is a home that will increase in value at, or ahead of the market.
0 votes Thank Flag Link Wed Nov 7, 2012
If you need home watching or are thinking of renting the house out the Offices of Lesser Associates LLC are here for you. We have been doing property management and leasing for over 35 years in the Scottsdale Area. Family run and Operated.
0 votes Thank Flag Link Wed Nov 7, 2012
Hello,

I have experience with an AMAZING agent in Scottsdale.

She works with investors everyday and help you find an amazing deal.

Her name is Anna with RE/MAX Sun Properties. 480-510-5182

Best of Luck,

Alexandra
0 votes Thank Flag Link Mon Nov 5, 2012
Jtroywa,

Have you been helped yet? I am a Realtor located in Scottsdale, AZ. Let me know if you are still looking for property or have any questions.

Best,

Jennifer Reichman
http://www.jenniferreichman.com
0 votes Thank Flag Link Mon Nov 5, 2012
Jtroywa,

If your looking to financing check into Flagstar Bank. We have a small branch in Scottsdale. For financing options give me a call, I would be happy to provide you with a loan proposal.

Flagstar Bank,
Geofrey Merino
480-560-1081
geofrey.merino@flagstar.com
0 votes Thank Flag Link Sat Nov 3, 2012
Hi-
I might be able to help you purchasing wholesale property. Contact me so I can get the details about your RE goals. I look forward to talking to you!
0 votes Thank Flag Link Thu Nov 1, 2012
Your ONLY option to get this type of discount is to buy at the Trustee Auctions. With inventory at such low levels on MLS any property priced under market will have a feeding frenzy of buyers.
We are expecting inventory to increase, which will give Buyers more options over the next few months. That being said I don't believe the increase will be substantial enough to swing the market again, hopefully it is enough to stabilize and we can avoid a slight dip in values.
0 votes Thank Flag Link Thu Nov 1, 2012
Here is a list of homes that meet your criteria. As you can see, the inventory levels are very low right now. http://www.flexmls.com/cgi-bin/mainmenu.cgi?cmd=url+other/ru…

If you would like to research additional homes, you can go online and search the MLS with the same capabilities that I have as a Realtor at: http://www.jenniemillerrealtor.com

My office is in Kierland and I would be happy to show you any of these homes anytime. I have extensive recommendations from my clients on my Trulia.com profile so that you can see the quality of my work.
0 votes Thank Flag Link Thu Nov 1, 2012
The prices in that zip code are still highly discounted. With interest rates at a historic low, you can hardly go wrong!
I have been selling homes since 1997 and 85254 is my main area. I would love to help you find a second home.

Best regards,

Kim Henley
HomeSmart Elite
602-430-6455
kimhenley@cox.net
0 votes Thank Flag Link Thu Nov 1, 2012
Hi Jtroya

True deals 15-20% do exist but are not easy to find and if they hit the MLS the competition is fierce. In order to win some of these bids I would advise you come in with cash. Our market has done a complete turnaround; a year ago you could you could have picked up a property in the 15-30% market value all day, today is a different story.
Also if you find a deal 15-20% of market value compare it the right way to make sure you have that deal.

1. Only look at sold listings
2. Begin in the subdivision then work your way out
3. Do not consider any comp 300 sq. ft below or above the subject
4. Three sold comparables is a solid way to determine you market value and Pending/Active prices is a great way to determine if prices are going up or down.

Good luck with your search, have fun with it, and anyone on this board including myself would love to help you find your next investment/2nd home.

Juan Pesqueira
American Associates Real Estate
Homes | Condos | Investments
Spanish and English speaking Realtor
Realtor, Appraiser
8930 E. Raintree Drive Suite 200
Scottsdale, AZ 85260
Office 480-458-8007 | Fax 480.767.7200
email: pesqueira2@cox.net
Websites:
TEMPE: http://www.tempehomescondos.com/
UPSCALE BOUTIQUE: http://azluxuryhomeblog.com/
TEMPE REAL ESTATE BLOG: http://temperealestateblog.wordpress.com/

Yes Dreams Come True, Let me Show
0 votes Thank Flag Link Thu Nov 1, 2012
Your first step would be to contact a professional REALTOR who can met with you and discuss your specific goals and then offer several strategies based on their experience.

I have an office in Desert Ridge (Loop 101 & Tatum), Paradise Valley (Tatum & Shea) and Scottsdale (Hayden & Shea) and work in the area you are looking to buy a second / rental home.

If I can be of service you can contact me:

Donald Keys
Professional REALTOR Since 1997
HomeSmart Elite Group
(602) 750-1744
Web Reference: http://donaldkeys.com/info/
0 votes Thank Flag Link Thu Nov 1, 2012
HI jtroywa

It is important to know that 30 homes have sold in this criteria in 2012 to date. The list to sale price ranges from 88% to 112% of list price. The average list to sale price is 99%. I just sold a nice rental at $235k. We asked for $235k and closed at that price. The competition was high. Currently a short sale is your best option for value in price. However, these are less certain to close so risk increase with price and interest rates going up over the waiting period. If you are not financing then interest rate not relevant of course. Big discounts from current market prices would be best option for homes in need of work. Bank owned properties on open MLS get multiple offers at or above asking if priced at market value. Due to increase in market we've seen the wait for short sales garner some gains over that time period and is good if the deal goes through.

Strategy is important, however, it has to lead to results for you. What I'm reading is you want homes priced at $200k-$300k market value at a price of as low as $160k-$240k. In the last 3 months ALL the sales in this criteria sold at or above their asking price. This means you could write offers at discounted prices yet there are others willing to out bid you and you wont get the house.

Off market and trustee sale options exist yet competition is there too.

Be prepared and informed and you'll have the vision to reach the goal.

Laura Myers
AZ Real Estate Consultants
Keller Williams Arizona Realty
http://www.AZRealEstateConsultants.com
0 votes Thank Flag Link Thu Nov 1, 2012
Hi Jtroywa,
The property you reffered to above is still available for sale, it's a shortsale and it has a pool. If you don't care for a pool you can get a similar property in the area for 15-20% lower in price. If you send me your contact information I would be glad to forward you some of the active listings in the area within the price range you specified. Call or e-mail me today at 602-769-0890, gracea@realtyoneaz.com
Thanks,
Grace Adewumi
Realty One Group
7975 N Hayden Rd,STE-A_101
Scottsdale, AZ 85258
602-769-0890
gracea@realtyoneaz.com
http://www.house2buyorsell.com
0 votes Thank Flag Link Thu Nov 1, 2012
JT,

I've helped several recent buyers purchase in the 85254 zip code near Desert Ridge and the Mayo Clinic. As with most areas in the Phoenix metro we are seeing rapid appreciation. I've also helped several buyers purchase properties that are succesfully rented as furnished short-term rental properties, which I believe is where you would like to go with this when you are not using it for yourself. I can help you with how to do this and determining which properties will work well and which will not. To achieve a 15-20% discount is very difficult - anyone that tells you different is not being honest. This is possible but it will take evaluating and offering on a number of short sales and trustee sale properties. This takes some time, increased risk, and willingness to make repairs and upgrades after the sale. If you do not have this time and effort you might be better served by purchasing quickly and letting appreciation achieve a similar "discount" you seek to achieve through months of effort. I'd be excited to help you with either strategy.

Please contact me directly if I can be of further help,

Jason Watton
Realty One Group
602-696-1721
0 votes Thank Flag Link Wed Oct 31, 2012
hello, yes there are several "rental homes" available in the area of your interest. I am putting one of these homes on the market tomorrow. I am a fulltime realtor that stays abreast of this crazy ever-changing market and would like to have the opportunity to help you with the "hunt" for your next rental property. Give me a call 602-549-7346 Jane Grimm, Grimm Luxury Group - Keller Williams Realty
0 votes Thank Flag Link Wed Oct 31, 2012
Here is a link to the available homes in the MLS that fit your criteria.
http://www.flexmls.com/link.html?x4eqrxj0zpa%2C12%2C1
The ones that are AWC are short sales that you can write backup offer on. I also have access to homes that aren't listed on the MLS. If you are interested in seeing an inventory of homes like that, please contact me. These homes are generally discounted in the price range that you are looking for.

Wade Kawahara
Dominion Real Estate Partners
Office: 623-326-7316
Email: wadek123@gmail.com
Website: http://www.arizona-listings.com
0 votes Thank Flag Link Wed Oct 31, 2012
I'm a buye's agent & I can get you bank owned or short sale in that area.
Contact me if you're interested:

Shahla Mentha
602-741-0755
Web Reference: http://www.azmove1.com
0 votes Thank Flag Link Wed Oct 31, 2012
Hi, Here is a link to a few homes that may interest you: http://www.flexmls.com/cgi-bin/mainmenu.cgi?cmd=url+other/ru…
You can also search the MLS from my website http://www.NortheastScottsdale.com - http://www.northeastscottsdale.com/85254.html
We'll negotiate the price once we find you the right property. Inventory is low. Prices are down from where they would have been if we had experienced normal 2-3% appreciation from 2004 to 2012 (without the boom)
Next spring we will see the competition heat up and prices rise. You are still in a good position to buy now.
Victoria
0 votes Thank Flag Link Wed Oct 31, 2012
Are you interested in trustee sale? I can get one there for you.
0 votes Thank Flag Link Wed Oct 31, 2012
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