Home Selling in Goodyear>Question Details

jstockham, Home Seller in 85338

Do the Foreclosures in the Estrella Mountain Ranch community in Goodyear Arizona seem to be thinning out or?

Asked by jstockham, 85338 Wed Jan 21, 2009

are they still flooding this particular area? Which are there more of in EMR, foreclosures, short sales or your average resale home? Is it beginning to stabilize at all in EMR? Thank you!

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Probably more telling are the closed sales. Since October 1, there have been 61 closed sales in Estrella (as it's now known.) One was a short sale, or at least was documented as such. 30 were bank owned homes.

Incidentally, a map search for Estrella shows only 162 currently for sale including 31 bank owned homes. There are only 978 single family detached homes for sale in all of Goodyear at the moment.

There may not be nearly as many bank owned homes in Estrella as non-bank owned right now, but the REOs are selling at a much, much quicker rate. And with each sale and each attempt by the lender to price the next home even more aggressively, values continue to fall.

You probably will not see things stabilize until those trying to sell a non-bank owned home are able to do so at a rate better than 10 per month. (10 per month, 131 non-REO for sale = 13 months of inventory vs. three months of inventory on bank owneds.
1 vote Thank Flag Link Wed Jan 21, 2009
JStockham,

I did a quick look a found over 120 homes in PRE-FORECLOSURE. We can only look about 90 to 120 days ahead. For the next 3 or 4 months at least there will be a lot of foreclosures and bank owned properties hit the market.
Web Reference: http://www.TheKeysTeam.com
1 vote Thank Flag Link Wed Jan 21, 2009
JStockham,

I did a quick look a found over 120 homes in PRE-FORECLOSURE. We can only look about 90 to 120 days ahead. For the next 3 or 4 months at least there will be a lot of foreclosures and bank owned properties hit the market.
Web Reference: http://www.TheKeysTeam.com
1 vote Thank Flag Link Wed Jan 21, 2009
Hello again!

In Estrella Mountain Ranch area, here are a few current numbers for you, from MLS:

Total listings: 1,181

Short Sale Properties: 30

Lender Owned Properties: 96

NOT short sale or lender owned properties: 1,055

If you'd like to have this information available to you, 24/7, just let me know. I'd be happy to set up a website for you containing nothing but Estrella Mountain listings.

All the best!

...randy
1 vote Thank Flag Link Wed Jan 21, 2009
With every buyer I have right now we are in a multi-counter on several properties. Lenders are requesting the highest and best offer on each one.

It appears to be more lender owned. Some buyers are tired of the multi -offer situation and are willing to make offers on resale homes as long as they are priced well. There definatley has been a shift in the market! I don't have any numbers but could send you some if you would like!

I hope this helps!

Lucinda Tkach
Windermere Central LLC
1 vote Thank Flag Link Wed Jan 21, 2009
Foreclosures are decreasing all over the valley but it still will be a while before they stop completely. The good news is that we now have more traditional sales that are coming on the market, we have multiple bids on homes - whether bank owned or traditional and prices are ever so slowly going up.

It still will be a few years before we move out of this lop sided market (and yes - we've all heard that line before but it looks like it real this time).

To be honest foreclosures will change from month to month, depending on the banks but in general, yes, foreclosures aren't always as plentiful as they once were.

If you have any other questions, please feel free to contact me at 623-256-9480

All my best! Susan
Susan Lutz, GRI
Solutions Real estate
623 256-9480 cell
623 258-4240 fax
SusanLutzRealtor@gmail.com
http://susanlutz.solutionsagentsites.com
http://estrellamountainhomesforsale.solutionsagentsites.com
SusanLutz.SearchArizonaHouses.com
0 votes Thank Flag Link Sun Jun 10, 2012
There are still 217 bank owned prop in Estrella Mountain Ranch as Aug 30, 2011. 2 banks created subsidiaries to lease homes which remain bank owned. Estrella may also have a water issue which is hampering sales.
0 votes Thank Flag Link Mon Sep 5, 2011
Great question, jstockton! But one that I would prefer to research before shooting off my mouth. I'll check out the current situation in EMR and let you know hat I find.

Regards,

...randy
0 votes Thank Flag Link Wed Jan 21, 2009
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