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85255 : Real Estate Advice

  • All38
  • Local Info4
  • Home Buying16
  • Home Selling2
  • Market Conditions2

Activity 34
Sun Jan 22, 2017
Stephen answered:
I am a retired builder, master plumber, HVAC contractor, ele contractor and asbestos abatement contractor.
I was at one time the youngest builder in the entire state of Texas.

What no one ever tells you is that the cost of building a home is far less than what you are told.

I began building homes in the 70's with my actual cost being @ $20 per square foot for a 2000 square foot home. Mine sold for @ $67k to $75k at that time and I sold cheap because I was new.

After several years into it I was building homes still at the the same general cost but selling them for @ $90 to $110K.

When today's builders tell you what it costs they add in their weekly/monthly income; overhead, golf, vacations and etc. This is not disputable.

What costs a person $$$$$$$$$$$$$$$$$ on a new home is their idiocy in terms of emotional buying and wanting all those extras when in fact they are not needed.

In 2017 a person could build a 2000 square foot home for @ $90k. Possibly as high as $110K. However this home would be worth between $200k and 225K depending on the market.

Builders, all builders today are cookie cutter builders, they have an entire subdivision to build out and make more money on the lots than they do on the actual sale of the home.
A 10 acre tract of land for $10k per acre costs them $100k to $150k. They will get at least 4 homes per acre and will charge as much as $25 to $75k per lot and will require most of the time that you have them build the home.

So their 10 acre investment of $150k, heck lets say $500k including utilities and roads will bring in @ $1,000,000.00 to $3,000,000.00. They have just made between $500k to 2.5 million dollars just on the land and in Dallas Texas the 2.5 million is closer to the norm than the $500k out in the country would be. In fact in Dallas it could be $5,000,000.00.

I still build from time to time and even today I build (not including land/utilities) for @ $35 per square foot which is really my cost with nothing added in for me.

So if you built a 1500 square foot home it would run me @ $52K to build the actual home plus utility costs that could range from $5000 to $15000.00 (septic required) and your land costs which could be as little as $3000 to $10000 (out in the country) for a grand total of $69k to $80k and have a home worth as much as $150k.

Pretty good investment I do believe.

Don't listen to builders, they are in it for the money only and have no reason to tell you the truth like I have as a retired builder and contractor.

I'm not disrespecting the today 'builder'. I'm just telling you the truth.

The only exception to this is than some builders have money and no building sense, no trade knowledge, no hands on experience so they contract everything out, pay the bill with out thinking and just hope to pass it on to the buyer. Really sad.

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0 votes 17 answers Share Flag
Tue Jun 14, 2016
Ccarney answered:
Great feedback from the agents!! My answer, as the "mortgage guy", is when you're fully Pre-Approved haha. Agents send your clients my way for help with financing..


C Carney
Guild Mortgage
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0 votes 14 answers Share Flag
Thu Feb 11, 2016
Nathaniel answered:
FYI, mortgages on properties is debt. A very real debt. Why do you want a $1MM house with no money down? If you're making good money, save a down payment and get a better interest rate without PMI. PMI on 1MM will be a lot. ... more
1 vote 1 answer Share Flag
Sun Jun 21, 2015
Milan Brkic answered:
Hi Rose, the Average Days On The Market in 85255 this last May was 115 days.
Here is some more data
0 votes 14 answers Share Flag
Tue Apr 28, 2015
Bianca Bennett answered:
It really depends on a variety of things. It depends if you made any upgrades, it depends the wear and ti of the house, I would really have to see the house to give you an exact price. Average price would not really help you a lot. ... more
0 votes 12 answers Share Flag
Thu Jan 1, 2015
Jennie Miller, Pllc answered:
This wonderful city of Scottsdale, AZ!
0 votes 9 answers Share Flag
Wed Aug 27, 2014
Michael Fabbro answered:
Hey Ben,

I work with a few lenders that work with foreign nationals. An option might be to pull the equity out of your property in New York to purchase down in Scottsdale. Depending on what amount you are looking to spend this may be a low interest option. The lenders I work with also do have foreign programs but would have to talk to them regarding the countries that qualify.

Let me know if you need any help or would like me to put you in contact with them.

Arizona Elite Properties
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0 votes 2 answers Share Flag
Wed Jul 23, 2014
Jennie Miller, Pllc answered:
You will want to speak with you accountant and/or property manager about this. You can also call the city where the properties are located. The ownership structure doesn't have anything to do with the property purpose. If the home is a residential rental property, you may be required to pay city sales tax based on the monthly income collected--speak to a professional about this to make sure you are getting the right information. ... more
0 votes 4 answers Share Flag
Tue Jun 3, 2014
Josh Hintzen answered:
Hi Matt!

The HOA can certainly go either way. The primary function of an HOA is to protect home values, and as Teri pointed out, this can be very useful. From making sure that yards are well-kept and houses are painted a reasonable color, to keeping up with common areas and community pools, most potential home sellers should be grateful for their neighborhood HOA.

However, it's very easy for an association to go the other way. Owners can face volunteer directors misusing their power, refusing to follow documents, getting excessively heavy-handed... you get the idea.

If you or your client is concerned about the HOA of a particular community, research is going to be your best friend. Do some digging - read reviews, check the BBB for ratings, etc.

Best of luck!
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0 votes 2 answers Share Flag
Sun Jan 5, 2014
Angie Johnson answered:
If you are still looking we have a new listing coming to market that meets your search criteria. Visit my site and either email or call me. If you've already found your home, congrats! Grayhawk is one of my favorite communities:)

Angie Johnson
Realtor® | Since 1999
RE/MAX Luxury Real Estate
(480) 570-5500
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0 votes 24 answers Share Flag
Tue Dec 10, 2013
Carmen Brodeur, JD answered:
Make sure that if you have an HOA, you get this approved by them before starting any work.
0 votes 9 answers Share Flag
Tue Nov 26, 2013
Craig Bosse answered:
Hello Dan,

We have two programs for Self-Employed borrowers. The most popular is the 12 month bank statement program.

Our 12 month bank statement program uses cash flow for the income calculation instead of tax returns. This means you can write off as much as you like, and still get a loan. (provided you have the cash flow)

We have loan amounts up to $4 million and it requires a 30% down-payment.

Let me know if you would like more info. You can contact me on my website below -
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0 votes 8 answers Share Flag
Tue Oct 15, 2013
Carmen Brodeur, JD answered:
Feel free to click on the link below to view the current market trends in Scottsdale.
0 votes 11 answers Share Flag
Fri Jun 21, 2013
Bianca Bennett answered:
If you are looking to sell your home, I can run specific comps for your home.
Please contact me directly, and I would be happy to help.

Best Regards,

Real Estate Professional / Prestige Realty
Bianca Bennett / 602-570-7898
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0 votes 6 answers Share Flag
Tue Jun 18, 2013
George Polzer answered:
How do you mean "snatched up"... it's a buyer's market and I see price reductions on 20% of the MLS listings in Scottsdale and Fountain Hills. The buyers have the upper hand and if you see any "snatching up" it means the situation isn't really understood. Look deeper. ... more
0 votes 35 answers Share Flag
Mon Apr 15, 2013
Carmen Brodeur, JD answered:
Bill Mason from Mason Painting and Coatings is great. He can be reached at (480) 567-8920.
0 votes 14 answers Share Flag
Tue Feb 5, 2013
Ryan Buckley The Premier Group answered:
Ryan Buckley Realtor®
Turning your Dream into an Address
Coldwell Banker Residential Brokerage
twitter @rcoldwellbanker
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0 votes 11 answers Share Flag
Sat Jul 7, 2012
Debra (Debbie) Rose answered:
pssst John - this question was asked almost a year ago....I doubt the poster is still looking for advice!
0 votes 15 answers Share Flag
Sat Jul 7, 2012
John Forsyth answered:
A realtor in Arizona can sell property anywhere in Arizona...

The key is to find someone who works, lives and plays in the neighborhoods you are looking to make a purchase.

If a Realtor specializes in Gilbert are they really going to know the NE Valley Market?

My business consist mainly of Paradise Valley, Scottsdale and the NE Valley. It is where I live, coach athletics, where my kids go to school.

If you need any assistance please feel free to call.

John Forsyth- HomeSmart Elite Group.
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0 votes 31 answers Share Flag
Sat Jul 7, 2012
John Forsyth answered:
Some of the things I think are important are

1. Are you a full time Realtor
2. Do they produce at least $5,000,000 in sales every year?
3. Are they top producers, or weekend warriors
4. Edcucation? Do they have a business degree?
5. Do they have business experience outside of Real Real Estate? Do they bring corporate experience to their job or did they fall into Real Estate?
6. Have they been selling Real Estate for at least 5 years? Let the newbies practice on friends and family.
7.Do they live and work in the area? If you are purchasing in Scottsdale or Cave Creek do you want a Realtor that lives and sells in GIlbert?

These are just some of the ideas to get you started.

Please feel free to call me if you have any questions.

John Forsyth HomeSmart - Elite Group.
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0 votes 15 answers Share Flag
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