I am considering a purchase at The Preserve a development on Cave Creek Road and across from E Utopia Road,

Asked by Ccw, Outside U.S. Mon May 4, 2009

I would welcome any info on the neighborhood, good bad, how will the area will recover price wise on real estate. No kids just looking for a retirement spot, active early fifties couple willing to spend around 200K to 250K
I really like the style of these homes in the development. Any feedback and knowledge of area appreciated. Oh, and we would like a good pub as our local within staggering distance. Thanks

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The Urban Te…, Agent, Phoenix, AZ
Tue May 5, 2009
BEST ANSWER
I lived in this area for some time and am pretty familiar. Hope the info provided helps.

The project was interesting to watch go up. The builder ran into some severe excavation problems and was delayed as they dug out a lot of boulders and such.

The development is good looking though and I can see the attraction. Looking though the tax records I see a number of the units owned by two different parties... The Kneeland Group and Ski Bum Trust.

I believe these two groups own too many of the properties for you to obtain conventional financing. The problem will be that the development is non-warrantable and will fall out of most lenders guidelines. If you are planning on paying cash, this will not be a hinderance. However, if you are planning on finacing you may find few, if any, options. The underwriting guidelines are pretty tough these days.

Another concern you may want to put in the mix is resale. As long as the community remains non-warrentable, the buyer pool will be relativly small. This can affect long term appreciation and values. Plus, it will make it hard for you to sell when the time comes.

Make sure and get a copy of the HOA's financials. A lot of HOA's are underfunded and we're expecting to see some homeowners hit with special assessments. One thing to beware of is whether they are using cash verses accrual accounting methods. They can hide a lot of problems this way. We posted an HOA advisory on our real estate blog site, http://www.urbanlifeblog.com a couple weeks ago that you may want to take a look at.

You asked about a good pub. I like your style!!! Aross the street and to the north is Larry's.. its pretty much a dive bar with some local personality... I use that term loosly. Just on the other side of the 101 freeway is Cave Creek wines. They are great and have some fun wine tasting and a lot of good people. A bit far to walk though, especially on the trip back.

Hope this helps a bit. The condo market requires a lot of due-dillignece these days. Make sure you have a knowledgeable agent representing you rather than the agent listing the property.... their client is the Seller, not you.
Web Reference:  http://www.urbanteamaz.com
1 vote
Carra & Shae…, Agent, Westminster, CO
Tue Jul 21, 2009
Ccw,

Don't know if you are up and running at this point.. but will share my thoughts on your venture.

Love your description of the area and needs "staggering distance" You have a great sense of humor and should work with an agent who you can have fun with and is familiar with the area... please read my profile and if you would like to discuss more details I will be happy to help.

Warm aloha,
Carra Riley
Web Reference:  http://www.CarraRiley.com
0 votes
The Urban Te…, Agent, Phoenix, AZ
Mon May 11, 2009
Hope we were of service to you... that is the highest goal.
Web Reference:  http://www.urbanteamaz.com
0 votes
Ccw, Home Buyer, Outside U.S.
Fri May 8, 2009
Thanks everyone for your input, much appreciated,
Any further words of wisdom ---we'll take it.
I don't mind candid either.
Cheers and thanks Trulia
0 votes
Paul Welden, Agent, Scottsdale, AZ
Tue May 5, 2009
HI Ccw,

There are 4 properties for sale at the Preserve on Cave Creek Rd across from E Utopia Rd. The tuscan style of architecture is really quite pretty. Prices start at $170K up to $329K. Although you are adjacent to a "mountain" (really more of a big hill), you are also across the street from a mobile home park. In fact, on the east side of Cave Creek Rd, there are lots of mobile homes, which do nothing to increase the value of any surrounding residential real estate. There is also a strip club on the corner of Union Hills / Cave Creek, which also does not increase the value of nearby residential real estate. Overall, my impression is that the Preserve is a nice community with unique architectural style, borded on the east by some less than desirable areas but in a good central location to freeways and shopping. As far as a decent pub within staggering distance, you're better off calling a cab.

-----
PAUL WELDEN
HomeSmart
Buyer's Agent Realtor
Web Reference:  http://CheapPhoenixHomes.com
0 votes
Lucinda Tkach, , Phoenix, AZ
Tue May 5, 2009
Ccw,

I am currently working with Canadians purchasing in the Anthem area!

Many of them that I am working with really like Anthem ! It has easy access to the freeway and a quick trip to Flagstaff, Sedona and great discount stores. Most visitors really like the area! Also, clean and new for much less than the Preserve.

Let me know the type of pub you like I know a few good ones in the area.

Feel free to contact me anytime!

Lucinda Tkach
Windermere Central
0 votes
Todd Lee, Agent, Phoenix, AZ
Mon May 4, 2009
There are currently not any homes available in the subdivision "The Preserve at Cave Creek". If you would like, I would be happy to let you know when something comes available. I would also send you a market analysis of what has sold there in the last 6-9 months so you can see what the trends may be. As for more information on the subdivision itself, there are only 40 homes in the subdivision and I would be happy to try to find out the HOA management company if you would like to see their rules and regulations.
0 votes
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