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Market Conditions in Tempe : Real Estate Advice

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  • Local Info20
  • Home Buying50
  • Home Selling5
  • Market Conditions11

Activity 14
Mon Jun 29, 2015
Tobi Hawley answered:
6/29- I just ran the comps for "Papago Manor" in Tempe, AZ and I found since January and the "Average" sale price is $135 per square foot (SF) with an "Average" of 59 days on the market. There is only 1 Active listing on the market in there right now on 432 E Taylor @ $283,999, its 1756 SF and $161 SF. There are 2 smaller units in "Pending" status at $160 and $170 SF. This indicates a trend upwards in your subdivision. There is a supply & demand issue in Tempe right now, kids are going back to ASU in August and sales are good right now. The inventory is low in your area creating a demand. This price point is also affordable and there are great mortgage programs out there. With interest rates rising its a good time to buy and many are taking advantage of that before rates increase. It is also a good time to sell since the overall range of sales in "Papago Manor" is $102-175 SF, with active & pending listings in the higher end of this range. If you want to buy or sell do talk to me!... I guess you can tell I was a former appraiser, this is my specialty and Tempe is my area, contact me & I'm glad to help! ... more
0 votes 8 answers Share Flag
Mon Sep 29, 2014
Troy Erickson answered:
Catalina dino,

Unfortunately this home is no longer available to rent, and only available for sale. In regards to figuring out what a neighborhood is like, your best bet is to drive the area and find out for yourself. You should drive the area in the morning, afternoon, and evenings, as well as on a weekend to see how the neighborhood is at different times, and on different days.

While driving the neighborhood, you can also find out where the nearest grocery store, gas station, etc. are. I would also recommend that you actually knock on the door of a few neighbor's and ask them how they feel about the neighborhood, and what drew them to living there.

If you are still looking for a 3bd, 2ba rental home in the same area, there is only one available under $900/mo. Check the link below and let me know if you are interested, or have any additional questions.
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Thu Apr 17, 2014
Student answered:
I don't know if they publish true statistics, but I don't think the area you are looking into (Flagstone Apts) is a bad area. I would not recommend the Sunset area of Tempe. I'm a PhD student and have lived in this area with a roommate and also on my own--it is not the best area by any means. Living in a house on 7th place I had repeated vandalism to my car and the place I live in now..well, if you are a student I would not live in the area--over priced for what you get and not secure. ... more
0 votes 2 answers Share Flag
Wed Feb 19, 2014
Steffy Hristova answered:
Hi Arnie,
the HOA dues for this community are around $60, this needs to be confirmed with the HOA, of course. There is one unit for sale in the community. Please call me or email if you would like to see it and make an offer.


Steffy Hristova, MBA, SFR, RealtorĀ®
HomeSmart
Tel: (480) 966-9353

http://www.talktosteffy.com
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0 votes 3 answers Share Flag
Wed Jan 8, 2014
Timothy Bulicek answered:
Hi Raul,

I have lived within 1 mile of this home for 20 years and exclusively work this area. This home is no longer listed for sale within the MLS, but I would be glad to assist you with other homes in the area. ... more
0 votes 3 answers Share Flag
Thu Apr 4, 2013
Jennie Miller, Pllc answered:
If you would like to see the recent activity in your neighborhood, a Realtor can send this to you. If you would like to know the value of your home, you can hire an appraiser to do so.
0 votes 4 answers Share Flag
Mon Jun 18, 2012
Steffy Hristova answered:
Sharon,
Have you found a house in 85282? If yes, by now you are probably considering buying an investment property in the area, I believe. It's a great area with many attractively-looking neighborhoods. Proximity to parks, to down town Tempe, and to ASU campus makes this area very desirable. ... more
1 vote 11 answers Share Flag
Wed May 4, 2011
Debra Coray answered:
Did you not have a realtor who could tell you what you could expect for rent? There are so many cash producing rentals that I am stumped as to how you got into a losing proposition. I say call me the next time you want to invest and I can get you in a place that will cash produce or break even depending on what you are needing for your tax purposes. ... more
0 votes 10 answers Share Flag
Wed Apr 20, 2011
... answered:
I agree with Merry - ask your present lender first. They may be able to recast your loan or offer a refinance program that could help you. If you don't want to use your present lender then it depends who owns the loan you have now (FannieMae, FreddieMac, GinneMae, etc.) which programs might be available - in that case any good lender or broker could help.

Tom Stevens, Loan Officer, Flagstar Bank - financing in 50 states
Thomas.Stevens@Flagstar.com
... more
1 vote 4 answers Share Flag
Tue Jan 25, 2011
Pat Hune answered:
Peter:

Multifamily prices are the lowest they have been in years so it is a great time to buy. Properties close to the light rail are very desirable especially for ASU students as ASU has expanded the campus to downtown Phoenix. The light rail makes it easy for students to commute between campuses.

I just helped some clients buy and sell some multifamily properties near ASU. Two of the fourplex buildings I sold were fully occupied so the buyer had instant income. The tenants are not always students though most are. One building had a tenant who has been there for 30 years!

REO multifamily properties will probably be vacant and need a lot of repairs. But if the price is right it would be worth the cost.

ASU properties are in high demand. I received multiple offers on my listings and some offers were higher than list price.

Please let me know if you want more information on multifamily properties close to ASU.
Thanks
Pat Hune
1st Southwest Realty
Search the REAL MLS from my website
480-703-1976
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0 votes 6 answers Share Flag
Tue Jan 5, 2010
Thomas Peterlin answered:
Mr. T.O. Sheffield:

I appreciate your concern about your property on West Fremont. Those who don't pay attention to history, very often repeat it. Everyone had a hand in creating the real estate bubble we have gone through which began in August of 2005 because no one was paying attention at the wheel.

We are coming out of a long cycle of correction in the market place. No one has a crystal ball, but it appears for the first time that the market is coming back. It will no doubt be a slow correction. But the basic fundamentals in the real estate market place are in place. Please visit my web site www.c21seago.com and in particular the web page entitled How's the market? From November 6, 2009- Deceber 6, 2009 all three categories: banked own, short sale, and normal (non bank owned, regular retail seller) properties showed together for the first time increases, admittedly small increases in dollars per square foot. That is a very encouraging sign. Something we haven't seen for a while.


With tax credits of $8000 for first time home buyers and $6500 for principle residence folks who have lived in their property for at least 5 out of the last 8 years, we expect to see increased demand in housing activity for the first half of the 2010 year. If these credits have the ability to prime the pump along with improving conditions in the job market, we could be on our way to a long, probably slow growing, recovery in the housing market. But it is a recovery, none the less.

If you don't have to sell, don't. If you would like more information, please feel free to call me 480-756-2121.

Best wishes,
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0 votes 3 answers Share Flag
Mon Nov 23, 2009
Temporarily Off-line answered:
Nonya, I had a buyer that was also interested in the Ash Condos. Not a CMA issue. No lender will touch them until occupancy ratio meets loan requirements. Basically, only cash buyers can purchase for now, although the major investor will provide seller financing. ... more
0 votes 8 answers Share Flag
Sun Nov 15, 2009
Mark Organek answered:
Annie,

There are a few different ways that your question could be answered and that would depend on where the home is located and what year it was built. I price homes for a few investors and there are some areas in Tempe where I get excited and tell them to buy "sight unseen". There are other areas that from even the most optimistic view, a bottom cannot be identified. Oddly, most homes in Tempe per the general plan adopted in 2003 shows that a majority of homes built after the Tempe housing boom decade of the 70's are investment properties by majority.

Recently, I had a couple sitting on a home in a neighborhood that is pretty stable, historically. Then, in June of this year, many surrounding homeowners decided to throw in the towel and lose their homes. Fortunately, the tax records and public records made us aware of the impeding drop in prices and they were able to sell quickly.

With so many things up in the air regarding unemployment and the economy, I like the other responses from agents that seem to be pointing you in a direction to take a more detailed, specific look not only at the properyt from a sale/rental perspective but also wanting you to provide details regarding what's really important to you.

Good luck with your decision. I hope you and your brother work it out to both of your satisfaction. Also, on a side note, if you want believe the market is at a bottom and he thinks that it will continue to slide, consider a buyout arrangement. I use these to help people that are getting divorced come to a fair and equitable solution when they have different objectives on how to handle the marital property. You and your brother could employ the same strategy.
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0 votes 7 answers Share Flag
Sun Aug 23, 2009
Jon Griffith answered:
I pulled 752 sold properties within the last 6 months in Tempe, Arizona, which included all of the recorded sold listings that were in the MLS system only. I put together a quick chart showing the basic relationship of Asking to Sold price since February, with a black trend-line to show that the market has actually increased in price since then, on average.

Head over to the link that I just posted to see.

As for Las Vegas, it's not my market, but it is rather similar to Phoenix in how it moves.


http://www.realscottsdaleliving.com/index.php/about/about-the-market/
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