Eye On Arizona
Arizona Housing, Travel, Golf, Real Estate
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Archive for March, 2009
Snapshot of the Las Sendas Housing Market: March 9, 2009
By Ann Belfield
Snapshot of the Las Sendas Housing Market: March 9, 2009
Monday’s Market Snapshot of the Las Sendas Housing Market, in Mesa, Arizona, reveals only slight changes from last week. The market gained a listing, increasing the overall average home price from $850,395 to $854,839. The overall average home price is skewed heavily by the number of available high priced custom homes on the market. This week’s total of 47, Million Dollar Plus, homes available in Las Sendas, range in price from $1M to $3.5M. There are presently 130 homes priced under $1M, with an average list price of $500,250.
Monday, March 9, 2009
Snapshot of the Las Sendas Housing Market
Home Status
# of Listings
Avg. List Price
Avg. Approx SqFt(SF)
Avg. List Price/Approx SF
Avg. Cumulative Days on Market
Active
177
$854,839
3,424
$ 223
240
Pending
13
$318,573
2,326
$ 142
90
Closed
since Jan 1, 2009
21
Avg closed Price
$527,036
2,917
Avg Closed Pr/Approx SF
$159
135
Homes Under $1M
Active
130
$500,250
2,755
$180
236
Homes Equal to and Over $1M
Active
47
$1,862,974
5,445
$340
259
Source: ARMLS.Flexmls.com 09 March 2009
Home Sales Up, Prices Down: A Snapshot of Popular Zips in the East Valley
By Ann Belfield
Four Week Snapshot of Popular Zip Codes in the East Valley
Homes sales in some of the more popular zip code areas in Ahwatukee, Chandler, Gilbert and Mesa are up in the last four week period as compared with data from same period a year age. Data in the table below reveals that in most of the zip codes listed, home sales are stronger, while the median home sales prices are down from the same period one year ago.
Snapshot of Home Sales and Median Home Prices in Popular Zip Codes in Ahwatukee, Chandler, Gilbert and Mesa
Number of Sales
Median Price
Zip
City Feb 1-29, 2009
Feb 1-29, 2008
Feb 1-29, 2009
Feb 1-29, 2008
85045
Ahwatukee 17
6
$ 388,389
$483,503 85249
Chandler 64
54
$ 300,000
$406,830 85296
Gilbert 47
35
$ 199,900
$251,534 85234
Gilbert 42
39
$ 210,000
$283,000 85212
Mesa 34
44
$ 214,870
$261,695 85207
Mesa 55
35
$ 300,000
$348,052 Source: Arizona Republic / AZ Central.com. 6 March 2009.
Lower home prices are luring first time home buyers and move-up buyers, while enticing investors to buy up homes at great deals. Short Sales in many of these areas, overall, are bringing down home prices, while at the same time, they are bringing multiple bids in the market place, making it a competitive time for buyers.
The question remains: How long will the home price downward spiral continue? With the gloom and doom of the present economic outlook, more than likely, it will continue downward for years, not months.
Will the U.S. Department of the Treasury Really help 7-9 Million Borrowers Stay in their Homes?
On March 4, 2009, under the Obama Administration, The U.S. Department of the Treasury Announced Requirements for their Making Home Affordable Program: Relief for Homeowners. The Treasury Department created a $75 billion loan modification program to allow “responsible homeowners” the ability to refinance their loan to interest rates as low as 2 percent.
There are two main parts to the program. One is focused on loan modification, while the other is centered on refinancing. Under the Home Affordable Modification program, the program plans to help up to 3 to 4 million at-risk homeowners avoid foreclosure by reducing monthly mortgage payments. Lenders would reduce mortgage payments to no more than 38 percent of the borrower’s income. Guidelines of the Home Affordable Modification Program provide a succinct overview of the program’s elements.
Under the Home Affordable Refinance program, as many as 4 to 5 million homeowners who have a solid payment history on an existing mortgage owned by Fannie Mae or Freddie Mac will be able to refinance their loan.
The questions remain: Will these programs make a true difference in our housing market? Will these programs relinquish the plethora of for sale in neighborhoods in the Phoenix area?
The answer is: Only time will tell.
Community of the Week: Las Sendas, Location: Northeast Mesa, Arizona
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Las Sendas View from the Tonto National Forest
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Sunset Views from Las Sendas
The picturesque master planned community of Las Sendas is located adjacent to the Tonto National Forest, in Northeast Mesa, Arizona. Las Sendas is elevated from the Valley of the Sun, providing spectacular sunset and city lights views. The Las Sendas Golf Club’s championship golf course, designed by Robert Trent Jones Jr., traverses throughout the community. Other amenities found within this wonderful master planned community include tennis, basketball, and volleyball courts, two heated swimming pools and spas, trails, bike paths, playgrounds, ball fields, and a fitness center and therapy spa. Many planned activities for all ages are offered throughout the year.
The present market condition is a buyer’s market, with many short sale or bank owned properties for sale. Below is a table that displays the most recent housing activity in Las Sendas. Homes that are currently active on the market, pending, and have closed in the last three months are presented below.
Monday Snapshot of the Las Sendas Housing Market
Home Status # of Listings Average List Price Average Sold Price Average Approx Square Feet (SF) Average List Price/Approx SF Average Sold Price/Approx SF Average Cumulative Days on Market Active 176 $850,395 3,398 $ 223.04 236 Pending 13 $336,045 2,387 $ 141.82 101 Closed since 02 Jan 2009
25 $513,362 $483,910 2,781 $ 162.56 153.42 126 Source: ARMLS.Flexmls.com 02 March 2009
Las Sendas has a wide selection of housing types and styles available. The community offers everything from the affordable to the luxury, from the Mediterranean to the Tuscan style architecture, from townhomes, to single-family tract homes, to custom homes, all within gated subdivisions. The price ranges for homes begin at approximately $175,000 for 1,605 square feet, while larger tract homes, up to 3,400 square feet are starting in the low $400,000 range, and custom homes start approximately at $600,000. Golf course homes are available, with prices ranging from $369,000 to over $1.9 Million. Custom Home Lots are still available, with some backing up to the Tonto National Forest, offering gorgeous views of Red Mountain and the sunset and city lights.
For further information on housing in Las Sendas and around the Mesa, and Scottsdale area, view ArizonaRedRockProperties.com.
