11.28.09
Next Wednesday evening at 6:30 please stop by the community center for the
monthly real estate discussion. Lasts an hour or so and covers what happened
the previous month in Aviano. Cost is free and is very casual. As an added incentive
to join in the discussion I will have 11 X 17 aerial maps of Aviano for anyone
that would like one. See you then!
After spending 6 days in South Lake Tahoe for the family vacation, I am
convinced that our weather will be our saving grace for the Valley economy.
The quality of life when it is freezing cold drops significantly. The
emotional impact of lots of overcast skies and the money it costs for
all the cold weather gear is just so much hassle. We live in a great place.
I had a chance to read over one of the best blogs out there right now:
http://www.allphoenixrealestate.com/ late last night. Jonathan Dalton
has great insight into our local market. One of the issues that is a hot
topic with our mortgage mess is what is the right thing to do? Similar
to that scene in Animal House when the mayors daughter passes out drunk
and the frat boy has an angel on one shoulder and a devil on the other. The
angel is saying "pay your mortgage - you signed a contract and it's the right
thing to do". The devil is saying "just walk away and and in 3 years you will
be able to buy another house - it's a business decision". In the movie it was
sex but in real life it is all about the decision of what to do with the
mortgage. This is a real question and I can see both sides. I do know that
the real high dollars paid for these homes in Aviano will never come back.
Loan modifications need to be more about balance reduction rather than
interest rate reduction. Short sales will be around as long as there is the threat
of deficiency judgements against homeowners exists. Lots to ponder.
In Aviano last week we had 3 homes close. All were short sales on the market
for a half year or so. Lot location is playing a bigger role in what homes are
getting as our Aviano economy is getting stronger. Four homes went pending -
2 bank owned, 1 short sale and 1 normal sale due to investors buying and flipping.
Another short sale home went AWC-I. So far in Aviano we have had around 83
sales. I need to redo the sheet so it may be 1 off but think about that number.
This neighborhood of ours can withstand and absorb foreclosures well -
short sales are for the most part successful and normal sales struggle with
pricing issues. We will be close to having 10% of the 902 single family homes
in Aviano turn over this year. To me that is mind boggling.
Tags: aviano, desert ridge, phoenix, real estate, villages, toll brothers, fireside, Arizona
