Video 27: So you purchased a new house or condo in Tempe in 2006 at the height of the market, and now you want to sell it and make a 50% return when the market has dropped 50%? Are you crazy? If you want to discuss this or the Tempe real estate market you can leave a comment or e-mail me Dean Ouellette.
Video 24: Dean Ouellette discusses some market stats for the Tempe condo market and Phoenix condo market in September 2009. The activity is way up almost tripple what was a year ago, but prices for both the Tempe and Phoenix condo market are way down. In August the Tempe condo market had a bump in value due to a sale of a unit in Bridgeview. For more information you can leave a comment or e-mail me Dean Ouellette.
Video 23: Dean Ouellette discusses pricing a condo short sale $40,000 less than market value does no one any favors. If you need more information about selling or buying a Phoenix or Tempe short sale condo for sale e-mail me Dean Ouellette.
Video 16: Yesterday we took a look at what $25,000 will buy you in the Tempe or Phoenix condo market. Today we move up more to the mid range and $200,000 Salado Grand unit near Tempe Town Lake. If you want to see this Salado Grand listing it can be viewed here (Sorry I said in the video there was only one unit in this complex for sale, there are three so I included all in the link). If you want any more information on this or other Tempe and Phoenix condos email me Dean Ouellette.
Video 15: I have been asked to show what different types of Tempe condos and townhouses can be purchased at different price ranges. So today we take a look at a $25,500 Tempe unit on Silk Oak Drive that you can see the listing here. This unit is about a mile from the Phoenix light rail and could make a good investment property. If you want any more information on this or other Tempe and Phoenix condos email me Dean Ouellette.
Video 12: Talking to an owner at the Northshore condominiums in Tempe by Tempe Town Lake a discussion arose on purchasing Tempe condos for investments. When purchasing foreclosures there are some strategies to getting the deal structured to put you in a good position. But with foreclosure buying strategies there are some dangers involved. Make sure you are working with a Realtor who has closed a lot these foreclosures this year. If you want to talk about buying a Tempe foreclosure condo or any foreclosure unit please e-mail Dean Ouellette. You can see a list of Northshore condo units for sale here.
The Tempe Centerpoint Luxury Condo units have been stalled for a year now as the owners tried to come up with funding under Chapter 11 bankruptcy. That effort has failed and now the Centerpoint Condo owners will be filing Chapter 7 in an effort to get the project completed. Now the question will be when will the project be completed. That is a good question which we do not know the answer to right now, but as soon as we do, you will be first to know. If you want more information on the Centerpoint Condos, or an other condos in Tempe or Downtown Phoenix you can always you can email me.
The Bridgeview Condominiums at Hayden Ferry Lakeside have become one of the most recognizable landmarks in Tempe Arizona. The 12-story unit sits on Tempe Town Lake and is seen by tens of thousands of people each day as they drive by on the 202.
The luxury condo units were built during the boom of 2006 and were selling new for over $800,000. Last week the remaining unsold units were sold to a Denver based investment firm Condo Capital Solutions for an average of about $317,000 per unit.
The current units on the market for sale in Tempe’s Bridgeview Condominiums range from $300,000 for a one bedroom unit up to $1,900,00 for a 3,217 square foot 7th floor penthouse.
The short sale market in the Phoenix area is changing quickly because of the low level of bank owned foreclosures on the market. It used to be when I met with a new buyer and we were talking about what they wanted I would explain to them the short sale process vs. the foreclosure process and they would almost always tell me to forget short sales. But times are changing.
Just a couple months ago there were so many foreclosures on the market in the Phoenix and Tempe area you would not need to look at the short sales, but that is no longer the case. Last week I started working with a new couple who contacted my via this site and they we talked about what they wanted. They wanted to stay in Tempe and were looking at either single family homes or possible Tempe condos.
If you look at the market today, there are 373 active single family detached homes in Tempe as I type this and 105 active Tempe condos. Of those single family homes that are active, only 23 are foreclosures and of the 105 Tempe condos only 5 are bank owned foreclosures.
No longer can the buyer looking in a limited area focus solely on bank owned foreclosures, they need to consider short sales, unless they need to be in a home within the next couple of months.
So what has this done to the short sale market in Tempe? If I called on a foreclosure property a couple of months ago there may have been a few offers on the property, but when I called on the short sale homes there were rarely offers. I just finished calling on three short sales properties in Tempe which had all been on the market for less than three weeks. The three properties had 2, 7 and 13 offers on them.
This is good news for the person who needs to sell their home via a short-sale, but not good news for buyers. If you are looking to sell your home or condo on a short-sale, and you price it right, there is little reason you should not have offers in the first few days. Of course that all depends on the price and condition of your home too.
So for buyers short sales have become a viable option. After bidding on multiple homes for the past six weeks they may have become frustrated about always being outbid and are thinking of the short sale side of the market. There is still less competition on the short sale side than the foreclosure side, but that gap is starting to close.
As of 8:30 this morning, the Tempe housing market is down to only 64 active foreclosure units on the market. The number of Tempe condos on the foreclosure market is down to only 7, and all of them are now under the $230,000 price point. There is another wave of foreclosures expected to hit the market in the coming month that should raise the number significantly, but for now, the market is competitive.
So who is buying up these properties and what does it tell us about the market? There are a lot of first-time home buyers on the market right now, but the driving force of this market seems to be investors. These are not the same investors we saw in 2005-2006 who would buy a house and flip in in a week or month, these are investors who understand the market conditions of today and plan on using the house for a rental.
The investors in today’s market are the investors who understood 2005 was not a great time to buy a house as a long term investment. These investors see today’s prices though and are looking to grab as many properties as possible for long-term investing.
What does that tell us about today’s Tempe and Phoenix housing market? If you are not looking to make a quick buck, but looking for a great investment opportunity for your next home, now may be the time to get out there and look. Follow the professionals.
Here is a list of the current Tempe condo foreclosures and single family foreclosures. You can also check out a complete list of Phoenix area foreclosures that are currently on the market and and search within those results.
