Downtown Phoenix continues to be one of the best investments in the Phoenix Metro area. While we have many well priced condos, we also have some of the best historic homes in the valley walking distance to Central Ave and the Light Rail. There are many Tudor and Bungalows that have been remodeled well and brought up to date but retain much of their original charm. With so many new people still moving to Phoenix many don’t know the rich history of our wonderful city and state. Many only know what the ol’ western movies showed but that’s not Phoenix at all. Phoenix has grown and developed in the late 20th century and although we grew out much more than up, we still have many wonderful neighborhoods in urban settings so you can enjoy your single family home and still walk to the Light Rail and get around Downtown Phoenix and Tempe. To become a historic home or neighborhood in Phoenix, the property must be at least 50 years old. Once you get historical status, you get a reduction in your property taxes. There are also rules that you can’t change the exterior of the house and update it to something more modern, we like the homes to maintain their historic charm as well and significance. Check out RooPho Realty’s website and all the historic neighborhoods we have listed. Then call us for more information and to view some of the homes.
June 22, 2010
June 10, 2010
Buying Foreclosed Homes
Just when you thought things were bottoming out in the real estate market, Banks foreclosures went up 1% in May over April. That doesn’t sound like much but foreclosures going down would be better. Many Banks are holding on to some of the foreclosed homes and not putting them on the market right away. If they did, it could cause prices to go down even further and prolong the recession.
I’ve helped over 50 buyers in the last 18 months buy homes from Banks and Short Sale listings. There are many new things happening when you are buying any property in this market. The skills and strategy used to help you buy a property will make a difference in the investment value.
RooPho Realty has been working very hard to get buyers the best value in todays market.
Arizona saw its foreclosure activity increase by less than 1% in May from the prior month and drop 5% from May 2009. One in every 169 properties received a foreclosure notice in May.
With this many homes still being foreclosed on every month, there will be plenty to choose from for the rest of the year and into next year. Also, values won’t be going up very fast with all of these foreclosures. What will go up is interest rates. You’ll want to watch interest rates closely as it will cost you much more to buy a $100,000 house at 6% interest then at 5% interest.
I still think Downtown Phoenix is still one of the best buys in the Valley. Most of my clients are looking in Downtown and along the Light Rail. As the market recovers, I think values along the Light Rail will go up just a bit faster than outside walking distance to the rail line.