Home  

  Scottsdale AZ Real Estate | Bill Duffey | REMAX | Carefree, Cave Creek, Paradise Valley and North Phoenix - Homes, Land and Commercial Properties

RE/MAX Excalibur REALTOR®Bill Duffey, Scottsdale AZ 480-585-2904

Scottsdale / Carefree / Desert Mountain / Paradise Valley / Cave Creek / North Phoenix

Home
Previous Page
January
February
March
April
May
June
July
August
September
October
November
December

MONTHLY NEWSLETTER

October 2007

from Bill Duffey   

RE/MAX Excalibur    480- 585- 2904   MLS Data Link

Where did the Summer go?  From a real estate standpoint, all we can do is look toward a brighter future.   Our Winter guests (and Buyers) are already starting to arrive.  The good news is that foreign investors are already here!  Given the exchange rates, they are buying second homes, commercial property and land!

As you know, the dollar is at all-time lows and foreign investors are starting to snap up properties.  Just five years ago $1 U.S. equaled $1.57 Canadian, now a Canadian dollar is worth more than a U.S. dollar.  The first time that has happened since 1976.  The Dollar also hit an all-time low against the 13-nation Euro (see charts, below).  As a result, I recently started an international investment page.  It is a tax implication tutorial on buying/holding/selling property in the U.S. and within hours I was getting hits (and clients).

The mortgage mess is still tenuous, but things are starting to sort themselves out.  It will be a very slow and painful process.  Don't expect to see any more mortgage "deals" in the future.  Lenders are lending to more "qualified" Buyers and that should bode well, long term.  Appraisals are coming in lower, as the result of distressed sales in a number of areas.  This may not necessarily be a good time to increase that home equity line-of-credit.

It is still a dramatic Buyer's Market in our area!  Lots of inventory and relatively few Buyers.  New home permits are down but there are still a lot of new homes on the market.  Listings are about the same as last year but sales are down.  If you are a Buyer, you will be able to aggressively negotiate. 

If you are a Seller, you need to be very realistic about your list price (especially, if you purchased after 2004).  You will have to look toward making up the equity difference, on your next purchase. 

Our market will return, and balance out!  Once that happens, shorter closings will begin to return.  I have been through this before in my 10 years of selling real estate in the North Scottsdale area.  When the market returns, it usually roars back!  Remember, in the North Scottsdale area there is only so much property and we are almost at build-out!  Supply and demand should always keep our prices higher, than other areas of the Valley.  Job growth in the Valley is excellent and that is always a defining measure of our ability to weather this market.

I received a few comments that my newsletter was becoming a bit too long, so I have shortened it.  Hope you enjoy the new (shorter version) of my newsletter!  As always, just give me a call if you have any questions about our market.

Stay in touch......

_______________________________________________________

Here are a couple of video links that really explain the mortgage situation. 

Federal Reserve Cuts Interest Rate Cut to Revive Economy

The Federal Reserve is expected to cut interest rates to help shore up the nation's economy. The NewsHour's Paul Solman examines the Federal Reserve's plans and what they mean for the economy.

http://www.pbs.org/newshour/bb/business/july-dec07/reserve_09-17.html  click on the streaming video to view (about 8 minutes)

 ****  MORTGAGE NEWS  *******************

If you really want to know what is going on with the mortgage and residential market, watch this interview with Gretchen Morgenson.  She is a Pulitzer Prize winner and she knows what she is talking about. 

Mortgages are now really a matter of "financial engineering".   (about 15 minutes).

Click here to watch>> http://www.pbs.org/moyers/journal/06292007/profile3.html <<click here

U.S. Dollar to Euro Exchange Rate  5 year chart
 Range:  1d 5d 3m 1y 2y 5y Invert Currencies
Chart
 

U.S. Dollar to Canadian Dollar Exchange Rate   5 year chart

 Range:  1d 5d 3m 1y 2y 5y Invert Currencies
Chart

********************************** LISTINGS

************** SALES

 

********************  Scottsdale Sales

***********************  CAREFREE LAND FOR SALE **************************

Coming up - SOON -- Two custom homes with VIEWS of the Valley, in the Desert Mountain area.

They will be priced at $1,350,000 and $1,850,000

***************************************************

Arizona Business Conditions 2007

Midpoint=50
AZ Business Conditions Index Graph

Source: JPMorgan Chase Economic Outlook Center, L. William Seidman Research Institute, College of Business, Arizona State University.

Arizona Index of Leading Business Indicators 2007

  Index (1987=100)

Leading Index Graph

Source: JPMorgan Chase Economic Outlook Center, L. William Seidman Research Institute, College of Business, Arizona State University.

*************************** From the Scottsdale Mayor's Newsletter  *************************

A Record Year for Tourism in Scottsdale

Back in 1987 the economic impact of tourism on Scottsdale was in the range of $400 million. Today the annual impact is over $3 billion with 7.5 million visitors enjoying our beautiful community annually. How did we get to where we are today?

It took a very supportive community and committed elected officials who understood the critical need to invest in Scottsdale's future. Quality of life enhancements to our city and tourism go hand in hand. Some of our major investments which have impacted tourism include: The McDowell Sonoran Preserve, major upgrades to Westworld , the attraction and support of world class events including the FBR Open, Barrett Jackson, the Arabian Horse Show and many others. We established the Contemporary Art Museum, Theatre 4301, Vision Quest, and expanded the ever popular Art Walks. We lifted restrictions, established incentives for upgrading private property, and today we have the most successful downtown in the country. We maintained our policy of free parking, built attractive parking structures, expanded our trolley service and established the Downtown Ambassadors. Most importantly we have maintained our strict guidelines which demand quality development. Scottsdale, ranked as one of the best places to live in America, is home to the Sonoran Desert and McDowell Mountains, beautiful neighborhoods, arts and culture, resorts, golf courses, shopping, spectacular major events, restaurants, and nightlife.

Each year the City Council allocates bed tax dollars to help fund the Scottsdale Convention and Visitors Bureau, the organization responsible for marketing our beautiful city to visitors. This past year was the most successful ever. Those dollars are well targeted and well spent. For every dollar invested by the CVB in promoting Scottsdale this past year, it generated an impressive $32 in return for our city. Up from a return of $23 the previous year. With the W Hotel, Ritz Carlton, and the South Bridge Development coming on line, an impressive arts community, a record $3.1 billion investment in downtown and Southern Scottsdale, and progress being made on the Desert Discovery Center and the Western Museum, tourism in Scottsdale will continue to flourish for years to come.

Congratulations to Rachel Sacco and her outstanding professional team at Scottsdale's Convention and Visitors Bureau for 20 successful years as our partner in promoting Scottsdale. And many thanks to the professionals on the Tourism Development Commission who volunteer their time to share ideas and give direction to the Council.

 

 
 

Scottsdale Republic:   Scottsdale is well managed!

The Scottsdale Republic editorial analyzed the Arizona Federation of Taxpayer's new scorecard on the tax and budget practices of local governments. The Republic rightly pointed out that Scottsdale is a standout! The Scottsdale Tribune pointed out Scottsdale's high ranking as well; "Scottsdale City Council is an exception to the rule in taxpayer watchdog's voting analysis."

This rating further validates the meticulous attention we, in Scottsdale, give to budget matters. Scottsdale's budget process is a critical component of our strategic visioning and planning efforts. We continue to fund needed investment in the city's infrastructure, facilities, and services while maintaining prudent fiscal policies. That is why I was pleased that the majority of the council saw the wisdom of passing this year's budget which included, among other things: the addition of new firefighters and police officers, the funding of new fire stations and libraries, an expanded after-school program, significant transportation improvements, major facility improvements at Westworld, and a $14 million renovation of the Scottsdale Center for the Arts.

In 2001, for the first time ever, Scottsdale received a AAA bond rating from all three major bond rating agencies. We are one of only a handful of cities in the entire country to have this rating. Our record on financial matters is outstanding.

 ************ STATE REAL ESTATE NEWS ************************

 ****************NATIONAL REAL ESTATE NEWS ***************

Cracks In the Economy
TIME - USA
The real estate slump has no quick fix - and could expand into a full-blown recession. Here, a for sale sign stands in front of a home in Lee's Summit, ...
See all stories on this topic

Offices sell for $51.3 mil
Arizona Republic - Phoenix,AZ,USA
A California real-estate investment firm has paid $51.3 million for a three-building portfolio in the Deer Valley area of north Phoenix. ...
See all stories on this topic

The new land grab
CNNMoney.com - USA
Real estate investment fund is focusing on Arizona; in the past year bought two parcels of land in Chandler, near Phoenix. The explanation for this hot ...
See all stories on this topic

NAR: Mortgage Disruption May Slow Home Sales
Temporary problems with jumbo loans and subprime issues continue to linger, but most buyers should be OK in the months ahead, NAR's senior economist says.
Read more >

Congress Ready to Tackle Subprime Lending
U.S. lawmakers returned from vacation this week prepared to propose legislation that will protect mortgage borrowers.
Read more >

10 Tips for Buying a Fixer-Upper
To better your chances of making a profit, consider these factors in selecting the right home for a cosmetic makeover.
Read more >

Banks Woo Borrowers Who Have Good Credit
It's a perfect time for buyers with great credit as banks lure such customers with fee waivers, competitive interest rates, and a willingness to negotiate.
Read more >

Foreclosures Hit All-Time Highs
The Mortgage Bankers Association's chief economist blames the spike on heavy job losses in the Midwest and the housing slump in four once-booming markets.
Read more >

FHA Gives Practitioners Chance to Help Past Clients
There's good news to pass along to your clients who took out risky subprime financing and are now facing payment pressure.
Read more >

Tips for Borrowers Shopping for a Loan
In today's tight mortgage market, home buyers need to make sure they have these five things in order to qualify for a mortgage with the best terms.
Read more >

Economist: Fed has the Power to End Housing Slump
The Fed could prevent a lot of damage to the housing market and overall economy by acting swiftly to aggressively cut interest rates, says a Fed Board of Governors' member.
Read more >

Mortgage Activity Climbs Out of Summer Doldrums
Mortgage applications rose 10 percent compared to the same week a year ago. Interest rates also inched up slightly for the week.
Read more >

 *********************** Attorney General Warnings ********************

Terry Goddard Amplifies Cochise County Warning 

Attorney General Terry Goddard today joined the Cochise County Health Department in warning consumers about a phone solicitation scam circulating in Cochise County. 

Cochise County residents have received calls from a company called Arizona Health Care claiming to be conducting a phone survey on behalf of the County Health Department.  During this survey, callers ask for personal information, including name, credit card number, Social Security number and whether they live alone. 

This is a scam!  The Cochise County Health Department is not conducting any phone surveys.  The callers are attempting to steal personal and financial information.  Cochise County Health Department officials have said they would notify the public before conducting a phone survey and would never ask for personal or financial information.  If you receive such a call, do not give out any personal information and report it to the Attorney General’s Office. 

“We have seen many similar attempts to use a phony official title to obtain personal information,” Goddard noted.  “No governmental or legitimate financial institution will call or email you and ask for personal financial information.” 

If you believe you have been a victim of fraud, please contact the Attorney General’s Office in Phoenix at 602.542.5763; in Tucson at 520.628.6504; or outside the Phoenix and Tucson metro areas at 1.800.352.8431. To file a complaint in person, the Attorney General’s Office has 35 satellite offices throughout Arizona with volunteers a vailable to help. Locations and hours are posted on the Attorney General’s Web site at www.azag.gov.

Terry Goddard Also Warns of Online Job Search Scam 

Arizona Attorney General Terry Goddard is warning consumers of an online scam involving a leading job search Web site. 

Monster Worldwide, Inc. has reported that personal information of 1.3 million job seekers on its Web site, www.monster.com, was stolen in an apparent identity theft crime. Scammers have been hacking into the accounts of legitimate employee recruiters, using the site to access the personal information found on job seekers’ resumes. After obtaining this information, the scammers use an email “phishing” scheme to collect personal financial and bank account information from job seekers. 

This is a scam designed to obtain personal identifying and financial information. Attorney General Goddard recommends being extremely cautious if you receive an email from an online recruiter requesting your personal banking or financial information. Always verify the legitimacy of the email by phone before providing any personal information, and never send complete credit card, bank account or Social Security numbers via email. 

If you believe you have been a victim of fraud, please contact the Attorney General’s Office in Phoenix at 602.542.5763; in Tucson at 520.628.6504; or outside the metro areas at 1.800.352.8431. To file a complaint in person, the Attorney General’s Office has 35 satellite offices throughout Arizona with volunteers available to assist you. Locations and hours are posted on the Attorney General’s Web site at www.azag.gov

**************************** If you thought selling real estate was without risk ***********

Realtor Murder Case Goes to Trial

Reported By: Jon Shirek

Last Modified: 9/17/2007 11:32:15 PM

A jury of nine women and three men was chosen Monday, and testimony will begin Tuesday, in the trial of the suspect in the so-called model home murders that occurred nearly four years ago in Powder Springs.

Stacey Ian Humphreys faces the death penalty if convicted of killing real estate agents Lori Brown, 21, and Cynthia Williams, 33, on November 3, 2003.

Judge Robinson moved the trial far from Cobb County, to the town of Brunswick in Glynn County, in southeast Georgia, at the request of the defense, in order to have a better chance of finding jurors who have never heard about the case.

The women's violent deaths, and the search for Humphreys, frightened residents of the subdivision and nearby neighborhoods, and frightened real estate agents across the state.

***************  Also *********************

 Man found guilty of raping real estate agent
9NEWS.com - Denver,CO,USA
When she arrived, prosecutors say Bradshaw robbed her, raped her and held her against her will. The Weld County District Attorney's office has also filed ...
See all stories on this topic

*****************************************************************************************

At home, relaxing, and enjoying candlelight,
soft music and a glass of wine. Then the candle drips!

Do you know the secret for removing candle wax drippings? Here it is: Place a towel, or a brown paper bag over the spot and put a hot iron over the blotter. After a few minutes, the wax will be absorbed! Repeat if necessary. I specialize in helping you to enjoy the best times of your life at home. I hope this little tip helps you sometime.

If you want to look at homes, or have a question about buying or selling real estate, call me anytime.

Regards,

William Duffey

GO TO MY CONCIERGE PAGE FOR A LIST OF VENDORS. <click here

Hope you enjoyed this newsletter...let me know if you have suggestions or if you would like me to write an article on any real estate subject.

Please remember that selling or buying your home is not a "do-it-yourself" project.

Call me, and I'll handle all the details.  I also have a "Moving Coach"!  The service is Free for my clients.

*Please consult your tax adviser.

Please note: This email and any attachments contain confidential and/or privileged information for the sole use of the intended recipient. If you are not the intended recipient you may not read, disseminate, distribute or copy this email message or any attachments. Please notify the sender immediately (by reply email or phone) if you have received this email message by mistake and delete this email message, along with any attachments from your system. Email transmission cannot be guaranteed to be secure or error-free, as information could be intercepted, corrupted, lost, destroyed, delayed or may be incomplete. The Sender does not accept any liability for any errors, omissions or viruses in the contents of this email message or any attachment. This email also conforms with the Arizona Commercial Electronic Mailing Act of 2003.  Your Privacy is important to me.  I do not share your email information with any other party.  If you do not wish to network in this way and desire to be removed from my newsletter email list, simply send me an email with "remove" in the subject line (click on the "email Bill" link.  You will be excluded from the list, in a few days. Copyright 2006 Bill Duffey.  All Rights Reserved.

  To remove yourself from my mailing list, you can opt-out by just sending me an email.

Please put "remove" in the subject line. 

NOTE: If your home or property is currently listed for sale with a licensed Real Estate Broker, this is not intended to be a solicitation of that listing.  It is not our intention to solicit the listing of another real estate Company.

GO TO MY CONCIERGE PAGE FOR A LIST OF VENDORS.

PS: I never receive any compensation from any vendor, ever!

Realtor mls logo in one.gif (1718 bytes)   

LEGAL STATEMENT <please click here to read

Regards,  Bill Duffey

Home Previous Page

Send e- mail to wmduffey @ yahoo.com - questions or comments.  >>> wpe2.jpg (1516 bytes) <<< Click on this icon to send e-mail)    
Copyright © 1998-2008 All Rights Reserved by Bill Duffey - Luxury Real Estate in Scottsdale, Carefree, Paradise Valley and Cave Creek, Arizona

Information Deemed Reliable But Not Guaranteed. Realtor mls logo in one.gif (1718 bytes)

You are advised to verify facts that are important to you. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. If you are viewing this website, you have agreed to it's LEGAL STATEMENT <please click here to read.  

If you do not agree to the terms and conditions of this legal statement and agreement, please leave this site, now.

Notice:  SEE LEGAL STATEMENT FOR THIS WEB SITE.

Click here, if you get lost  on this site -- click here >>> http://www.billduffey.com <<< Click here