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

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

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MONTHLY NEWSLETTER

JUNE  2008

Summer edition

from Bill Duffey   

RE/MAX Excalibur    480- 585- 2904 

 No matter how you cut it, now it the time to BUY! 

Congratulations! 

We have just been honored by Fortune magazine as the 25th

"Best Place to Live" in the Country!

Scottsdale also ranked No. 4 for the Arts in the country  (for the 3rd year in a row) among mid-size cities, according to AmericanStyle magazine.

An important change is about to occur, relative to our MLS system.  An entirely new system will be in place, in August.  It is a welcome change that will bring our listings into the 21st century and will allow web browsers to more easily access the data. 

New listings are down a bit (good news) and sales are about where they were last year.  We still have a 9 month inventory, however.  Nationally, inventories are running about 12 months.

For Sellers, time-on-market is still very high due to the continuing Buyer's market.  Homes in North Scottsdale are holding their values, however.

 This is my summer newsletter.  Hope you enjoy it!  I will return to my regular monthly edition, in September. 

Have a great summer!

 ********************************************** North Scottsdale Values ****************************

   Interesting... Wall Street Journal

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 NEW LISTING $1,750,000 (4991 sq. ft.) with VIEWS on 1.346 acres **************

Between Mirable and Desert Mountain in North Scottsdale.

Valley Views from the infinity-edge pool/spa!

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Data Note:  One has to be very careful about interpreting the data on this site, and others.  I recently noted that one of my data suppliers had dramatically different sales numbers, last month.  Upon notifying them of the disparity, they checked with other data providers and sure enough, the data was skewed.  Some of the data included all foreclosure sales and some did not.  That really changes the nature of sales, per month.  The data below, does include some foreclosure sales, if they were formally listed as short-sales in the MLS.  As a result, I have elected to only use MLS data from now on in my newsletters.  See: Valley home-sales reports are at odds

*********************************  Land Listings **************

LOST CANYON ESTATE PROPERTY  $1,395,000  4.39 Acres

  Call me for more information! 

  Two parcels

 

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

 ********************  SALES

******************************** QUARTERLY DATA for the 1st Quarter of 2008 ****************************

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

 ***********************  National Indicators *********************

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Top 10 millionaire counties – Maricopa County is # 4 in the nation. 
Daily Real Estate News 

Where the Millionaires Live
The number of U.S. millionaire households has risen to a record high of 9.3 million as of mid-2006, up 5 percent from 2005, according to TNS Global’s annual Affluent Market Research Program.  The millionaires’ mean net worth, not including their primary residence, is $2,167,167 with investable assets of $1,442,841. Their median age is 58 and 45 percent are retired. Forty-six percent of millionaire households own investment real estate such as a second home, third home, rental properties, and undeveloped land. Thirty-four percent have a first mortgage on these residences and 25 percent have second mortgages on these additional residences.

The TNS study identified 10 counties with the highest number of millionaire residents.

  1. Los Angeles County with 268,136
  2. Cook County, Ill., 171,118
  3. Orange County, Calif., 116,157
  4. Maricopa County, Ariz., 113,414 ** 
  5. San Diego County, Calif., 102,138
  6. Harris County, Texas, 99,504
  7. Nassau County, N.Y., 79,704
  8. Santa Clara County, Calif., 74,824
  9. Palm Beach County, Fla., 71,221
  10. King County, Ore., 68,390

Source: Associated Press (05/01/07)

TNS Financial Services, a market research and polling firm, ranks the nation's top 10 counties with the highest number of millionaire households, which have a net worth of at least $1 million, not including the value of a resident's home.

No. 4 Nationally  Maricopa County, Arizona   Number of millionaire households: 113,414

Percentage of state's millionaire households: 62%   Percentage of nation's millionaire households: 1%

*****************  Euro Buyers.....

 Despite its recent rally, the dollar is at its lowest point in a dozen years against the yen, and remains weak against the pound, the euro and most currencies of developed countries. Three out of 10 foreign buyers who bought in the United States in the 12-month period ending in April came from Europe, according to the National Association of Realtors.
 
• News of foreclosures, short sales and falling prices has spread around the globe, attracting foreign investors looking for deals.
 
• Urban real estate in major U.S. cities costs much less than it does in many other industrialized nations. According to the Global Property Guide, an apartment in London costs $28,355 per square meter ($2,637 per square foot), and Paris $15,670 per square meter ($1,457 per square foot).

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

********************* Builders having issues! *************

Builders are having trouble moving new homes!  Recently, 18 multi-million dollar homes went to auction - few sold!  So much for the auction alternative, unless you really need to get out "fast".  Let me know if you are headed in that direction.  I can help!

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

BUY A NEW SEMI-CUSTOM HOME with my help.  You would not believe the deals I have come across with the large subdivision builders.  Remember: If you try to "do-it-yourself", you will not have a professional Realtor to represent your interests.

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

 New Rules for Buying a Home Before It's Built
As the housing market has cooled, the developer’s mindset has changed. Rather than construct new developments quickly and wait for the buyers to flood in, more developers are relying on preconstruction sales to determine whether or not to break ground.

Here’s some advice for any buyer contemplating a preconstruction purchase:

  • Negotiate an exit strategy in your sales contract, especially as lead times for construction grow longer in some markets. For example, state that if the builder doesn't break ground by a certain day, you can get out of the contract.
  • If you're deposit money is going to sit there for an extended period, you can ask the developer to pay interest.
  • Get in writing what changes that can be made to the project once the sales contract is signed. Finishes and appliances might not be set in stone, at the time you sign the deal.
  • Try to find out the current state of the local market and gauge whether the developer is offering incentives to lure new buyers — which, though attractive to buyers in the short term, can put a downward pressure on prices.

**************** Short News Items *************

  Click on the links, below, to read the entire article.

  ?? We shall see.

 

 ****************

Mortgage note:  You can ONLY deduct the interest on the first $100,000 of a mortgage.

***************  Fraud Warning ***********

(Phoenix, Ariz. - May 23, 2008)  Attorney General Terry Goddard today warned consumers to be wary of postcards soliciting donations for “Arizona Hospitalized Veteran Gift Campaign.”  The Attorney General’s Office has learned that Arizona residents are receiving these mail solicitations claiming to be associated with a veteran’s hospital or veterans group. 

This is a scam! The Carl T. Hayden VA Medical Center Hospital and the Arizona State Veterans Home do not solicit donations to purchase personal and toiletry items.  The postcard has an address but not a contact phone number on the solicitation. 

Goddard offered the following tips to consumers when donating to charitable organizations:
 
  • Be careful of charities with names that sound impressive or resemble those of other organizations. Some scam artists use names similar to reputable, well-known organizations to confuse donors.
  • Do not make cash contributions. Always contribute by check. Make your check payable to the charity, never to the individual soliciting the donation.
  • Contact the Secretary of State’s office to ensure the organization is registered as a non-profit.
  • Be wary of appeals that coincide with highly publicized tragedies, such as devastating fires, floods or other dramatic events. Fraudulent fund raisers will try to exploit sympathy for those who suffered.
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 36 satellite offices throughout the state with volunteers available to help.  Locations and hours of operation are posted on the Attorney General’s Web site at www.azag.gov.  Consumers can also file complaints on line by visiting the site.
 

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

Homes are biggest bargain since 2004, an article from CNNMoney.com, reports that according to the latest Housing Opportunity Index released by Wells Fargo and the National Association of Home Builders (NAHB), 53.8% of all new and existing homes sold nationwide during the first three months of 2008 were affordable to families earning the median household income of $61,500. NAHB president, Sandy Dunn, said in a press release, "Three factors combined to substantially increase housing affordability. Mortgage rates returning to near the record low levels of a few years ago, a $2,500 rise in family income nationwide (from 2007 to 2008) and lower house prices."
http://money.cnn.com/2008/05/20/real_estate/big_improvement_in_home_affordability/index.htm?postversion=2008052013

Good News From Lenders, an article from RealtyTimes.com, reports that the best news in real estate the first few months of 2008 has concerned mortgages. Interest levels have continued to hover near 6% for 30-year fixed-rate loans, people who want to buy or refinance at this time will find interest rates not terribly far-removed from the historic lows seen in 2003. The mortgage rates today are important because they show that lender confidence in the U.S. real estate market remains strong. Lenders are willing to extend credit to U.S. homeowners, despite the large number of foreclosures. With the new lender policies, be prepared for more paperwork, larger down payment requirements when you buy and the need for more equity when you refinance.
http://realtytimes.com/rtpages/20080521_millerreport.htm

Housing starts post surprising rebound, an article from MSNBC.com, reports that during the worst downturn in housing in more than two decades, construction of new homes posted the biggest increase in more than two years in April. According to the Commerce Department, housing construction rose by 8.2% in April to a seasonally adjusted annual rate of 1.03 million units. The growth came from a big increase in apartment construction. Apartment building, defined as two or more units, jumped by 36% to a seasonally adjusted annual rate of 340,000 units, while the larger single-family sector dropped by 1.7% to an annual rate of 692,000 units. Considered a good sign of future activity, applications for building permits also recorded an increase in April, rising by 4.9% to 978,000 units. This was the first gain in permits in five months.
http://www.msnbc.msn.com/id/24664672/

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

Fix It or Replace It?
The May 2007 issue of Consumer Reports offers consumers a timeline to determine when it’s time to say goodbye to old appliances that aren’t operating properly. The magazine took into account age, typical repair and replacement costs, and improvements that have been made in newer models.

The following list shows the age when it’s more sensible to replace an appliance rather than fix it:

  • 6 years: dishwashers, over-the-range microwaves, and top-freezer refrigerators
  • 7 years: clothes dryers and top-loader washers
  • 8 years: Bottom-freezer and side-by-side refrigerators, electric or gas ranges, electric wall ovens, and front-loader washers

Source: Consumer Reports (04/10/07)

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Our new "Sale Away" Balloon~

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I'll be alert for your call, anytime you need me, too. I can help you with information about your home's value, or any other real estate matter.

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.

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Regards,  Bill Duffey

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