With over 2900 sq.ft.,this beautiful,remodeled 3 BR/2.5 BA home is designed to meet any lifestyle. Dramatic living rm w/soaring ceilings,18 ft stone fireplace w/doors to covered patio. New granite ctr tops in bright kitchen w/breakfast room. 2 BRS & 1.5 BA & office down.

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Brand new Arizona Homeowner online interactive magazine celebrates Arizona’s 100 birthday this year. Click the cover to view.

Click the Picture to view the online interactive magazine.

Play Ball! Another new interactive online magazine featuring a great article abouty Salt River Fields stadium. Don’t miss this one!

This week’s blog post features another past Ancala online interactive magazine with some great tips on interior decorating.  Don’t miss it!

This week’s interactive magazine is the January-February issue of Arizona Homeowner.  Click the picture above to view the articles inside.

Brand new Arizona Homeowner interactive magazine.  Click the picture above to view the articles inside featuring every wine lover’s need-to-know tips and tricks.

Click the picture to the left for the online interactive December 2010 holiday issue of Ancala Lifestyle featuring tasty recipes, tip & tricks for selling your home, and Ancala’s Real Estate Report.



This week’s online magazine is a wonderful issue of Arizona Homeowner from Dec. 2010.  Click the picture above to view the interactive magazine with articles for those tough home improvement projects for the new year and a new succulent holiday recipes.

Ancala Lifestyle’s Nov. 2010 issue.  Click the picture above to view our interactive magazine that will guide you through interesting articles featuring recipes, charitable athletes, and your favorite Ancala and Valley Luxury Paradis Team’s real estate report.

This week, we have a gorgeous custom-built home nestled quietly within the mountains.  With its spacious 4650 sq.ft., unique In-Valley-Views and a three car garage, this house is sure to attract everyone.

To see all the full specs and more pictures, Click Here!

On September 8th, ARMLS presented Steve Murray, editor and presidentof Real Trends, Inc. as part of the ARMLS   Speaker Series. Steve and co‐author Ian Morris, CEO of Market Leader (NASDAQ: LEDR) recently pub‐lished  “GAME PLAN – How Real Estate Professionals can Thrive in an Un‐certain Future”. The following discussion and the substance of Steve’s presentation is taken from their new book.

Source: ARMLS WAVE Magazine. http://www.armls.com/news/wave-ezine.aspx

Existing-home sales increased in August, even with ongoing tight credit and appraisal problems, along with regional disruptions created by Hurricane Irene, according to the National Association of Realtors®. Monthly gains were seen in all regions.

Total existing-home sales¹, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 7.7 percent to a seasonally adjusted annual rate of 5.03 million in August from an upwardly revised 4.67 million in July, and are 18.6 percent higher than the 4.24 million unit level in August 2010.

Lawrence Yun, NAR chief economist, said there are some positive market fundamentals. “Some of the improvement in August may result from sales that were delayed in preceding months, but favorable affordability conditions and rising rents are underlying motivations,” he said. “Investors were more active in absorbing foreclosed properties. In additional to bargain hunting, some investors are in the market to hedge against higher inflation.”

Investors² accounted for 22 percent of purchase activity in August, up from 18 percent in July and 21 percent in August 2010. First-time buyers purchased 32 percent of homes in August, unchanged from July; they were 31 percent in August 2010.

All-cash sales accounted for 29 percent of transactions in August, unchanged from July; they were 28 percent in August 2010; investors account for the bulk of cash purchases.

“We had some disruptions from Hurricane Irene in the closing weekend of August, when many sales normally are finalized, along the Eastern seaboard and in New England,” Yun said. “As a result, the Northeast saw the smallest sales gain in August, and some general impact is expected in September with widespread flooding from Tropical Storm Lee. Aberrations in housing data are possible over the next couple months as markets recover from disrupted closings and storm damage.”

Yun said an extremely important issue currently is the renewal and availability of the National Flood Insurance Program, scheduled to expire at the end of this month. “About one out of 10 homes in this country need flood insurance to get a mortgage, and we would see significant negative market impacts without it,” he said.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 4.27 percent in August, down from 4.55 percent in July; the rate was 4.43 percent in August 2010. Last week, Freddie Mac reported the 30-year fixed rate fell to a record low 4.09 percent.

NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said the market is remarkably affordable for people with secure jobs, good credit and long-term plans. “All year, the relationship between home prices, mortgage interest rates and family income has been hovering at historic highs, meaning the best housing affordability conditions in a generation,” he said.

“The biggest factors keeping home sales from a healthy recovery are mortgages being denied to creditworthy buyers, and appraised valuations below the negotiated price. Buyers may be able to find more favorable credit terms with community and small regional banks, and Realtors® can often give buyers advice to help them overcome some of the financing obstacles,” Phipps said.

Contract failures – cancellations caused largely by declined mortgage applications or failures in loan underwriting from appraised values coming in below the negotiated price – were reported by 18 percent of NAR members in August, up from 16 percent July and 9 percent in August 2010.

The national median existing-home price³ for all housing types was $168,300 in August, which is 5.1 percent below August 2010. Distressed homes – foreclosures and short sales typically sold at deep discounts – accounted for 31 percent of sales in August, compared with 29 percent in July and 34 percent in August 2010.

Total housing inventory at the end of August fell 3.0 percent to 3.58 million existing homes available for sale, which represents an 8.5-month supply⁴ at the current sales pace, down from a 9.5-month supply in July.

Single-family home sales rose 8.5 percent to a seasonally adjusted annual rate of 4.47 million in August from 4.12 million in July, and are 20.2 percent above the 3.72 million pace in August 2010. The median existing single-family home price was $168,400 in August, which is 5.4 percent below a year ago.

Existing condominium and co-op sales increased 1.8 percent a seasonally adjusted annual rate of 560,000 in August from 550,000 in July, and are 8.3 percent higher than the 517,000-unit level one year ago. The median existing condo price⁵ was $167,500 in August, down 3.3 percent from August 2010.

Regionally, existing-home sales in the Northeast increased 2.7 percent to an annual pace of 770,000 in August and are 10.0 percent above a year ago. The median price in the Northeast was $244,100, which is 5.1 percent below August 2010.

Existing-home sales in the Midwest rose 3.8 percent in August to a level of 1.09 million and are 26.7 percent above August 2010. The median price in the Midwest was $141,700, down 3.5 percent from a year ago.

In the South, existing-home sales increased 5.4 percent to an annual pace of 1.94 million in August and are 16.9 percent higher than a year ago. The median price in the South was $151,000, which is 0.8 percent below August 2010.

Existing-home sales in the West jumped 18.3 percent to an annual pace of 1.23 million in August and are 20.6 percent higher than August 2010. The median price in the West was $189,400, down 13.0 percent from a year ago.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

Source: http://www.realtor.org/press_room/news_releases/2011/09/ehs_aug

HOMEOWNERS’ ASSOCIATIONS (HOA)
GOOD THING OR BAD THING?
Homeowners’ associations, or HOAs, are formal legal entities created to maintain common areas; they have the authority to enforce deed restrictions. Most condominium and townhome developments, and many newer single-family subdivisions have HOAs, which are usually created when the development is built. Covenants, Conditions & Restrictions (CC&R’s) are issued to each homeowner, and HOAs are established to ensure that they are adhered to in order to maintain the quality and value of the properties involved.

Features of a Homeowners’ Association:
• Membership is mandatory for all property owners within the development
• Members are usually charged mandatory fees
• Homeowners associations have the authority to enact and enforce maintenance and design standards in addition to those established by City ordinances
• Homeowners’ associations are corporations with formal bylaws – there is usually a governing board which hires a property management company to handle maintenance and enforcement issues
• Many homeowners’ associations publish a newsletter
According to the Community Associations Institute:
• An estimated 50 million Americans live in association-governed communities. Some 1.25 million people serve on community association boards, with another 300,000-plus serving as committee members.
• About 6,000 to 8,000 new community associations are formed every year. This includes condominiums, cooperatives and planned communities. It is estimated that more than four in five housing starts during the past 5-8 years have been built as part of an association-governed community.
• The estimated real estate value of the homes in all community associations is about $2 trillion, approximately 15 percent of the value of all U.S. residential real estate.
• Estimated annual operating revenue for U.S. community associations is $30 to $35 billion.
In the Phoenix area, each community is slightly different. You’ll find that is common for a Homeowners’ Association to handle all or some of the following:
• Establish and collect maintenance fees needed to run neighborhood operations
• Maintain community landscaping
• Maintain recreational facilities
• Provide space for events or neighborhood functions.
• Provide security
• Arrange for street maintenance
• Enforce deed restrictions including, but not limited to, exterior home maintenance, commercial use of properties, control of trash and blight.
Other restrictions that may be enforced by an HOA: parking on street, landscaping approval or types of plants, garage door being open, fence restrictions, pool restrictions, erection of basketball hoops or tree houses, storage of boats and RVs, number of pets, age requirements of residents. There can be more.

If you want to start a discussion on a controversial topic, start talking about Homeowners’ Associations. You are bound to find people who appreciate them, people who despise them, and people who are somewhere in the middle. Those who like Homeowners’ Associations say that they protect the value of their homes and neighborhoods. They do this by keeping the area looking attractive, and making sure no one does anything wild, like painting their house gold and pink, parking an 18-wheel truck on their front lawn, leaving dismantled vehicles in the street, or running a flea market in the driveway. Opponents of HOAs point to overzealous and unscrupulous HOA boards, fee increases that can’t be declined, and rules that are far too restrictive, from what kind of shrubs to plant, to placement of a clothesline, to preventing the displaying of the American flag. Anti-HOA organizations believe that the HOA are private governments that set themselves above the law.

Whether or not to live in a development governed by CC&R’s and an HOA is an individual choice. Prospective home buyers should:
• Read any CC&R’s recorded against the home and make sure they can live with the conditions and restrictions contained in the document prior to close of escrow.
• Find out what the current dues are. Once you buy the home, you can’t decline to pay the dues. If you do, you could be evicted and your home could be sold to liquidate the debt. HOA dues can range from $20 per month to hundreds per month, depending on the property and the amenities provided by the community.
• Find out how often the dues have been raised during the history of the HOA. Will you be able to withstand future increases or will you have to move? Find out if the HOA has cash reserves.
• Determine if there are term limits for the Board, and if Board members have attended training sessions in efficient HOA management
• Determine if there is litigation pending involving the HOA

Hello Canadians!  Let the Paradis Team take the confusion away from buying property in Arizona.

We work with many Canadians and from time to time we’ve been asked many different questions about the buying and selling of real estate here in Arizona. So we decided to compile some informational facts that would help our Canadian friends in the decision making process. 

Fact #1:  Yes, we have had a significant down-turn in our market over the last few years and have seen record levels of foreclosed homes.  We believe we have hit bottom but perhaps it is our innate optimism speaking.  But depending upon whom you talk with we may have already started to rebound.

Fact #2:  There are lots of deals out there for buyers and we’ve assisted many Canadian’s like yourself find outstanding deals here in Scottsdale, Paradise Valley, and Fountain Hills.

Fact #3:  You need an experienced real estate agent to help you get the job done.  That is where we come in!  We will help you create your wish list and find your dream property, and have some fun while we are at it.   

Fact #4:  Yes, most Canadians pay cash.  Financing can be challenging here for Canadians but there are a number of lending institutions today with Canadian programs.  This is what you will need to take to a lender: 

1. Copies of passport and visa.
2. Last two pay stubs.
3. Last two bank statements.
4. Last two years tax returns, if self employed a letter from an accountant stating how many years you’ve been in business, and business tax returns.
5. Verification of two years of employment history.
6. International credit report-lender will order.
7. Set-up an American bank account to transfer funds.
8. Down payment around 30% to 35% of total purchase price of home.

Fact #5:  Yes, it is true that we do not use attorneys to process real estate purchases and sales contracts.  Arizona is known as a title state.  Most of the fees you will pay will be done through a title company and go to the lender.

Fact #6:  A good rule of thumb is to figure your closing costs will be approximately 3% of the purchase price unless you are paying cash and then you realize a considerable savings.  You can expect it to be around 1% of the purchase price for cash buyers.  The closing costs include such fees as paying for a home inspection, termite inspection, an appraisal, the escrow (title) fees, title insurance, recording fees, property taxes and homeowner’s insurance.

Fact #7:  Arizona does not have a real estate transfer tax and the Sellers pay for all real estate commissions.

 Fact #8:  Property taxes are pleasantly low compared to what you are used to paying.  Each city and county will vary slightly, but taxes are usually around .8 to 1.5% of the assessed value of the property.  Taxes are re-evaluated every 24 months in Maricopa County.

Fact #9:  The Foreign Investment in Real Property Tax Act (FIRPTA) imposes a U.S. tax on income and gains from real estate owned by “non-resident aliens” at the same graduated rates applicable to U.S. persons.  It is recommended you consult with an accountant or lawyer for more details. 

Fact #10:  You can lease your property.  Typically, our rentals are done either furnished for a short-term basis (1 to 4 months) or unfurnished (6 to 12 months) for a long-term basis.  If your property is located within a Home Owner Association Community, you will need to review your Covenants, Conditions and Restrictions (CC&R’s) to determine the length of time you want to lease your property and assess any restrictions.  The rental pool is terrific here in sunny Arizona.

Fact #11: Where you buy should depend on what activities interest you, such as golfing, fine dining, shopping, hiking, tennis, arts or other entertainment venues.  We can help you concentrate your search near where those activities are located.  Of course budget comes into play as well.

Fact #12:  You have plenty of time to have your property inspected and read the HOA information before you purchase your home.  The health of the HOA is really important in today’s market and we can guide you through your research.  

We hope this information has been helpful.  We are sure you will have more questions.  Please feel free to give us a call anytime at 480-209-2057 or email us at susan@sandrawilken.com.   We’ve been assisting our Canadian clients for years and have helped them successfully buy and sell real estate here in Arizona.  We are confident we can do the same for you.

Discover the ultimate Man Space — a customized dream garage!

PHOENIX, Feb. 24 /PRNewswire-USNewswire/ — Taking a cue from the federal government, the Greater Phoenix Convention & Visitors Bureau has put together a stimulus package designed to help visitors — and locals — take advantage of unseasonably low prices at several of metropolitan Phoenix’s hotels, resorts and restaurants.

From now through April 30, visitors who log on to the Greater Phoenix CVB’s “Spring Stimulus” page at www.visitphoenix.com/springstimulus can find room rates as low as $36 and resort packages that include free night stays and golf rounds. Meanwhile, local fine-dining establishments are offering dinner-for-two specials for less than $50 and three-course meals for as little as $25.

“Just because the economy is in a funk doesn’t mean you have to be,” said Kevin Kamenzind, senior vice president of sales and marketing at the Greater Phoenix CVB. “That’s our message to visitors, and especially locals. Those of us who are lucky enough to live in Arizona can save money on spring getaways and stimulate the local economy by enjoying the beauty in our own backyard.”

Spring is the peak season for tourism in America’s sunniest metropolis, and that typically translates into peak room rates. But as part of the Spring Stimulus program some hotels and resorts are advertising summer-like rates for springtime dates.

The Arizona Biltmore Resort & Spa is offering rooms for $179, a rate reminiscent of summer weekend specials at the famed resort. Other Phoenix-area resorts are advertising next-night discounts. Guests who book two nights at the Sheraton Wild Horse Pass Resort and Spa can stay the third night for free, and those who pay a regular rate for one night at The Westin Kierland Resort & Spa get the next night for half off.

Golf-loving guests can book a studio suite at the Legacy Golf Resort for $99 and get a 20 percent discount on greens fees, or enjoy a complimentary round with a $199 stay at Arizona Grand Resort.

Hotels and resorts are also tossing in summer-style dining and beverage credits. The Sheraton Wild Horse Pass’ package includes a $25 food credit and complimentary breakfast for two, and the Embassy Suites Phoenix Biltmore is giving guests a $50 credit to Omaha Steakhouse plus a coupon book packed with $750 in savings at area Westcor malls.

Foodies looking for a spring break in Greater Phoenix can log onto to www.visitphoenix.com/springstimulus to find out about specials on both fine cuisine ($35 for a three-course prix fixe menu at Roy’s Desert Ridge) and midweek wine (half-price bottles on “Wine Down Wednesday” at 1130 Restaurant).

“It’s not enough to remind residents how important tourism is to Arizona’s economy; we also want to illustrate the value of the visitor experience here and provide incentives for taking advantage of it,” Kamenzind said.

“If you’re thinking about coming in for spring training, or you’re a local who has friends and family who are contemplating to visit, we want you to know that, even in this economy, a Phoenix getaway is incredibly accessible. The desert always provides a gorgeous spring; now our hotels, resorts and restaurants are providing the stimulus.”

SOURCE Greater Phoenix Convention & Visitors Bureau

Real estate: Buffet, Gretzky and buying when others are fearful

People held off for a variety of reasons: Some waited because of the drop in the stock market, and their 401(k)s became 201(k)s.

Others didn’t buy because they were worried about their jobs, and we will see unemployment moving up this year. And some other folks didn’t buy a home because they heard in the national news about home prices dropping and did not want to buy a home that was going to lose value as soon as they bought it.

But people are going to start buying homes now because it’s becoming too good a deal not to do so.

I just read a great article by the famous investor, Warren Buffett. It was titled, “Buy American. I am.”

In it, he stated that a simple rule dictates his buying of stocks, companies and real estate. “Be fearful when others are greedy, and be greedy when others are fearful.”

He admits that fear now is widespread, gripping even seasoned investors. And that fear makes us sell stocks and hold on to cash, or hold off buying anything.

Then he observed, “In waiting for the comfort of good news, they are ignoring the great hockey player, Wayne Gretzky’s advice: ‘I skate to where the puck is going to be, not to where it has been.’”

So while everyone is selling, Warren Buffett is buying.

With real estate, it is the same principle. Buy when everyone is fearful.

Real estate investors and savvy homeowners have been doing that all year. Home prices went down and they started buying property. One of my clients just bought two homes in Phoenix at steep discounts, is renting them out, will sell them a few years from now and make a killing.

The places where home prices got hurt the worst — like Nevada, Arizona, California, and Florida — are now witnessing huge increases in house sales as savvy people are buying homes.

We didn’t see the home prices drop as sharply here as it did out West. Fond du Lac home median price fell about 4.5 percent last year … with some price bands such as homes between $100,000 and 140,000 doing quite well; and other price bands, such as homes over $300,000, seeing a much bigger drop.

But there are a lot of homes for sale in our market right now, meaning you have a fabulous selection. Most of the sellers have decreased their prices already, so they have been responding to the market realities and there are a lot of deals.

And now mortgage rates are averaging around 5 percent rather than the 6 percent we saw just a few months ago. You can buy a lot of home for a lot less right now. I just bought the last vacant lot on Lake Winnebago because it was too good a deal to pass up. Our building company, Winfield Homes, will build a house on the lake and someone is going to get a great home at a great price.

So be like Wayne Gretzky. Skate to where the puck is going to be. If you buy now, before the home prices start moving up, you won’t miss what is clearly shaping up as the greatest real estate buying opportunity in 70 years.