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Phoenix Housing Market Update: 8/10/12

Haboob. Say it out loud. Haboob. Sounds funny right? Almost dirty. What is a haboob? A haboob is a dust storm. So I guess it is a dirty word. In August, haboobs are pretty common here in the desert southwest. These towering walls of dust approach our city limits quickly and cover everything in their path with a thick layer of silt, much to the delight of local car wash owners. But automobile...
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Phoenix Housing Market Update: 7/27/12

"Investors will soon be priced out of the housing market. Consumer confidence and normal home sales have taken over the market." -       Beth Jo Zeitzer, a real-estate attorney and president of Phoenix-based R.O.I. Properties from an Arizona Republic article July 21st, 2012 At last, some good news about the greater-Phoenix housing market. So why would a fix and flip investor like me think th...
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Phoenix Housing Market Update: 7/6/12

Brace yourself. Are you sitting down? You may want to get a paper bag to keep from hyperventilating. Okay, here goes. In June, the price per square foot average for homes in greater-Phoenix dropped 4%. According to this month’s Arizona Regional Multiple Listing STAT Report, the median sale price declined by 2.8% to $141,000. How can this be you ask? After all, the ARMLS STAT report is ful...
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Phoenix Housing Market Update: 6/29/12

The online world can be a treacherous place, where rude people operating under anonymous screen names lurk; ready and willing to launch vile epithets at unsuspecting bloggers like me. Just this week I’ve been referred to as a troll and a fool. On my YouTube channel a viewer said my videos sucked worse than my blog posts. Ouch. This begs the question – what makes it acceptable for some to be ...
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Phoenix Housing Market Update: 6/22/12

What are you going to do when the wave of foreclosures in Phoenix subsides? How will you survive? I get questions like these a lot. The truth is no matter what the housing market or economy is doing there will always be people who can’t pay their bills. There will also be lots of people who don’t have the time, money or expertise to fix up their home if it falls into disrepair. In a city the...
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Phoenix Housing Sub-Markets and Terms of Sale

Prior to the real estate market crash in 2008, determining the after-repair value of a home was much easier. That’s because a majority of homes on the retail market were what housing experts call normal sales. In other words, these houses were not in foreclosure or owned by a bank. With the tidal wave of foreclosures that hit nearly every city in the United States, retail markets were overr...
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Phoenix Housing Market Update: 6/8/12

“Most of the smart money has already left Phoenix. Lots of dumb money here now.” That’s what a prominent local real estate attorney said to me last month at a meeting in his uptown office. According to Michael Orr’s June 2nd market summary for greater-Phoenix: “The average price per sq. ft. across all areas & types in ARMLS has moved from $87.53 on March 2 to $101.23 on June 2 - that'...
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Phoenix Housing Market Update – 6/1/12

As a local housing market geek I was in my glory the past 5 days. Both the S&P/Case-Shiller Home Price Index and Greater Phoenix-Housing Market Report by Michael Orr of Arizona State University were released. Let’s get to the S&P/Case-Shiller Home Price Index first. Here’s their chart of the top 20 real estate markets in the United States. You’ll notice that Phoenix leads all mar...
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Phoenix Housing Market Update: 5/18/12

“However beautiful the strategy, you should occasionally look at the results.” -       Winston Churchill When my business partner Manny Romero and I sat down three years ago and set a goal of fixing and flipping 60 homes a year in Phoenix we failed to consider something totally unexpected – a rapid recovery. Since last summer institutional investors, second-home buyers, one-off investors and...
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Phoenix Housing Market Update: 5/11/12

On Tuesday, I taught my class, Attracting Investor Clients, to 29 Arizona Realtors at WEMAR in Peoria. By the way, if you ever want to hear me speak, get 3 hours of agency law for agent renewal hours, or just like hanging out with a bunch of Realtors and a red-headed instructor, click here for a link to my class schedule. The sponsor usually charges around $10. I started teaching Attracting Inv...
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