Phoenix Real Estate Market

It's Been A Crazy Market Here

In The Phoenix Area For The Past Two Years

Let me share with you my personal experiences...

In November of 2005 our real estate market took a sudden turn; one that we hadn't seen in quite a few years.

Prior to November, it was a Buyer's market. Buyer's were under pressure to preview new listings immediately, as soon as they become posted by the Listing Agent. Scottsdale real estate and the surrounding Phoenix areas, were sizzling HOT! Buyer's found themselves racing to properties to preview them and if it met their expectations, write an offer immediately or loose the "opportunity" to purchase once again, as the prices continued to rise! Having a aggressive Real Estate Agent was very important in this fast moving market. Every new listing was priced a tad higher than the last and Seller's were receiving multiple offers at that! Many times, the offers were over the asking price. It was not uncommon for a Listing Agent to post the new listing and in the comment area of the listing, advise Buyer's Agents and Buyer's that "all offers will be reviewed on ..........at 5:00pm." Therefore, being the first offer was not a benefit since they chose to review all of them, at the same time, maybe 3 days later. It became a bidding war. There was just not enough real estate available to go around for all of the Buyer's interested in entering the marketplace; moving up to a larger home, or down as their families scaled down with children now in college, etc.

All of a sudden, in November of 2005, the real estate market in the Phoenix area took a serious turn. Prices had become so inflated, properties began to sit and Buyer's began to wait; wondering what was in store for the future. Two years later we find those who purchased during this market frenzie are finding themselves needing to hold on to their real estate longer than perhaps anticipated. No more "flipping" of homes (buying/selling quickly for a fast buck). There is very little, if any, equity. They cannot take out second mortgages to assist with their debts and their credit card debts have increased. Perhaps some have had the misfortune of loosing their jobs to boot! Foreclosure and bankruptcy is in the near future for those unfortunate families.

I can remember a specific incident where my Buyer was "lucky" in that our offer was accepted after being shown to many the first day. One very interested party, now extremely disappointed that they were not the "chosen Buyer" actually showed up at the Sellers door step without their Agent, letter in their hand, in tears, begging to explore any option as to how they could perhaps still be the one selected by the Seller to purchase the property. Needless to say, our offer had been accepted and we were well on our way....some win while others loose.

In summary, if you or someone you know is interested in Buying real estate in the Scottsdale/Phoenix areas, now is the time. There are many desperate sellers who need to unload their property just to save their credit.

Real estate is like riding a roller coaster.....it's up then down and up again. Hold on and enjoy the ride if you can!

The Community of Kierland in Scottsdale, AZ

"Kierland Commons"

Kierland Commons is a friendly, warm community which invites all walks of life located in Scottsdale Arizona. Residents their have homes and live their either as full time residents, or perhaps they are "snowbirds" and have purchased a condo, townhome or single family residence in Kierland. If you are looking for a vacation home in Scottsdale, investment real estate in Scottsdale or simply and exquisite piece of real estate in the Scottsdale, Phoenix areas, Kierland may be the community of choice for you as well. In Kierland, you will experience the warmth of a family environment however seniors and singles also spend much time their. Some of the finest boutiques, quaint restaurants, walking paths and superior golf courses encompass the many acres included in the Kierland community. It's location is hard to beat. It is approximately 20 minutes from the Phoenix International Airport, 10 minutes from DC Ranch, McDowell Mountain Ranch and Grayhawk in Scottsdale as well. An easy stroll will take you to a fabulous restaurant for lunch followed by some great shopping and you can top it off at Cold Stone for an ice cream. The Kierland Community in Scottsdale is rated 5 star so if you are ever in the area, don't forget to spend some time their. The experience is unforgettable.
A golf course townhome runs about $400K while a single family residence ranges from $600K and up.

Luxurious Living In DC Ranch, North Scottsdale, AZ

DC Ranch located on the slopes of the McDowell Mountains.

Homes in DC Ranch often have breathtaking views, particularly if you are living in one of the manor homes of "Silverleaf". DC Ranch, North Scottsdale, has a Scottsdale lifestyle of it's own! All of the conveniences a North Scottsdale homeowner would desire can be found in this exquisite community of DC Ranch. Market Street is their main "attraction" full of boutiques, some of the finest restaurants; you'll find a bank, travel agent, pet store, real estate company, dry cleaners and much more! Private Golf and a superb Country Club attracts the finest of golfers (or those who dream they could be someday) who prefer to purchase their winter home or investment home in a community which is self-contained. Condo's in DC Ranch are currently starting under $300,000 while a manor home at the top of Silverleaf in DC Ranch can run as high as $13 million! Their is something for everyone and everyone should certainly tour DC Ranch in North Scottsdale, Arizona.