Arizona real estate investors are feeling the squeeze in the Greater Phoenix market. “Distressed” inventory is in shorter supply. Prices for trustee sale properties, bank-owned REOs and wholesale properties are rising. Deals are getting harder to find. Why? Banks are putting the “Squeeze” on! No one has been more critical of the bank’s role in [...]
Sometimes it’s downright perplexing to understand what’s going on in the market. For the last several months we’ve been tracking price trends at the trustee sales (foreclosure auctions). The numbers confirm what we believed was happening – prices are going up, uP, UP! According to our analysis, as a percentage of “Estimated Market Value” that [...]
Our market is changing before our very eyes – we can see it and feel it happening. Inventory in the local MLS is down to lower levels than we’ve seen in over 5 years. The pending foreclosure “pipeline” is slowing from a gushing torrent to a steady roar. There are multiple offers on REO’s and [...]
Last month a 180+ unit Tempe multi-family property sold for $6.4 million – over $35K per door. This is highly unusual under current market circumstances, especially considering it was a C-level property in need of substantial physical rehab. According to a veteran multi-family broker I spoke to recently, the apartment market is getting “frothy.” You [...]
Recently we discussed how dominant cash buyers have become in the Phoenix real estate market. It’s truly remarkable that for 72% of January 2011 purchase/sale transactions taking place in Maricopa County are for CASH, whereas the national average was only 32%.[1] Nowhere is cash more important than on the Courthouse steps at the [...]