Real Estate Investing 101

Urban Team Launches New Real Estate Search Site for Greater Phoenix

Greetings on a rainy Monday in Phoenix. Rain is such an uncommon event here it is worth noting.

We, The Urban Team, are excited to announce our latest specialty web site for people searching for homes, condos, land, and investment property in the Greater Phoenix area. WWW.SearchForHomesInPhoenix/com not only features the spectacular Diverse Solutions search tool, it has a bevy of specialty pre-built searches designed to save you time.

Among the many specialty searches are:

• Search by zip code.
• Search by subdivision (Many of the most popular subdivisions are included)
• Search for foreclosures and bank owned properties.
• Find short sale homes, condos, land.

Don't forget to look at our Tips for Better Home Searching page too. It has info for both investors and regular home hunters.

Have a great day and even more fun as you search and find the best homes in the Phoenix Arizona market.

Ron Urban & Gene Urban
The Urban Team at Realty Executives
602-234-5777

Short Sales Can Come With Surprises... HOA fees, Back Taxes, Mechanics Leins

Short sales are one of the many sales vehicles investors use to purchase residential real estate. Unlike traditional transactions, short sales have unique problems and variables. We contacted a number of short sale specialists to better understand some of the issues that can arise for the investor/buyer. Below is a list of the predominant concerns the experts voiced.

THE PURCHASE OFFER: Shorts sale purchases come with a number of special addendum. The property is generally offered in AS IS condition as well as being a short sale. Addendum to the contract for these special circumstances are generally required. Most banks have additional special addendum the buyer will be expected to execute. Experts say that many offers are rejected because all the required documents are not included in the original offer package. Make sure all the required addendum and documents are included at the time you make your offer.

HOA FEES: Unpaid HOA fees are often an issue at COE. Homeowners tend to stop making their HOA payments, thus accumulating late fees and penalties in addition to the unpaid dues. Most banks are refusing to contribute to this deficiency. The burden is placed either the homeowner or the potential buyer. We advise short sale buyers to be aware of this possibility when buying a home that resides in an HOA and expect to be asked for a contribution. It may not happen but it is better to be prepared.

PROPERTY TAXES: As with unpaid HOA dues, property taxes must be brought up to date in order to close escrow in most transactions. Buyers should be aware that some banks feel it is the responsibly of the home seller to bring these current. If that homeowner/seller does not have the funds, you may need to participate in order to complete the transaction.

DEFICIENCY: If you are buying a short sale, know the bank may require the seller to sign a note for the deficiency amount; This occurs most often if the home is 2nd home or investment property or if the 2nd lien is a home equity line of credit.  This can be a last minute deal killer.

THE REAL ESTATE AGENT: The listing agent for a short sale is a very important player. Make sure they know what they are doing and have had success in closing short sale transactions. Good negotiation skills, knowledge of the players and keen record keeping are needed skills.

TIME TO CLOSE ESCROW:   Short sales, on an average, take a longer period of time to close escrow than most transactions. We reviewed 300 closed short sale deals in the Greater Phoenix market and found it took the average transaction 100 days to complete; This was the average and many took much longer.

CYA STATEMENT: The aforementioned items do not constitute all the possible concerns and problems one can experience during a short sale transaction. Please seek the advise of your real estate agent/broker and legal counsel during a real estate transaction.

We hope this has been of help and please feel free to contact us with additional questions and concerns. Be advised that our expertise lies in the Greater Phoenix Arizona region and may not be applicable to other states and countries.

If you would like to search the short sale and bank-owned home market in the Greater Phoenix area, please give our always up-to-date search tool below a try. Everyone says it is the best!!

Gene Urban & Ron Urban
The Urban Team at Realty Executives
602-234-5777

Search For Residential Investment Properties in Phoenix 85012

This post explores the 85012 zip code in central Phoenix. The map give you a look at the relative location of the 85012 zip code.

The basic demographics of the area are: 7300+ residents, median 2007 income of $47,700, 50% of residents are renters.

Much of the area is comprised of fine single family homes with higher price points. The Orangewood and Windsor Square neighborhoods are considered highly desirable. Some condo projects are located in the area as well with Landmark Towers capturing many news reports due to HOA problems.

The region is considered by many to be desirable. Easy access to light rail, downtown, Sky Harbor and great restaurants/shopping are just some of the attractions.

From an investment standpoint, 85012 is pretty tough. While checking the ARMLS stats today (June 4, 2009) there were only 39 single family homes and none were REO's. Nine homes were being offered as short sales so some less expensive bank-owned inventory may be around the corner. The condo market has more active inventory, however, the most affordable are in Land Mark Tower and the approximate $500.00/month HOA's make affordable rent rates difficult.

Investors may want to keep an eye on this region as we move into summer. Picking up a well priced single family home could pay good long term dividends. If you are a contractor, keep an eye out for homes in need of major repair and offered at low prices. Good historic remodels can fetch high prices in this area.

At the end of this post is a real estate search engine/tool specifically designed to show homes, condos, land and multi-family properties for sale in the 85012 zip code. The initial view shows the 20 most expensive properties and users may explore all price levels currently available. The data is real time showing you the current inventory, included bank owned, at the time you view this post.

The search tool is map-based, and allows registered users to save searches and receive email updates when new properties come on market. If you would like to personally view any of the properties, we'd be happy to arrange an appointment. Just give us a call (602-234-5777) or send an email request.

Check the "search by zip code" category for information on additional area zip codes.

Best to you,

Ron & Gene Urban
The Urban Team at Realty Executives
602-234-5777

Search & Buy Real Estate Investment Properties, Homes in Phoenix 85021

This post explores the 85021 zip code in north central Phoenix. 85021 is geographically bounded by Peoria Ave (N), Glendale Ave (S), Central Ave (E) and I-17 (W). 

The basic demographics of the area are: 38,000 residents, median household income of $43,000, median age of 31 years, and approximately 55% of the people rent verses own. 

85021 is a true mixed bag of real estate. The Royal Palms neighborhood, north of Northern and bounded by 7th & 15th avenues, is home to some significantly nice homes. Areas like Why Worry Estates sports million dollar properties. However, jump a bit to the west or south and 85021 is home to lots of apartments and much more affordable housing. As we noted above, over 50% of the residents rent and are younger than average.

The area is popular for a number of reasons:

• It's pretty darn easy to get around from here. Downtown is minutes away and access to both the 51 and I-17 freeways is just minutes.
• Sunnyslope High School is among the best rated in the country...yes I said country.
• Homes are a bit older and have more character.
• More of a neighborhood feel with lots of locally owned businesses and restaurants.
• Easy freeway access to a variety of job opportunities.

Investors need to factor in the abundance of apartments in the area as apartments tend to offer lower rents. A search of the Phoenix crime stats is advised when considering any investment purchase. There are lots of condos and townhomes in this area. Be aware that the condo/TH rental market is pretty soft as of this writing (see above for posting date).  Do your homework on rental rates when considering a purchase in 85021. 

At the end of this post is a real estate search engine/tool specifically designed to show homes, condos, land and multi-family properties for sale in the 85021 zip code. The initial view shows the 20 least expensive properties and users may explore all price levels currently available. The data is real time showing you the current inventory, included bank owned, at the time you view this post.

The search tool is map-based, and allows registered users to save searches and receive email updates when new properties come on market. If you would like to personally view any of the properties, we'd be happy to arrange an appointment. Just give us a call (602-234-5777) or send an email request.

Check the "search by zip code" category for information on additional area zip codes.

Best to you,

Ron Urban & Gene Urban
The Urban Team at Realty Executives
www.urbanteamaz.com
602-234-5777

Search For Residential Investment Properties in Phoenix 85028

This post explores the 85028 zip code in north Phoenix. 85022 is geographically north of the Phoenix Mountain Preserve along the 51 freeway.

The basic demographics of the area are: 25,000 residents, median household income of $89,000, median age of 42 years, and approximately 14% of the people rent verses own. 

85028 is considered a desirable area and generally attracts a higher income demographic. The average age and income is higher than surrounding areas to the north and west. Many homes in the area are above average. Some homes have fine mountain views; There are horse properties in 85028; Ralph Haver built homes in the area and you'll find many custom homes and unique subdivisions.

The area is popular for a number of reasons:

• Hiking, biking, walking in the Phoenix Mountain Preserve is very popular.
• Highly rated Paradise Valley school system serves the area.
• Easy freeway access to downtown Phoenix, Phoenix International Airport, Desert Ridge, Paradise Valley and Scottsdale.
• Fine shopping and restaurants are nearby. 

We consider this area a niche rental market and requires good skills/knowledge to be successful. Rents are generally higher than areas to the north and west. If considering this area for a rental home do the math carefully and review CAP rate calculations.

At the end of this post is a real estate search engine/tool specifically designed to show homes, condos, land and multi-family properties for sale in the 85028 zip code. The initial view shows the 20 least expensive properties and users may explore all price levels currently available. The data is real time showing you the current inventory, included bank owned, at the time you view this post.

The search tool is map-based, and allows registered users to save searches and receive email updates when new properties come on market. If you would like to personally view any of the properties, we'd be happy to arrange an appointment. Just give us a call (602-234-5777) or send an email request.

Check the "search by zip code" category for information on additional area zip codes.

Best to you,

Ron Urban & Gene Urban
The Urban Team at Realty Executives
www.urbanteamaz.com
602-234-5777

Search For Residential Investment Properties in Phoenix 85032

This post explores the 85032 zip code in north Phoenix. 85032 is geographically south of the intersection of the 55 and 101 freeways.  Click on the zip code map to see a bigger picture of the area.

The basic demographics of the area are: 69,000 residents, median household income of $50,000, median age of 32 years, 63% are families, and approximately 38% of the people rent verses own.  This is based primarily on 2007 data so the number of renters could be higher.

85032 is an interesting part of Phoenix sporting a variety of properties. Long-time developer John F Long built an amazing number of homes in the area. Mostly small 2-3 bedroom properties with decent size lots.

As always we recommend good due diligence including exploring crime stats, rental rates and such.

The area is popular for a number of reasons:

•  Housing is relatively inexpensive
• Highly rated PV school system serves the area
• Easy freeway access to Scottsdale, downtown Phoenix, and the NW Valley, Desert Ridge and other great shopping/restaurants. 
• Major employers in the area include Amercan Express, Desert Ridge, Scottsdale Airpark, and resorts including The Westin Kierland and JW Marriott. 

At the end of this post is a real estate search engine/tool specifically designed to show homes, condos, land and multi-family properties for sale in the 85032 zip code. The initial view shows the 20 least expensive properties and users may explore all price levels currently available. The data is real time showing you the current inventory, included bank owned, at the time you view this post.

The search tool is map-based, and allows registered users to save searches and receive email updates when new properties come on market. If you would like to personally view any of the properties, we'd be happy to arrange an appointment. Just give us a call (602-234-5777) or send an email request.

Check the "search by zip code" category for information on additional area zip codes.

Best to you,

Ron Urban & Gene Urban
The Urban Team at Realty Executives
www.urbanteamaz.com
602-234-5777

Search For Residential Investment Properties in Phoenix 85022

This post explores the 85022 zip code in north Phoenix. 85022 is geographically located in and around the Lookout Mountain Preserve. Click on the zip code map to see a bigger picture of the area.

The basic demographics of the area are: 52,000 residents, median household income of $51,000, median age of 36 years, 60% are married, and approximately 39% of the people rent verses own.  This is based primarily on 2007 data so the number of renters could be higher.

85027 is an interesting real estate mix. The prestigious Moon Valley, Lookout Mountain and Pointe neighborhoods offer million dollar properties, views and golf amenities while just over the hill you'll find mobile homes, apartments and multi-unit properties.

Moon Valley  residents are predominantly professionals with many doctors and attorneys calling this place home. Lookout Mountain is popular for its fine views and significant homes. The Pointe Resort offers fine amenities and continues to be a strong destination for corporate travel and meetings.

Besides the Pointe Resort, there isn't a dominant employer in the area. However, easy access to the 101 and 51 freeways allows residents many options with a downtown Phoenix job commute not uncommon. 

If you are thinking about buying investment property in this area a fair amount of due diligence is advised. Niche marketing in Moon Valley,, Lookout Mountain or the Pointe Resort is possible but not necessarily easy. Due to the diversity of this area, a check into crime stats and a through understanding of the area is advised.

At the end of this post is a real estate search engine/tool specifically designed to show homes, condos, land and multi-family properties for sale in the 85022 zip code. The initial view shows the 20 least expensive properties and users may explore all price levels currently available. The data is real time showing you the current inventory, included bank owned, at the time you view this post.

The search tool is map-based, allows registered users to save searches and receive email updates when new properties come on market. If you would like to personally view any of the properties, we'd be happy to arrange an appointment. Just give us a call (602-234-5777) or send an email request.

Check the "search by zip code" category for information on additional area zip codes.

Best to you,

Ron Urban & Gene Urban
The Urban Team at Realty Executives
www.urbanteamaz.com
602-234-5777

Search For Residential Investment Properties in Phoenix 85027

This post explores the 85027 zip code in North Phoenix. 85027 is geographically located in and around the intersection of the 101 and I-17 freeways.

The basic demographics of the area are: 37,000 residents, median household income of $51,000, median age of 31 years, 65% are families, and approximately 30% of the people rent verses own.  This is based primarily on 2007 data so the number of renters could be higher.

85027 is well located with easy access to 2 freeways and relatively quick commute times to many large employers, shopping, dining, and activities.

Several major employers are in the area including: Honeywell, Deer Valley Airport, American Express, PetsMart (headquarters), USAA and Cox Communications.

At the end of this post is a real estate search engine/tool specifically designed to show homes, condos, land and multi-family properties for sale in the 85027 zip code. The initial view shows the 20 least expensive properties and users may explore all price levels currently available. The data is real time showing you the current inventory, included bank owned, at the time you view this post.

The search tool is map-based, allows registered users to save searches and receive email updates when new properties come on market. If you would like to personally view any of the properties, we'd be happy to arrange an appointment. Just give us a call (602-234-5777) or send an email request.

Check the "search by zip code" category for information on additional area zip codes.

Best to you,

Ron Urban & Gene Urban
The Urban Team at Realty Executives
www.urbanteamaz.com
602-234-5777