Community Real Estate Update

On September 1, 2010 · Leave a Comment · In Market Conditions

Currently in Chateau De Vie Six, there are 4 properties listed in the Arizona Regional MLS, ranging in asking price from $130,000 to $184,900 with an average asking price of $149,450 ($92.00/ft). Of those, 2 are owned by the bank, one is a pre-foreclosure (also known as a Short Sale), and the last is a non-distressed property.

Recent Sales

The most recent sale in the community was 5953 N. 83rd which was purchased by the lender from the previous owner for $129,965 on August 5th, 2010 and is now on the market for $135,000.

On May 24th of 2010, 5933 N. 83rd Street changed hands for $145,000. March and April of this year each saw a single sale at $135,000 and $145,000 respectively.

So far this year, other than special recording, such as Special Warranty and Quit Claim deeds, we’ve only had 4 sales recorded, and really only 3 were listed on the MLS. The fourth was the recent bank purchase. The average sale price for the area currently sits around $138,000.

Pending Sales

There is one pending sale in Chateau De Vie Six at 5959 N. 83rd Street. A single level unit, this property, originally purchased in November of 1987 for only $68,000 was listed for sale on June 8th, 2010 for $139,000 and has since gone through 3 price reductions:

$122,500 on July 10th (-12.4%)
$119,750 on July 30th (-2.2%)
$107,500 on August 18th (-10.2%)

Records show that it went under contract on August 20th, 2 days after its most recent price reduction. If you ever want a lesson in how to sell a home quickly, this is how you do it. Unfortunately most home owners in the valley don’t have that much equity to lose. Obviously the owner is in a hurry to dump the property, which also means that the new owner is going to make a pretty quick buck on this one if it’s turned around for a profit. We’ll have to see what the actual sale price is when it closes and records.

Pending Foreclosures

There are currently 4 properties in the area that are scheduled to go to auction. Of those, 2 are currently listed for sale, and one is under contract pending lender approval:

5843 N. 83rd is under contract with a list price of $129,000. Originally listed on May 24th, it was under contract by the 8th of June, and has been pending lender approval ever since. That should give you an idea of the time it’s taking for short sales to be approved, and how long some home owners have been able to live payment free during the short sale process. This one’s going back to the bank on September 29th unless it’s approved prior to that, or if the lender (HSBC) allows another extension of the foreclosure date.

The second property slated for trustee sale is 5963 N. 83rd which will go back to the bank on the 23rd of September unless it receives a reasonable offer in time. It has been on the market for 43 days with no price reductions. Short sales require a steady reduction in price over time, preferably twice per month in reasonable increments proportionate to the property’s potential value.