Stagnant DC Area Market Has Ups and Downs

The District far outshone its suburban neighbors in housing prices in 2007.

As median sales prices fell in Northern Virginia and grew by only a smidgen in suburban Maryland, the price of single-family houses and townhouses in Washington rose 7 percent.

In 2007, the median price was $480,000, up $30,000 from the year before.

For the full article, click here.

Source:  Barbara Ruben, Special to The Washington Post

The Summer Spaaah Series

The Summer Spaaah Series is breezing back into town to cool off the Valley with a dose a fun and charity! This year, the highly anticipated event series is making its rounds at eight Valley relaxation destinations starting Memorial Day weekend and continuing every other Sunday. Events feature mini spa treatments, refreshments, discounts, raffles, tours, beauty and product demos, goody bags and plenty of good ol’ chitchat! A portion of tickets sold goes to Fresh Start Women’s Foundation, a Phoenix-based organization that empowers and assists women through transition.  Click here for details.  I attended of couple of these events last year and had a blast!

May Festivals & Events in DC

The Washington, DC area and its surrounding communities in Maryland and Virginia host lots of annual festival and special events.  Here are just a few during the month of May, for a full list and detailed information, visit dc.about.com.

National Cathedral Flower Mart
May 2-3, 2008, 10 am-5 pm. Enjoy the grounds of the cathedral, floral displays, children’s activities and musical entertainment. Free admission.

Passport DC - Open Houses at Washington, DC Embassies
May 3-17, 2008. A new event, sponsored by Cultural Tourism DC, features a wide range of performances, talks, and exhibits at DC’s foreign embassies.

Cinco de Mayo Festival
May 4, 2008, noon-6 pm. The annual Latino celebration features live music and family entertainment on the National Mall.

Spring Garden Party at Mount Vernon
May 10-11, 2008. Just in time for Mothers Day, enjoy a festive Spring Garden Party at Mount Vernon with free wagon rides through Washington’s fruit garden and nursery.

Food & Wine Festival at National Harbor
May 16-18, 2008. The upscale, waterfront festival is part of National Harbor’s grand opening. Enjoy food and wine pairing, artisanal and organic products, lectures on culinary and wine trends and more.

Taste of Arlington
May 18, 2008, noon-5 pm. Wilson Boulevard, Arlington, VA. Enjoy a lively street festival, complete with local entertainment, children’s activities and, of course, lots of food!

Grand Opening of National Museum of Crime & Punishment
May 23, 2008. The new Washington, DC museum opens its doors! Through interactive exhibits visitors will explore the history of crime, law enforcement, forensic science, crime scene investigation (CSI) and the consequences of committing a crime.

Rockville’s Hometown Holidays
May 24-26, 2008. Rockville, Maryland hosts a three-day street festival in celebration of Memorial Day with live music, children’s entertainment, a parade and more.

 

May Festivals & Events in the Phoenix Area

The Phoenix area and its surrounding communities host lots of annual festival and special events.  Here are just a few during the month of May, for a full list and detailed information, visit phoenix.about.com.

Arizona Special Olympics Summer Games
2,000 athletes compete in track and field, powerlifting, gymnastics, softball skills, tennis and other events at the ASU Band Practice Field.  May 1 – 3

Chandler Spring Starlight Concert
Free concerts at the amphitheater at Tumbleweed Park. Pack a picnic dinner, bring a blanket, sit out under the stars and listen to a different type of music each week.

Flashlight Tours 
Nights in the desert are anything but dull. Nighthawks fly, night-blooming flowers open, toads sing and owls watch as you roam the trails of the Desert Botanical Garden, never knowing what will be around each corner. Wear walking shoes, and bring a flashlight. 7 p.m. Flashlight tours are free with admission, but require reservations. Call 480-941-3510.  Every Thursday and Saturday in May .

Greek Food Festival
Presented by St. Katherine Greek Orthodox Church this Festival at Tempe Town Lake features food, fun and games for the whole family!  For info call 480-899-3330 or visit www.atasteofgreeceaz.com.  May 2, 3 and 4.

Moonlight Movies
The City of Phoenix shows free movies at Steele Indian School Park in central Phoenix.  Moonlight Movies start at sunset and are free to the public. Call 602-495-0739 for more information.  May 17

Queen Creek Peach Festival
Enjoy peach picking, recipes, sampling, and entertainment at Schnepf Farms.   May 10, 11, 17, 18, 24, 25

That Thursday Thing!
Each event night has a theme, food and beverage, and extended shopping hours at 90 antique and specialty shops. Admission and parking are free. 5 p.m. – 8 p.m. in Historic Downtown Glendale. 
May 15

Lender-Owned & Vacant Properties Drive Market

Valley homeowners who are trying to sell have some steep competition these days:  motivated lenders.  A little more than 49 percent of all the resales recorded in Pinal County in March were bank-owned properties.  These REO – real estate owned – homes that have gone back to lenders through foreclosures are selling for real deals, of course.  Because REO properties make up so many of the sales in Pinal County (which includes Queen Creek and Maricopa) the foreclosure properties are determining the area’s home prices.

Maricopa County’s REO sales are climbing as well, but make up a smaller portion of the area’s housing market.  About 22 percent of all resales in Maricopa County were REO in March.

Motivated investors with empty houses are also a big part of metropolitan Phoenix home sales.  In March 55 percent of all the homes that sold were empty.  These properties are going to continue to dominate the market because foreclosures continue to climb.  While REOs aren’t good for home prices, it is good that they are selling.  The housing market won’t recover until supply drops significantly.

Source: Catherine Reagor, Arizona Republic 4-27-08

If you’re thinking about investing – now is the time to pick up some great deals on properties priced below market values.  Call Maria at 602-366-5073 or email me at Maria@SolerEnergyProperties.com if you’d like to see what your options are and what kind of deals are really out there.

Total Listings vs. Total Sold Since 2002

 What an interesting graph! Total listings since 2002 have ranged from a low of under 10,000 to a high of 60,000.  On the other hand, Solds have remained more consistent, with a low of 2,000 to a high of 10,000 a month.  There is currently an 18 month inventory of properties in the Phoenix area. 

Mesa Rental ~ 3 Bed 2 Bath with Pool and AWESOME Backyard Retreat!

BRIGHT, CLEAN AND MOVE IN READY! This 3 bed, 2 bath beauty is just perfect! Freshly painted and ceramic tile floors throughout. LARGE KITCHEN has plenty of cabinet and counter space, ALL NEW APPLIANCES and countertops and opens up to FAMILY ROOM WITH VAULTED BEAM CEILING. Extra large laundry room. ENTERTAINER’S BACKYARD with HUGE COVERED PATIO, fenced SALT WATER POOL with waterfall feature, BUILT-IN BBQ island, flagstone patio and large shed. LAWN AND POOL SERVICE ARE INCLUDED IN THE RENT. GREAT LOCATION directly across the street from elementary school, playground and sports courts in a quiet, established neighborhood. This one won’t last – don’t wait!

More info and pics here!

Happy Earth Day!

In honor of Earth Day, I thought I would share some sources to help cut down on junk mail.

Free Services to Stop Junk Mail
Specify what catalogs you want to get!

GreenDimes: Stop unwanted catalogs and all other types of junk mail. Featured on Ellen, Oprah, The New York Times, CNN, Good Morning America, Business Week, Woman’s Day, and more.

CatalogChoice: A project to reduce the number of repeat and unsolicited catalog mailings. Consumers can indicate which catalogs they no longer wish to receive, and businesses can receive a list of consumers no longer wanting to receive their catalogs.

Form an LLC to Protect each Investment Property

A recent article in the Arizona Republic brings up a good point that all investors should consider – having a separate LLC to govern each investment property you own.

For liability reasons you should never own investment real estate in your own name.  Generally, if a real estate investor is receiving only passive income (such as the rent of a rental property) an LLC (limited liability company) is recommended.  In fact, you should form an LLC for each of your investment properties.  The reason is that if one rental has a major problem, such as mold, for which there may not be insurance coverage, only that LLC would have liability for any personal injuries due to the mold.  Otherwise, all of your personal assests, including your other rental properties, could have liability.

Source: Christopher Combs, a real estate attorney with Combs Law Group

25 Biggest Real Estate No-Nos

A recent HGTV show hosted a panel of experts that counted down the 25 Biggest Real Estate Mistakes people make.  Here’s the list:

1. Failing to showcase your property and make small cosmetic changes
2. Setting too high of a sales price
3. Buying what you want, not what you need
4. Overlooking the extra and hidden costs
5. Buying a property without a professional inspection
6. Falling in love with the first property you see
7. Skipping the loan preapproval
8. Doing major renovations/remodeling before selling
9. Not being proactive at closing
10. Visiting the property only once
11. Not setting a realistic budget
12. Buying the most expensive property on the block
13. Not hiring a REALTOR
14. Not knowing your REALTOR
15. Trusting everything a real estate advertisement says
16. Buying without seeing the property
17. Not thinking about resale
18. Failing to market your property in different ways
19. Looking at the real estate market as the stock market
20. Waiting until spring to sell your property
21. Tyring to make the “hard sell” while showing
22. Losing money with auctions
23. Not researching the neighborhood
24. Not providing easy access for showings
25. Buying the property for its decor