Do you have a business you would like to promote to local Phoenix residents? 

The new business directory allows you to add your business and gain exposure. We particularly want local businesses, but any institution of business – brick and mortar or online can have a listing for free.

We will be putting resources toward building traffic the directory. As we do that exposure for you business will grow as will the link value back to your online presence.

If you have a business then you know advertising is important. So do we. 

What’s In It For You And Your Business?

Free and valuable exposure for your business. Some sites charge as much as 9.00 to be listed in similar directories.

A do-follow link for your business website from an authority site. Many web directories, even major ones add a nofollow tag to your website link listing. This means the listing does not have any seo value to you.

The PMT Business Directory will not use this tag for most businesses, so you get the benefit of the listing and the search engine benefit from a well ranked website. A link from a well ranked website has a strong value to your website which can be expressed in monetary value. In fact many directories charge for a do-follow link. We will not do this.

Keep it simple or embellish your listing with photos, testimonials and video. Take advantage of this free exposure.

Includes a live interactive map of where your business is for viewers to have an easier time finding it.

Add your business to the business directory.

Tips To Get The Most From The Business Directory.

Add a logo.

Add photographs. You can add photos of your business to the listing.

Add a description, what makes your business unique. Include a value proposition. 

Add a video. If you have a video of your business just include the YouTube or Vimeo link and we’ll add it to you listing at no additional charge. If you have videos then you already know how much value they add to your business advertising efforts.

 Add your business to the business directory.

THERE was further gloom for homeowners after property prices plunged again last month.

Prices have been diving now for almost four years. And there is no let-up in sight, with economists predicting prices will keep going down next year.

The average residential property has lost almost €150,000 in value since the peak and is now worth around €169,000, according to the latest gloomy figures.

Around €232,000 has been wiped off the value of houses and apartments in Dublin as the capital continues to suffer much sharper price declines than the rest of the country.

The new figures from the CSO also show that the annual rate of decline in prices jumped to 15.6pc in November.

Prices fell by 1.5pc last month and are now down 46pc from the peak of the market in early 2007, the official figures show.

The CSO only gives percentage changes, but analysts have calculated that the price of an average property is now just €169,000.

This is down from €314,000 when the property bubble was at its most inflated in February 2007.

Dublin property prices now average €199,325, down from €431,000 at the height of the boom.

And outside Dublin the average property has crashed in value to around €154,000, down from a peak value of €268,000.

Peak

House prices in the capital are now 52pc lower than peak levels compared with the rest of Ireland at 42pc.

Dublin prices fell by 2.4pc in the month of November and 18.1pc compared with a year earlier.

But apartment prices in the capital are dropping at an even faster rate. They are down 16pc in the past 12 months, and are now down 58pc from the peak.

It is estimated that half the almost 800,000 homeowners in the country now owe more on their mortgages than their homes are worth.

Alan McQuaid of Bloxham Stockbrokers said: “According to the latest Reuters survey of Irish economists, house prices are likely to continue falling for some time yet.

“The poll predicts that house prices will decline by a further 12.8pc on average in 2011, and 6.5pc in 2012.

He added that the measures announced this month in the Budget will help the property market, but won’t stop property values falling.

“Even allowing for the Budget 2012 initiatives to boost the property market, as well as lower interest rates from the ECB, the short-term risks to house prices remain to the downside in our view.

“We now think the average fall this year will be around 13pc followed by another 8pc decline next year, and it will be 2013 at the earliest before prices start to pick up.”

At the start of this month Finance Minister Michael Noonan offered an incentive of higher mortgage tax relief for first-time buyers who buy before the end of next year.

And anyone who buys a property and keeps it for seven years will get a rebate on the capital- gains tax.

David McNamara of Davy Stockbrokers said: “While these measures are encouraging, house prices should continue to fall into 2012.”

Report by Charlie Weston – Irish Independent

Ireland Property – Daft Property – http://daftproperty.blogspot.com

Unlike may other parts of metro Phoenix, Scottsdale is more in tune with the regular trends the market has followed in the past. While inventory is low and demand is high, Scottsdale settled down for the winter like it usually does this time of year. 

While inventory is low at 2,112 properties compared to 3,020 last year, the demand is lower as well. 316 homes sold in November. That brings inventory to 6.6 months, up from 5.2 months last month, but down from 9.3 months last year.

Much of this has to do with the high inventory of high priced luxury homes, which tend to follow a different cycle then the general market. That is to say, homes in Scottsdale under 0,000 are doing well and inventory is low, but homes above these price ranges had less demand and linger on the market longer.

Graph: Cromford Report

Scottsdale homes for sale

Home sales in Goodyear, AZ have been brisk. In the last 30 days 162 units sold, versus 139 the previous period and 163 last year. Sales are steady, but look at the inventory. This year it’s 622 active properties and last year it was 813. That is about 200 less to chose from so competition for the good stuff is stronger. 

Inventory is down from 5.1 months last year to 4 months this year. Still above the Greater Phoenix average, but just about balanced between buyers and sellers.

Graph: Cromford Report©

Goodyear AZ homes for sale. 

Increasingly this question of how long one has to wait, after a short sale or bankruptcy, foreclosure or deed in lieu of foreclosure, before getting a new home loan, keeps coming us. 

We’ve had many people already purchase after these events. Time has passed and people are moving on, regaining their ability to obtain a loan. Below are some general guidelines at the time of posting. 

Keep in mind that these are general. Guidelines change and more importantly details matter so speak with a lender and have them check based on your particular situation. 

It is also important to mind that after these events you made an effort and have built up a strong financial footing. The lenders will need reassurance that you are a strong borrower.

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Conventional Loan

Chapter 7 Bankruptcy, 4 years from discharge date

Chapter 13 Bankruptcy, 2 years from discharge date

Foreclosure, 7 years from completion date (Mortgage included in a Bankruptcy uses Foreclosure waiting

period)

Deed-In-Lieu of Foreclosure, 2 years from completion date with a 20% down payment, after 4 years with a 10% down payment

Short Sale, 2 years from completion date with a 20% down payment, after 4 years with a 10% down payment

FHA Loan

Chapter 7 Bankruptcy, 2 years from discharge date

Chapter 13 Bankruptcy, 1 year of the payout must elapse & payment performance must be satisfactory. Also, buyer must receive permission from the court to enter into a mortgage

Foreclosure, 3 years from completion date – Mortgage included in a Bankruptcy uses Foreclosure waiting period

Short Sale, FHA does allow a new mortgage immediately only if the borrower never went late on the mortgage or any other debt for the 12 month period leading up the short sale. The borrower cannot use this rule to take advantage of declining market conditions to purchase a similar or superior home at a reduced price in the same geographic area. Many lenders do not follow the FHA rule and require a 3 year wait from the completion date of the short sale regardless of no late payments. If the borrower went 30 days late prior to the short sale, then FHA requires a 3 year waiting period.

VA Loan

Chapter 7 Bankruptcy, 2 years from discharge date

Chapter 13 Bankruptcy, 1 year of the payout must elapse & payment performance must be satisfactory; buyer must receive permission from the court to enter into a mortgage

Foreclosure, 2 years from completion date – Mortgage included in a Bankruptcy uses Foreclosure waiting period

Short Sale, No specific rule, assume foreclosure rule of 2 years

USDA Rural Loan

Bankruptcy (Ch.7 & Ch.13), 3 years from discharge date

Foreclosure, 3 years from completion date – Mortgage included in a Bankruptcy uses Foreclosure waiting period

Short Sale, No specific rule, assume foreclosure rule of 3 years

When buying income multifamily properties most investors prefer to have apartments that are leased. It means instant stability, instant income to cover the expenses and it means less hassle up front with having to market properties for rent, checking tenants out, preparing the units and organizing move in. 

For the most part it’s often good to have units leased, but there are cases where it may be better just to have a vacant property.

Note: When buying 2-4 unit properties vacant properties are not worth less then ones with tenants. The value is not as dependent as with large complexes in the commercial realm.

Traditional Sales

When purchasing a property sold traditionally from an owner who has had it a while, many years and is not in financial distress then a property that is leased is a good thing. You can have some more assurance that the customers – tenants – have been selected well and are paying market or below market rents. In other words the property is stable and shall remain so with little hassle.

Flipped Multifamily

Then there are traditionally sold properties that are from new owners, or investors who recently purchased a property in distress on the open market or at a trustee sale with the specific intent of fixing it up, leasing and selling to a new owner. 

I would be more weary of these properties. Besides checking the quality of the remodel which is a topic for another post, I would do extra due diligence with the tenants.

These flippers have a tendency of leasing properties to tenants at rents that tend to be over market. Sure the units are remodeled and it may be fair to lease for a rent that is higher then other non remodeled properties, but often the tenants willing to pay more then they should are less stable customers who often have to pay more then market rent because of their credit situation.

Most people won’t pay over market for long. These tenants may be gone when the lease ends or they may have a harder time paying rent and have to leave sooner. This is costly and a hassle, even if the eviction process is quick in Arizona.

Not all cases are like this: the key to keep an eye out for are over the market rents.

Distressed Short Sale and REO Multifamily

When an owner is in distress they are more likely to take tenants that are bad customers. They just put someone in that may or may not be able to pay the rent. These are last ditch efforts to keep a business going. Others will quit paying the mortgage and simply stick anyone in to ‘milk that property for at lease a few more grand’ before the bank takes it.

Not all owners are like this, but the decision to take this route is often born from necessity more the spite. 

Then once the owner decides to do a short sale or let the property go to the bank, they also let management go and let the property go into disrepair, favoring keeping cash in the pocket rather then putting into a property that they are losing. 

Many of these get taken over by a bank and banks can’t always throw these tenants out. So it is up the the buyer to be careful.

As you can see, there are many situation where it would be better to just buy that triplex or fourplex vacant rather then having to deal with problem customers.

One of the most beautiful places in Phoenix is the Japanese Friendship Garden in downtown Phoenix. It is a large 3 plus acre garden that is now a few years old with beautiful mature trees. Since it is also fall, many of the trees are full of color while others remain lush and green. It is peaceful, beautiful and invigorating, a renewing force to sooth and liven up: as nature does.

Please watch the video below, as a teaser, to what is better in real life.

Japanese Friendship Garden of Phoenix, named Ro Ho En is an authentic 3 1/2 acre Japanese Stroll Garden with tea garden and tea house. This tranquil and beautiful setting features more than 1,500 tons of hand picked rock, stone footbridges, lanterns and more than 50 varieties of plants. As you stroll the path, you will enjoy flowing streams, a 12-foot waterfall, and a Koi pond with over 300 colorful Koi fish.

There is also a Public Tea Ceremony on the second Saturday of the month.

Selling real estate is somewhat of an art form and science. Neither one alone will do the magic, but a combination of the two can do wonders. Not everyone has the luxury of timing their home’s sale or even when the property goes on the market, but for those who can, there is some data to consider. There is the timing of listing the property as we’ll cover below and there is seasonality in the Phoenix market which I covered before. 

Now, Redfin has added some more useful data to the mix, that is when you should or at least should consider, listing your home for sale: winter, spring, summer or fall. There is a reason why most homes sell in the early summer, so besides timing the market, timing seasonality there is coordinating your life with the sale of a home and also considerations like where you’re moving to.

This won’t make anything easier, but the more you know the better decisions you can make about your home sale and or possible purchase. Really, that is our ultimate goal: to provide solid information so you can make the best decision for you.

If you look at the Phoenix home sales by seasons, you’ll notice that sales peak around July, a time when kids are off school and moving is made easier without the burden of transferring schools. There are other reasons for this, but school being off is an important one.

That is also the season when inventory is high so high demand is negated by high supply. The Redfin data shows when you may be able to get more money in your pocket. This data shows that, as would be expected, more listings are added in the spring. Considering it takes, right now, on average 143 days to sell, that brings us into summer for a closing. In the winter there are less listing listed thus less competition. 

Less competition means, maybe more searious buyers, it means – based on this data – up to 9.3% shorter time on the market which is roughly a sales time shorter by 2 weeks.

More importantly it looks like the sale price is better compared to the list price versus the other seasons.

Graph is from Redfin.

So sell faster, sell for more if you list in the Winter.

How the nitty and gritty thoughts. What if you’re selling and buying? What if you’re getting transferred for a job? There are many other things to consider that may easily outweigh the benefits of selling 2 weeks sooner and getting a few more thousands of dollar. Also, what market does your home target. Vacation homes have different patterns then family homes, condos attract different buyers then single family homes and each of these changes the mix.

92% of lots sold by Allsop…

THE BIDDING was brisk at the Allsop Space auction of mostly distressed property in Dublin’s Shelbourne Hotel yesterday, as 1,600 people packed into the auction room and spilled out into the bar and lobby of the hotel.

A total of 97 of the 108 properties sold under the hammer with a further two selling after auction, raising a total of €11.4 million. Around half were cash buyers – 30 per cent less than at previous auctions.

A small group of protesters from a group calling themselves the Anti-Eviction Taskforce held a low-key protest outside the hotel. However proceedings came to a brief halt when one protester stood up in front of the auctioneer and warned about the “ill will” that could affect buyers of distressed property in communities.

“Don’t bid then,” replied auctioneer Gary Murphy from UK-based Allsop, before thanking the protestor for his “kind words”.

Around a third of the lots are apartments, and one of the bargains of the auction was a four-bed apartment in Northwood, Santry which sold for €76,000 – €16,000 over its reserve.

A first floor two-bed apartment at The Cubes in Beacon South Quarter, Sandyford, D18, with parking, sold for €152,000.

A good bargain for someone in the room but not such good news for Jim Kelly who was waiting for the lot to come up. His daughter bought a similar apartment in Beacon South Quarter four years ago for €420,000. “She told me not to tell her what it got,” he said.

There are some big properties with low reserves to whet buyer appetite including a double-fronted period house at 13 Garville Road, Rathgar, Dublin 6 with a reserve of €420,000 – the most expensive house of the auction – which sold for €435,000 – and 28 Grove Park in Rathmines, also in Dublin 6 which sold for bang on the reserve price €380,000. Both were leasehold properties divided into flats. A two-bed apartment at Adelaide Square, Dublin 8 with a reserve of €145,00 sold for €201,000 and a mid-terrace three storey over basement house on the North Circular Road, Dublin 7 went for €277,000 – €72,000 over the catalogue price.

A former nursing home in Rathfarnham on 1.64 acres with planning permission for 32 townhouses with a reserve of €400,000 attracted a lot of bidders and went for €580,000.

“The bidding was very business-like, there was no waiting around,” says Robert Hoban, director of auctions at Space Allsop. “A lot were there to bid, there weren’t as many onlookers as before.” For those that failed to sell, “it was simply because they were priced too high”.

Commercial properties included 174 Pembroke Road, Dublin 4, a freehold mid-terrace building arranged in two restaurants, which sold for €630,000 – the most expensive lot in the auction overall . The smallest lot was a 0.5-acre landholding in Ennis, Co Clare, which sold after auction for €11,000.

In Donegal, five four-bed houses in Beechwood Park in Convoy had reserves of €21,000 each – the cheapest homes going under the hammer but actually sold for between €32,000 and €53,000. A lakeside log cabin-style house on the shores of Lough Sillan in Shercock, Co Cavan, with access to a private marina, went for €131,000 – over four times its reserve.

The next Allsop Space auction will be held on March 1, 2012.

Report by EDEL MORGAN – Irish Times

Ireland Property – Daft Property – http://daftproperty.blogspot.com

November is usually exciting for other reasons than real estate: shopping, Thanksgiving and more shopping, yet there is some activity to take note of, as well get into below. 

New data show an 8.6% unemployment rate which is the lowest in the last 2 years. Seems like an improvement but, 315,000 people stopped looking for jobs, remain jobless yet they don’t count toward the unemployment rate: maybe we need a modified unemployment rate which takes into account these people and underemployment.

People are buying more then deals on the latest plasma tv’s, real estate is moving, supply keeps dwindling and guess what prices are moving up.

Active listings are at a paltry 26,655 at a time of the year when they should be higher. Last year we had a whopping 44,941 homes for sale.

If we separate truly active homes from active yet under contract or AWC then the supply is half of what it was last year at 19,377 vs. 39,931 in 2010.

Pending properties stand at 10,171 which points to a really strong finish for 2011.

Sales in November 2011 exceeded 7 thousand homes. Last year they were 6,684. So far this year 101,420 residential properties sold versus last year’s 89,282.

Supply is down to 3.6 months versus 6.5 months last year. It’s no wonder it’s really hard to buy a home, that is unless you own a condo or town-home.

Condos and town-homes are taking a beating. Lending rules for these have tightened up and prices have declined a lot over the last year. In one complex were we sold two units for our selling clients at about 0,000, now they are selling for 5,000, in a span of less then 9 months.

Phoenix Real Estate Prices

Now lets get into pricing.

Active prices are up and have been on the rise for that last year. The 2.21 price per square foot is up a bunch over 8.15 last year. Some of that has to do with less low priced homes on the market, but the street level real world experience also shows sellers being more confident with pricing higher because of high demand. It’s also because we have less REO properties on the market and more normal sales taking place. Normally sold homes and even short sales tend to be in better condition then bank owned homes.

Active prices are one thing, but mean nothing if buyers are unwilling to pay. They are: pending prices are up to .09 and monthly sales are up to .58 which is even up over last year.

Even the slower moving and more accurate annual sales price per square foot is up over the last few months, though it’s still below last years number.

The median price is up to 5,000 from 2,199 last month, 9,900 last quarter and the same as last year’s 5,000 and again the slower moving ‘annualized median price’ is steady which means it should, in the coming months, see the pressures of pricing over the last few months push it up as well. 

There is no doubt about it that the market is improving and trending to a better place. Not quite going home yet, but in the resting room and not the emergency room.

Distress In The Phoenix Real Estate Market

There is still talk about the waves of bank owned homes just waiting to flood the market. The reality is there are few reo properties and a flood will look like the rain we’ve had recently: just a few drops here and there.

Lender owned properties now represent only 9% of the active market compared to 12.6% last quarter and 19.3% last year. Remember also that total supply is down so the number of reo homes on the market is small: a few hundred only. None the less nearly 30% of the homes that sold were bank owned homes. Last month 30% of properties were lender owned and last year 47%.

Some of that has been taken over by short sales, though as a percentage of the active properties short sales have held steady at 37% last month and 38.5% last year. Sales, though, have increased from 20% of sales last year to 30% of sales last month. Expect this trend to continue. 

I was expecting the holiday and winter season to literally cool off sales wise, but it has not.

I though there would be more choices and it will be easier to buy or invest in property: it’s not and it won’t be. For those aggressively buying right now the holiday season will be filled with some frustration, from demanding sellers and because of other buyers who also what the property you want an maybe willing to pay more.

I’ve noted this before, but it things keep going this way, spring will see not only blooming flowers, but real estate prices.

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