Here is a picturesque view of Scottsdale and Phoenix from a backyard patio. This lovely home is located in Troon Village in North Scottsdale and it enjoys some of the most amazing city lights and mountain views.
Closing Your Loan – 30 Days, 60 Days, 90 Days, Oh my!
The following is a guest blog post from Don Alix, a lender with Home Street Bank in Scottsdale, Arizona
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Closing on a new home whether for it is a primary residence, second home or investment is a big undertaking.
If you going to use leverage, otherwise known as a mortgage, should you prepare yourself for lots of delays and mounds of paperwork?
– Not necessarily… When a bank underwrites a home loan, they need to verify employment, income, credit history, source of funds for down payment and reserves.
So how long should it take to close a loan from beginning to end?
– The answer depends on two participants, the borrower(s) and the bank.
– If the bank asks the borrower(s) the right questions during the loan application process AND the borrower supplies those items promptly to the bank, then the process should take anywhere from 10 to 30 days. 10 days is unusual, but can be done in some cases. (However, if you need your loan closed in 10 days you need to notify your lender that and get started right away.)
What should you be looking for in a lender to KNOW that your loan will close on time?
Here is a quick list:
1. Referral- Use a lender that your Realtor or Financial Advisor knows and has experience with.
2. Technology – Your lender should be able to take your application over the phone or internet and get your signatures and disclosures electronically.
3. Discovery – Other than the usual name, address, employment and date of birth, your lender should ask you about tax planning needs. Questions like the following should come up:
– Do you have a family trust?
– Are you self-employed?
– Do you have access to 1120’s, 1065’s, K1’s and business returns?
– Do you have credit inquiry explanation letters?
– Will all borrowers be available to sign at closing or do you need a power of attorney?
Handling these items in advance will cut your time from application to close and prevent last-minute surprises.
4. Interview – Before committing to a particular lender, call and interview a few different ones. Rather than solely focusing on the interest rate and fees quoted, (new legislation has made the variance between lenders for rate and fees minimal), focus on how they communicate with you and the timeliness of a return call or email if you don’t get them on your first try. And when you are interviewing these potential lenders, are they asking detailed probing questions about the transaction or do they simply want to jump right to an application? Determining these things up front and making sure the lender is a good “fit” for you is crucial.
Bottom line, if you do some research prior to borrowing money for a new home, there is no reason your loan should need to take more than 30 days from beginning to end.
Any questions? If so, please feel free to contact Don:
Don Alix
Home Street Bank (2015)
NMLS # 501890
2575 East Camelback Road #450
Phoenix, AZ 85016
(602)290-2900 | Phone
don.alix@HomeStreet.com | Email
Where is the Scottsdale & Phoenix Real Estate Market Going? – Real Estate Forward 2011
Last week, I had the opportunity to listen to several real estate experts from various market segments at the Real Estate Forward event that was put on by ARMLS and Phoenix Business Journal.
The purpose of the forum to was to hear a variety of perspectives on our national and local Scottsdale and Phoenix Valley real estate markets and where everyone thinks we are headed.
The session started with an informative (and entertaining) presentation by Ted C. Jones, the Senior Vice President and Chief Economist for Stewart Title. His focus was the national real estate market and here are some key take-aways from his speech:
- Our economy will not be back on track again until we get get job creation back up to the levels we need.
- The last “normal” real estate market we saw was in 2002.
- Based on where we are today, we will feel a pinch in housing inventories in about 4-5 years. This is due to the fact that new home building has tapered off so dramatically over the last few years.
- Interest rates are going to change. If the United States ends up defaulting on its debt, we could feasibly see interest rates go up 3-4% within the next year or so.
- We are most likely looking at another three years of pain, but due to low housing prices and incredibly low interest rates, it is time to buy now. People will most likely look back 36 months from now and regret not taking advantage of the low prices and rates.
- There are several economic concerns the country faces in 2011 and beyond, including housing and credit, that have to be worked on.
Michael Orr, the founder and publisher of The Cromford Report, was the next speaker and he discussed the local Scottsdale and Phoenix Valley real estate market.
Here are a few key points from his presentation:
- The Phoenix area saw the start of real estate home price declines in July of 2006. From there, prices continued to decline. In April of 2009, we saw another steep decline in prices and since then prices have been bumping along sideways, remaining somewhat flat.
- We are seeing local housing supplies constricting and we are back to 2002 inventory levels.
- Demand is incredibly high right now. In June of 2011, we saw the highest number of home sales recorded.
- However, even though supply is down and demand is high, we are still not seeing a corresponding increase in home prices. However, at some point the law of supply and demand will kick in and we will see some modest price growth. Based on his research and today’s market, he is estimating Spring of 2012.
- The number of foreclosures are dropping quickly. We are now seeing the lowest numbers we have seen since September of 2007 and we should be back to a normal foreclosure pace by summer of 2012. He attributes this to the fact that Arizona has already taken its biggest lumps – a 55%-60% decrease in home values in most areas with other areas experiencing declines of 80%. And, in Arizona, the foreclosure process can only take 91 days, versus several years in other parts of the country.
- He feels Arizona has already been through the worst and, barring any new economic challenges, things will get better over the next 12 months.
There were also several expert panelists on hand from other facets of the industry like Commerical, Retail, Property Management and Rentals and Land. They each presented their unique perspecives reagrding their areas of expertise.
The session ended with the question – When do you think the Greater Phoenix real estate market we will be back to “normal”? Of the seven experts, four said 2013, two said 2014 and the final expert came in with 2015. So, everything seems to be pointing to a couple more years with some challenges, but recovery and normalcy are on their way.
Where to Shop in Scottsdale AZ: The Phoenix Knife House
Love to cook and looking for a great selection of kitchen knives to add to your collection? Are your knives horrendously dull? Need some chef gear or supplies? If so, look no further than the Phoenix Knife House located in South Scottsdale on the southeast corner of Miller and Mc Dowell Roads.
We learned about the Phoenix Knife House in a class we attended with Chef Stebner at True Food Kitchen and we will forever be grateful for the information. This is definitely a professional chef friendly store. The caliber of knives and chef gear are abundant and as a home cook, I was a little intimidated to visit. However, I had no need to worry as the welcome and service I received was very friendly and welcoming.
I had an opportunity to visit the store in person when I brought in every knife in the house that was in desperate need of sharpening – which was pretty much all of them. The gentleman working there could not have been more friendly and was very helpful.
I was always under the impression that getting your knives professionally sharpened was very expensive. Not so… The prices they charge are extremely reasonable and the turnaround is vey quick – often within an hour or two. Knife sharpening charges are based on the method of sharpening used and type and brand of blade. They offer standard belt sharpening as well as waterstone sharpening by hand.
When I got my knives home after being sharpened, I was eager to test them out. What a difference! I was cutting through limes like they were butter and was looking around for anything else that I could slice up. Needless to say, I am a very satisfied customer.
The Phoenix Knife House sells an extensive array of kitchen knives, almost all of them Japanese. If you want to do your knife sharpening on your own, you can purchase all of the supplies you need and if you need a little instruction on how to do it properly, they are happy to offer it.
Chef gear is also for sale. If you need to restock any clothing like jackets or pants or clogs, there are plenty to choose from. They also sell a variety of kitchen utensils and implements.
I was really impressed with the Phoenix Knife House and plan to be back many times. In fact we have now pledged to get our knifes sharpened a lot more frequently.
More Information:
Phoenix Knife House
7607 E. Mc Dowell Road, Suite 118
Scottsdale, AZ 85257
– S.E. Corner of Mc Dowell Road and Miller Road
(480) 946-2758
www.phoenixknifehouse.com
Where to Eat in Scottsdale AZ: Juan Jaime’s Tacos and Tequila
If you are looking for a casual, inexpensive and tasty sit-down Mexican meal in North Scottsdale, Juan Jaime’s Tacos and Tequila fits 
the bill perfectly.
I recently had the opportunity to try Juan Jaime’s for the first time the other day. I had heard positive things about it, so a friend and I made a date for lunch there.
The menu at Juan Jaime’s is not huge, but it covers the bases nicely for those looking for their Mexican food favorites.
The starters include chips with a variety of dipping options – think salsa, guacamole or queso dip – as well as nachos. For salsa aficionados, there is also a self-serve salsa bar where you can sample several different types and heat levels. (They also have lettuce, cabbage and radishes for you to add to your meal in the self-serve area.) Also on the starters menu are a shrimp cocktail and tortilla soup.
For the entrees, you can choose from tacos, burritos or a salad. You pick from a variety of fillings such as chicken, steak, carnitas, mahi mahi, shrimp and even vegetarian and go from there. You then have the option to choose corn, whole wheat or flour tortillas.
If you want to mix things up a little bit, there are several platter entrees to choose from. Here, you have other options such as enchiladas, tostadas and so on. For a lighter meal or for children, you can order many of these items a la carte.
Deserts include a Kahlua Brownie with ice cream ,which was featured on Sonoran Living, as well as sopapillas and ice cream a la carte.
My friend and I each had the two taco meal where you can mix and match your fillings. I really enjoyed the tacos and the flour tortillas were great. They were much thinner and lighter than most restaurant tortillas I have had. One item I will be sure to try next time is the salad in a whole wheat tortilla. Several patrons were enjoying them for lunch. Our server was friendly and efficient and made us feel welcome.
We did not sample any of the tequilas or bar drinks, but the large bar area had a huge selection of choices for patrons. Happy Hour drink and food specials are in effect from 4PM to 8PM everyday.
Overall, I was happy with my meal at Juan Jaime’s. It was quick, tasty and I am glad I stopped in. If you are looking for a casual place for lunch or dinner with good food and friendly service, give Juan Jaime’s Tacos and Tequila a try.
More Information:
Juan Jaime’s Tacos and Tequila
20343 N. Hayden Rd Ste 120
Scottdale, AZ 85255
480-515-5826
Website: https://juanjaimes.com/index.html
– Open Everyday from 11AM to 2AM
There is a second location in Chandler, AZ.
Where to Eat in Scottsdale AZ: Sassi Italian of North Scottsdale
Sassi, an upscale Italian restaurant in North Scottsdale, is easily one of the most beautiful dining and event establishments in the Valley. Perched up in the Troon area hills at the base of Pinnacle Peak, the design of the building and grounds is that of an Italian countryside villa. You enter through a stone-paved courtyard into a charming, old-world building with five different rooms and areas to dine, each with their own charm.
There is a large bar area and lounge and off of the back is a lovely patio with lush landscaping and another area that is perfect for large events and weddings. The Valley and mountain views are breathtaking.
In the Fall of 2010, Sassi brought on a new Executive Chef, Chris Nicosia, and the changes he has made to the menu has taken the food to another level. Some favorites from when the restaurant first opened in 2004 can still be found, but lots of new and delicious items have been added and cycle in and out as the seasons change.
The food at Sassi is inspired by Southern Italian cuisine. You will see lots of pork, fish, shellfish and vegetables on the menu. But for meat-lovers, there are always red meat options like strip steaks or veal chops. Homemade pasta dishes are available as well. One of our favorite items is the halibut. The fish is delicious and comes with an excellent accompaniment of fresh vegetables. One time it was fava beans with a hint of mint and another time it was pattypan squash in a light tomato sauce.
This summer, Sassi launched a Thursday night Enoteca Menu, which has been a big hit. Comprised of constantly changing small plates, it is the perfect way to enjoy a light meal in the bar or you can simply order a few as appetizers to kick off your meal. Some recent favorites include a goat cheese and peach crostini with basil and honey as well as sautéed baby artichokes in a lemon sauce.
Sassi is also currently offering a Family Style “Little Italy” Dinner that is designed for sharing between four or more people. You will get a starter of warm olives followed by salad and pasta courses. There are two entrees served and to cap off the meal, homemade gelato and sorbet. The best part is that you get this all for $29 per person.
If you are looking for a more casual dining experience, the bar has its own menu with some delicious offerings. Sassi also has private dining room options for larger parties or special events.
If you have not been to Sassi or have not been there in a while, it is definitely worth stopping by. You will end up having a have a great meal in a lovely setting with some of the best views in the Valley.
More Information:
Sassi- North Scottsdale Fine Italian Dining
10455 E. Pinnacle Peak Parkway
Scottsdale, AZ 85255
480-502-9095
Website: www.sassi.biz
Reservations
Scottsdale AZ Luxury Home Market – June 2011
The Scottsdale AZ luxury home market had another strong month in June 2011. I am defining the luxury home market as homes for sale with asking prices in excess of $1 million. This analysis delves into single-family luxury homes for sale as well as luxury homes sales in Scottsdale over the previous 12 months. Pending home sales information is also included.
– June 2011 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory was down 16.4% over May to under 200 homes in price point. The 12 month average is 253.
– Pending Scottsdale Home Sales: Pending sales dropped back down to more normal levels after seeing two months in a row of 30+ pending homes. At the end of the month, there were 26 pending homes. This is slightly ahead of the 12 month average of 24 homes.
– Scottsdale Homes Sold: Home sales were back up to the highest levels we have seen this year at 29. This is well ahead of the 12 month average of 20 home sales.
– Sales Price to Listed Price: 91.6% – This is pretty standard for this price range. The percentage fluctuates between the mid-80%’s and low-90%’s.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: We saw an almost 10% drop in home inventory over May in this price segment. This figure has been decreasing steadily after several months of hovering in the 160’s. The 12 month average is 162 homes for sale.
– Pending Scottsdale Home Sales: Pending sales were solid in June, coming in a 16 at the end of the month. This is about where is has been in the last several months and it is ahead of the 12 month average of 13.
– Scottsdale Homes Sold: Only nine homes sold in June. This was off three from May, but it is still ahead of the 12 month average of 7.
– Sales Price to Listed Price: 87.5% – This is a pretty typical figure for this price band.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Just over 100 homes were on the market in the $2-$3 million range at the end of June. This was a 17.2% decrease over May’s figure. The 12 month average is 149.
– Pending Scottsdale Home Sales: Pending sales were up again at the end of the month to 7 after dropping off in May. This is on track with the 12 month average of 7.
– Scottsdale Homes Sold: There were only 4 home sales last month, which is where this price band started the year. This figure is actually below the 12 month average of 6.
– Sales Price to Listed Price: 85.2% – This figure is a little lower then we have been seeing in the last few months and is more on par with what we had been seeing earlier in the year.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Only 92 homes remain on the market in the $3 million and above range. This is down 6.1% over May and is below the 12 month average of 107.
– Pending Scottsdale Home Sales: Only two homes were pending sale at the end of the month. This is the lowest we have seen this figure in the last 12 months, with the exception of 2 in December 2010. This is well below the 12 month average of 5.
– Scottsdale Homes Sold: Seven homes sold in June, which is the highest we have seen in many months. This is more than double the 12 month average of 3.
– Sales Price to Listed Price: 83.8% – This is right in the range we have been seeing it come in over the last several months.
Overall, sales of Scottsdale luxury homes had a strong June 2011. Inventory continues to decline across the board. Although, it should be noted that June 30th is a very popular date for the end of listing contracts, so we may see inventory increase in July. Sales activity was excellent for most price points, except for the $2-3 million range. Pending home sales definitely trailed off across the board, so we will see that reflected in July’s sales numbers.
To see the detailed data behind this report, please visit my Scottsdale luxury real estate market reports page and click on the “Scottsdale Market Trends” report.
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 7/1/2011 and can change at any time. The analysis looks at single-family luxury resale homes in Scottsdale AZ over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2011 Heather Tawes Nelson
Phoenix and Scottsdale AZ Luxury Condo Sales – June 2011
Here are the most recent figures for the Phoenix and Scottsdale luxury condo market. For the purposes of this report, luxury condos are defined as condos for sale with list prices in excess of $1 million.
Pending Luxury Condo Sales – At the end of the month, there were two pending sales of luxury condos. One of them has been pending for several months now. It is a three bedroom, three and one-half bathroom, 4,000 square foot unit at The Residences at 2211 Camelback. When it went pending, the asking price was $1,100,000. The second pending sale is at The Landmark in the Kierland area of Scottsdale. It was a three bedroom, two and one-half bathroom unit with 2,688 square feet. The list price on this unit was $1,082,000.
June 2011 Luxury Condo Sales – Two luxury condo units sold in June. The first was in the elegant Two Biltmore Estates community in Phoenix. This condo was a ground-floor, 3 bedroom, 3.5 bathroom, 3,560 square foot unit that was listed for $1,395,000. It closed for $1,210,000. The second luxury condo sale was at the Scottsdale Waterfront. This two bedroom, two and one-half bathroom, 2,287 square foot unit sold in just under a month. The asking price had been $1,199,990 and it sold for $1,100,000.
LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX – FIRST AND SECOND QUARTERS 2011
Luxury condo sales have been averaging about 2 sales per month so far in 2011. There was one fewer sale in Q2, but the sale of a $2.2M condo helped bring up the average sales price and price per square foot figures. Communities that saw sales in 2011 include: Optima Camelview, Scottsdale Waterfront Residences, Kierland Plaza Lofts, Safari Drive and The Landmark (all in Scottsdale) as well as The Residences at 2211 Camelback, Esplanade Place and Two Biltmore Estates in Phoenix.
Overall, June was another decent month for the luxury condo market in Scottsdale and Phoenix. Sales were on pace with what we have been seeing and the presence of pending sales indicates that July may also be on track.
Learn More About Phoenix and Scottsdale Luxury Condos
Search Phoenix and Scottsdale Luxury Condos for Sale
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 7/1/2010 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix over the past 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes.
Copyright © 2011 Heather Tawes Nelson
