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Good news on the residential real estate front. The 9,933 Phoenix-area sales transactions that closed in March marks the most sales in 66 months, according to the Arizona Regional Multiple Listing Service Inc. monthly statistics report. It’s also the fifth highest sales month since 2001.

“Clearly buyers are taking advantage of the phenomenal affordability of Valley housing,” the report states.

The ARMLS Pending Price Index isn’t as sunny, however.

The median price is expected to be $113,000 in April as compared with $110,000 in March, but it’s expected to drop to $103,000 in May and then rise to $109,000 in June. The projections are based on pending sales transactions.

The average sales prices follow a similar pattern. The average sales price in March was $157,800. It’s expected to be $163,000 in April, $150,000 in May and $152,000 in June.

“While the declines in pricing signal good news for buyers who want to take advantage of the lowest pricing of the decade, they are unwelcome news for sellers who endure the ill effects on their equity,” the report states.

More renters, foreclosures, blight to mark next phase

115 comments by J. Craig Anderson – Jan. 30, 2011 12:00 AM
The Arizona Republic

Estrella’s Three Schools Receive $10,000 Each

Through Safeway Foundation Generosity

Goodyear, AZ – January 20, 2011 – Several elementary and high schools in the school district for Estrella, the Southwest Valley’s premier master-planned community, are the delighted recipients of a substantial cash donation from Safeway’s Phoenix division

Three Estrella schools — Estrella Foothills High School, Estrella Mountain Elementary and Westar Elementary — and Rainbow Valley Elementary in Buckeye have each received a $10,000 donation from The Safeway Foundation. The donations are a direct result of funds raised last fall at The Safeway at Estrella Golf Tournament, sponsored by the Safeway Foundation. The rest of the proceeds from the golf benefit went towards breast cancer awareness programs.   Because of its focus on healthy lifestyles for its employees, Safeway has asked the schools to use part of the proceeds for physical fitness and nutrition programs.

“The schools are thrilled with the donations, and we’re happy to play a part in getting money to them,” said Jan Martin, Real Estate Director, Phoenix Division for Safeway Inc. “When we first informed the principals of the schools of our donation intentions, they all presumed that their share would be $2,500 apiece. When they learned that it was really $10,000 each, they were ecstatic. Safeway hopes that these donations will make a meaningful impact for the schools and in the students’ lives.”

Newland Communities, of which Estrella is part, was a sponsor of The Safeway at Estrella Golf Tournament.  Along with the Safeway Foundation, other key sponsors included Kitchell Development, General Mills, Frito Lay, Mission Foods and De Rito Partners. Estrella has also supported Phoenix Children’s Hospital, the West Valley Arts Council and the City of Goodyear’s programs such as the annual Toy Drive.

“Promoting better education and healthy living are key values for both Newland and Safeway,” said Greg Bielli, President, Western Region for Newland. “And that helps us to partner together and look for meaningful opportunities like this. We’re thrilled to start the year with such great news for our schools and students, as well as for the parents who help make Estrella the preferred community to live, play and relax.”

Estrella’s friendly community, resort-styled amenities and good schools is helping it to grow steadily. Eleven home sales have already been recorded in the first few weeks of 2011, following on a 34% increase in sales in 2010. CantaMia, its Active Adult community, is undergoing further expansion this year. The new Safeway grocery store at Mountain Ranch Marketplace opened to wide acclaim and big sales last October, and continues to be a neighborhood destination for groceries and more. You can learn more about daily living at its Life in Estrella website and accompanying Facebook fan page.

In addition, Newland was recently recognized as the 2010 ‘Developer of the Year’ by prominent real estate publication Builder & Developer, which highlighted Newland’s “impressive, successful portfolio.” Newland has achieved solid business results with five of its communities ranked in the top 15-selling master planned communities in 2009, and 2010 sales results that look as strong. Newland is strategically positioned for solid growth, with its projects in the majority of the top 30 U.S. housing markets.

Estrella Mountain Ranch Homes for Sale

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Maricopa Homes for Sales by Maricopa Realtor

MARICOPA, Ariz. — Bristol Palin has bought a five-bedroom home in Pinal County south of Phoenix.

Paperwork shows the recent “Dancing With the Stars” diva and daughter of Sarah Palin is the sole purchaser of the house in the town of Maricopa. She bought it for $172,000 from a North Dakota couple.

It’s not clear if Bristol Palin will be a seasonal visitor or permanent resident at the home, in a development called Cobblestone Farms.

According to real estate websites, the residence is a two-level, brown stucco house with a tile roof, a landscaped front and back yard, and access to a community pool.

The Arizona Republic reports the 3,900-square-foot home was built in 2006 and was bought for a little under $330,000 at the time. It has 2 1/2 baths and a three-car garage.

Bristol Palin, 20, closed on the home in early December, buying it from Michael and Cynthia Smith, according to paperwork filed with the Pinal County Recorder’s Office.

“I’m not sure why she wanted to buy that home, but we are real happy for her,” Michael Smith told The Republic.

Bristol Palin came to the forefront during her mother’s 2008 vice presidential run when the Palin family announced that the then-17-year-old was pregnant.

Following the birth of her son, Bristol Palin spoke out as a teen pregnancy prevention advocate.

SCOTTSDALE, AZ – Professionals in the home remodeling industry expect the coming two years to be peak years for home remodels.

“We are seeing three to four times the demand we saw in past years,” said Tony Sutton, owner of Est Est Interior Design in Scottsdale. “You are getting the best values that I’ve seen in years from subcontractors.”

Sutton said most of the business he is doing is for established homeowners who want the upgrade but don’t want to leave the neighborhood they love.

The down real estate market is fueling the remodeling trend.

Homeowners who are underwater in their mortgages are unable to move.  Also, the majority of homes being sold are foreclosures and buyers are looking to personalize them.

Real estate expert Jay Butler with ASU said that a trend of remodeling can help the overall neighborhood which in the long run may help the market.

He suggests the best types of remodels are bathrooms and kitchens.  Adding on an entire room for example might not be worth the cost and hassle.

A Texas company called BuildFax launched a “Residential Remodeling Index this week to help monitor remodeling activity across the country.

The National Association of Home Builders also has information on remodeling trends.

“People underestimate the value of making a house a home,” Sutton said.

Scottsdale, Arizona

Scottsdale Realtor, Scottsdale Realtor, Scottsdale Real Estate

FORT WORTH, Texas & SAN ANTONIO–(BUSINESS WIRE)–Meritage Homes (NYSE: MTH) announced today it has expanded its high performance green homes to the Texas market. In the next two weeks, Meritage will open green communities in Dallas/Fort Worth and San Antonio. The company’s energy efficient homes are revolutionizing new home construction and saving homeowners up to 60% on energy bills. In addition, the homes are two to three times more efficient than standard ENERGY STAR® homes.

“You will be able to see how different this home construction is from its windows and wall systems to its lighting, thermostats, appliances and dual-flush toilets”

“We are the only top-10 homebuilder in Texas offering an energy efficient home of this caliber at no additional cost to homeowners,” said Steve Hilton, President and CEO of Meritage Homes. “We’ve changed how we build homes and we expect it is going to change the industry. Our goal is to pioneer a new standard, building family communities with extremely energy efficient homes. The result is a design that delivers a significant savings without sacrificing comfort, function or style.”

The two communities, Rolling Creek in San Antonio and The Lakes of River Trails in Fort Worth, will also feature the first deconstructed “Learning House” of its kind that literally peels back the walls and ceilings of the home to showcase its energy saving features.

“You will be able to see how different this home construction is from its windows and wall systems to its lighting, thermostats, appliances and dual-flush toilets,” said C.R. Herro, Vice President, Environmental Affairs for Meritage Homes. “When all of these components work together, it creates a home that is more sustainable, cleaner and quieter.”

Every home includes these energy saving features:

• Spray Foam Insulation creates a seamless, thermally efficient insulation blanket that completely prevents air leakage and offers 3X the R-value of standard fiberglass insulation.
• Double Low-E Vinyl Windows reduce energy loss by up to 50%.
• Energy Efficient CFL Lighting reduces energy usage by 75%.
• Weather Sensing Irrigation System enables landscaping to meet standards of EPA’s new WaterSense program. (*not standard in San Antonio)
• High Performance Water Saving Plumbing Fixtures including dual-flush toilets, reduce water bills and water heating costs by up to 50%.
• 14-SEER Air Conditioning Unit can lower cooling costs by up to 40%.

Meritage was awarded the 2011 Energy Value Housing Award from the National Association of Homebuilders for its first extreme energy efficiency community at the Lyon’s Gate Community located in Gilbert, Arizona as well as the 2011 People’s Choice Award recognizing the home builder for voluntarily incorporating energy efficiency in the design, construction and marketing of its homes.

About Meritage Homes Corporation

Meritage Homes Corporation is the 9th largest homebuilder in the U.S. based on homes closed. Meritage offers a variety of homes across the Southern and Western states designed to appeal to a wide range of home buyers, including first-time, move-up, luxury and active adult buyers, with base prices starting from under $100,000. As of December 31, 2010, the Company had 151 actively selling communities in 12 metropolitan areas including Houston, Dallas/Ft. Worth, Austin, San Antonio, Phoenix/Scottsdale, Tucson, Las Vegas, Denver, Orlando, and the East Bay/Central Valley and Inland Empire of California.

In 2010, Meritage celebrated its 25th Anniversary, launched a new Simply Smart Series™ of homes and a 99-day guaranteed completion program in certain communities, and is the only large national homebuilder to be 100% ENERGY STAR® qualified in every home started since January 1, 2010. Meritage has designed and built nearly 70,000 homes in its 25-year history, and has a reputation for its distinctive style, quality construction and positive customer experience. To find a Meritage community near you, go to www.meritagehomes.com.

Meritage Homes is listed on the NYSE under the symbol MTH.

For more information about the Company, visit http://investors.meritagehomes.com.

Click here to join our email alert list: http://www.b2i.us/irpass.asp?BzID=1474&to=ea&s=0.

The Meritage Homes Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2624.

shift from boom to bust approaches its fifth anniversary, a number of real-estate analysts have replaced optimistic terms such as “recovery” with sobering talk of a new market reality.

The landscape of tomorrow’s housing market, as depicted in recent research papers and forecast meetings, is only a rough sketch, but three notable features have taken shape.

Foremost among them is a much higher ratio of renters to homeowners than the Phoenix area has seen in recent decades.

Another long-term problem, they said, is the large number of struggling borrowers trapped in high-end homes for which there are virtually no eligible buyers.

Perhaps the most troubling long-term prediction is that certain pockets of less-desirable residential development simply will not recover.

Trouble by the numbers

Home sales and prices began to stall in mid-2006, but the collapse of the metro Phoenix market gained momentum in the latter half of 2007, when a disturbing trend emerged among recent homebuyers.

There was a sudden jump in mortgage-loan defaults, which came as no surprise to those aware that constant home-value appreciation had been essential to the viability of certain loans being approved for first-time buyers.

Popular mortgages issued during the housing boom were adjustable-rate loans structured to start off with lower monthly payments that would increase over time.

Loans were approved based on borrowers’ ability to make the lower, initial payments. It was assumed that by the time those payments increased, the home would have appreciated enough to allow the borrower to either sell or refinance.

But when home values stopped going up, that exit strategy evaporated.

Sales began to slow, then stall.

When the number of pre-foreclosure notices issued to single-family homeowners in Maricopa County nearly doubled to 16,911 notices during the last six months of 2007 from 9,319 notices during the first six months of the year, the problem loan products were yanked from the market, but the damage was done. Home foreclosures skyrocketed to record levels.

Home values plummeted, leaving about half of all mortgage-holders owing more than their homes’ market value. Many now find themselves thousands of dollars underwater.

Big questions remain about how much of the fallout is yet to come and what Phoenix-area neighborhoods are going to look like when the economy stabilizes.

Analysts say they do know this much: The housing market will not simply go back to the way it was before the boom.

Renter’s mecca

One fundamental change, according to housing-market analyst Mike Orr, is that more metro Phoenix homes will be occupied by renters than ever before. Foreclosure properties are being bought overwhelmingly by investors; other potential buyers simply haven’t materialized.

Orr said the ratio is changing rapidly, especially at the lower end of the market.

“There is a big swing from ownership to rental,” Orr said.

The overwhelming majority of homes priced at or below $100,000 are being purchased by investors, he said, and nearly every investor has adopted a strategy that includes renting out the homes for a period of years.

“If it wasn’t for the investors, this market would be dead,” said the Mesa-based Orr, who publishes the Cromford Report, a housing-market update read by many real-estate investors. “There’s very weak demand from ordinary people.”

What’s not yet known, according to Orr, is how large a segment of the population will remain renters in the years to come. Still, he said the shift from a buyer-dominated housing market to one dominated by renters will continue, at least for the foreseeable future.

Long way down

Homes at the high end of the market, those above the Federal Housing Administration’s $346,250 loan-guarantee limit for a single-family residence, are proving difficult to sell.

That is expected to be a long-term problem, as well.

As a result, Orr said, many high-end housing submarkets are in the midst of a long, slow slide.

Financially stressed borrowers in luxury homes face a much more difficult challenge than their counterparts with homes priced under the FHA limit, according to Arizona State University professor Jay Butler.

Investors generally aren’t interested in high-end homes, Butler said, in large part because they understand how shallow the buyer pool is for homes above the FHA limit.

While banks do still offer higher-value “conventional” loans, which do not come with a federal guarantee of repayment to the lender if the borrower defaults, such loans are expensive, difficult to obtain and require a much higher down payment, usually about 20 percent as opposed to 3.5 percent for FHA-backed loans.

Without a willing buyer, struggling high-end homeowners cannot short-sell the home. Short-selling, in which the home is sold for less than the loan’s outstanding balance, has become a popular way for homeowners to escape suffocating mortgage debt without suffering too much credit damage.

Meanwhile, Butler said, it appears that many high-end homeowners are running out of time, siphoning off critical savings and retirement funds to stay current on their mortgages.

“We might see more people give up in the coming year,” he said. “I don’t see it getting any better (this) year.”

Long-term downturn

Local analysts are predicting another long-term problem at the neighborhood level. Metro Phoenix residents most likely will have to live with pockets of persistent blight in areas where ill-fated residential subdivisions will not recover, some analysts said.

One of the areas facing the greatest risk of a long-term slump is west-central Phoenix, where in some areas home values have plummeted almost down to nothing.

Orr said no area has been dealt as hard a blow as Maryvale.

“It’s almost unbelievable what actually has happened,” he said.

Orr said it’s difficult to envision how a recovery would occur in ZIP codes such as 85009, where the median home price has dropped more than 80 percent from the market’s peak.

“That means (homes) could double in price, twice, and still not be worth half as much as they used to be,” Orr said.

According to The Arizona Republic’s most recent Valley Home Values report, the median home-sale price in ZIP code 85009 fell to $30,000 in 2010 from $160,000 in 2007, a decline of about 81 percent.

Other areas at risk of non-recovery include some of the more remote subdivisions in northern Pinal County and the southwest Valley, analysts said.

The new market reality is still being shaped: After a few months of uptick, Arizona State University has reported five straight months of home-price declines.

It could be years before the Phoenix-area housing market of the future comes into full view.

18 houses for sale in Mesa’s Neighborhood Stabilization Program

The City of Mesa’s Neighborhood Stabilization Program (NSP) has 18 houses for sale and four more that will be available soon.  Listings for each home are available at http://www.mesaaz.gov/.  Click on the “houses for sale” photo on the home page.

The NSP, funded by the U.S. Department of Housing and Urban Development, provides grants for communities to acquire foreclosed or abandoned homes and to rehabilitate, resell or redevelop them to stem the declining property values of neighboring homes.  Mesa received more than $9.6 million to operate the program in the 85204 zip code.

Eligible homeowners must provide part of the down payment, meet certain income criteria, secure a 30 year fixed rate amortization loan from a lender, complete eight hours of home buying counseling and agree to live in the home for at least 15 years.  Those who qualify will receive assistance with the down payment and closing costs.

The NSP has allowed the City to purchase 39 homes, with 35 already renovated.  The City’s ability to sell homes as part of the NSP gives it more money to purchase additional homes, thereby benefitting more homeowners and the neighborhoods.  The City has incorporated several energy saving items into the rehabilitation, such as high efficiency air conditioning and insulation, double pane windows, sun screens, insulated exterior doors, Energy-Star appliances, compact fluorescent (CFL) lighting and high efficiency water heaters.

Source: City of Mesa
For more information, contact City of Mesa NSP Project Coordinator Ray Thimesch at (480) 644-4521 or ray.thimesch@mesaaz.gov.

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