May 2012 Market Watch Update

www.bhcrei.com

May numbers came in as I predicted in our April newsletter.  Single family home sales dropped slightly from 94 in April to 80 in May.  Just an opinion but I believe this is due to the shortage of inventory to choose from.  Just this week two sets of our buyer clients were thrust into multiple offer situations.  One couple purchasing a riverfront foreclosure home and the other a short sale home in Desert Lakes Estates.  Both couples offered above asking price and neither couples offers were high enough to beat out the other buyers.

With the inventory continuing to remain lower than in previous years,  the May average sales price ($138,716) and median sales price ($124,950) exceeded April’s average sales price ($129,774) and median sales price ($122,500). 

I spent some time recently, reviewing the Zillow.com/research site and discovered the following which I want to share with you.  Nineteen of the thirty metro areas covered by the Zillow Home Value Forecast are predicted to reach a bottom in 2012, or have already reached a bottom. Several of those are expected to see significant home value increases in the next 12 months, including the Phoenix (6.5 percent), Miami-Ft. Lauderdale (5.6 percent) and Tampa (2.5 percent), according to the forecast.

Although our local market is too small to be mentioned it is continued good news to hear that  our state capital, Phoenix, is leading the way in housing recovery.

http://www.realliving.com/Steve-Kuncho-Real-Estate-Agent
                    

Bullhead City Fort Mohave Lake Havasu City Az Foreclosure Homes @ Auction Sale

Bullhead City, Fort Mohave, Lake Havasu City Az Foreclosure Homes @ Auction Sale
There are two major companies that run real estate auctions in the Bullhead City Fort Mohave and Lake Havasu City areas for Foreclosed homes. They are, REDC; auction.com and Hudson and Marshal; hudsonandmarshal.com.. I recently attended the REDC real estate auction locally on February first and will attend the next real estate auction with them on March first. Both of the auction companies web-sites can be challenging to navigate and challenging to find the exact information needed for buyers looking to purchase an auction home. I would recommend spending as much time as you need searching around on each web-site researching as much as you can for all the information that you will need; or just send me a message.
One major thing to remember with any of these homes or properties offered at these auctions is that a buyer is expected to complete his/her due diligence; inspections; prior to the auction. Each property is sold “as is” without any inspection period after the auction unlike a normal re-sale home or foreclosure home sale. Both do offer clear title to each property as well as financing to specified homes that they auction.
The REDC auction went very smoothly with the Bullhead City, Fort Mohave and Lake Havasu homes being sold at price points below or well below their mls listed prices. All properties at the REDC auction are sold to the highest bidder with NO RESERVE once the opening bid is met. Hudson and Marshal works quite a bit different than REDC and I would would recommend contacting me regarding any property or home that you may be interested in whether it’s to view the home, questions about the auction process, or to run property profiles for a property. For instance; one Lake Havasu home sold at the auction Monday evening was sold for cash only due to the code violations for additions not permitted with the city. Another instance; A home I was bidding on on behalf of a client in Fort Mohave at Hudson and Marshal had an accepted offer over the reserve price but still showed on their web-site as active and still accepting bids even though they considered it sold. Another instance; You may have seen the black and yellow signs in front of auction homes in the Bullhead City, Fort Mohave and Lake Havasu City areas advertising an open house for certain dates but on those dates the homes were locked up tight with no one around.
If you would like more information or assistance on any upcoming auctions or properties at these auctions feel free to send me a message or give me a call.

Bullhead City Fort Mohave Lake Havasu City Az Foreclosure Homes @ Auction Sale

Bullhead City, Fort Mohave, Lake Havasu City Az Foreclosure Homes @ Auction Sale
There are two major companies that run real estate auctions in the Bullhead City Fort Mohave and Lake Havasu City areas for Foreclosed homes. They are, REDC; auction.com and Hudson and Marshal; hudsonandmarshal.com.. I recently attended the REDC real estate auction locally on February first and will attend the next real estate auction with them on March first. Both of the auction companies web-sites can be challenging to navigate and challenging to find the exact information needed for buyers looking to purchase an auction home. I would recommend spending as much time as you need searching around on each web-site researching as much as you can for all the information that you will need; or just send me a message.
One major thing to remember with any of these homes or properties offered at these auctions is that a buyer is expected to complete his/her due diligence; inspections; prior to the auction. Each property is sold “as is” without any inspection period after the auction unlike a normal re-sale home or foreclosure home sale. Both do offer clear title to each property as well as financing to specified homes that they auction.
The REDC auction went very smoothly with the Bullhead City, Fort Mohave and Lake Havasu homes being sold at price points below or well below their mls listed prices. All properties at the REDC auction are sold to the highest bidder with NO RESERVE once the opening bid is met. Hudson and Marshal works quite a bit different than REDC and I would would recommend contacting me regarding any property or home that you may be interested in whether it’s to view the home, questions about the auction process, or to run property profiles for a property. For instance; one Lake Havasu home sold at the auction Monday evening was sold for cash only due to the code violations for additions not permitted with the city. Another instance; A home I was bidding on on behalf of a client in Fort Mohave at Hudson and Marshal had an accepted offer over the reserve price but still showed on their web-site as active and still accepting bids even though they considered it sold. Another instance; You may have seen the black and yellow signs in front of auction homes in the Bullhead City, Fort Mohave and Lake Havasu City areas advertising an open house for certain dates but on those dates the homes were locked up tight with no one around.
If you would like more information or assistance on any upcoming auctions or properties at these auctions feel free to send me a message or give me a call.

Bullhead City, Fort Mohave, Lake Havasu City Az REDC Auction March Homes Sales

Bullhead City, Fort Mohave, Lake Havasu City Az REDC Auction March Homes Sales
Monday Evening March first REDC held another auction at the River Valley High School. The REDC auction went very smoothly with eleven Bullhead City, Fort Mohave and Lake Havasu City homes being sold. A 3,000 square foot home on Sundial in Sunridge Estates of Bullhead City sold for only $170,000. A three bed two bath manufactured home in Sun Mission Resort in Bullhead City sold for only $50,000 and was listed in the local mls for $94,900. A beautiful 1067 square foot condo in Roadhaven Marina Condominiums Bullhead City Az sold for only $45,000 a $25,000 discount to its mls asking price. A newer 1558 square foot three bed two bath pool home located in Lake Havasu City sold for only $175,000 at the auction. Another pool home in Lake Havasu City sold for only $100,000. A 1639 square foot home, that needed some work, located in Sun Valley Fort Mohave Az sold for only $70,000.
One major thing to remember with any of these homes or the real estate offered at these auctions is that a buyer is expected to complete his/her due diligence; inspections; prior to the auction. Each property is sold “as is” without any inspection period after the auction unlike a normal re-sale home or foreclosure home sale. Both do offer clear title to each property as well as financing to specified homes that they auction. There is also a 5% buyers premium added to the winning bid of the real estate sold at REDC auctions, so if you have a winning bid of $150,000 remember there will be an additional $7,500 or 5% added to that final purchase price.
If you would like more information or assistance on upcoming auctions or on foreclosure properties feel free to send me a message or give me a call.

. FORECLOSURE FORECLOSURE FORECLOSURE .

FORECLOSURE FORECLOSURE FORECLOSURE
In the Bullhead City and Fort Mohave areas real estate used to be all about location location location; and still is a priority for buyers as it should be; now it’s all about foreclosure foreclosure foreclsoure then location. In the current economic times over the past couple years foreclosures have hit a wide range of incomes and a wide varietyof home price ranges; from luxurious riverfront homes to single wide trailers and everything inbetween. Buyers typical first words when they start to work with a realtor are usually something in the way of “what do you have for foreclosures” or “can I get a list of foreclosures” then they start to speak of real estate or home locations inwhich they are looking. For awhile now sellers have come to realize that they have to try and compete with these foreclosures price wise to sell their homes as well. The condition of the foreclosure homes are in a wide variety range too, from a condition of what you may be hearnig about on national television; having appliances removed, toilets ripped out, etc. to a foreclsoure home that is in immaculate new like condition. Like with any real estate purchase it is wise to have a thorough inspection of the home during your due dilligence period no matter what the condition of the home. Buying a foreclosure home may or may not be for you; but there is a large variety of foreclosed homes to choose from; whether you’re looking for a ‘rehab’ or ‘move in condition’ or something inbetween; a vacation home, rental property, or maybe your primary home. For more information or assistance on foreclosure properties or the area real estate market; feel free to send me a message or give me a call.
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Foreclosure Repos List

Bullhead City Fort Mohave and Lake Havasu City Foreclosure Homes @ Auction

Bullhead City Fort Mohave & Lake Havasu Foreclosure Homes @ Auction

BULLHEAD CITY, ARIZONA
When: Monday Apr. 12, 2010
Where: River Valley High School – Auditorium 2250 Laguna Rd, Mohave Valley, AZ 86440
Time: Registration Starts Promptly at 5:00 p.m. Auction starts promptly at 6:30 p.m.
What to bring: Last 2 yrs W-2 – $2,500 Cashier’s Check ($5,000 for each subsequent) – Checkbook for balance of 5% Earnest Money Deposit (15% for each subsequent)
Properties open for inspection from 11AM to 4PM on 3/27/10, 3/28/10 & 4/3/10. Please check individual property for specific open house information.

Here are a few examples of the homes being offered at the upcoming REDC Auction:

Address:
2433 E Nez Perce Ct Bullhead City, AZ 86442. Mohave County.
Square Footage: 2534 Property Type: SFR
Starting Bid:
$49,000
Previously Valued To:
$389,500
Financing:
Yes


Address:
2988 Camino Del Rio Bullhead City, AZ 86442. Mohave County.
Square Footage: 1719 Property Type: Condo
Starting Bid:
$29,000


Financing:
Yes


Address:
2740 Saratoga Ave Lake Havasu City, AZ 86406. Mohave County.
Square Footage: 3025 Property Type: SFR
Starting Bid:
$25,000
Previously Valued To:
$225,500
Financing:
Yes


Address:
2875 Winterhaven Dr Lake Havasu City, AZ 86404. Mohave County.
Square Footage: 1540 Property Type: SFR
Starting Bid:
$19,000
Previously Valued To:
$119,000
Financing:
Yes

It’s been my experience that the homes are not open on the dates shown for inspections or viewing; but they are listed on the local mls. With these auction homes you need to perfrom any inspections or due dilligence prior to the auction itself; there is no inspection period after the auction on these foreclosed homes. If you have any questions regarding the auction process, the homes offered, want a brochure of available homes or would like to view any of the homes offered then give me a call or send me an email; I’m here to help. Steve@ 928-234-9560
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REDC Auction Site

Bullhead City, Fort Mohave, Lake Havasu City Az REDC Auction April Home Sales

Bullhead City, Fort Mohave, Lake Havasu City Az REDC Auction April Home Sales
Monday evening April 12th REDC held another real estate auction at the River Valley High School. The REDC auction went smoothly as usual with eight Lake Havasu properties; and six Bullhead City Fort Mohave area properties up for auction. One major thing to remember with any of the homes or any other real estate sold at auction is that the buyer is expected to do their due diligence prior to the auction itself. There is NO inspection period after the auction; all properties are sold in ’As Is” condition. They do offer clear title to the properties as well as offer financing on some of the homes available at the auction. There is also a 5% buyers premium added to the winning bid for all real estate sold at REDC auctions.
Here are some highlights of the homes sold at the recent auction;
8707 Sycamore a 4 bedroom 2397 sq. ft. home in Mohave Valley sold for $117,500 at the auction, it had been listed for $164,900 on the local MLS.
A four plex at 2807 Colibri in Bullhead City listed for $156,900 on the local MLS sold for $137,500 at the Auction.
2988 Camino Del Rio a 3/2 1664 Sq. Ft. town home in Bullhead City listed for $135,000 on the local MLS sold for $120,000 at the auction.
An older 3 bedroom 3097 Sq. Ft. home in Lake Havasu City , which needed some work, listed for $205.900 on the local MLS sold at the auction for only $110,000.
A 3 bedroom home with a pool @ 1540 Sq. Ft. living area in Lake Havasu City listed for $119,900 in the local MLS sold at the auction for only $60,000.
If you would like assistance on upcoming auction properties or area foreclsoures feel free to give me a call or send me an email. Steve Kuncho 928-234-9560 stevekuncho@bhcrei.com