Market Update Feb 2012 BHC AZ

The median sales price dropped from January and the percentage of homes (79%) selling under $150,000 increased to an all time high, while the number of homes for sale dropped 61% from last year at this time
I continue to expect that as the inventory of homes for sale continues to drop and the sales continue to remain steady, prices should begin to come up. Well considering the Niagara Falls price drop we have been experiencing for years, I remain positive that these slight dips are merely bubbles in the brook. The two most perplexing changes are the large number of homes selling under the $150,000 price point and the fewer than 300 homes for sale. During the month of February homes selling under $150,000 made up 79% of the market with 50% of those homes being foreclosures and 7% being short sales. This is good news for the upper end of our market as most of these sales are what we now refer to as “normal” or “non distressed” sales. I wonder, if we had more of these homes on the market that were price well or had added value that the buyers were willing to pay for, would we have more sales in this price range? Has our inventory shrunk so far that we don’t have the right home for buyers in our area?
Currently there are 284 homes for sale in Bullhead City, Fort Mohave and Mohave Valley. Just looking at the month of February over the years the number of homes for sale is down to 284 from 451 last year; down from 456 of 2010; down from 777 of 2009; and down from 969 of 2008. Let’s look at February again and as mentioned the number of sales continue to either increase or remain consistent with 76 sales this month; 65 sales in 2011; 89 sales in 2010 (give some credit to the first time tax credit); 63 sales in 2009; and a measly 36 sales in 2008. I’m getting off tract but in 2008 we had 16.4 months of inventory contrast that number to the 4.8 months of inventory today.
I remember when the real estate bubble started in Bullhead City. The $100,000-$125,000 price range was always experienced the most sales. Suddenly there were no sales at this price point. Was there not a market for this price point? No, the homes in this price range did not exist and the new price point that saw the most sales was $125,000-$150,000 and on up the market went.
While statics are easily found on line and our median sales price rolls in at $95,000, I guarantee you that we will be hard pressed to show you homes in this price range today. If you choose to shop in this range you will be greatly disappointed as there are only 7 to choose from and you may run up against multiple offers and homes in disrepair. Don’t let the over rated median sales price fool you. The reality is that most of the homes creating this number are foreclosure homes in need of repairs. They require plenty of work and would be ripe for any Home Disaster DIY television show. Investors and cash buyers are quick to relay what a low price per sq foot they pay for homes. On the flip side, I have never had one relate how much they have earmarked to repair their homes.
Of the 284 homes currently on the market for sale, there is only one home built as recent as 2011, two built 2010, two built 2009 and a whopping six built in 2008. There are a handful of homes that can be built on a lot, but are not started. With home sale number remaining strong, inventory at an all time low I think it may be time to consider the new home or at least a non distressed home. Perhaps not the mega home of the pre bubble years but an affordable reliable home that can be purchased with a warranty instead of a bank “as is” addendum. Perhaps spending a bit more at the closing table instead of coming out of pocked thousands or tens of thousands during your first 90 days of home ownership may make more sense. And by the way, a few more dollars at the closing table at 4% interest for 30 years may be a better deal than hard cold cash spent on repairs.
Thank you all for your support and referral business. Call or email me with all your real estate needs.

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Bullhead City Az Riverfront Homes & Land Colorado River Guidelines

Bullhead City Az Riverfront Homes & Land Colorado River Guidelines
If you’re thinking about buying or currently own a home or a lot along the Colorado River there are certain guidelines to follow for improvements that are regulated by the U.S. Army Corps. of Engineers. The types of activities along the Colorado River requiring authorization and permits from the Corps. include but are not limited to docks, fishing piers, swim platforms, ramps, retaining walls, beach creation/enhancement, excavation/dredging, buoy placement, boat/jet ski lifts and generally any activity which breaches the plane of the OHWM; ordinary high water mark.
Of the few privately owned properties; homes and land along the Colorado River the most common questions of current owners or possible buyers of property include: Can I excavate/dredge along the the river of my property? Can I build a dock and or launch ramp? Can I put in a sandy beach at the shoreline? and May I put in a retaining wall on my property? The answer to all these questions is “YES” but the Army Corps. of Engineers do have guidelines that must be followed and authorized with permits prior to any construction activity. In order to maintain the native shorelines currently undeveloped or minimally developed, and to minimize the cumulative effects of the shoreline and impacts to the aquatic ecosystem; the Corps. may limit shoreline developments. Click below for specific guidelines and Army Corps. of Engineers contact info.
Colorado River Guidelines

Bullhead City Fort Mohave Luxury and Riverfront Homes

Bullhead City Fort Mohave Luxury & Riverfront Homes
Bullhead City Fort Mohave Az and the Colorado River area has been a destination spot for vacationers and retirees alike for many years. Riverfront and Luxury living at its best; with sun filled days on the Colorado River and Lake Mohave; and fun filled nights on the town in the Laughlin Casinos.
Regardless of whether you are looking to retire, buy a vacation home or invest in a home; the cost of high end homes in the Bullhead City Fort Mohave area are at values not seen since prior to 2004. Single family homes sold in the Bullhead City Fort Mohave area were up 62% for the month of December 2009 versus December 2008, and the areas average home sales price has increased 6.3% to $149,920. 2009 finished the year with 33% fewer homes on the market giving us a 4.5 month supply of inventory and a 70% increase in homes under contract.
Deciding to buy a home can be a stressful decision. Will prices slide a bit more? It is hard to say for certain until we can look back and say “yes, that’s where we hit bottom”. The fact remains though from looking at the stats that we may have already hit bottom and actually be beyond it.
Whether you are considering buying a luxury home or a riverfront home in the Bullhead City Fort Mohave Az area remember it’s all within minutes of your front door. Playing golf on one of the beautiful championship golf courses. Boating, skiing, jet skiing, or fishing on the Colorado River or Lake Mohave. Enjoying your your off-road toys in the desert or mountain foothills. The night life of the Laughlin Nv Casinos or just relaxing in your yard and enjoying the beautiful sunsets, casino or mountain views.
For more information on Bullhead City Fort Mohave area luxury or riverfront homes feel free to send me a message or give me a call.

Bullhead City AZ Riverfront Living at Marina Villas

Bullhead City AZ Riverfront Living at Marina Villas
Welcome to Marina Villas… a planned waterfront community situated on the beautiful shores of the Colorado River in Bullhead City, Arizona. This community is surrounded by breathtaking views of the local mountains, spectacular sunsets and starlit nights. Enjoy the nightlife just minutes away in the glittering casino town of Laughlin, Nevada. Marina Villas, consisting of 18 distinct home sites with elegant one and two story homes, ranging from 1200 to 4300+ sq ft. All homes are gracefully upgraded. Homes offer luxurious master suite, home office, family rooms, and 2-4 car garages with bays up to 40 feet deep depending on the plan selected. These premium waterfront and custom home packages are available in a variety of price ranges from the mid $300,000’s to $1,200,000. “Lot only” pricing is also available. Marina Villas is riverfront living at its best on the Colorado River with protected private marina. Sun-filled days on the water mixed with fun-filled nights on the town, Marina Villas is designed for active people who enjoy life! Come and Join Us in the Fun Today!