bank owned properties in downtown phoenix

Buying Downtown Phoenix Homes in As Is Condition

Several of our Urban Connection readers have asked us what AS IS means when buying a home or condo in the downtown Phoenix area. This comes up often when people are buying bank owned homes or short sales.

Lender owned homes seldom offer the option of having repairs made to the home and the majority of people selling their home as a “short sale” simply don’t have the money to make repairs. Therefore, as a home buyer, you will be asked to sign an addendum to the contract that explains what is expected of you and the seller when selling a home in “AS IS” condition.

Your Urban Connection Team has created a little YouTube video that gives offers an overview of the AS IS addendum created by the Arizona Association of Realtors. Below is the video:

Obviously, this is simply an overview of the Short Sale Addendum and does not go into all the nuances and implications of the document.  However, we hope it gives you a broader understanding of what as is means when buying a home or condo in downtown Phoenix, AZ.

Gene Urban & Ron Urban
The Urban Connection Realty Team
602-234-5777

bank owned properties in downtown phoenix

Bank owned Condos making Downtown Phoenix affordable

During the crazy days of 30 and 40 % annual appreciation in our local Real Estate market, just a few years ago, living in a Downtown Phoenix condo or loft was reserved primarily for the wealthy who were buying units as second homes, with a few owner occupants who worked downtown and a few empty nesters mixed in to the equation.  

For those individuals who currently work downtown and are still interested in walking or biking to work, Condo living has actually now become affordable due to the beating that local real estate values have taken in the last few years.

As an example, Lender owned loft units at the Orpheum Lofts are currently being offered at the $100,000 price point.  With a 20% down payment and even with the steep HOA Dues there, an owner occupant could be looking at a total monthly outlay for housing of under $1200.  For many professionals working in Downtown Phoenix, that is affordable.

 

Other downtown complexes such as the Summit at Copper Square, Stadium Lofts and Artisan Parkview are presenting the same kind of affordable, lender owned purchase opportunities.

 

To find out more about current properties on the market in Downtown Phoenix, contact Lyle Plocher at lyle@urbanconnectionrealty.com or 602 373 3725

bank owned properties in downtown phoenix

Bidding wars are back

Although the azcentral.com article I am linking to in this post does not specifically focus on the Downtown Phoenix real estate market, the same things are happening in Central Phoenix.  Basically, bidding wars are back.  In the middle of the worst real estate correction since the Great Depression, property values have fallen so far that buyers, especially investors are flocking back in to the market to scoop up deals.  This is sometimes very hard for buyers to understand as they have heard about all of the good deals out there, foreclosures, auctioned homes, short sales, etc.  Then they start making offers on properties and end up coming up on the losing end of multiple offers on the property. The reality is until/unless we get a new barrage of bank owned homes and short sales due to higher unemployment, we have probably hit the bottom of the local real estate market and we probably did that in April of this year. 

Who knows what the future holds, but if you are thinking about buying right now, just don’t get your hopes up that you are going to be able to dictate much to Sellers. 

Read azcentral.com article for a little insight into the current real estate market

bank owned properties in downtown phoenix

Live-work modern condo at PRD 845

This 1800 + three level, loft like unit has great live-work potential with ground floor space that features concrete floors, powder room and separate entry.  Large great room and slick modern kitchen on 2nd level, master bedroom on the 3rd level.  Great mountain and city views from great room, master and balconies.  Private attached garage.  Intimate 12 unit condo community with green features, built in 2007.  Walk to Cibo’s, Margaret T Hance Park, Japanese Friendship Garden, Dodge Theatre and Grand Ave galleries, bars and cafes.

This property is priced at half of what it last sold for.

Asking $200,000 subject to short sale approval.

For more information about this unit or to arrange a personal viewing, contact Lyle Plocher at 602 373 3725 or lyle@urbanconnectionrealty.com

Listing is courtesy of Power Realty Services