Posts
It is darkest just before dawn. We don't know where the exact bottom for the real estate market is, and will only know it when we see its actions. Waiting until the market starts to bounce up can be a mistake. Now is the time to buy homes. Below is a little comment from the Don, Donald Trump.
Donald Trump: 'Now is the time to buy'
Sunday, October 28, 2007
On his new CNBC show, "The Billionaire Inside," Donald Trump believes this is one of the best times to get into real estate.
Question: With everything going on in real estate right now and the fallout of the subprime market, is this a good time to invest in real estate?"
Trump's answer: It's the best time. Two years ago I would be making speeches and telling people 'don't go into real estate.' People would be paying me lots of money to tell them how good it is and I would be saying don't go in.
I also told people to stay away from those mortgages; I called them 'exploding mortgages' — stay away.
This is the best time. You can make great deals today that you could not have made a year ago, you couldn't have made two years ago. It's funny, there is less interest in real estate now because people have been hurt and this is where there should be more interest. This is the time to really go in, this is the time to really bargain, really chisel away and go in and make some really good deals. You could not have done that a year ago.
Tuesday, September 30, 2008
Governments Actions 9/28/08
I received this summary of the Government’s Actions to help the credit crisis from Jeff Rodvien. I wanted to share it with you. I hope this helps answer questions.
Jeff Cameron.
Summary of Trouble Asset Relief Program.
The Emergency Economic Stabilization Act of 2008 (the “Act”) provides the Treasury Secretary with the authority to restore liquidity and stability to the U.S. financial system and to ensure the economic well-being of Americans. As part of this authority, the Treasury Secretary is authorized to establish a trouble asset relief program (“TARP”) to purchase troubled assets from financial institutions under the terms of the Act.
I. Taxpayer Protection Provisions
• Funds Released in Tranches – TARP’s initial $250 billion will be immediately available. Presidential certification to Congress will be required for the next $100 billion. The remaining $350 billion may be made available after the President transmits a written report to Congress detailing the Treasury Secretary’s plan to exercise the remaining authority. Congress must vote to approve.
• Insurance of Trouble Assets – The Secretary must establish a program to guarantee troubled assets in amount not greater than 100% of the amount of the payment of principle and interest on the trouble assets. Premiums to be paid by the financial industry. The details of the program are left to the secretary’s discretion.
• Warrants – The Secretary may not purchase troubled assets unless it receives from the financial institution:
• For listed public companies – a warrant for voting, nonvoting stock or preferred stock. The secretary must agree not to exercise by someone who purchases from Treasury. The warrant must provide the government with reasonable participation in equity appreciation and provide additional protection against loss in sale of the assets. Exercise and type of upside in set by the secretary “in the interest of the taxpayers.”
• Anti-dilution provisions must be included.
• For non-listed companies A warrant for common or preferred stock or a senior debt instrument with a “reasonable interest rate premium.”
• No warrants required for purchases of less than $100M for the duration of the program.
• The final provisions give significantly more discretion to the Treasury.
• The substantial majority of the technical changes suggested by SIFMA and Davis Polk & Wardwell late this afternoon were accepted in the purposed legislation improving the effectiveness of the warrant provisions.
• Pricing and Auction Mechanisms. The Secretary is required to use market mechanisms for purchases wherever possible and to maximize the efficiency of taxpayer resource with auctions or reverse auctions. The mechanics of pricing are left to the discretion of the Secretary altogether the Treasury is required to publish program guidelines on this and other areas on an expenditure basis. The guidelines must be out within 2 business days of the first purchase or, at the latest, 45 days after enactment.
• Recoupment of Taxpayer Losses – Five years after the date of enactment, OMB will report to Congress on the TARP’s net gain loss. If the progress is running a shortfall, the President will be required to submit a legislative proposal to Congress that recoups for taxpayers the amount of the shortfall from the financial industry.
• Exchange Stabilization Fund Reimbursement – Treasury must reimburse the Exchange Stabilization Fund for any funds used for the temporary guaranty program for money market funds.
II. Limits on Executive Compensation
• Direst Purchases – For financial institutions that participate in direct purchases, the executive compensation limits include: prohibitions on senior executive officer compensation that encourages unnecessary risk-taking; claw-back of bonuses paid to senior executive officers based on statement of earnings that prove to be materially inaccurate; and a ban on golden parachutes paid while Treasury holds an equity or debt position in the financial institution.
• For direct purchases, the Secretary also retains significant discretion to impose heightened corporate governance requirements – though the standards are undefined.
• Auction Participants – The executive compensation limits are triggered by purchased assets in a aggregate amount exceeding $300 million in assets in subject to tax deduction limits for compensation limits above $500,000 paid to “covered” employees as well as disallowance for certain severance payments on which certain senior executives are subject to a non-deductible 20% excise tax. In addition the institution is also prohibited from providing, in any new employment contract, for a golden parachute in the event of involuntary termination, bankruptcy, insolvency, or receivership. Further guidance will be issued by Treasury.
III. Independent Oversight and Transparency
• Oversight Board – Composed of (1) chairman of the Federal Reserve Board. (2) Chairman of the SEC, (3) director of the Federal Home Finance Agency, (4) secretary of HUD, and (5) Treasury Secretary. The private sector appointees by Congress from prior draft have been dropped. The Board has authority to review the exercise of authority under the program; make recommendations; report any suspected fraud or malfeasance to the Inspector General; and ensure the politics implemented are consistent with protecting taxpayers and the economic interest of the U.S The possibility of the Board intervening directly to prohibit or limit the Secretary’s actions has been dropped and the oversight is more on policy level.
• Special Inspector General – New independent Inspector General to monitor the Treasury Secretary’s decisions. Inspectors Generals exist in most administrative agencies and usually perform an audit like function.
• Reports – The Secretary must make various reports to congress, including tranches reports and a regulatory modernization report.
• GAO Oversight and Audits – The legislation mandates a GAO presence at Treasury to overseas the program and conduct audits to ensure strong internal controls and prevent fraud, waste and abuse. It will also include a study to determine the extent to which leverage was a factor behind the current financial crisis.
• Transparency – The Legislative also require the online posting of a description, amount, and pricing of assets acquired under the Act within 2 business days of purchase, trade, or other disposition.
• Judicial Review – The standard for judicial review is limited to arbitrary, capricious, abuse of discretion or not in according with law. No injunctions permitted related to purchase of assets, insurance program, management and scale of foreclosure mitigation efforts. Any other injunctions must be considered on an expedited basis. No suits by any financial institution seller unless permitted in the contract with Treasury.
• Regulatory. Requires that the Treasury Secretary implement guidelines and regulations in multiple area including reports, pricing mechanisms and conflicts of interest.
IV. Home Foreclosure Mitigation
• Tax Relief for Certain Homeowners – Under current law, forgiven mortgage debt is not subject to tax through December 31, 2009, The bill extends this tax relief for three years through December 31, 2012.
• Assistance to Homeowners – Requires the FHA, Federal Reserve, and originated before March 14, 2008 and, after consultation with the Chairman of the Federal Reserve Board, any other financial assets that the Secretary determines is necessary for financial stability. For the broader financial assets top apply, Congress must be notified in writing.
V. Miscellaneous
• Definition of Troubled Assets – Includes all mortgage related assets originated before March 14, 2008 and, after constitution with the Chairman of the Federal Reserve Board, any other financial asset that the Secretary determines is for financial stability. For the broader financial assets to apply, Congress must be notified in writing.
• Definition of Financial Institution – It currently covers any institution, including, but not limited to, any bank, savings associations, credit union, security broker or dealer, or insurance company establish and regulate under the laws of the U.S. or any state and having significant operations in the U.S. This covers branches and agencies of foreign banks. It does not on its face cover affiliates of covered institutions, the “including but not limited” will give the Secretary the power to define covered institutions in rules and guidelines.
• Suspension of Mark-to-Market Accounting – Reaffirms SEC authority to suspend the application of mark-to-market accounting rules with respect to any company.
• Public Disclosure – For any financial institution that sells troubled assets, the Treasury Secretary determines whether the public disclosure with respect to derivatives, contingent liabilities and off-balance sheet transaction is adequate to the Secretary will make additional disclosure requirements to the relevant regulators which include the SEC, the OCC and the OTS.
• Community Bank Relief – Community banks that sell Fannie and Freddie preferred stock could treat the gains and losses as ordinary income instead of capital gains. As a result, any losses could be used to offset ordinary income for tax purposes.
Prior Draft Provisions That Were Dropped:
• Bankruptcy cram-down
• Program will not divert revenues to any of the housing funds
• Program will not make foreclosure properties available at a discount to state and local governments receiving emergency assistance
• The “say on pay” requirement is dropped
Jeff Cameron.
Summary of Trouble Asset Relief Program.
The Emergency Economic Stabilization Act of 2008 (the “Act”) provides the Treasury Secretary with the authority to restore liquidity and stability to the U.S. financial system and to ensure the economic well-being of Americans. As part of this authority, the Treasury Secretary is authorized to establish a trouble asset relief program (“TARP”) to purchase troubled assets from financial institutions under the terms of the Act.
I. Taxpayer Protection Provisions
• Funds Released in Tranches – TARP’s initial $250 billion will be immediately available. Presidential certification to Congress will be required for the next $100 billion. The remaining $350 billion may be made available after the President transmits a written report to Congress detailing the Treasury Secretary’s plan to exercise the remaining authority. Congress must vote to approve.
• Insurance of Trouble Assets – The Secretary must establish a program to guarantee troubled assets in amount not greater than 100% of the amount of the payment of principle and interest on the trouble assets. Premiums to be paid by the financial industry. The details of the program are left to the secretary’s discretion.
• Warrants – The Secretary may not purchase troubled assets unless it receives from the financial institution:
• For listed public companies – a warrant for voting, nonvoting stock or preferred stock. The secretary must agree not to exercise by someone who purchases from Treasury. The warrant must provide the government with reasonable participation in equity appreciation and provide additional protection against loss in sale of the assets. Exercise and type of upside in set by the secretary “in the interest of the taxpayers.”
• Anti-dilution provisions must be included.
• For non-listed companies A warrant for common or preferred stock or a senior debt instrument with a “reasonable interest rate premium.”
• No warrants required for purchases of less than $100M for the duration of the program.
• The final provisions give significantly more discretion to the Treasury.
• The substantial majority of the technical changes suggested by SIFMA and Davis Polk & Wardwell late this afternoon were accepted in the purposed legislation improving the effectiveness of the warrant provisions.
• Pricing and Auction Mechanisms. The Secretary is required to use market mechanisms for purchases wherever possible and to maximize the efficiency of taxpayer resource with auctions or reverse auctions. The mechanics of pricing are left to the discretion of the Secretary altogether the Treasury is required to publish program guidelines on this and other areas on an expenditure basis. The guidelines must be out within 2 business days of the first purchase or, at the latest, 45 days after enactment.
• Recoupment of Taxpayer Losses – Five years after the date of enactment, OMB will report to Congress on the TARP’s net gain loss. If the progress is running a shortfall, the President will be required to submit a legislative proposal to Congress that recoups for taxpayers the amount of the shortfall from the financial industry.
• Exchange Stabilization Fund Reimbursement – Treasury must reimburse the Exchange Stabilization Fund for any funds used for the temporary guaranty program for money market funds.
II. Limits on Executive Compensation
• Direst Purchases – For financial institutions that participate in direct purchases, the executive compensation limits include: prohibitions on senior executive officer compensation that encourages unnecessary risk-taking; claw-back of bonuses paid to senior executive officers based on statement of earnings that prove to be materially inaccurate; and a ban on golden parachutes paid while Treasury holds an equity or debt position in the financial institution.
• For direct purchases, the Secretary also retains significant discretion to impose heightened corporate governance requirements – though the standards are undefined.
• Auction Participants – The executive compensation limits are triggered by purchased assets in a aggregate amount exceeding $300 million in assets in subject to tax deduction limits for compensation limits above $500,000 paid to “covered” employees as well as disallowance for certain severance payments on which certain senior executives are subject to a non-deductible 20% excise tax. In addition the institution is also prohibited from providing, in any new employment contract, for a golden parachute in the event of involuntary termination, bankruptcy, insolvency, or receivership. Further guidance will be issued by Treasury.
III. Independent Oversight and Transparency
• Oversight Board – Composed of (1) chairman of the Federal Reserve Board. (2) Chairman of the SEC, (3) director of the Federal Home Finance Agency, (4) secretary of HUD, and (5) Treasury Secretary. The private sector appointees by Congress from prior draft have been dropped. The Board has authority to review the exercise of authority under the program; make recommendations; report any suspected fraud or malfeasance to the Inspector General; and ensure the politics implemented are consistent with protecting taxpayers and the economic interest of the U.S The possibility of the Board intervening directly to prohibit or limit the Secretary’s actions has been dropped and the oversight is more on policy level.
• Special Inspector General – New independent Inspector General to monitor the Treasury Secretary’s decisions. Inspectors Generals exist in most administrative agencies and usually perform an audit like function.
• Reports – The Secretary must make various reports to congress, including tranches reports and a regulatory modernization report.
• GAO Oversight and Audits – The legislation mandates a GAO presence at Treasury to overseas the program and conduct audits to ensure strong internal controls and prevent fraud, waste and abuse. It will also include a study to determine the extent to which leverage was a factor behind the current financial crisis.
• Transparency – The Legislative also require the online posting of a description, amount, and pricing of assets acquired under the Act within 2 business days of purchase, trade, or other disposition.
• Judicial Review – The standard for judicial review is limited to arbitrary, capricious, abuse of discretion or not in according with law. No injunctions permitted related to purchase of assets, insurance program, management and scale of foreclosure mitigation efforts. Any other injunctions must be considered on an expedited basis. No suits by any financial institution seller unless permitted in the contract with Treasury.
• Regulatory. Requires that the Treasury Secretary implement guidelines and regulations in multiple area including reports, pricing mechanisms and conflicts of interest.
IV. Home Foreclosure Mitigation
• Tax Relief for Certain Homeowners – Under current law, forgiven mortgage debt is not subject to tax through December 31, 2009, The bill extends this tax relief for three years through December 31, 2012.
• Assistance to Homeowners – Requires the FHA, Federal Reserve, and originated before March 14, 2008 and, after consultation with the Chairman of the Federal Reserve Board, any other financial assets that the Secretary determines is necessary for financial stability. For the broader financial assets top apply, Congress must be notified in writing.
V. Miscellaneous
• Definition of Troubled Assets – Includes all mortgage related assets originated before March 14, 2008 and, after constitution with the Chairman of the Federal Reserve Board, any other financial asset that the Secretary determines is for financial stability. For the broader financial assets to apply, Congress must be notified in writing.
• Definition of Financial Institution – It currently covers any institution, including, but not limited to, any bank, savings associations, credit union, security broker or dealer, or insurance company establish and regulate under the laws of the U.S. or any state and having significant operations in the U.S. This covers branches and agencies of foreign banks. It does not on its face cover affiliates of covered institutions, the “including but not limited” will give the Secretary the power to define covered institutions in rules and guidelines.
• Suspension of Mark-to-Market Accounting – Reaffirms SEC authority to suspend the application of mark-to-market accounting rules with respect to any company.
• Public Disclosure – For any financial institution that sells troubled assets, the Treasury Secretary determines whether the public disclosure with respect to derivatives, contingent liabilities and off-balance sheet transaction is adequate to the Secretary will make additional disclosure requirements to the relevant regulators which include the SEC, the OCC and the OTS.
• Community Bank Relief – Community banks that sell Fannie and Freddie preferred stock could treat the gains and losses as ordinary income instead of capital gains. As a result, any losses could be used to offset ordinary income for tax purposes.
Prior Draft Provisions That Were Dropped:
• Bankruptcy cram-down
• Program will not divert revenues to any of the housing funds
• Program will not make foreclosure properties available at a discount to state and local governments receiving emergency assistance
• The “say on pay” requirement is dropped
Wednesday, September 24, 2008
The Costliest home sales Close in Phoenix Valley
The president of an Ohio company, the owner of a hotel/motel management company in Houston, a business development director of a financial services company in Chandler and a radiologist are among the buyers and sellers in this week's priciest home sales.
$7,000,000 - Cheryl L. Venarge of Akron, Ohio, as trustee of the Cheryl L. Venarge Trust, purchased a four-bedroom, 4 1/2-bath, 9,275-square-foot home with pool originally built in 2003 on the northeast side of the Desert Mountain-Chiricahua Golf Course in Scottsdale. It features a music room, double office/media room, exercise center, wine cellar and home management system. The master bedroom has a walk-in closet and fireplace, while the master bathroom has a separate shower and tub with jets and a sitting room. Cheryl's husband, Robert Venarge is president of APV Engineered Coatings in Akron. Included is a $325,000 deferred-equity golf membership. The home was sold by Archie H. Rambeau and Sheila Laree Rambeau, as trustees of the AHR Revocable Trust.
$6,500,000 - James M. Grisebaum and his wife, Kathleen, bought a new 11,000-square-foot home with pool on the southwest side of Camelback Mountain in Phoenix. It features a paneled library, a large game/media room, deck with barbecue, bar and fireplace, plus a guesthouse. James Grisebaum is the owner of Olympia Enterprises, a hotel/motel management company in Houston. The home was built and sold by John R. McDade, president and director of J.R. McDade Co., a design, build and remodel company in Scottsdale.
$3,000,000 - Archie H. Rambeau and Sheila Laree Rambeau, as trustees of the AHR Revocable Trust, received a four-bedroom, 4 1/2-bath, 4,359-square-foot home with pool originally built in 2002 on the fairway of the first hole of the Desert Mountain-Chiricahua Golf Course in Scottsdale as part of the payment for the home sold to Cheryl L. Venarge. The home also has guest quarters with separate entrance. Included is a $325,000 deferred-equity golf membership.
$2,575,000 - Trent R. Houg purchased a 6,512-square-foot home with pool originally built in 1990 in Paradise Valley, northeast of the Phoenician Golf Club. Trent Houg is director of business development at Moneylab LLC, a check-cashing and financial-services company in Chandler. The home was sold by MLT Properties LLC in Scottsdale, whose members are David and Melissa Mullard.
$2,537,009 - Dr. Eugene Oh and his wife, Yoon Jung Oh, bought a new home at Saguaro Estates west of the Desert Highlands Golf Club in Scottsdale. Eugene Oh is a physician specializing in diagnostic radiology. The home was sold by Toll Bros. Arizona Ltd. in Scottsdale.
$7,000,000 - Cheryl L. Venarge of Akron, Ohio, as trustee of the Cheryl L. Venarge Trust, purchased a four-bedroom, 4 1/2-bath, 9,275-square-foot home with pool originally built in 2003 on the northeast side of the Desert Mountain-Chiricahua Golf Course in Scottsdale. It features a music room, double office/media room, exercise center, wine cellar and home management system. The master bedroom has a walk-in closet and fireplace, while the master bathroom has a separate shower and tub with jets and a sitting room. Cheryl's husband, Robert Venarge is president of APV Engineered Coatings in Akron. Included is a $325,000 deferred-equity golf membership. The home was sold by Archie H. Rambeau and Sheila Laree Rambeau, as trustees of the AHR Revocable Trust.
$6,500,000 - James M. Grisebaum and his wife, Kathleen, bought a new 11,000-square-foot home with pool on the southwest side of Camelback Mountain in Phoenix. It features a paneled library, a large game/media room, deck with barbecue, bar and fireplace, plus a guesthouse. James Grisebaum is the owner of Olympia Enterprises, a hotel/motel management company in Houston. The home was built and sold by John R. McDade, president and director of J.R. McDade Co., a design, build and remodel company in Scottsdale.
$3,000,000 - Archie H. Rambeau and Sheila Laree Rambeau, as trustees of the AHR Revocable Trust, received a four-bedroom, 4 1/2-bath, 4,359-square-foot home with pool originally built in 2002 on the fairway of the first hole of the Desert Mountain-Chiricahua Golf Course in Scottsdale as part of the payment for the home sold to Cheryl L. Venarge. The home also has guest quarters with separate entrance. Included is a $325,000 deferred-equity golf membership.
$2,575,000 - Trent R. Houg purchased a 6,512-square-foot home with pool originally built in 1990 in Paradise Valley, northeast of the Phoenician Golf Club. Trent Houg is director of business development at Moneylab LLC, a check-cashing and financial-services company in Chandler. The home was sold by MLT Properties LLC in Scottsdale, whose members are David and Melissa Mullard.
$2,537,009 - Dr. Eugene Oh and his wife, Yoon Jung Oh, bought a new home at Saguaro Estates west of the Desert Highlands Golf Club in Scottsdale. Eugene Oh is a physician specializing in diagnostic radiology. The home was sold by Toll Bros. Arizona Ltd. in Scottsdale.
Converting Existing Homes to Rentals and Buying Another Home:
In order to qualify for a new FHA loan, you will have to qualify for the mortgage on your existing home and the new home. Only 2 exceptions: Employment transfer (has to be new city and not Mesa to Chandler) or prove you have 25% equity in your existing home.
Call The Cameron Team for Underwriting Requirements ~ 480-502-7699!
Call The Cameron Team for Underwriting Requirements ~ 480-502-7699!
Tuesday, September 23, 2008
Foreclosures, Short Sales - "Fix My Credit"
So many clients have called in Foreclosure or short sale status, this market have destroyed their credit. I was contacted by a long time colleague the other day. He is working with a credit repair company. He claimed to be able to clear defaults, short sales and foreclosures in about a 6 month period. I don’t know if it works, but he is very reliable. His address is below. You can also call us or email for F.A.Q. sheet we can send you. Please reference “clean up my credit”. I hope this is helpful to some of you.
CREDIT BUREAUS HATE US!
BILL COLLECTORS DESPISE US!
OUR MEMBERS LOVE US!
WE must be doing something right!
Hi, my name is Dennis Duarte. I wanted you to know that you can be released from Credit Prison. Find out what the credit bureaus don’t want you to know. It is much easier than they want you to know restore your credit standing and regain financial freedom.
Included for your information:
• You’re Consumer Rights.
• FAQ About Legal Credit Repair.
• 10 Myths of Credit Repair
• Testimonial letters from past members.
• Summary of your Members Benefits.
DON’T DELAY! Financially speaking, this may be the most important opportunity of your life. Procrastination is the biggest enemy.
• The final results will be well worth the time and money invested.
• Very soon, you will enjoy all the benefits of a fully restored credit standing.
• The credit repair process is usually completed by your lawyer within an average of six (6) months.
Congratulations on your decision to take the first step in becoming “credit worthy”. Once again, thank you for your trust and confidence. Together we will break the vicious cycle caused by a poor credit rating. Should you have any questions or if you require additional information you may visit our web site WWW.35minutevideo.com or call and speak to me.
Dennis Duarte
AmWest Capital
7047 E Greenway #250
Scottsdale, AZ 85254
www.CreditRepairProof.com
CREDIT BUREAUS HATE US!
BILL COLLECTORS DESPISE US!
OUR MEMBERS LOVE US!
WE must be doing something right!
Hi, my name is Dennis Duarte. I wanted you to know that you can be released from Credit Prison. Find out what the credit bureaus don’t want you to know. It is much easier than they want you to know restore your credit standing and regain financial freedom.
Included for your information:
• You’re Consumer Rights.
• FAQ About Legal Credit Repair.
• 10 Myths of Credit Repair
• Testimonial letters from past members.
• Summary of your Members Benefits.
DON’T DELAY! Financially speaking, this may be the most important opportunity of your life. Procrastination is the biggest enemy.
• The final results will be well worth the time and money invested.
• Very soon, you will enjoy all the benefits of a fully restored credit standing.
• The credit repair process is usually completed by your lawyer within an average of six (6) months.
Congratulations on your decision to take the first step in becoming “credit worthy”. Once again, thank you for your trust and confidence. Together we will break the vicious cycle caused by a poor credit rating. Should you have any questions or if you require additional information you may visit our web site WWW.35minutevideo.com or call and speak to me.
Dennis Duarte
AmWest Capital
7047 E Greenway #250
Scottsdale, AZ 85254
www.CreditRepairProof.com
Sunday, September 21, 2008
CARDINALS WARNER IS RATED TOP 3 ALL TIME
Yes, Kurt Warner is rated #3 on the all time list for quarterbacks. He is right behind Payton Manning and Tom Brady. Check out this video from ESPN and the NFL.
http://www.nfl.com/videos?campaign=ec0005&videoId=09000d5d80af61aa
Today my Cards go up against the Washington Redskins. This is the test, are they for real or not? I think they are the real McCoy, but it is up to them now.
GO BIG RED!
http://www.nfl.com/videos?campaign=ec0005&videoId=09000d5d80af61aa
Today my Cards go up against the Washington Redskins. This is the test, are they for real or not? I think they are the real McCoy, but it is up to them now.
GO BIG RED!
Friday, September 19, 2008
The Largest Phoenix Homes Sales Close in the Past Week!
Each week the Arizona Republic posts the top 5 Home Sales in Dollar cost from the previous week. I have always used this as an unscientific barometer of what is happening in the market. Are the big deals still happening? Yes they are!
The majority owner of the Phoenix Suns, a publisher and a
$3,650,000 – Timothy B. King Jr. and his wife, Joan paid cash for a five bedroom, 5½-bath, 7,545- square-foot homes with pool originally built in 2006 in Paradise Valley. Its features travertine flooring, a paneled office, and double-island kitchen with top appliances. The children’s wing has a large shared flex room. Included in a guest house with outside fireplace, in-ground trampoline and court. The house includes two master bedrooms, and both feature walk-in closets and a sitting room. The home was sold by Robert and Penny Sarver. Robert Sarver is majority owner of the Phoenix Suns and the Phoenix Mercury. He is also chairman and CEO of Western Alliance Bancorp., a bank holding company and co-founder and executive director of Southwest Value Partners, a real estate investment company.
$3,500,000 – Michael J. Martin brought a four-bedroom, 4½-bath, 6,514-square-foot home built in 1989 on Arizona Biltmore Golf Course in
$2,400,000 – Carolyn H. Gold of
$2,600,000 – Ricky Lee Cox and his wife, Judy, purchased a 8,000-square-foot home with pool originally built in 1986 south of the Tatum Ranch Golf Club in Cave Creek. The house features tumbled stone and distressed Spanish brick inside and out, a sport court, chipping/putting course and dog run. There are two full master baths, a theater and guest quarters. The home was sold by Yvette Molina.
$2,300,000 – Paul and Margaret Stein brought a four-bedroom, 5 ½-baths. 4,387-square-foot home with pool and spa originally built in 2005 on the south edge of the Country Club at DC Ranch Scottsdale. It features a kitchen with a 60-square-foot butcher-block island. Reclaimed oak floors and bricks hallways accentuate the first level. The home was sold by Robert H. Nathan and Carla J. Nathan, as trustees of the Robert H. Nathan and Carla J. Nathan Revocable Living Trust. Robert Nathan is a designated broker and managing member of R.H.Nathan & Co. LLC in
Thursday, September 18, 2008
Friday, September 12, 2008
NO SPECULATORS MANIPULATING OIL, NOW AT $100 PER BARREL
NO SPECULATORS MANIPULATING OIL, NOW AT $100 PER BARREL
I don't get these guys that are sticking to their guns that oil ran up to $147 per barrel due entirely to supply and demand issues. Here we are after a year of watching oil run all over the place. One year ago we were stressed about $75 per barrel oil, then 2 months ago it hits $147 per barrel and today it is near $100 per barrel. Has supply and demand changed that much over the past year?
Well, I guess we would have to argue that demand is down, but did it fall off a cliff or has it been down all year. Then we have OPEC, crooks, cutting supply. They like this crazy price of oil. I do agree we are in a position where oil is becoming scarce and the growth of supply is diminished, but did that cause this run on pricing. Then followed by the drop.
It has to be speculators! They didn't want to put their money in the stock market or real estate, so commodities got the boost. Their greed cut into every one's pockets and has helped accelerate this recession. Why is this allowed?
Just my opinion!
Jeff Cameron
I don't get these guys that are sticking to their guns that oil ran up to $147 per barrel due entirely to supply and demand issues. Here we are after a year of watching oil run all over the place. One year ago we were stressed about $75 per barrel oil, then 2 months ago it hits $147 per barrel and today it is near $100 per barrel. Has supply and demand changed that much over the past year?
Well, I guess we would have to argue that demand is down, but did it fall off a cliff or has it been down all year. Then we have OPEC, crooks, cutting supply. They like this crazy price of oil. I do agree we are in a position where oil is becoming scarce and the growth of supply is diminished, but did that cause this run on pricing. Then followed by the drop.
It has to be speculators! They didn't want to put their money in the stock market or real estate, so commodities got the boost. Their greed cut into every one's pockets and has helped accelerate this recession. Why is this allowed?
Just my opinion!
Jeff Cameron
Tuesday, September 9, 2008
Monday, September 8, 2008
Great Rental in Phoenix ~ Rose Garden Community
Come inside and take advantage of all the upgrades! 18' Neutral Tile Floors, Neutral Paint, Decorative Crown Moldings, Ceiling Fans, Appliances Included & More!! In the kitchen you will enjoy the granite counters, maple cabinetry, stainless steel appliances, and upgraded fixtures. In the bathroom is the tile surround tub/shower with tile surround sink too. Bedrooms are spacious with neutral carpet and paint. Hallway has walk-in closet, linen closet, and stacked washer/dryer closet (with appliances). Just a few steps out the front door to the sparkling community pool or steps out the patio door to your assigned parking space.
For more information and pictures, click on:
http://www.thecameronteam.com/Phoenix_Scottsdale_Arizona_McDowell_Mountain_Ranch_Dc_Ranch_listings/358673DB-CD4D-0057-F31B5316E77CD498.shtml
Sunday, September 7, 2008
MOUNTAIN BIKING AT BELL PASS, MCDOWELL MOUNTAINS SCOTTSDALE
I know it has been a while since I posted a blog about mountain biking. I am still at it and loving it! Yesterday I saw a 4 foot rattle snake laying across the trail. I was so slow to get my camera out that he moved under a tree before I could snap a shot.
Today we, me and Greg Tucek, headed off from the north side of McDowell Mountain Ranch to Th
e Gateway loop. We took that east to the turn off for Bell Pass. What a long grueling ride Bell Pass is. Many of you may see it all the time. When driving over the bridge into MMR, look up to the McDowell Mountains and look for switch backs cut high in the mountain. If you live up here, you have seen them. Bell Pass crosses over the top of the McDowell's just north of Thompson's Peak. Thompson's Peak is the peak with the antennas on top.
e Gateway loop. We took that east to the turn off for Bell Pass. What a long grueling ride Bell Pass is. Many of you may see it all the time. When driving over the bridge into MMR, look up to the McDowell Mountains and look for switch backs cut high in the mountain. If you live up here, you have seen them. Bell Pass crosses over the top of the McDowell's just north of Thompson's Peak. Thompson's Peak is the peak with the antennas on top.Working my way up, this is the view back towards the city and the Phoenix Mountain Preserve.
That is the look of exhaustion!
Same look, different angle. Nice hair!
The trail headed up to the pass. This is actually clear, most times it looks the same as the right side of the picture.
Greg hoofing it up the mountain!
That's all folks!
Jeff Cameron
Saturday, September 6, 2008
METRO PHOENIX HOMES SALES
Home sales in the Metro Phoenix area have been picking up all year. They seemed to peak in June at 1,207 sales per week. Then by the end of July home sales dropped to an average of 1.61 per week. However, August is usually the slower month and sales have picked up. By the first week of August the 4 week moving average of home sales had increased to 1,101 and by the first of September the average had climbed back to 1,188. Great news on the sales front.
I see all kinds of numbers on the news for home sales. I don't know where they get these numbers, because 2 years ago I was seeing worse numbers than they were reporting and today I am seeing much better numbers.
In July of 2007 the metro Phoenix area averaged 867 home closings per week, in July of 2008 ther were 1,190 closings per week. This is a 37% increase in sales year over year. In August of 2007, the metro Phoenix area recorded an average of 802 home closings per week and for August of 2008 the closings averaged 1,177 closings per week. This is a 47% increase in year over year sales for the month of August. GOOD NEWS!
Just my opinion!
Jeff Cameron
I see all kinds of numbers on the news for home sales. I don't know where they get these numbers, because 2 years ago I was seeing worse numbers than they were reporting and today I am seeing much better numbers.
In July of 2007 the metro Phoenix area averaged 867 home closings per week, in July of 2008 ther were 1,190 closings per week. This is a 37% increase in sales year over year. In August of 2007, the metro Phoenix area recorded an average of 802 home closings per week and for August of 2008 the closings averaged 1,177 closings per week. This is a 47% increase in year over year sales for the month of August. GOOD NEWS!
Just my opinion!
Jeff Cameron
Friday, September 5, 2008
AUGUST JOBS DOWN, UNEMPLOYMENT UP TO 6.1%
More job losses through the summer as the economy sags. With the high level of inventory of unsold homes, this is not a dire situation. This will keep interest rates low as we continue to work through the housing inventory and move into recovery. Once inventory levels come further down and we see supply and demand in better balance, then building will pick up. When building picks up we will see more jobs. The answer right now is more buyers for homes, lower inventory, build more and create jobs.
Jobless Rate Zooms to 6.1%, Hits Five-Year High
By AP 05 Sep 2008 08:50 AM ET
The nation's unemployment rate zoomed to a five-year high of 6.1 percent in August as employers slashed 84,000 jobs, dramatic proof of the mounting damage a deeply troubled economy is inflicting on workers and businesses alike.
The Labor Department's report, released Friday, showed the increasing toll the housing, credit and financial crises are taking on the economy.
The report was sure to rattle Wall Street again. All the major stock indexes tumbled into bear territory Thursday as investors lost hope of a late-year recovery. With the employment situation deteriorating, there's growing worry that consumers will recoil, throwing the economy into a tailspin later this year or early next year.
Read the story: http://www.cnbc.com/id/26558467
Jobless Rate Zooms to 6.1%, Hits Five-Year High
By AP 05 Sep 2008 08:50 AM ET
The nation's unemployment rate zoomed to a five-year high of 6.1 percent in August as employers slashed 84,000 jobs, dramatic proof of the mounting damage a deeply troubled economy is inflicting on workers and businesses alike.
The Labor Department's report, released Friday, showed the increasing toll the housing, credit and financial crises are taking on the economy.
The report was sure to rattle Wall Street again. All the major stock indexes tumbled into bear territory Thursday as investors lost hope of a late-year recovery. With the employment situation deteriorating, there's growing worry that consumers will recoil, throwing the economy into a tailspin later this year or early next year.
Read the story: http://www.cnbc.com/id/26558467
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