Real Estate Information

Arizona State University accepted a $2 million cash bid for the once favorite 7,030 seat performing arts center in Sun City West.  It has sat empty since 2009.  Over the years, many famous entertainers appeared there to packed crowds but recently lost favor with entertainers who claimed it was an out-dated facility. At one time, it was the largest theater venue on one floor without posts. The developer plans on creating about 150,000 square feet of  retail shopping to be open in 2013.

Chris Heller, President of KW Worldwide announced on February 14th, 2012, that Keller Williams Realty was expanding to Vietnam under the leadership of Paul Mason, new President of KW Vietnam.  Heller also announced that the company is in various stages of negotiation for expansion to other countries including South Africa, New Zealand, Indonesia, and Egypt among others. 

Market Pulse

"The idea that average Phoenix home prices are falling is a myth.  The price bottom occurred on September 15, 2011.  For almost three months now, they have been on a strong and clear upward trend, and any suggestion that sales prices are flat or falling is based on a misunderstanding or misreading of the data."

Mike Orr

Director, Center for Real Estate Theory and Practice, Arizona State University and Cromford Associates LLC 

Found a product that I wanted to share with you.  It's a house stager's best friend.  Erase-A-Hole allows you to patch holes in drywall, plaster, and wood caused by nails or furnishings.  Rub the applicator across the hole in a circular motion until it's filled, the wipe the excess with a damp cloth or shape it with a tool. The patch dries with an even finish, ready for a cost or paint or stain. With a shelf life of 3 years, Erase-A-Hole is handy to have around. Cost is $6.95 and is available by going to www.erase-a-hole.com

FACT:

Trying to keep energy costs down?  You can lower cooling costs by up to 14% by raising your thermostat two degrees and using a ceiling fan.

There may be a tax savings opportunity available if the following situation applies to you.  Do your parents live in a home that has gone up in value?  If they are in their retirement years, it is likely that they are no longer benefitting from homeowner tax breaks.  By purchasing your parents home and renting it back to them, you can both benefit.  Your parents gain access to their home equity and generous tax deductions become available to you!  You must rent the home back to your parents at the going rate, however. Avoid gift-tax complications by paying a fair price for the home and supporting the price with an appraisal.  Once you own your parents home, you're entitled to the tax benefits of owning rental property.  At some point, your parents will no longer be able to live in the home.  Then you have the option to sell it, rent it, or live there yourself which can lead to even more tax benefits.  Consult with your CPA for details.  

Real estate market in the tank?  Not necessarily.  The vacation home market is showing improvement right now. Yes, people in this segment are beginning to purchase again.

Vacation Homes

Last week Market Watch published an article discussing the vacation home market. Dan White, president of Daniel A. White & Associates, a wealth management firm in the Philadelphia area, was quoted in the article-

"A lot of people are worried about the (stock) market today because of the volatility and the fact we could be going into a double-dip recession.  They're looking for other avenues.  Real estate, if we're not at the bottom (in prices), people think we're pretty darn close."    

The article also explained some purchasers are seeing this an an opportunity to buy a vacation/retirement home-

"Some baby boomers are seizing an opportunity to get a deal on a vacation home they can enjoy now but that's also a home that eventually will become their primary residence when they retire."