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Millions of people who had been shut out of the banking system due to foreclosures are becoming eligible for mortgages again.
As covered in previous newsletters, the US is already woefully short of supply of affordable homes. Hence, this is adding fuel to the fire. More demand, and supply that simply cannot keep up.
"Affordable housing" may become as antiquated a term as VHS or MySpace. Click here for Bloomberg's coverage of this subject.
I'm putting my money into cash flowing real estate while I can earn 5-8x the rate of treasury bonds. This window of opportunity won't last. If you'd like cash flowing real estate, please click here.
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Closings Similar to the prior week, we had $9.5 million in closings, dominated by sales of older homes.
The average home was 36 years old, and sold at a price of $1.9 million / $370 per square foot. Very healthy numbers indeed, given the mix of properties. Listings
This week brings 9 new listings, from $795k to $3 million.
Two standouts this week:
Santa Barbara Recent Construction Built in 2013, this 5 bedroom home is located on an acre+ lot near Invergordon & Doubletree. Lovely finishes, 5 car garage, and a casita. Offered at just under $3 million.
Golf Course & Lake Views Located on a superb lot in Camelback Country Club Estates, with views of the golf course, a lake, and the mountains. Great space for entertaining, remodeled kitchen, and lots of possibility here. Reasonably priced at under $1.75 million.
To see: - Unlisted "private sale" properties not on the MLS, please click here.
- This week's new MLS listings please click here.
- Everything on the MLS in Paradise Valley please click here.
That's all for this week, I'll be back next week with all the latest in Paradise Valley real estate.
Sincerely,
Alex Goldstein (480) 442-7325
p.s. Why keep your money in savings when it can earn 6-15% per year? Learn about cash flowing real estate here.
Disclaimer: All information is believed to be accurate, but should be verified by the reader and is provided without warranty. Please consult appropriate financial, tax, legal, and real estate advisors before making decisions. This email is not intended to solicit people who are represented by another agent.
(c) 2016 Alex Goldstein PLLC
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