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August 2008

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Wells Fargo, Ticor settle allegations of false FHA claims

July 4th, 2008 by

Federal prosecutors in Arizona said they reached a $4.3 million civil settlement with Wells Fargo Bank and Ticor Title Agency of Arizona this month that settles allegations that Wells Fargo submitted false claims to the Federal Housing Administration’s pre-foreclosure sales program.The program allows homeowners with FHA-backed mortgages to avoid foreclosure in some cases by conducting a short sale. If the sales price is not enough to pay off a loan, lenders submit an insurance claim to the FHA, which pays the lender the balance owing on the loan. The U.S. Attorney for the District of Arizona alleged that Well Fargo Bank submitted more than 70 false claims to the FHA’s pre-foreclosure sales program, and that Ticor Title prepared inaccurate escrow documents. Both companies denied the allegations, but agreed to settlements. Wells Fargo agreed to pay $4.05 million, and Ticor Title agreed to pay $265,370, prosecutors said. http://www.inman.com/news/2008/06/30/wells-fargo-tico-in-hot-water-over-short-sales

Assessing Your Readiness to Invest in Foreclosures

June 28th, 2008 by

by Ralph RobertsNot everyone is cut out to invest in foreclosures. Some people would rather watch TV, invest in stocks and bonds, spend time with family members, or hang out with their friends. Others have a low risk tolerance and can’t convince themselves to borrow money. Do you have what it takes to successfully buy, fix, and sell foreclosure properties for a profit? The following list describes the bare essentials: Sticktoitism. That’s a word I use to describe a combination of the determination and hard work required to overcome adversity. When you’re flipping houses, you have plenty of adversity. Time: If you can scrape together enough spare time to go house hunting, supervise repairs and renovations, and consult with a real estate agent, you have all the time you need. Many of the most successful investors are weekend warriors, devoting their evenings and weekends to the pursuit of profitable flipping. Money: You don’t need to be rich to buy and sell foreclosure properties, but you do need to be able to get a loan. You can finance your investments in several ways — by using your own cash and the equity in your home, borrowing from friends and family members, or getting a loan from a private lender. Talk to a mortgage broker in your area. Guts and gusto:Guts and gusto combine to create the perfect personality for a real estate investor. You need guts to purchase a house with tens to hundreds of thousands of someone else’s dollars in the belief that you can sell it for substantially more in a few weeks or months. A certain amount of gusto is also required to generate the energy and perseverance required to turn trash into treasure. Family: When a spouse and children are involved, everyone has to sacrifice family time and other indulgences to contribute their fair share to the venture. Families who work well together can make an investment property a family project that draws them closer together. If family members are already a little testy, however, the stress and sacrifice can drive them apart. Tools: You don’t need a truckload of power tools to flip houses, unless you plan on doing most of the repairs and renovations yourself. A pen, a pad of paper, a calculator, reliable transportation, and a cell phone are the only tools you really need. Tip: Don’t get hung up on what you don’t have, just be honest about it. Do what you’re good at and hire out the rest … or get a friend to help. For additional tips and tricks about investing in real estate, Please give Nawkishu “Tony” Drake a call to discuss your needs.

1031 exchanging in today’s market

June 24th, 2008 by

What, Why & WHEN

What is an Exchange?

Taking the equity from one investment to another, i.e. a house, hotel, restaurant e.t.c

Why Exchange?

Saves you thousands in Capital Gains taxes

Exchange older property for newer - faster appreciation

Better area = Better rent

Bring your property to you - out of state to your state

Change in investment type

When to Exchange?

Consult with you CPA/ What is his or her INTENT?

If you are looking to do an 1031 Exchange in the Phoenix market area or would like to know more information, please give me a call to help you find your next Exchange.

Tartesso elementary school will open this fall

May 28th, 2008 by

If you were holding off on considering a move to Buckeye because of the uncertainty surrounding Tartesso Elementary School, then it’s time to think again about Tartesso. The Saddle Mountain Unified School District Governing Board has recently approved opening Tartesso Elementary School this fall for the 2008-09 school year for students in K-6th grades. If you have any questions please e-mail or call me.

Bloomindale’s coming to CityNorth development By Cathryn Creno The Arizona Republic

March 26th, 2008 by

The announcement Thursday that Bloomingdale’s would open its first department store in Arizona is not just about having another place to buy Burberry, Fendi or Michael Kors.The deal speaks volumes about the faith that developers and retailers have placed in the future of Arizona ’s luxury-goods market — even as the current downturn has cut consumer spending dramatically.

The store is set to open in fall 2009. It will be an anchor at the CityNorth project, which will feature department stores, luxury condos and offices.

By then, officials are banking on an economic recovery being under way along with a continuation of the population boom and the insatiable shopping appetite of well-heeled consumers.That appears to be a relatively safe bet.

Local and national experts say the Desert Ridge section of northeast Phoenix surrounding CityNorth and nearby north Scottsdale are among the most desirable places in the nation for retail.

“In the Southwest and California , retailers are not in peril of overexpanding even in the down market because of immigration to those areas,” said Steven Hoch, who heads the retailing department at the University of Pennsylvania ’s Wharton School .

“And it may be that the economy is slowed down, but Phoenix is a place where visitors who arrive every winter bring in a whole bunch of money.”

Mark Winkleman, commissioner of the Arizona State Land Department, predicts that retail development in northeast Phoenix will surpass that at 24th Street and Camelback Road in both offerings and tax revenue.

CityNorth is expected to generate $1 billion in sales-tax revenue over its lifetime.

“It’s very exciting,” said Phoenix Vice Mayor Peggy Neely, who represents the council district containing CityNorth. “It is good to have a variety of options. That just brings a bigger draw.”

In the eyes of developers, Bloomingdale’s will sit atop the apex of a luxury-shopping triangle.

Biltmore Fashion Park at 24th Street and Camelback Road in Phoenix and Scottsdale Fashion Square at 70th Street and Camelback will be the base.

CityNorth also has signed Nordstrom, which is expected to open at the same time as Bloomingdale’s.

And Macy’s is said to be the third department store in the development.

Sealing the deal

“No matter how good your master plan or architecture is, there is nothing more important than a Nordstrom or a Bloomingdale’s brand in a project,” said Kenneth Himmel, president and chief executive officer of New York-based Related Urban Development, which is co-developing CityNorth.

“It seals it.”

Still, longtime Valley leasing agent John Corritore, president of the Corritore Co. in Scottsdale , is skeptical that CityNorth will ever really rival Scottsdale Fashion Square , which is home to a Neiman Marcus and has a Barneys of New York under construction.

“When you look at Tiffany, Gucci, Ferragamo and kate spade, they are going to have one store in the entire market and it is going to be at Fashion Square,” said Corritore, who signs tenants for Tempe Marketplace, Dana Park Village Square in Mesa and several other Valley developments.

“The true elite shopper in north Scottsdale will still go to Fashion Square for the full selection of international shopping that is there.”

Nevertheless, CityNorth and not Fashion Square signed Bloomingdale’s, which is one of the few luxury department stores without a presence in the market.

Macy’s Inc., which owns the upscale store founded in 1872, says this Bloomingdale’s is its 10th in the western United States .

“We are going to bring some of the buzz of New York to the Valley,” Michael Gould, Bloomingdale’s chairman and chief executive officer, told The Arizona Republic.

Gould said his store recently began to compete with luxury department stores at the level of Neiman Marcus and Saks Fifth Avenue by selling higher-end merchandise and providing more one-on-one customer service.

One result, he said, was a “spectacular holiday season that ran counter to the market.”

Bloomingdale’s will have three floors and a contemporary, Frank Lloyd Wright-inspired décor, Related Urban’s CEO Himmel said.

There also will be an elegant, open-air restaurant on the top floor that will allow diners to look out over CityNorth’s tree-lined High Street, he said.

Lawsuit not an issue

Although CityNorth is engaged in a lawsuit against the city of Phoenix , Himmel said the suit would not affect Bloomingdale’s or other retailers.

“The first 70 acres of the development are being done without public funding,” Himmel said. “There is nothing, absolutely nothing, that is going to stop Bloomingdale’s from going forward.”

The lawsuit, filed by the Goldwater Institute, argues that a $97.4 million agreement between the city and the developer is illegal.

The agreement allows the developer to retain half of all sales taxes CityNorth generates for 11 years or until the $97.4million mark is reached.

In exchange, it will build parking garages, allowing more of CityNorth’s land to be used for tax-generating purposes.

Phoenix officials say the deal is not a gift to the developer but an economic-development deal, aimed at boosting sales-tax revenues to the city.

Beautiful custom home nestle in a very quiet neighborhood

March 20th, 2008 by

LP: $ 899,900, SF: 3,516 / Assessor, Lot Size: 1-1.9 AC, Year Built: 2004, Pool: Yes - Private, MLS:2881377

DRAMATIC PRICE DROP!!! RARE FINDS! BEAUTIFUL CUSTOM HOME NESTLE IN A VERY QUIET NEIGHBORHOOD. ABOUT 1.43 ACRE LOT WITH ALMOST PERFECT FOR ENTERTAIN AND ENJOY. TENNIS COURT IN THE BACKYARD WITH LIGHT SYSTEM. MUST COME ON OVER AND CHECK IT OUT. OVER 2000SQFT WORKSHOP WITH 4 DRIVE-IN ROLE UP SHUTTERS. GREAT FOR HOBBY SHOP OR ANY BUSINESS THE NEW OWNER RUNS. CENTRAL VAC CONVEYS AS-IS. (THE SALE MAY FALL UNDER SHORT SALE DEPENDS ON THE OFFER). The list goes on and on, for more information please call me.

Shows like a model home, in Tolleson

March 20th, 2008 by

LP: $ 249,900, Lot Size: 1-7,500, Year Built: 2003, MLS: 2620927

A MUST SEE! 4 bdrm.+den, 2 ba.-2381 sq.ft. This home shows like a model. Gently lived in by original owners. Pet/smoke free! Situated in a quiet neighborhood. Minutes to schools/shop.Split floor-plan. M/B w/ complimenting glass block w/roller shields to keep the light out.Sep.tub/shower, w/i closet,exit door to patio. tile in all the right places.Upgraded light fixt./ceil. fans T/O.10ft.flat ceil. Gorgeous kit. w/tile backsplash, huge isl,bfast bar. Fam.rm w/fireplace.Large Laun.rm.w/laun.tub.Extended 2 car gar.w/svc.dr/opener.Alarm sys.,motion sensors. Low maint desert lands. Backyard privacy,surrounded by single level homes.B/I bbq. Don’t let this one go unseen. For more information please call me.

Beautiful Buckeye custom home on 1.2 acre lot with horse rights

March 18th, 2008 by

LP: $ 435,900, Year Built: 2006, MLS: 2953965

Beautiful custom home on 1.2 acre lot with horse rights. 2500 sf, block construction, 4 bd and 2 ba, 3 car garage. Custom granite counter tops in kitchen and bathroom. Double sinks in bathrooms. Tile throughout the house. 2 panel colonial interior doors. Cealing fans in all rooms. Open and spacious plan. Near the I-10 and Verrado. Excellent schools. Great community. Incredible night skies. Please call for more information.

Beautiful Buckeye custom home for sell

March 18th, 2008 by

LP: $ 430,000 , SF: 3,200 / Builder, Lot Size: 1-1.9 AC, Year Built: 2007 , MLS: 2806881

YOUR EYES DO NOT DECIEVE YOU!!! THIS IS THE HOME OF YOUR DREAMS,(WITH SOME EXTRAS THAT YOU DIDN’T EVEN THINK ABOUT!).THIS CUSTOM BEAUTY HAS SOMETHING FOR EVERYONE. STUNNING MOUNTAIN VIEWS,HORSE PRIVLEDGES,AN EXTRA POWER BOX FOR ANYTHING YOU MAY NEED, AND YOU HAVEN’T EVEN MADE IT INSIDE YET!!UPON ENTERING YOU WILL IMMEDIATELY FALL IN LOVE WITH THE GORGEOUS CUSTOM ALDER WOOD DOORS AND CABINETRY.THEN TAKE NOTE OF THE BEAUTIFUL GRANITE COUNTERTOPS THROUGHOUT.ALONG WITH THAT, THE HUGE GOURMET KITCHEN WILL AMAZE YOU.HOUSE WAS RECENTLY APPRAISED AT $590,000. THIS HOUSE HAS WAY TOO MANY EXTRAS TO LIST. FEEL FREE TO CALL AND SCHEDULE A PERSONAL TOUR TO VIEW ALL THE AMMENITIES.

New FHA Loan Limits

March 6th, 2008 by

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