A large number of residents in the Chateau De Vie subdivisions have been there for many, many years. Some have even been here since they were built! Some of us have only been here a short while, and a few of us were lucky enough to buy in just before the market plunged! August 2005 was a dream come true for many sellers, but unfortunately not such a bargain for the buyers of those properties.
As 2004 rolled through Arizona, we rode a huge price increase that started to burst right after the summer of 2005. I personally watched my unit’s value increase 200% in a matter of one year.
The most common thought I had back then was, “Gee, look at how much money I would have in my pocket if I sold my house.” Then the second thought would immediately follow which was, “…but where would I go?”
Well, hindsight is 20/20 and looking back, I would have made a killing, could have rented for two years, and still beat the market by purchasing one of the units that are currently up for sale.
Home Equity Pinch
You may have been tempted to tap your home’s equity throughout those prosperous years. I know I did. Thankfully I didn’t go overboard and used it to remodel my kitchen.
Right now, home values have fallen off quite a bit since then and they continue to drop as sellers are forced to meet buyers who are not confident in the market’s conditions. Truthfully speaking, the prices we’re seeing now are where they would have been given a natural increase in value over the past 4 or 5 years.
Foreclosures
Chateau De Vie has seen its share of foreclosures too. When a bank forecloses on a property, it sits empty, and begins to deteriorate from lack of maintenance. The banks, struggling for liquidity, are dumping these properties at unprecedented discounts. These sales are knocking the values of your homes down further and further every quarter. For someone, it will be a great bargain.
If you are in a financial position that is leading to a possible foreclosure, consider appealing to your lender to sell the property short of what you owe. While short sales also hurt the surrounding market, they don’t hurt as much as foreclosures do.
I Can Help You Sell
Chateau De Vie residents can take advantage of my One Percent solution to aid them in moving from their current residence to a more affordable residence, or if you’re lucky enough to be moving up, I can help you with that as well. All we need to do is set an appointment to talk about your needs.
This is my full time job, and as a resident of Chateau De Vie, I’m only minutes away. Give me a call today!
(602) 312-3262
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