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The Riggs Road Worm

Every year about this time you’ll see a herd of what look like fat worms scurrying (do worm’s scurry?) in a wide marching band formation (up to 2-3 feet wide) across Riggs Rd just west of Sun Lakes.  Don’t start looking for the mother ship, this is not a sci-fi invasion.  These little creatures are actually moth Larvae (eww…let’s call them caterpillars) that morph into the largest flying insect in the desert, the Sphinx Moth which can have a wingspan between 5″-8″!

I’m not sure why these caterpillars decide to migrate from one side of the road to the other.  (I mean, why did the chicken do it?  We may never know.)  Could be the rains have flooded their neighborhood. Maybe they’re looking for new dining opportunities or maybe they’re just bored. 

These caterpillers burrow underground to begin their metamorphosis into the adult Sphynx Moth and emerge from the ground in all their mothwing glory to begin the mating process.  Females can lay up to 1000 eggs on the undersides of food plants (another good reason to wash those veggies!)  Eggs hatch is just a few days and the female AND MALE moths die after their reproductive process has been completed.  How’s that for gratitude. 

So, next time you come upon the “March of the Worms”, check them out. Pick one up with a stick and put it in a large jar with holes in the lid and some leaves for it to eat and then….oh..uh…sorry, I regressed to my childhood for just a sec.   Anyway, as I was saying, these caterpillars won’t hurt you.  BUT BE WARNED…if you make them mad they’ll raise up their itty bitty horned heads and spit a thick green gunk at you.  They’re not poisonous…so go ahead…spit back!

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For more Information visit  Sun Lakes Arizona Real Estate.  This information was provided by Amy Jones, a multi-million dollar top producing Realtor with RE/MAX Elite. Amy specializes in residential, vacation homes & cabins, as well as retirement communities in the communities of Ahwatukee, Chandler, Fountain Hills, Gilbert, Maricopa, Mesa, Paradise Valley, Queen Creek, Scottsdale, Sun Lakes, Tempe and the White Mountains communities of Pinetop/Lakeside & Show Low.  Search the Arizona MLS.

As the october 1 deadline for the elimination of Seller Assistance programs approaches, FHA Buyers in the Phoenix area are scrambling to secure a home.

I’ve heard some lenders are actually sending out the word that they will write no FHA loans that require seller assistance after 9/1/2008, due to the fear of a backlog of loans awaiting funding and the risk of these loans not closing by the 10/1 deadline.

I’ve also heard many conventional loan buyers are actually waiting to purchase their home until after 10/1 because they feel many homes priced under $300,000 have been priced to include the anticipated seller contributions. They’re hoping the prices will fall after 10/1. I personally don’t think this is going to happen…but time will tell.

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Visit www.AmySellsAZ.com for complete weekly market updates on Phoenix East Valley Real Estate.

Amy Jones of the Amy Jones Group is a top producing Chandler Realtor specializing in residential, vacation homes & cabins, as well as retirement communities in the communities of Ahwatukee, Chandler, Fountain Hills, Gilbert, Maricopa, Mesa, Paradise Valley, Queen Creek, Scottsdale, Sun Lakes, Tempe and the White Mountains communities of Pinetop/Lakeside & Show Low.

Where have all the cows gone?  Chandler, AZ, which has grown from less than 30,000 residents in 1980 to more than 250,000 this year, is no longer a sleepy little farming town.  Recently released governmental studies predict “exploding” job growth and higher density housing in the Chandler city center.

Really?  It’s hard to even picture high density housing in the “city center”.  Where exactly is the “city center”? 

The Price Road Corridor, Chandler Airport area and West Chandler are considered the city’s main employment areas where acres of land have been set aside as half of Chandler’s land filled with homes.  Apparently a plan that has paid off as construction and job growth is expected to “explode” over the next 20 years.

The best news is the predicted rise in Chandler property values as people tire of living on the outskirts spending hours behind the wheel of their car driving to work every day and homes in Chandler become a more desirable commodity.

Promising news for Chandler…but I still miss the cows.

Last night, Congress introduced bipartisan legislation, H.R. 6694 that would reauthorize and reform charitable downpayment assistance. This bill would remedy a harmful provision in the new housing law which limits homeownership opportunities for low and middle-income Americans. The legislation, sponsored by U.S. Reps. Al Green (D-TX), Gary Miller (R-CA), Maxine Waters (D-CA), and Christopher Shays (R-CT) reauthorizes and reforms charitable downpayment assistance funded in part by sellers, which has helped over one million families and individuals become homeowners since 1999. The program was eliminated by legislation signed by President Bush on July 30, 2008.

The Green-Miller-Waters-Shays plan would re-authorize and reform non-profit downpayment assistance and secure it as an allowable source for FHA borrowers. The bill seeks to ensure that providers of the downpayment assistance operate in a transparent manner to guard against conflicts of interest. The bill also includes language to ensure that FHA maintains its financial stability by permanently authorizing the Secretary to assess higher premiums to higher risk borrowers.

There are those who feel that we should go back to the days where you have to save money to afford the downpayment for a home purchase and there’s some truth in that theory.  In today’s “instant gratification” philosophy, fewer and fewer borrowers are saving towards a home purchase and are asking seller’s to contribute up to 3% towards their downpayment. This hurts the seller’s bottom line.  If a buyer can’t save money towards a downpayment today, will they be able to save money from each check to make their monthly mortgage payment along with their other bills?

Lenders are worried that the elimination of Seller Assistance programs like Ameridream will severely impact the number of loans they write and subsequently the amount of money they make.  Many Realtors feel the same way.  Elimination of these programs is going to dramatically decrease the number of buyers who can qualify for a home purchase.  With a glut of homes on the market, this will negatively impact sellers as well.

What do you think?

Our Real Estate Market continues to bounce around.  Have we hit bottom?  By the looks of it…we are bouncing along the bottom and if all predictions are true, should be heading back up ….in 2010. 

Visit www.AmySellsAZ.com for complete weekly market updates on Phoenix East Valley Real Estate.

Amy Jones specializes in residential, vacation homes & cabins, as well as retirement communities in the communities of Ahwatukee, Chandler, Fountain Hills, Gilbert, Maricopa, Mesa, Paradise Valley, Queen Creek, Scottsdale, Sun Lakes, Tempe and the White Mountains communities of Pinetop/Lakeside & Show Low. 

Investors are noticing the Phoenix real estate market and are BUYING!  Talk in the investor circles is that the Phoenix market has bottomed out (haven’t I been saying that?) and now is the time to buy. 

Forbes Magazine has taken note and named Phoenix one of the top 10 Real Estate Investment Markets in the country.

The investors that are buying in the Phoenix area today are a different type of investor than that who played havok with our market 3-4 years ago.  This investor is wiser.  Is not playing real estate mogul without a clue as to how that is done in the real world.  These investors know what they’re doing and they’re coming with cash in hand vs the “no money down” investors that finally burst our bubble during the boom.

Today’s investors are coming from out of state and Canada.  They’ve been watching our market for a couple years now and feel now is the best time to buy.  Good news at last for sellers in the valley.

So where did we rank?  Number 9.  But, if you look at the 5 largest cities we ranked as the most affordable.  Add to that our great schools, good highway system, beautiful new communities and outstanding weather…Well, it’s a no-brainer.  The Valley of the Sun just can’t be beat.

The top 10 cities for great real estate investment opportunities are…drum roll please…

#1 New York City, #2 Washington DC, #3 Los Angeles, #4 San Francisco, #5 Seattle, #6 Boston, #7 Chicago, #8 Las Vegas, #9 Phoenix and #10 Orlando.

Another often-asked question by buyers moving to the area from out of state.  Just how do Phoenix area salaries compare to the rest of the country? 

We have a relatively strong economy here, but not as strong as it was over the last couple years.  The national mortgage crisis and the severe decrease in new home construction is a major contributing factor in our economic decline. 

But what ARE workers earning in the Phoenix area? Here are just a few annual incomes as reported in Phoenix Magazine.

• Cashier $21,190
• Child/family/school social worker $33,910
• Computer systems analyst 70,240
• Criminal Investigator $54,090
• Database administrator $58,620
• Drywall & ceiling tile installer $30,840
• Electrical engineer $77,080
• Floral designer 23,680
• Landscape worker $20,570
• Lawyer $110,000
• Librarian $43,370
• Physical therapist $63,730
• Physician assistant $64,320
• PR specialist $44,850
• Registered nurse $58,880
• Restaurant cook $21,440
• Security guard $22,300
• Teacher’s assistant $20,160
• Truck driver $39,190
• Waiter/Waitress $17,460

What are the in demand jobs locally?

• Aerospace industry (including everyone from assemblers to accountants, managers to IT)
• Accounting field (especially experienced accountants and CPA’s)
• Financial jobs including tax accountants, public accountants, financial analysts etc
• IT field
• Engineering field
• Computer services
• wast managment
• security business
• Health care workers at all levels

What’s the least in demand industry…construction and mortgage-related jobs.

Next…where’s the best place to work?

Getting around the East Valley will get easier as of July 21, 2008 as the final section of the 202 will be opened for traffic.  As a Realtor, this is something I’ve been anxiously anticipating for years. The Loop 202 has become my favorite highway, but don’t tell anyone or it will soon become clogged just like the others.  As of now, commuting is still pretty much a breeze except for some minor backups during rush hour. 

The entire Loop 202 crosses Chandler, Gilbert, Mesa and Tempe before intersecting with Loop 101, AZ 51 and I-10 and will certainly help to ease congestion. 

The 4.5 mile section that is opening next Monday from University Drive to Power Road cost $195 Million Dollars and was the most complex due to the amount of dirt that had to be excavated and flood control barriers that had to be built.  You may remember construction was delayed last summer when one of the concrete beams resting on a 25 foot high bridge toppled, creating a domino effect and causing 9 other girders to fall.  Wonder how you lean concrete beam on a 25 foot high bridge?  Was it lunch time and someone said…Oh…I think I’ll just leave it here for a minute?  Did lunch drag on that someone forgot where he had put the concrete beam?  Kinda makes you wonder. 

Anyway…Happy Commuting!

The secret must be out that Chandler is the place to be.  According to the ASU-Repeat Sales Index which compares sales over the last 3 month, Chandler was one of two cities in the Valley that saw the lowest depreciation.  (Is that like saying my dog is not as ugly as the rest?) 

This is truly good news for Chandler who, along with Sun City West, were the only 2 communities that did not experience 2 consecutive declines in home prices Jan-Feb and Feb-Mar.

Chandler’s home prices fell 9.2% from February to March of 2008, after dipping 9.4% from January to February. 

The Valley saw double digit month to month declines in March for the first time ever.   This is likely a reflection of not only excess of inventory, but also that sellers arre finally coming to terms with the fact that they have to price their homes competitively to sell. 

Tempe dropped 8.6% in February and followed that with a 12.1% drop in prices in March.  This is surprising as Tempe has historically held value better than other areas of the valley due to the market being driven by the presence of ASU’s main campus.

Mesa’s home prices dropped 13.3% in March

The ASU-RSI relies on repeat sales data for the same house and is considered a better and more reliable way to measure sales vs using the median home prices.  It breaks the sales data into 5 Phoenix geographic area: Southeast, Southwest, Northeast, Northwest  & Central.

Visit www.AmySellsAZ.com to search the Arizona MLS and for complete weekly market updates on Phoenix East Valley Real Estate.

Amy Jones specializes in residential, vacation homes & cabins, as well as retirement communities in the communities of Ahwatukee, Chandler, Fountain Hills, Gilbert, Maricopa, Mesa, Paradise Valley, Queen Creek, Scottsdale, Sun Lakes, Tempe and the White Mountains communities of Pinetop/Lakes & Show Low.