End of Gov’t assistance for Sedona home buyers

Well… the time has come and gone for the first time buyers $8000 credit and the move-up $6500 credit.  We didn’t see too much activity here in town as a result of these incentives though.   We get very few first time homebuyers due to the cost of housing… and the restrictions were a little tough on the move-up credit for many buyers to take advantage.  Regardless, it’s one less incentive for you to purchase a home – which means that we’re headed in the correct direction when it comes to the overall Sedona real estate market.  Our inventory is shrinking, prices have stabilized and it looks to be a good time to buy a home in Sedona.  Many locals feel that we’ve rounded the bend and headed towards better times for the real estate market – can a balanced market be far behind?  We’re already in a balanced market for the sub-$400k market – if we sell more homes in upper ranges, we’ll eat away the inventory and take the steering wheel out of the buyers hands!

Foreclosures in Sedona

Yes we have them… that’s the answer to the most popular question directed to all Sedona agents.   They’ve certainly populated the market here and driven prices down – and I want to make sure that you see the link on my homepage that has a button for ANYBODY to search the MLS for Sedona Foreclosures and Sedona Short Sales.  Be warned in advance however because they’re not all GREAT deals when you consider the deferred maintenance.  For example – by the time a home forecloses – the owner hasn’t made a payment for a year or more.  And certainly before they quit making payments, they knew things were getting away from them and they’d quit spending money to maintain the home.  So, you’re looking at an average of 2-3 years of deferred maintenance – and if we’re talking about a Southwest style of Santa Fe style home with a flat roof and stucco exterior – be wary.  Many foreclosed homes have had roof issues – so be prepared to do a professional home inspection and consider doing a separate roof inspection if the home warrants it.  There are good deals and there are lemons… so speak to your agent about the home that you think is a “great deal”!

Spring Season in Sedona Real Estate

It feels like old times here in the office – things have been incredibly busy for home buyers and sellers!!!  Of the 577 residential properties in Sedona on the market,  72 are currently in escrow.  In the first two months of the year there were 62 sales, and so far in the 6 weeks since then we’re already at 63 sales.  Buyer activity has definitely ramped up in the last few weeks and buyers are snapping up the best deals in every price range.  Vacant land is still slow, but has also picked up a few tics… there may be signs of life yet in that segment of the market!

March Madness in the Sedona Real Estate market

Spring has sprung – and prices are down across the board – and that’s spurring LOTS of interest in Sedona properties.  Spring has always been the busiest season for purchasing Sedona homes, and this year is no exception.  Of the 589 residential properties on the market there are 85 currently tied up in escrow (in the process of being bought).

Short sales and foreclosures are still present in our market, but their numbers are dwindling as well.  There are 44 short sale listings and 49 foreclosures  – so, a little less than 16% of our inventory is “distressed”.  Of these 93 distressed properties, 46 are already in escrow, so half of them are “gone” already.  Many of these homes have deferred maintenance and can be problematic, so be sure to ask your agent their take on the current condition of the home in question.  There’s probably a reason why it’s priced so well…

Moving on…. there are good deals in every price range – and the most active portion of the Sedona market is in the sub $500k price range.  There are good homes in that range that just came on market today – but the best ones tend to go quickly.  Call your agent today to get a list of homes that fit your needs!!!

Casino Royale event to benefit Sedona Rotary clubs and SRRHS Booster club

Sedona Red Rock High School Booster Club, Rotary Club of Sedona Red Rocks, and Rotary Club of Sedona are partnering to raise funds for the third “CASINO ROYALE”, starring Las Vegas comedienne RITA RUDNER, which is set for Saturday April 3, 2010 at the beautiful Enchantment Resort from 6-11pm.

This year we are very fortunate to add the lethal wit and soft-spoken delivery of Las Vegas headliner RITA RUDNER. “She captivates audiences and critics alike, both here and abroad, with her clever observations, sharp timing, and Gracie Allen like style.” Rita Rudner has become one of Las Vegas’ most beloved performers and has been voted “Best Comedian in Las Vegas” by the Las Vegas Review-Journal for the last eight years.

In addition to an exciting evening of blackjack, craps, poker, and roulette, a fabulous auction will be held that will include fine wine, beautiful jewelry, exquisite art, vacations, and much more. Winners at the gaming tables can turn in the tickets they accumulate for raffle tickets at the end of the evening. The raffle give-away will feature various prizes from electronics to resort weekenders. ”This event is on target to be Sedona’s premier charity event for 2010,” said John Bradshaw, member of the Sedona Rotary of the Red Rocks.

The schedule for the evening is as follows:  Dinner 6-8 pm, gambling 6-9 pm, silent auction 6-9:30 pm, Rita’s show 9:30 pm, and lucky draw raffle 10:30 pm.  The extensive auction will include over 150 items valued at more than $70,000 featuring the following:

*W Hotel Scottsdale, 2 nights and $300 Tiffany Dollars to spend

*Pebble Beach- 1 week in a private home

*Flamingo Hotel Las Vegas- 2 nights, dinner, and VIP tickets to Donny and Marie with a meet and greet and photo

*George Kelly- special piece of jewelry

*2 Salvador Dali signed lithographs

*Giclee signed by Joe Beeler

*Gallery of Modern Masters- reverse painted lamp by Jamie Barthel

*Lanning Gallery-wood carved statue

*Neil Singer MD- 1 year membership in his MDVIP-affiliated practice

*Garlands Oak Creek Lodge- Dinner for 4

* Savannahs- $200 gift certificate

* Sedona International Film Festival- 2 Platinum Passes for the 2011 festival

*Woodford Orthodontics- two $2,500 certificates towards care

*Salon Virtu- gift basket of services and products

*Dinners at Reds, Dahl and Diluca, Heartline, Troias, Manzanita Inn, Storyteller’s, and many more.

None of this would be possible without the generous support of our sponsors:

Dr. and Mrs. Mark Gorchesky, Sedona Magazine, Dynasty Quest Inc, Lucia and Steven Siegel, Backbone Communications, Snap Fitness, Neil Singer, MD,  Dr. and Mrs. Frank Matthews, Sterling Financial, Affordable Web Design, Cottonwood Internal Medicine, Desert Hills Bank, Arcadis, State Farm Andrew Bailor Agency, Sedona Monthly, Veronica Wilding-White, Sedona Dental Arts, Orcutt Winslow Architecture, Planning, Interior Design, Adobe Xerographics of Sedona, Dan Surber Architect, Roy Grimm Buyer’s Brokers Group of Russ Lyon/Sotheby’s International Realty, A Day in the West, Jerry Frey, Josten’s, Gallery of Modern Masters, Jill Richardson Oppenheimer, Bill Welter, Mary Millar Edward Jones, The Art of Wine, and Di Battista Construction.

The Scorpion Booster Club, which helps to promote curricular and extra curricular activities, is helping to launch an exciting Technological Program for Sedona Red Rock High School. The funds raised will go directly towards the latest hands-on computer technology for students as well as many new programs such as Teen Health and Wellness.

Funds raised by the Rotary of Sedona Red Rocks are donated to several charities each year. They include: Burns and Trauma, a camp for severely burned and injured children, the Sedona Literacy Program at West Sedona School, Rotary Youth Leadership, local branches of the Boys and Girls Club, Old Town Mission, as well as many international capital improvement programs.

The Rotary Club of Sedona funds will sponsor the Student of the Month Scholarship Program at Sedona Red Rock High School, the  International Exchange Student Program, the Rotary Youth Leadership, the Saint Andrews Church Community Dinners, and the Polio Plus Program.

Tickets are $90 per person in advance and include a sumptuous buffet by Enchantment Resort, a start-up purse of gaming dollars, Rita Rudner’s show, and live music by Nick Giello.  A very limited number of tickets will be available at the door for $100.

Advance tickets may be purchased at Bashas’ Sedona, Salon Virtu, The Art of Wine at the Hyatt Shops, and Sedona Red Rock High School. For more information please go to our web site www.casinoroyalesedona.com or call (928 821-2800).