Scottsdale Real Estate

The Junior League of Phoenix hosts its annual rummage sale at the Arizona State Fairgrounds, 1826 W. McDowell Road, Phoenix. There is everything imaginable….. from sporting goods to clothing to furniture, making it one big outdoor department store and a paradise for those bargain hunters/shoppers. The event begins on February 23^rd at 8 a.m. with everything half-priced between 1 p.m. and 4 p.m.  Ticket price is $4 from 8 a.m. to noon followed by free admission in the afternoon.  Contact www.jlp.org for additional information.

February 22 - 24, 2008
Hours: 10 a.m. - 5 p.m. Friday & Saturday  8 a.m. - 5 p.m. Sunday
Balloon launch: 7 a.m. Sunday (weather permitting) The Fountain Hills Great Fair will begin on February 22nd. This three day art fair features nearly 480 artists and artisans from around the world, attracting 200,000+ visitors.In addition to the art fair, the annual Hot Air Balloon Rally launches from Fountain Park on Sunday morning (weather permitting). The exciting lift-off is a blast of colorful “photo opportunities” as the balloons reflect in the mirror finish of the lake and glide up into the sky. A unique tradition among the balloonists is to dip their baskets into Fountain Lake as they take off.  Food booths and seating areas abound throughout the venue, food and rest stops are situated at locations in the middle and at both ends of the festival area. Live music featuring Brule’ and his award winning Native American group adds a special spirit to the Fair.

Takes place at WestWorld on February 15-24, 2008 Since 1955 the Annual Scottsdale Arabian Horse Show has set the pace in the Arabian horse world. The first show was held at the grounds of the Arizona Biltmore Hotel which was a beautiful setting for a horse show. The Scottsdale Arabian Horse Show was a first class show from the very first day. After the show’s beginnings at the Arizona Biltmore, Ann McCormick bought 150 acres in Scottsdale and made it into the horse facility known as Paradise Park which served the needs of the show for many years. Since that time, the show has been held at WestWorld in Scottsdale. It has grown from 50 horses to nearly 2000 horses bringing top owners, trainers and breeders from around the world competing for a chance at winning. A win at Scottsdale can mean big money in the breeding barns. The sponsoring organization, the Arabian Horse Association of Arizona, was incorporated in 1955. There were about twelve members when it began and it has grown to over 450 members. Besides sponsoring the annual show, members serve on boards and committees at national levels; become judges, stewards and provide scholarships to encourage youth participation.

Need “in-town” horse property?  How about a wine cellar and theater room? 

• In-Town Hacienda Estate 4 bedroom/3 bath 3,725 sq ft on 5 acres.  Barn, stalls, tack room, large turn out paddocks, round pen & arena close to riding area.
• Mountain side custom 5 bedroom/6.5 bath 6,800 sq ft home in Hidden Hills.  Den/library, wine cellar, theater room, negative edge pool & spa, 4 car garage.
• Fifth fairway golf course fronted 5 bedroom/5 bath Palmer Hart home in Pinnacle Canyon at Troon North, built in 2002.  Private balconies, exercise room and guest casita.
• New Silverleaf at DC Ranch Tuscan style home built by Camelot.  6,019 sq ft 5 bedroom/5 bath home with guest carriage house. Pool, spa, BBQ, fire pit, large grassy area & patio.

This past year was one of the most painful in decades for residential real estate, as defaults on loans to less creditworthy borrowers helped to create a credit squeeze.  House prices fell, home ownership has dropped, foreclosures have soared and the housing market emerged as the weak spot of the economy.  Randy Steckler, Mortgage Planner with Countrywide Home Loans believes that relief from the housing woes is unlikely anytime soon.

Steckler refers to famed chief economist Mark Zandi from Moodys economy.com who says, “it will be a bleak year with the worst of it occurring in the first half of the year.” Zandi adds. “Inventory is only growing and needs to be worked off before the market returns to stability.”  Through the 3^rd quarter of 2007, slightly more than 2.5% of all houses, ore more than 2 million, were for sale and vacant, according to the US Census Bureau. Since the first records were kept in 1965, that figure has never been higher than 2 percent.   Demand is likely to remain depressed, keeping prices low, as high risk borrowers who in the past would have qualified for loans find themselves locked out of the market. Borrowers with little, if any money, for a down payment and those who don’t document their finances also are likely to find the going tough!  Everyone has a prediction model that works for them. Steckler agrees with Mr. Zandi, that the bottom to the housing market could occur toward the end of 2008; however the economy must relatively remain strong.
Randall I. Steckler
Countrywide Home Loans
480.314.7824 (office)
602.502.3233 (cell)
Randall.Steckler@countrywide.com
www.randallsteckler.com

The Lover’s Market

Love is in the air on Market Street.  Market Street is transforming its plaza into a lovers’ market showcasing unique, romantic gifts just in time for Valentine’s Day.

The third annual Lovers’ Market at DC Ranch will feature hand-crafted specialty items not available in stores.  The ongoing farmer’s market that takes place on Saturdays will be dedicated solely to Cupid’s Big Day on February 9^th with artisans ready to guide you to that perfect gift for your special someone.

Saturday, February 9, 10 a.m. until 2 p.m.

Some mortgage industry information sent to us by Randy Steckler of Countrywide Home Loans here in Scottsdale:

Is the economy at risk of slipping into recession? Is the
Federal Reserve moving aggressively enough? On Tuesday, January 22nd, it cut
its target rate by three-quarters of a percentage point, to 3.5%. On January
30th, The Fed again cut its target rate ½ point to 3.0%.

Do many of us really know how do rate cuts work, and will
they be able to put off, or at the very least limit the damage from a recession?

Lower interest rates affect the economy in two very key ways.
First, they lower the returns from investments such as money market accounts.
This makes consumers more likely to spend money rather than save. Second, by
lowering borrowing costs, lower rates encourage business to invest capital in
new equipment, plants and workers to staff those facilities. In conjunction,
increased spending and increased investment boost production and ultimately
economic growth.

Rates can also have indirect effects. They can lead to a
weaker dollar for instance. And a weaker dollar will usually increase export
activity. Rate cuts can sometimes boost stock prices which makes the shareholders
wealthier and more likely to spend that wealth and companies more confident
and willing to invest.

How long does it take for rate cuts to have an effect on
the economy?

Many economists believe it takes somewhere between 6 to 12
months. That means that the Fed’s recent actions won’t necessarily stop a recession
if a downturn is eminent. But the rate cuts should help significantly reduce
the length and depth of any possible downturn.

For many of us in the real estate market, the large number
of vacant, unsold homes may mean it could take longer this time around. Assuming
lower mortgage rates can start to boost the faltering housing market, it will
still take time before that inventory is cleared and home construction, which
is usually one of the first areas to respond to rate cuts, begins to pick up
again.

Will the rate cuts spur lending this time?

A big worry now is the reluctance by banks to lend to businesses
and households. The steep losses stemming from the subprime debacle reported
over the last several months in the media, could mean that banks will cut back
further on lending—especially if they are unsure what other losses might be
uncovered in the months to come.

In the mortgage market, there is much concern that the Fed’s
rate cuts may be unable to spur lending as much as if might have in the past.
Much of what seemed to have fueled the housing boom was the slicing and dicing
of risky mortgages into what were suppose to be low-risk credit instruments—but
which proved to be anything but low risk. Without these sources of funding,
the mortgage market availability for borrowers with poor credit is going to
be a fraction of what it once was.

Randall I. Steckler
Countrywide Home Loans
480.314.7824 (office)
602.502.3233 (cell)
Randall.Steckler@countrywide.com
www.randallsteckler.com

Would a golfing community in Scottsdale suit you?

• Golf Community of Desert Mountain: territorial style 3 bedroom/3.5 bath 4316 sq ft home.  Outdoor living spaces w/mature vegetation, pebble tec pool, spa, built in BBQ, heated eating area & fire pit. Golf course Membership included in sale. 
• New custom Tuscan style home with Greatroom floor plan. Located in gated Troon Village on the east flank of Troon Mountain. Private terraced pool, 4 bedroom/5.5 baths, bonus room & office, mountain views.
• Located on 14^th tee of Ancala 5 bedroom/5.5 bath 4,524 sq ft home built in 2002.  Grand foyer, formal living, formal dining, office/den, family room, w/southern exposure and grassy play area by pool.
• Scottsdale’s Sweetwater corridor.  New custom 4 bedroom/4.5 bath 4914 sq ft home with carriage house 3 car garage on over one acre. No pool.
• Lakefront 3 bedroom/3 bath plus office home on Lake Serena in Scottsdale Ranch.  High ceilings, pool and waterfall overlook lake. 2 car garage.

If you love Grimaldi’s Coal Brick Oven Pizza in Scottsdale’s DC Ranch or enjoy valet parking at the Waterfront Condos ….you should consider these homes: 

• DC Ranch 3 bedroom/2.5 bath 3,214 sq ft Courtyard style home built in 2005.  Gourmet kitchen includes custom cabinets, Wolf, Subzero, Bosch & Asko appliances. 
• Gainey Ranch home w/custom Canterra iron doors, coffered ceilings, hardwood & natural stone floorings, gourmet kitchen, mahogany fireplace & wine room in this 3 bedroom/2.5 bath 3,209 sq ft.
• Desert Highland CC flanking Pinnacle Peak. 4 bedroom/4.5 bath, 4,582 sq ft home built in 1993. Jack Nicklaus championship golf course, Racquet Club, award winning clubhouse.  Membership required at COE.
• Scottsdale Waterfront Condominium 2,265 sq ft 2 bedroom/ 2 bath plus den on 9^th floor.  Viking appliances, valet parking, Concierge, rooftop pool/spa, fitness center.

Have about a million to spend?  You might consider these Scottsdale Homes!

• Five bedroom/3.5 bath 3,547 sq ft home built in 1997; located near the Mayo Clinic/Shea. Formal living, dining and family rooms, pool, built in BBQ and sports court
• Resort living in 3 bedroom/3 bath 7th floor Penthouse located at Fashion Square. Concierge, indoor & outdoor pools, racquetball & basketball courts, fitness center, spa, sauna facilities & locker rooms, business center.
• Just south of Camelback Mountain in the Arcadia neighborhood of Scottsdale. Located on ½ acre w/ mature trees, 2,345 sq ft home built in 1960 considered “tear down” and sold as is.
• Stacked stone fireplace in family room, remodeled 4 bedroom/3 bath home overlooks putting green of guarded/private Pinnacle Peak Country Club Estates. Built in 1987.