Phoenix Arizona Foreclosures - Phoenix Arizona Foreclosure Rate Rises

Home foreclosures in the Greater Phoenix Metropolitan Area increased by more than 500 percent in 2007.

Foreclosures in PhoenixThe meltdown in the sub-prime mortgage market and the resulting slump in the housing market combined with expiration of Adjustable rate mortage (ARM) teaser rates caused a rise in real mortgage interest rates and left more homeowners unable to pay their mortgages or sell their homes. As home prices dropped, many new homeowners found themselves "upside down" in their mortgages, owing more than the home was worth.

From January through October, 7,139 homes in and around Phoenix Arizona were lost to foreclosure compared to 1,072 foreclosures in the same period in 2006.

In October there were 1,396 foreclosures and another 3,438 Maricopa County homeowners were issued a notice of trustee sale, the first step in a foreclosure.

As many as 10,000 homeowners across the Phoenix metro area will lose their homes this year compared to less than 2,000 foreclosures last year.

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source: evliving.com

Dan A. Paulus, MAI, Launches CRES Appraisal Services, LLC

Scottsdale, Ariz. – Prudential CRES Commercial Real Estate, one of the nation’s fastest growing commercial real estate networks, announces the formation of CRES Appraisal Services, LLC, its commercial real estate appraisal group, led by President Dan A. Paulus, MAI. In this role, Paulus plans to expand the Phoenix-Scottsdale office to 12 appraisers and open multiple office locations throughout the United States.

Paulus has built a reputation for service excellence and technical competence in his 25 years in commercial real estate. His experience in business management, consultation and appraisal of all property types includes undeveloped and entitled land, master-planned communities, apartment and condominium complexes, mobile home parks, medical office buildings and hospitals, garden and high-rise office buildings, industrial parks, neighborhood shopping centers and regional malls, hotels, golf courses, time share resorts and special use properties. Paulus specializes in forensic valuation to provide law firm litigation support and expert witness testimony. He also is among a select few real estate experts in the healthcare industry.

“Dan Paulus is uniquely qualified to propel this new division to success,” says William C. Saul, president of Prudential CRES Commercial Real Estate. “His extensive real estate appraisal, consulting and management background make Dan ideal to grow and develop the appraisal division which joins forces with Prudential CRES Commercial Real Estate.”

Previously, Paulus was a managing director at Colliers International and became the president of its large North American appraisal operation (United States and Canada). He started his appraisal career with CB Richard Ellis, and then joined the Arthur Andersen LLP Tax Division (1989-1996) as a senior manager to establish its southwest region valuation services group. He was a partner with regional real estate appraisal firm Burke Hansen, Inc. and was then a senior appraiser with Cushman & Wakefield.

Paulus, a graduate of Arizona State University’s accounting program, is MAI designated through the Appraisal Institute, and an Arizona State Certified General Appraiser. He is a past member of the Appraisal Institute Review Committee and the Regional Ethics and Counseling Panel. Paulus has assisted the Disciplinary Committee of the Arizona Board of Appraisal in reviewing complaints.

Paulus resides in Phoenix with Sharman, his wife of 28 years. He is a member of the North Phoenix Lions Club, the Boys & Girls Clubs of Metropolitan Phoenix, and he is active in his church.

About CRES Appraisal Services, LLC
Formed in 2007, CRES Appraisal Services LLC is a commercial real estate appraisal group that has joined forces with Prudential CRES Commercial Real Estate (brokerage). The division provides consulting and appraisal services for commercial property clients. For more information, visit www.prucres.com or call Dan Paulus, MAI at 480-365-1505.

About Prudential CRES Commercial Real Estate
Commercial Real Estate Solutions (CRES) was formed in 2000 to provide commercial strategic planning, consulting and training to real estate brokerage companies and real estate departments of major corporations. In 2001, Prudential Commercial Services (PCS) joined with CRES to establish a new standard for commercial real estate brokerage operations.

PCS, a division of the Prudential Real Estate Affiliates (PREA), has a service agreement with CRES to provide strategic planning, consulting, training, hands-on-transition services, franchise sales and continuous support to PCS franchises exclusive to the PCS network. Prudential CRES Commercial Real Estate companies are select, professional companies with a foundation of performance-oriented systems and a proven track record for performance. Prudential CRES Commercial Real Estate creates a consistent national brand for PCS offices. For more information, visit www.prucres.com or call Bill Saul at 480-451-9077.

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source: evliving.com

Tim Cavanagh Joins Team Bison as Director of Sales and Designated Broker

SCOTTSDALE, AZ – Bison Homes, a premier builder of retreat homes in Northeastern Arizona, has hired Tim Cavanagh as its new Director of Sales and Designated Broker. A real estate industry veteran of more than 16 years, Cavanagh will work out of the Bison Homes corporate offices in North Scottsdale while overseeing all aspects of the Bison Homes sales efforts for its mountain properties as well as its Valley of the Sun developments.

Cavanagh also will be in charge of organizing meetings and seminars for valley real estate agents and brokers at the Bison Homes corporate offices. The offices include extensive meeting space offering a large conference room, lounge, library, a Western Pavilion with seating for 200 and the 2,000 square feet Bison Communities Information Center.

Bison Homes invites you to visit its new office complex which, in addition to the Information Center and meeting space, is also home to the new Bison Museum.

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source: evliving.com

The New Geography of Luxury Real Estate

If you could spend a few million on a modest Manhatten condo and a cozy (read: tiny) Hamptons shack, or put the same amount toward a penthouse in Minneapolis and a lakeside mansion in nearby Wayzata, Minn., which would you choose?

People continue to sacrifice size and quality for location and salary. That's why states such as New York and California still have the hottest markets for luxury homes. And the top addresses on Fifth Avenue and in Bel-Air just keep on rising in value despite the spreading malaise at the lower end of the housing food chain. But that doesn't mean that luxury real estate isn't continuing to apprecaite in other areas as well...

SECOND-HOME SECRETS

Booming business isn't the only thing fueling the emergence of luxury home hot spots. Alternative markets for second homes and retirement have popped up across the country as traditional markets grew unaffordable to many in the first half of the decade. In Rhode Island, the high-end market for oceanfront property has grown well beyond Newport's fabled Gilded Age mansions--the number of homes valued at $1 million or more jumped from 898 in 2000 to 4,209 in 2005.

"The smart money has started to appear," says Melanie Delman, president if Lila Delman Real Estate, an affiliate of Christie's Great Estates in Narragansett. "But the pricing here is still better compared to the Hamptons and Nantucket. It's still a little bit undiscovered." According to Delman, Rhode Island coastal towns such as Watch Hill, Westerly, and Misquamicut are winning the attention of professionals from New York City and Boston, as well as retirees...

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source: liladelman.com