Just a little blurb from one of our favorite title/escrow officers, Maggie Clark of Equity Title. This gives a good picture of just how much the REO (“real estate owned”, i.e. bank owned foreclosure) properties are driving the market lately.
Southwest Valley - REO active listings represent 16% of the total listings, and 50% of the sales for the last month.
Peoria and Glendale - REO active listings represent 17% of the total listings, and 54% of the sales for the last month.
Scottsdale - REO active listing represent 6% of the total listings, 29% of the sales for the last month.
We still get calls on a regular basis from buyers seeking second homes and winter vacation homes. They often ask for Scottsdale, and expect prices to have nose-dived there just like everywhere else. Not the case! Scottsdale hasn’t been hit with the tsunami of foreclosure much of the rest of the Valley of Sun has. Not as many bank owned homes on the market at bargain bazaar pricing equals prices have not nose-dived. Not in Scottsdale anyway.
You want bargain basement, clearance sale pricing? Go to the older neighborhoods in Phoenix, and to the West side neighborhoods of Peoria, Goodyear, Avondale, Tolleson, Maryvale, Buckeye, Peoria, etc. The far Southeast has seen plummeting prices too: think Queen Creek, Florence and Apache Junction.