Tag Archives: Arizona Real Estate

5014 E Flossmoor Ave, Mesa AZ Retirement Home For Sale


$254,900
2104 W JIBSAIL Loop
Mesa, AZ 85202
MLS# 5625191
3 beds  |  2 baths  |  1402 sqft



Property Description
Charming 3 bedroom 2 bathroom home in the highly desirable Dobson Ranch community. Numerous upgrades throughout like new interior paint, new baseboards, new carpet, new wood flooring, every bedroom has a walking closet, vaulted ceilings, upgraded bathrooms, The master suite has a walk-in shower, home is move in ready. This Beautiful Home has a covered patio, private courtyard in front, and is located in lake subdivision with tons of community amenities like swimming pools, a golf course, sports courts, fishing lake, playgrounds and a clubhouse. Home sits on a corner lot with easy access to the 60 and 101 and just minutes away from dining, shopping, entertainment, Mesa Community College, Cardons Childrens Hospital, Banner Desert Medical Center, 18-hole golf course.

Details
Maps
Contract Information
List Price: $254,900
Current Price: $254,900
Location, Tax & Legal
Map Code/Grid: R38
House Number: 2104
Compass: W
Street Name: JIBSAIL
St Suffix: Loop
City/Town Code: Mesa
State/Province: AZ
Zip Code: 85202
Zip4: 5525
Country: USA
County Code: Maricopa
Assessor Number: 305-02-589
Subdivision: DOBSON SHORES LOT 1-76
General Property Description
Dwelling Type: Single Family - Detached
Exterior Stories: 1
# Bedrooms: 3
# Bathrooms: 2
Approx SQFT: 1402
Year Built: 1978
Apx Lot Size Range: 1 - 7,500
Elementary School: Washington Elementary School - Mesa
Jr. High School: Rhodes Junior High School
High School: Dobson High School
Remarks & Misc
Geo Lat: 33.381318
Geo Lon: -111.87819
Status Change Info
Status: Active
Status Change Date: 2017-06-26
Legal Info
Township: 1N
Parking Spaces
Garage Spaces: 2
Property Features

Listing Office: HomeSmart

Last Updated: June - 27 - 2017

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Tuesday 27th of June 2017 07:07 AM

Arizona Widow, Widower, Disabled Tax Exemption

Very few Arizona property owners are familiar with the  Arizona Widows, Widowers, and Disabled Persons Property Exemption (This underlined text is a clickable link to the Maricopa County Assessor’s Office webpage featuring frequently asked questions about the exemption.)

Through Arizona Revised Statute 42-11111, if you are widowed or disabled Arizona resident, and your total assessed valuation in Arizona does not exceed $25,306 for the 2015 tax year, you may qualify to have the assessed value of your property to be reduced by $3,724 dollars or more, with a corresponding reduction if tax.

Application for the exemption is accepted January 1, through February 28, each year.  To verify the details of the 2016 Arizona widowed/disabled exemption qualifications, visit your county assessor’s website after January 1, 2016.  This also applies to successive years, verify after January 1 of each year.

In order to qualify for the 2015 exemption, your 2014 income from all sources, excluding social security could not exceed $ 31,035.  However, if children under 18 years of age or disabled children reside in your household, your income could not exceed $37,231.  These income amounts are indexed to the U.S. Gross Domestic Product, a measurement of economic performance, and will vary year to year.

Disability must be total and permanent and certified by a licensed physician on form DOR82514B.

There is a minimum age to qualify.

This is just a brief summary of the program.

The applicable statute is linked here: http://www.azleg.state.az.us/ars/42/11111.htm

Here is a link to the 2015 application: http://mcassessor.maricopa.gov/wp-content/uploads/PersonalExemption.pdf

High Pollution Advisory – May 1, 2015

The Arizona Department of Environmental Quality (ADEQ) is issuing a High Pollution Advisory (HPA) for ozone for the Phoenix metropolitan area for Friday, May 1, 2015.

The HPA – the first for ozone in 2015 – is being issued because the high pressure system affecting Valley air flow is locking in ozone and its precursors.

“Tomorrow’s high pollution advisory for ozone is a direct result of a ridge of high pressure that is moving through the area,” ADEQ Air Quality Division Director Eric Massey said. “The ridge will result in stagnant air conditions as well as higher than normal temperatures, allowing ozone concentrations to build up over the course of Thursday and Friday.”

ADEQ recommends that children and adults with respiratory problems avoid outdoor activities Friday and also suggests that the general public limit outdoor activity.

The Maricopa County Air Quality Department will enforce its mandatory “No Burn” restrictions during the HPA. Businesses conducting dust-generating operations are urged to be vigilant in their dust control measures and the Ozone HPA includes the following restrictions:

  • Contractors cannot use leaf blowers on governmental properties on HPA days.
  • Open burning and residential fireplace burning is restricted in Maricopa County during a HPA. This includes individuals and businesses that have burn permits for open burning.

Valley Metro requests employers activate their HPA Plan. Residents and employers are asked to use these tips to help make the air healthier to breathe:

  • Avoid waiting in long, drive-through lines like at fast-food restaurants or banks. Park your car and go inside.
  • Refuel your vehicle after dark.
  • Drive as little as possible: car-pool, use public transit or telecommute. For information on transportation alternatives, visit Valley Metro: www.valleymetro.org
  • Use low-VOC (Volatile Organic Compounds) or water-based paints, stains, finishes and paint strippers.
  • Delay big painting projects until high-pollution advisories or health watches have passed.
  • Make sure containers of household cleaners, garage and yard chemicals and other solvents are sealed properly to prevent vapors from evaporating into the air.
  • To learn more about the air you’re breathing, visit: www.cleanairmakemore.com

OZONE BACKGROUND: Ground level ozone is formed by a chemical reaction that needs heat from sunlight, nitrogen oxides and volatile organic compounds (VOCs) to form. The months of April through October make up our Valley’s longer-than-normal “ozone season.”

 CONTACTS:

The Arizona Department of Environmental Quality (ADEQ) provides a daily forecast for air quality and issues high pollution advisories or health watches when these conditions exist. Please visit www.azdeq.gov/environ/air/ozone/ensemble.pdf or call (602) 771-2367 for tomorrow’s forecast. To receive air quality forecasts via email and/or text message, please visit www.azdeq.gov/subscribe.html.

CONTACT: Caroline Oppleman – (602) 771-2215 desk /(434) 386-7212 cell

The Maricopa County Air Quality Department is a regulatory agency whose goal is to ensure federal clean air standards are achieved and maintained for the residents and visitors of Maricopa County. The department is governed by the Maricopa County Board of Supervisors and follows air quality standards set forth by the federal Clean Air Act. The department offers air quality information and resources on its Clean Air Make More website. Please visit www.cleanairmakemore.com to learn more.

CONTACT: Bob Huhn – (602) 506-6713 desk/(602) 526-7307 cell

Valley Metro/RPTA provides eco-friendly public transit options to residents of greater Phoenix and Maricopa County, including a clean-fuel bus fleet, low-emissions light rail, online car-pool matching and bus trip mapping, and bicycle and telework assistance. Funding is provided by local, state and federal revenues; and administered by a board of 16 governments working to improve and regionalize the public transit system. Please visit www.valleymetro.org to learn more.

CONTACT: Corinne Holliday – (602) 322-4492 desk /(623) 293-0335 cell

See more at: http://www.maricopa.gov/pr_detail.aspx?releaseID=2883#sthash.9iKIvrPU.dpuf

Household Creation is a Key to Our Real Estate Market

Household Creation is a key to Our Real Estate Market

Current Loan Rates

FHA 3.25% ……………………..3.5% down payment
Conventional 4.00% ………20 % down payment
Jumbo (417,000+) 4.125%……20% down payment

According to the Arizona Regional Multiple Listing Service, Phoenix area home sales in May this year were down 21.1% from sales in May 2013.

Year to date sales for Phoenix Metro are down just a little more than 17%

AND total May inventory of homes for sale is up 46.8% from last year!!!

Recently we showed how the jobs to population ratio has an effect on our housing market.

As a footnote to that report, we’d like to attempt to show the difference between the national jobs to population ratio is around 58.7% while the national unemployment is reportedly 6.3%
Released June 6 by the U.S. Bureau of Labor Statistics – seasonally adjusted

Employed ……………………………………………….58.9%

Unemployment calculation

Unemployed ……………………………………………6.3%

Marginally attached to labor force …………..5.9%

Don’t want to work …………………………………28.9%

Total…………………………………………………….100.0%

 

Persons marginally attached to the labor force are those who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the past 12 months. Discouraged workers, a subset of the marginally attached, have given a job-market related reason for not currently looking for work. Persons employed part time for economic reasons are those who want and are available for full-time work but have had to settle for a part-time schedule.
Now let’s focus on another important factor is household creation.

Household means is a group of people living together. It can be six roommates, a four-person nuclear family plus a grandmother in the guest room, or a
young couple of two.

4 living states:

  • 1) with parents/family
  • 2) alone
  • 3) with spouse or partner
  • 4) with non relative roommate

Formation means one more of those categories. More formations is good news. It suggests more people getting jobs, getting apartments, getting married, having kids, and (in all likelihood) spending more money to furnish their new households and express their independence.

For 2000-2005, 1.35 million households were created per year.  However, according to the U.S. Census Bureau, the household creation rate for 2006-2011 was only 550 thousand per year, a decrease of about 60%.

There are approximately 115 million households in the US, so such a large reduction in the number of households created is like a 1% change in the number of households each and every year from 2006-2011.

It would be like 1 of every 100 homes or apartments became vacant each year.

Nearly all things needed to reverse this trend and increase household creation are in place:

1) Cost of housing – price of housing, cost of borrowing are historically low
2) Job are readily available – for those looking for work
3) Inflation is low – cost of transition to homeownership is unchanged
4) Credit is readily available except for those recovering from short sale or foreclosure
According to Michael Orr, Center for Real Estate Theory and Practice W P Carey School of Business, Arizona State University, “If household creation were to return to the normal long term average we would quickly have a housing shortage here in Greater Phoenix.

Household creation usually starts with stronger demand for rentals, as adult children move out from their parents’ homes. This is typically followed in the second stage by stronger demand for homes to buy.

Rental vacancies are unusually low and supply is tight. Activity in multi-family (both new construction and re-sales) is strong.

There are two main questions here:

1. How quickly will lenders lower their underwriting standards?

2. Will those who could qualify under these new guidelines actually apply for loans?

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Jobs Are A Key Factor In Arizona’s Real Estate Market

Jobs Are A Key Factor In Arizona’s Real Estate Market

Current Loan Rates

FHA  4% ……………………..3.5% down payment

Conventional 4.375% ………20 % down payment

Jumbo (417,000+) 4.25%……20% down payment

Wow look at these low interest rates!!  Why is not everyone in Arizona doing a real estate deal right now?  What’s going on with this market?

According to the Arizona Regional Multiple Listing Service, Phoenix area home sales in April this year were down 12.5% from sales in April 2013.

Year to date sales for Phoenix Metro are down just a little more than 18%

AND total inventory of homes is up 47.5% from last year!!!

So what are the factors influencing this situation?  One important factor is jobs.

Nationally, the employment to population ratio is 58.9 percent.  You can see from the chart below that December, 2006, was the high point with a ratio of 63.4%.  That pretty much corresponds to the high point in construction activity and the peak of the so-called “real estate bubble”.

Screen Shot 2014-05-29 at 2.51.40 PM

The chart also shows that the low point is 58.2%, but since March, 2009, the ratio has been below 60%

Lawrence Yun, NAR chief economist, says that the U.S. population has been growing steadily, but job creation has not. “When you look at the jobs-to-population ratio, the current period is weaker than it was from the late 1990s through 2007,” he said. “This explains why Main Street America does not fully feel the recovery.

Arizona’s overall unemployment rate from all sectors was down in April from 7.3 to 6.9%, and its civilian labor force edged up to 3,034,600. In March, its civilian labor force jumped to about 3,029,400 from about 3,006,200 in February.

According to the Arizona Construction Association CEO, in April, 2014, the Arizona’s construction jobs numbered about 123,100, off by 2,200 and representing only  a 0.5% year-over-year increase on the month.

A similar report from the Phoenix Business Journal, says,”Arizona loses 2200 jobs between March and April.”

Whether there were 2200 layoffs, or the number is down from average, is not exactly clear.

Regardless of what’s going on in the construction job scene, Arizona jobs to population ratio is lower than the nation average

chart

Michael Orr,  director of Arizona State University’s Center for Real Estate Theory and Practice. says, Job growth is finally reaching an important threshold for improved household formation.  Household formation has been affected by unemployment…….If household creation were at the normal long-term average, we would quickly have a housing shortage here in Greater Phoenix.”

Hopefully Mr. Orr’s prediction is correct, and we are reaching that important threshold, and we will soon feel a stronger sustained recovery.

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