North Phoenix Agent Blog

October resale housing sales lag behind September’s which were some of the lowest in recent memory.  September sales were 3,404 while October fell to 3,086. True, it’s not over till the fat lady sings, but I doubt we’ll add another 500 closings Valleywide in the few remaining business hours of today. Inventory is up too, with active listings at 58,106.

It “feels” better out there lately, with Open House visitors saying they intend to buy before year’s end, and showings on my listings continuing at a good pace. Sellers are getting realistic about pricing.  I’m having an easier time getting sellers to think about their actual profit between what they paid and what we can sell at now, instead of focusing exclusively on the money they “lost” because of recent price slips.

But the numbers don’t support the feeling. Yet. I expect that open housers who say “before the end of the year” will really end up buying in early 2008. Day to day life tends to intervene and things get away from us unless there’s a sense of urgency.

There’s not much in today’s housing market to cause buyers to hurry. Rates remain historically low, inventory is rising, prices continue trickling down and there’s general uncertainty in the broader marketplace. Toss in concerns over the Iraqi war and presidential politics, and buyers have good reasons to sit on the sidelines with very few good reasons to jump.

Still, I’m hopeful that my open house visitors are going to help us turn the tide. I predict purchase numbers will pick up in February & March. Activity usually trends up in the late spring and summer because folks start to think about starting the new school year in a better school district. But I think our usual spring bump could come early this year. Buyers with good reason to dislike where they’re living but who were afraid to make a move in 2007 will eventually become buyers in 2008, simply because they tire of waiting.

Fingers crossed!

In a widely expected and anticpated move, the Fed lowered short term interest rates by a 1/4 point today, to 4.50%. This is the Fed’s second rate cut in 2 months. In the accompanying statement, Bernanke warned investors not to expect further cuts. He believes the risk of the housing slowdown causing a recession is about equal to the risk of inflation. It seems Bernanke intends to leave things alone for a while.

Fed rate cuts usually take a good deal of time to trickle down the the housing market, if they affect it at all. But the Fed’s moves are all-important to the psychology of the marketplace, affecting consumers’ moods as much as anything else.

I’m in a cranky mood this afternoon, because I spent a full hour on the phone with a client’s lender trying to get an agreement that will help her avoid foreclosure. (see yesterday’s entry)I call the lender to tell them that the current payment ($1461 a month) is unaffordable, and can’t we work out an agreement where the loan is re-financed for 40 years instead of 30? I explain that as the neighborhood Real Estate expert who’s sold homes just like these for the past 3 years, I’m here to say you, Mr. Lender, will lose at least $75,000 if you issue the foreclosure notice and we short sale it.  So can’t we work together to do something that results in a payment the homeowner can afford?

I’m thinking this is a reasonable plan: the lender avoids a huge write off and gets 10 years of extra interest payments, the homeowner gets to keep her home at a payment she can afford. Certainly not the lender’s first choice, but a reasonable alternative if they’re at least a little creative and progressive.

They turned me down flat. Wouldn’t even discuss it. Also wouldn’t discuss any other plan. No forbearance, no alternate arrangements, they won’t try to refinance her…. You want to hear the lender’s brilliant plan? The homeowner should send an extra $862 per month for 4 months, and then she can go back to her regular $1461 a month payment and everything will be fine. Oh, and for a limited time only, because you’re such a good customer, we’ll ding your credit rating every month with a late code on the extra-big payment.   

What the heck kind of plan is that? If she can’t afford the current $1461 a month, what makes you think she’s got $2323 a month? You think she’s going to Vegas every weekend with an additional $862 and she just “forgot” to send to you?! Sheesh!

So all’s I’m sayin’ is, if you’re even a day behind on your mortgage payment, call your lender. If you think this isn’t a once and done fluke of a situation, call. If it might be a whole month late, or if some emergency came up, or if you just can’t afford the payments… call right now. Don’t wait until you’re 3 months behind like my client did. The banks just don’t have a lot of wiggle room to negotiate another deal if you’ve left it go for months. Call today. Please.

Related Posts:

1. REO, Foreclosure, Short Sale - What’s the Difference?
2. I Got a Notice of Trustee’s Sale, Now What?

A few quick stats on the local real estate market at the Pointe Tapatio area.

Geography note for all my neighbors: This includes the patio homes located north of Peoria road, between 7th Street & 12th Street. It does NOT include patio homes located at 10655 North 9th Street. And, it does NOT include patio homes inside the gates with addresses on 12th Place/Court/Way (near the apartment style condos). More on those pricing & selling stats later this week.

FOR SALE    

SOLD IN PAST 30 DAYS 

We’re selling 1 per month. I’m feeling generous today and I’m going to count the 1 pending sale as a “sold”. If I don’t, our supply of homes for sale is a whopping 23 months. I just don’t believe it’s that bad. But counting 2 sales and 23 homes for sale makes an 11-1/2 month supply which is pretty dismal. 

Pointe Tapatio Prices will continue slipping as long as there’s an oversupply of inventory - we should have no more than 6 months’ supply for sale. I can’t stress it enough - if you don’t HAVE to move, don’t try to sell right now.

I’ll go out on a limb (probably shouldn’t, but will) and predict that by October 2008, Pointe Tapatio prices will be $285,000 to $299,000 for the 3 bed, 2 bath 1608 square foot plan, and $320,000 to $330,000 for the 3 bed, 2 bath 1735 square foot plan (the most common plans). Prices for the bigger homes would inch up accordingly. If you have questions about the current market value of your home, give me a call or shoot over an email.

Promised myself I’d never tout my listings on my blog. But this listing is quite different, and I’m having trouble getting the word out.

Investor Wanted, Investors Only. Seller needs sale and leaseback.
Positive cash flow for the right deal.

2 BR/2 BA/1 Car Gar. Patio Home. Gated. Pointe Tapatio (7th St & Peoria)

• $230,000     Current market value
• $250,000     Mortgage amount ($200,000 first; $50,000 second)
• $175,000      Expected purchase price in a short sale
• $1028/mo    Expected mortgage payment for investor buyer (20% down, 6.875%)
• $1300/mo    Current owner/seller willing & able to pay this much monthly rent
• $1100/mo    Current rent comps
• Current owner/seller wants an option to re-purchase the property in 2 years, at then-current market rates

For an investor who can put 20% or more down on the short sale purchase, this could be a positive cash flow of $100 to $300 per month. Current owner is gainfully employed with 20 years experience in current field as an accountant. She got in trouble when she took a 2nd loan to cover some family medical bills. The ARM adjusted, the market tanked and she got stuck. Current lenders unwilling to do a workout with borrower. Attempting to secure lenders’ approval for short sale now.

HOA dues are $200 a month and current owner willing & able to pay these. Her total monthly obligation would be $1500 (rent + HOA); she’s now scraping together $2100 a month. Her credit’s been ruined by this situation but she’s got good job history and this scenario represents a major reduction in her monthly payment.

Contact me if you’re interested or know someone who would be! She’s a client who’s become a friend and I’d really like to help her out of this jam.

You’re an Arizona homeowner who’s been getting behind in your mortgage payments. Today’s mail included a document entitled “Notice of Trustee’s Sale” that says the county will auction your house to the highest bidder 3 months from now.

Now what?

First, it’s crucial to remember that you still own your home. Too many people think they’ve lost the house already and give up. Don’t! There are many ways to avoid foreclosure. Consult a pro; you’ll need the expert advice. Talk to a Realtor, a CPA, your accountant, an attorney or a bankruptcy specialist. But do it quickly! Arizona’s time frame is 90 days between issuance of the Notice of Foreclosure and the actual auction.

Foreclosure Auction Sale   If you do nothing, your home will be auctioned to the highest bidder 90 days after the date of the Notice of Trustee’s Sale. You’ll need to be completely out of the house within hours of the auction. You as the homeowner will have no control over this process, unless you speak with your lender(s) to convince them to stop the auction. How do you do that? Read on.

Work Out a Deal with Your Lender(s)    Call your lender and ask for the workout, foreclosure, or loss mitigation department. Ask them to help you work out a new plan to repay your loan. Be prepared to explain and document your monthly income and expenses. And remember they’re recording your conversation and can use any information you give them. See the FTC website for a great simple FAQ sheet on consumer rights in debt collection situations. For temporary hardships like a lost job or illness, you might be able to get a Forbearance Agreement where you temporarily don’t pay the mortgage and catch up later. Read and understand what the lender asks you to sign, if anything. You should almost certainly consult an attorney. Remember, if you have more than 1 home loan, you’ll probably need to have this conversation with each lender.

Refinance Your Mortgage Debt     If you still have decent credit, and a little equity left in your home, you might be able to refinance. Ask more than 1 lender about a refinance plan. Don’t choose your new lender only by the rate you’re quoted! The Mortgage Porter explains why.

Sell Your Home   Never an easy choice, but worth considering. If you owe more on the house than a buyer will pay, you’ll have to involve your lenders and get their OK on a short sale. In a short sale, the lender agrees to accept less in payoff than you owe them. There can be serious credit consequences to a short sale, so always consult an attorney or accountant. Trust me when I tell you that you’ll need a seasoned Realtor if your home is in metro Phoenix in order to successfully short sell your house. Homes for sale are at an all time high, while the number of homes that actually sell hit a new low in September. (July 2008 update - houses are still selling slowly and the overall market stats aren’t good, but short sales seem to be about the only things that DO sell). How to find a great Realtor? Get your friends’ recommendations on Realtors. Visit their websites and blogs to narrow your list to 2 or 3. Then interview those few. Choose the Realtor your gut tells you is the best fit for you. Read my series on How to Buy a Short Sale Home for the inside scoop on how these sales happen.

Give Back Your Home   In Arizona at least you can give your home back to your lender through a transaction called a Deed in Lieu. Note, this is much different than “mailing back the keys”, which is a seriously bad idea and essentially the same as doing nothing. A Deed in Lieu involves talking to your lender(s) and negotiating a deal you can both live with. This option might have less serious tax consequences than a foreclosure auction or a short sale, but it’s not a perfect process either. Laws and lender regulations are changing rapidly in this arena, so do a little online research before you decide on doing a short sale or a deed in lieu.

For some, bankruptcy is an option. For this one, you absolutely need a pro. Do a little research at www.martindale.com and ask friends & colleagues for recommendations before choosing a bankruptcy attorney. Ask the attorney if he provides a list of satisfied past clients and whether you can contact them.

And finally, consult a professional. Whether that’s a Realtor, an accountant, or an attorney, you’re going to need the help. Don’t ignore the problem, and don’t forget that you still own your home. Do something, anything to get out of this jam. If you do nothing you’ll surely lose your home. But doing some or all of these steps can help keeps you happy & snug inside your beloved abode.

Update: Arizona’s Mortgage Guru Shailesh Ghimire has a spectacular post covering a lot of the same territory I do here. And as usual, he uses fewer words and is clearer than I.

Related Posts

1. REO, Short Sale, Foreclosure - What’s the Difference?
2. The Inside Scoop on Short Sales
3. Favorite lender Shailesh Ghimire of CTX Mortgage explains the credit consequences of losing your house (none of them are pretty)
4. Senate Doesn’t Sign Housing Bill (June 200

Now, I didn’t say buy a car. I just said think about it.

Here’s a little piece of advice I give to sellers who are struggling to really hear and internalize the pricing advice I’ve given them. (Because in today’s market, it never fails that my advised listing price is less than the sellers hoped for.)

Think about buying a new car. Or a used car. Whatever. You go online, you do your research. You know that the car you really want to buy should cost about $30,000. Or whatever, use any number you like; I’m using $30k because it’s nice and round and easy and complicated math isn’t my bag.

So you’ve budgeted $30,000 for your new car. You’ve found out - online - that there are 2 dealerships nearby offering the exact car you want. One has listed the car at $35,000. The second dealer listed the same car at $50,000. Being the Age of Internet, you can see all this online, easily, without leaving your Barcalounger or changing out of your favorite plushy jammies.

Which dealer are you going to visit? No kidding Sherlock. You’re going to the dealer who’s offering the product at a mere $5,000 above the market value. You’ll make him an offer at $25,000, he’ll come back at $29,000 and you’ll ink the deal.

The hapless, helpless dealer who advertised his $30,000 product at $50,000? He doesn’t even get a look-see.

This is how it is when you’re pricing your home for sale. Don’t just “try it”. Don’t just “wait and see”. Price it right, from Day One, and you will see the rewards. You’ll be one of the 6% of homesellers who actually sell their homes in Metro Phoenix this year. Insist on overpricing? You might as well spend big bucks on one of those TV ads with the deep booming annoucer voice bellowing “Last Chance!” and “Won’t Last Long!” (because it will last long. And long is painful.)

Related Posts:

• Price Your Home So You Don’t Lose Money
• The Temptation of Your Neighbor’s List Price

Another reason that I continue telling my clients and acquaintances that over the long-term, the metro Phoenix real estate market will right itself and go back to chugging along at healthy, sustainable rates: our job market remains strong. Phoenix creates a busload of jobs every year, 96,000 in 2006 if I recall correctly. And see this story about actual growth in the office condo market. I’ve been told by commercial brokers I trust that the residential market usually follows the commercial market. We’re in some tough sledding this year in residential resale, but long term we’ll be OK.

There’s been quite a kerfluffle lately in the world of DPAs. What’s a DPA? These are Down Payment Assistance programs like AmeriDream and Nehemiah.

The number 1 item stopping first time buyers from buying a home is the down payment.  Saving $10,000 or $15,000 is too darn hard in today’s world, especially when you’re the typical first time home buyer who’s in their mid- to late-20’s and working at your first (or second) “real” job out of college.  The metro Phoenix region was particularly hard hit lately. Since 2004, home prices have appreciated way faster than wages, leaving many renters to assume they’ll never save enough for a down payment, so why try?

Lovely, lovely organizations like AmeriDream & Nehemiah Corp have found and used a loophole in the HUD rules that allow them to give first time home buyers a grant that covers their down payment. Grant! Which equals “no need to pay it back”. You don’t owe Aunt Tilly or Uncle Peter anything. Or even Uncle Sam. The money for your down payment is a gift you never pay back.

Savvy readers are asking “Free money — Where’s it come from?!” Lawyers are thinking, “Loophole? Must be illegal.” The more cynical among you are snorting, “Yeah, right. Free money my big toe! Nothin’ free in this world.”

To quote Ferris Bueller, “Oh contraire, mon frere.” (don’t blame me for sloppy spelling; I took German, not French)

It’s 100% legal, field tested by phalaxes of attorneys over the past 10 or 15 years. It’s not really free money but it is a WIN-WIN for everybody involved. For several reasons, DPA loans usually happen in tough markets like we’re in now where sellers struggle to sell.

Imagine a triangle with a nonprofit organization like AmeriDream at the top and the Buyer and Seller at either bottom corner. Everybody agrees in the purchase contract for the home that the Buyer will receive from the nonprofit a non-repayable grant covering their down payment. The Seller donates a ‘gift’ to the nonprofit in the exact amount of that downpayment, plus a couple of hundred bucks for an administrative fee. The nonprofit org channels the money from the Seller’s home equity, through the title/escrow company, to the Buyer’s downpayment.

It doesn’t work all the time, it doesn’t work for every situation. But when it works (usually in a buyer’s market like we’re in now), it’s a beautiful thing. A renter becomes a homeowner faster than they dreamed possible, the Seller gets to sell their house when they otherwise might not have, and to a deserving first time buyer no less. And the Realtor - namely me - gets a little misty-eyed thinking about the Hallmark moment unfolding before her eyes. Sniff!

Enter Big Brother, in the form of HUD. They issued a statement on October 1, 2007 that essentially outlaws DPAs completely as of October 31, 2007. Being as HUD’s stated mission is to provide moderate and low income folks the chance at home ownership, I’m not sure where this helps. But I won’t talk politics, or we’ll be here all night. Suffice it to say that I think HUD’s ruling is typical Washington: bad policy, ill timed and poorly communicated.

Realtors, Buyers and Sellers all over the US had a few weeks of nail biting while we waited for a court ruling on whether HUD could axe a program with so little notice. Finally on October 19 word came down that AmeriDream has been granted an extension and can continue funding DPA loans until at least February of 2008.

Why’s this matter? Metro Phoenix is in the midst of a perfect market for first time home buyers to use Down Payment Assistance programs to get into homes they never hoped to own. Tons & tons of homes for sale… many sellers anxious to sell… lots of sellers with equity enough to spare you a teensy bit for a downpayment… mortgage rates are historically low…. and there’s free money to make your downpayment.

I’ve got an AmeriDream deal closing next week (Lord willing and HUD notwithstanding). The buyer is a lovely young woman, a single parent who manages a local restaurant. She’s buying a great loft condo in a very nice neighborhood. She’s bringing a grand total of $1,022.45 to the table. For about the amount of 1 paycheck, she’s morphing into a homeowner.

Awwww. Sometimes I lurve my job. Sniff!

If you’re a renter thinking you’ll never save the money for a down payment and you’ll never own a home, think again. Then call me. Quickly, before Big Brother shuts off the spigot of DPA money.

From one of my favorite lenders, Kristi Collins of Coldwell Banker Home Loans, this tidbit of news:

“The Office of Federal Housing Enterprise Oversight (OFHEO) announced that the conforming loan limit will not be reduced and will remain at a minimum of $417,000 for 2008.”

There was some scuttlebut that the FHA would lower their conforming loan limit due to the softening housing market and slipping prices nationwide. I’m sure my new blog buddy Shailesh Ghimire has a great explanation of what FHA means, is and does.

For most FHA buyers in the Phoenix metro region, this isn’t earth shattering news. But for FHA buyers in frighteningly expensive markets like Southern California this would have caused some upset. Since it’s hard to buy an inhabitable home in SoCal for under the $400k mark (even with recent price slippage) and since the ‘conforming loan limit’ is the most FHA buyers can borrow, SoCal’s buyers could have been facing a grim 2008 if the limit were lowered.

However, it is true that $417,000 won’t buy much in certain areas of North Scottsdale. Know what I say? Come on over to North Phoenix. I’ll show you scads of neighborhoods where you can get a great pad for under $400k. Plus I know all the traffic shortcuts and detours to get you to work in the morning rush hour in plenty o’ time for that dreaded Monday morning meeting.

Cheerio!

Remember that horrible B-grade horror movie from the 50’s called The Blob? It gave me nightmares for a week. OK, so I was an impressionable, sensitive & gullible little kid. What?

Anyhoo, tonight I read a post on Steve Belt’s blog, and it reminded me of the visual of The Blob rolling over everything in it’s path, sucking them all up and incorporating those rolled over into it quest for world domination, as it grew ever larger.

Why would a post about population growth remind me of a rolling ball of red goo? Because the metro Phoenix region is growing at a mind-staggering pace. We’ll have 8 million people calling the Valley home in the coming 20 years, as Steve so precisely researched. 

My point? Valley homeowners would do well to keep that population stat in mind as we all ride out this roller coaster of a real estate correction. Eight million people need a whole lotta homes to live in.

If you stay in your current home for even a fraction of those 20 years, you’ll be just fine in terms of the return on your investment in your home.

It seems to me that the “Home As ATM” phenom that overtook us all in the past 2 to 5 years suits the American mentality to a T. We love anything that allows us to get rich quick, with little effort or sacrifice on our part. I’m not holdig myself out as a great example; I fell for the idea that my home would never stop appreciating.

Truth is, our homes were never meant to be vehicles to wealth. They’re meant to be a place to live in for the long term, put down roots in a community, raise children (or flowers if kids aren’t your thing), and build a little more love into the neighborhoods we inhabit.

Building wealth is another monster altogether. There are scores of books on the subject, including the seminal (and sometimes controversial) Rich Dad, Poor Dad. A blog I follow called BawldGuyTalking is well written and thoughtful.

But your home? It’s just a home. Live in it. Make it your own. Love it. But our national expectation that our homes would spit out $100’s at us every time the calendar page changed was, well a little bit like a B-grade movie.

For months now in the Valley of the Sun buyers have been telling themselves it’s a buyer’s market and they can take their sweet time looking at EVERY house out there before they make their purchasing decision.  Homes for sale are like paint chips at the hardware store - there’s always another one that looks intriguing.

Twice this very week I’ve shown homes to buyers who thought they had all the time in the world. They’d toured the house in question once or even twice before, and finally decided they really liked it. They might even want to make an offer. It’s just down to this one and one other….  Just one other….. Just show me this one other house…. I don’t want to miss anything.  The house’ll still be there tomorrow, because you know, ‘nothing’s selling’. Right?

Grab your Magic 8 Ball folks. The times, they are a-changin’. Ask it, “This house will be here tomorrow, right?” Turn it over and it’ll tell you, “Outlook not so good.” Try it again and it’ll scream, “Don’t count on it!”

So, off we jaunt to look at the house my buyers have spent all day imagining their stuff in, and BAM! the seller just received a contract an hour ago. I’m not making this up, it’s happened twice in the past 2 days.

Now we’re in a multiple offer situation. Remember the phrase “bidding war”? Remember offering more than full price? Remember when buyers had to pay all their own costs, and not dare ask sellers for a single bleeding thing? I’m not saying those days are back, not by a long shot. But don’t over-wait and risk missing out.

The old adage is old because it’s true: The house you looked at today and want to think about until tomorrow is the same house that another buyer looked at two days ago and is making an offer on today.

Most home sellers these days in the Valley are savvy enough to realize there’s a lot of competition out there. They know they’ve got to spruce up, clean up, organize, and stage their house so it stands out from the competition. The process of doing this is a whole other post that I’ll get to in the coming days.

Here, today, I want to talk about my Ice Cream Analogy. I whip this one out when I’m talking to sellers who are resistant to the idea of painting, carpeting, or snazzing up counter tops. The usual refrain I hear is, “We don’t want to waste money updating that when the buyer might not like the color or style anyway. Why bother? Just let them do it once they move in.”

Folks, that mind set is a cop-out. Why do I say that so bluntly? Here’s where the ice cream comes in.

Let’s imagine you & your neighbor both stand in your front yards offering free ice cream. Your neighbor offers vanilla ice cream. You’re offering almond nut crunch with chocolate sprinkles and caramel sauce.

Whose ice cream offering do you think will get more takers? Vanilla! More folks will choose the vanilla ice cream, every time, no matter how yummy the almond nut crunch looks and tastes. Why? You can dress up a vanilla scoop any way you like. Add chocolate sauce, rainbow jimmies, chopped peanuts, Oreo cookies, strawberry topping or anything else to make it all yours. But the almond nut crunch w/ toppings is an option which is hard to un-do. You can’t easily turn that confection into anything else. It would take time, patience and some creativity.

Time, patience and creativity are qualities most buyers are lacking or are unwilling to exercise, for a variety of reasons. Today more than ever, buyers want a blank canvas that they can just spend a little money & effort personalizing. Most are turned off by a home that needs a lot of “un-doing” before they can get to the personalizing stage.

Need to sell? Vanilla-ize your digs. It’s called “Real Estate Beige” for a reason - it sells real estate.

Everybody’s heard of the big chain yoga shops around town. I won’t even mention ‘em, because I know you have. And if you haven’t, better yet. Start local. A Desert Song Yoga (www.aDesertSong.com) and Yoga Pura (www.yogaPura.com) are fabulous local spots to begin a journey through the world of yoga. They both offer beginners classes, intermediate and advanced sessions. Yoga Pura offers individual sessions; A Desert Song offers a medico-yoga class for those with specific health & movement restrictions.

Rushing off to seal a deal, so don’t have more info just now. (Yes, homes are still selling!) Visit these great shops’ websites and learn more about how Yoga Gets Local!

First up, this ZIP is where my heart is. I grew up here, in Moon Valley, and still recommend that neighborhood to any of my buyers looking for a home to raise their kids in.  I call it the McCormick Ranch of Phoenix. Awesome neighborhood schools. Plenty of shopping & dining nearby. A quick 5 minute car ride to freeways 51, 17 and 101. Mature landscaping. Beautiful older homes. Each one has character, a big lot, and plenty of interior space to spread out. Lots of split floor plans. Downsides? Lots of sunken living rooms. Hey, whaddya gonna do? We were all a little nutso in the late 70’s and some builder convinced us that sunken living rooms and conversation pits were hip.

Quick Stats on ZIP 85022

Absorption rate for the past 30 days (Sept 4 to today) is 10%. Sellers in this ZIP, you’ve got it easier than most! A 10% rate is awesome compared to the overall Valley, which I believe is bottoming out at 5% in past few weeks. But don’t let that go to your heads, 85022 sellers. Good as your number is relatively speaking, it still means that only 10% of the homes for sale are actually selling in any given month. You’ve still got to price aggresively and stage your home with flair.

(For novices, ‘absorption rate’ is a simple math equation. There are 550 homes for sale in ZIP 85022, and 55 sold in the past 30 days. Real estate blog ActiveRain explains it best: “The total amount of available product is divided by the total amount of product sold in the previous month.”)

Average days on market is 85.

Average sale price overall is $251,441. This breaks down into $330,599 average sale price for a single family, detached home, and $180,077 for condos/townhomes.

Budget minded & first time buyers can buy into 1 of 2 great school districts by looking at The Cliffs at North Mountain (a condo conversion at 1720 E Thunderbird Road where students attend Shadow Mountain schools) and Quail Hill (kids at the intersection of Coral Gables road & Central Ave attend Lookout Mountain schools). Sale prices in these two subdivisions run between $165,000 and $200,000.

That’s it for now. TOMORROW: 85022’s Best Kept Culinary Secrets