Gilbert Arizona Real Estate

Gilbert Real Estate- Another New Home Builder Shuts Down

Hat tip to my fellow Thompson’s Realty Associate Heather Barr for posting this infomation today.  Since this builder has been very prevelent in the East Valley and in Gilbert- I thought I would pass along the information.

From BuilderOnline.com:

Brown Family Communities, a BUILDER 100 company based in Tempe, Ariz., has shut down. “Due to the economic conditions, our offices are closed,” a message tells callers to the company’s main telephone number. The builder’s Web site (www.homebfc.com) has also been taken down. The specific reasons for the closure were unknown this morning. 

 For a list of home builders that are financially struggling please visit the Arizona Dept of Real Estate website.

These Gilbert Real Estate Market Statistics  Currently there are 2226 Gilbert homes for sale.  Inventory is up- compared to Aug 2008  The number of sold homes decrease slightly and pending sales increased.  The current absorption rate of homes for sale in Gilbert is about 6.1 months.

For the month of Sept 2008 there were:

• New Listings: 661
• Pending Sales: 349
• Sold Homes: 363

Listing Status Gilbert AZ Real Estate Sept 2008

The average sales price of Gilbert homes for sale decreased in the month of Sept 2008 . The average sales price decreased 1% from Aug 2008. 

Gilbert AZ Real Estate- Foreclosures

Currently there are 240 homes for sale in Gilbert that are bank owned. In Sept 2008 there were 96 homes that sold that were foreclosures-26% of all homes sold in Gilbert.

For more information on the Gilbert Real Estate Market Conditions visit ASU Realty Studies

The Governor, Janet Napolitano, announced today, a $13.6 million initiative designed to strengthen state efforts to meet the needs of Arizona families and communities hard hit by the economy Housing Arizona, will expand services to homeowners and neighborhoods affected by mounting foreclosures, and for families and individuals facing homelessness.

From the press release:

“Housing Arizona is supported with funds from the State Housing Trust Fund and includes $6.1 million to expand existing programs and $7.5 million in new resources to tackle the growing dilemma of homelessness and mortgage foreclosure. The Housing Trust Fund was created by the state legislature in 1988 to address the growing need for affordable housing across Arizona, and is the only source of flexible funding available for housing and community development, especially in rural Arizona.

The initiative funding, administered by the Arizona Department of Housing, will continue the eviction and foreclosure prevention programs across the state, match federal foreclosure counseling funds, support continued outreach to troubled homeowners, and provide state support to ensure the successful deployment of new federal dollars targeted to assisting neighborhoods severely impacted by foreclosures.

“Foreclosures in the Gilbert Real Estate market continue to rise, recent data suggests that more than 16,000 households faced foreclosure in the first six months of 2008. If you are facing foreclosure, there is a state-funded foreclosure toll-free hotline (1-877-488-1211), where homeowners are matched with foreclosure counselors who guide them through the complexities of negotiating positive outcomes with lenders and servicers. These services are provided at no charge to the homeowner.”

Help for Gilbert First Time Home Buyers

In addition to helping people facing foreclosure, the plan will also allocate $2 million for first-time homebuyers down payment assistance to help families take advantage of the affordable housing.

These Gilbert Real Estate Market Statistics  Currently there are 2198 Gilbert homes for sale.  Inventory is down- compared to July 2008 where there were 2306 active listings at the time the post was written. The number of sold homes increased slightly and pending sales decreased.  The current absorption rate of homes for sale in Gilbert is about 5.9 months.

For the month of July there were:

• New Listings: 651
• Pending Sales: 333
• Sold Homes: 372

Listing Status Gilbert AZ Real Esate July 2008

The average sales price of Gilbert homes for sale decrease in the month of July. The average sales price decreased 3% from July 2008. 

Gilbert AZ Real Estate- Foreclosures

Currently there are 204 homes for sale in Gilbert that are bank owned. In Aug 2008 there were 110 homes that sold that were foreclosures-30% of all homes sold in Gilbert.

For more information on the Gilbert Real Estate Market Conditions visit ASU Realty Studies

Gilbert Model Homes to be Auctioned-Gilbert Real Estate

These are not your ordinary Gilbert Foreclosed homes for sale- these are former model homes.

Kennedy Wilson Auction Group  will be auctioning 14 “Luxury” Gilbert Model Homes  at 1 p.m. Sept. 14 at the Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, 7500 E. Doubletree Ranch Road, in Scottsdale.

There are 7 model homes at Marque at Cooley Station, 890 S. Henry Lane in Gilbert and 6 homes at the Lakes at Annecy, 1652 E. Bridgeport Pkwy. Potential home buyers can view the homes at the respective model home complexes. 

Potential buyers in the Sept. 14 auction must be pre-registered by Sept. 11.

If you are looking to buy a home in Gilbert, this maybe a great opportunity to get a great deal on a home, a model home without many of the risks that may present when buying a Phoenix foreclosure.