13 Jun 08 
Arizona Real Estate Companies Join Forces
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Luxury real estate firms—Russ Lyon Realty Co. and Equitable Sotheby’s International Realty—have merged to create a “powerhouse company”, according to Jim Lyon. Lyon, grandson to Russ Lyon Realty founder—Russ Lyon Sr.—is acting co-chairman on the joint venture.
The new company will conduct business as Russ Lyon Sotheby’s International Realty and will operate with nearly 1,000 agents that serve the Northeast Valley—Scottsdale and Phoenix, Sedona, and Flagstaff.
John Vatistas, co-chairman and founder of Equitable Real Estate in 2005, stated, “There is no sense in sugarcoating it, this is what we’re doing, we’re going to change things from top to bottom.”
Other notable members of the board include Dominic Scappaticci, chief executive, and Todd Gillenwater, president.
Speaking on the topic of Arizona’s current real estate market, Gillenwater said, “the market is dragging along the bottom, and nobody knows how long that is going to last. There is still a wide gap between what sellers and buyers think houses are worth.”
Tags: dominic scappaticci, equitable sotheyby's international realty, flagstaff real estate, jim lyon, john vatistas, northeast valley real estate, phoenix real estate, russ lyon, russ lyon realty co, russ lyon sotheby's international realty, scottsdale real estate, sedona real estate, todd gillenwater
06 Jun 08 Foreclosure Auction for Phoenix Real Estate
The Real Estate Disposition Corp. has scheduled a massive auction this weekend for homes that have foreclosed and are in possession of lenders. The event, to be held at the Phoenix Convention Center, will start at 9:30 a.m. Saturday morning; an estimated 450 properties will be up for auction over the course of the two-day event.
Home auctions, both foreclosure auctions and new home auctions, have become increasingly more common over the past six months. Home builders have helped to reduce their inventories by utilizing auctions, and as lenders are repossessing more homes due to the ever increasing rate of foreclosures, they are finding that auctions are an effective method to reduce their real estate owned.
Of course homebuyers are also in favor of buying their next home from auctions too, as they are receiving large discounts for the properties they purchase. One report suggested that homes valued at around $300,000 will have a starting bid of under $100,000.
Learn more about this weekend’s auction in Phoenix and other home auctions across the nation by visiting USHomeAuction.com.
Tags: band owned, foreclosure auction, home auction, Home Builders, homebuyers, phoenix convention center, phoenix real estate, real estate disposition corp, real estate owned, reo
16 May 08 Las Vegas, Miami, and Phoenix Real Estate… Home Price Gains as Much as 50 Percent!
Lawrence Yun, chief economist for the National Association of Realtors, stated that Las Vegas, Miami, and Phoenix home prices could increase by as much as 50 percent over the next five years. During Yun’s speech, at the National Association of Realtor’s Midyear Legislative Meetings & Trade Expo yesterday, he further added that many cities, which have performed evenly for the past several years, are likely to see home price gains between 20 to 30 percent within five years.
Yun’s assessments are mainly derived from analyzing trends in subprime lending. The markets where significantly more subprime loans were issued are coincidently the same ones that have experienced the biggest downturns.
“While much of the media is focusing on the fact that the rate of foreclosures doubled this year from historic averages, the foreclosure rate has gone from one percent of all homeowner with mortgages to two percent. Foreclosures are being driven principally by subprime loans”, said Yun.
Personally, I think that these are rather bold predictions by Yun… however; his reasoning isn’t too farfetched. I guess time will tell…
Does anyone agree, or disagree, with Yun? I read about this on an NAR press release, click here to read the entire article.
Tags: las vegas real estate, lawrence yun, miami real estate, NAR, national association of realtors, national association of realtors midyear legislative me, phoenix real estate
