by Paul Slaybaugh | Jun 28, 2010 | Scottsdale Real Estate, This & That
“You mean, it’s ours? It’s really ours?”
They were so excited. Even after I handed them the keys, they were slow to believe that the modest Spanish bungalow was now in their adoptive custody. Over the course of four exasperating months, we must have seen and dismissed close to a hundred homes. This one needed too much work. That one had a poor kitchen layout. Yet another sat on the “t” of a subdivision’s entrance: bad feng shui, or so I was told. Before the market skies parted and yielded the seventeen hundred square foot, clay tile miracle that appeared to have met extinction in their price range, our flagging spirits were all but ready to pack it in. The May 5th, 2005 discovery saved them from another year of apartment living. A challenge, at best, with a ten year old daughter, let alone with a half-baked bun in the oven.
“Can we go in,” the wife asked in a small, cautious voice.
“Of course,” I responded. “It’s your house, Liz, you can do whatever you please.”
She ignored my extended hand and engulfed me in a fierce hug. Her husband clasped my shoulder in a vice grip which betrayed an adolescence spent laboring on the family farm in Iowa. His curt nod spoke volumes.
“You’re welcome, Mel,” I replied.
“Thank you both for hanging in there with me. I know it hasn’t been easy, and I can’t tell you how much I appreciate the patience and trust you’ve shown. It’s been a long, tough slog, but I think we got it right.”
“Yes, we did,” Mel said, breaking his silence for the first and only time that morning.
“We would like to have you and your wife over as soon as we get settled,” Liz added.
“I’d like that,” I told her.
I meant it, too. I like just about every client I take on, but felt a special kinship with this couple for reasons that surpassed the extended time spent in each other’s company. After bidding the happy couple farewell, I glanced in the rearview as I navigated my way down the tree-lined street. Instead of going inside, they remained rooted in place, holding hands and staring at their new home.
I received a phone call from Liz this morning. Turns out that Mel has been out of work for some time now, and they cannot afford to keep the house. Might have to move back to the Midwest and look for a position on the farm. See just what kind of life is left in those gnarled, old leather hands.
I hate this job sometimes.
by Paul Slaybaugh | Jun 26, 2010 | McCormick Ranch Subdivisions
Tierra Del Norte in McCormick Ranch is a small, u-shaped neighborhood that is often mistaken for the Paradise Park Trails subdivision that surrounds it. A pocket of only 21 homes, Tierra Del Norte was one of several subdivisions developed entirely or partially by Hancock (Camelot) Homes. With construction ranging from 1979-1993, the original models were similar to those Hancock / Camelot built in Vista De La Tierra, Palo Viento 2, Playa Del Sur, Paseo Village and Paradise Park Trails. In addition to a couple of hybrid plans (Hancock was one of the few builders in the McCormick Ranch area that allowed for a fair amount of customization at the time of construction), there are two homes built in the early ’90s that feature unique layouts.
View Home Floor Plans in McCormick Ranch for Hancock / Camelot Homes
Located along the Arabian Trail semi-circle East of Hayden Rd and bounded by Mountain View Rd and Shea Rd on the South & North, respectively, Tierra Del Norte in composed of single-family homes ranging from 2078 sq ft – 3572 sq ft. Following is the statistical lowdown:
- Average size home is approximately 2924 square feet
- All 21 homes are single-level
- 20 of the homes (95%) include private swimming pools
- The original homes in the subdivision were constructed with block, the newer construction with frame-wood
- 2 car garages are standard, but there are 3 car garage properties in the neighborhood as well
- Zoned R1-10 for single-family residential lots with 10,000 square foot lot minimums
- Lot sizes range from 10,792 – 21,447 square feet (approx 1/4 acre – 1/2 acre)
- Cochise Elementary, Cocopah Middle and Chaparral High School districts
Read more about the schools of the Scottsdale Unified School District
With ready access to the adjoining greenbelts, residents of Tierra Del Norte can follow Camelback Walk (McCormick Ranch walking path system) to get virtually anywhere in the Ranch. Cochise Elementary School and Mountain View Park are less than a mile away and accessible without having to cross a major street (the paths lead underneath Mountain View Rd). Further exploration leads an intrepid walker, jogger or cyclist to the 3 primary McCormick Ranch Lakes (Lake Angela, Lake Nino and Lake Margherite) and along the McCormick Ranch Golf courses. One could follow all the way to Tempe if so inclined. In the other direction, one could limp directly to the Shea complex of Scottsdale Healthcare (hospital) to get that bum ankle looked at.
Shopping and dining is readily accessible at the Mountain View / Hayden intersection (Joyful Chinese Dining, Ranch Pharmacy, etc), at the Via De Ventura / Hayden Rd intersection (The Melting Pot, Royal Barge Thai Cuisine, Zipps Sports Bar and Grill, The Village Roastery, etc) as well as the numerous establishments found along the Shea Rd and 90th St corridors.
Near it all, Tierra Del Norte is sometimes overlooked amongst more well-known subdivision names in McCormick Ranch. If a sizable single-family home on an equally sizable lot in the Northern portion of McCormick Ranch is on your wish list, I encourage you not to make the mistake of omitting this terrific neighborhood from your search.
Ready to do some more digging? Check out the latest homes for sale, customize your own McCormick Ranch home search, view floor plans, read the overview for McCormick Ranch, peruse additional subdivision spotlights and more through the below links!
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Homes For Sale in Tierra Del Norte of McCormick Ranch
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Search McCormick Ranch Homes For Sale
View McCormick Ranch Home Floor Plans
Learn More About McCormick Ranch
Whether buying or selling a home in McCormick Ranch, look no further than Ray & Paul Slaybaugh. With over 50 years of combined McCormick Ranch Real Estate expertise, we’re your huckleberries.
(480) 220-2337 | paul@scottsdalepropertyshop.com
by Paul Slaybaugh | Jun 25, 2010 | McCormick Ranch Subdivisions
Villa Hermosa is a mixed builder subdivision in the Northern portion (North of Via De Ventura) of McCormick Ranch. Bound by Hayden Road, Arabian Trail, Mountain View Road and the neighboring Estados De La Mancha subdivision, Villa Hermosa is favored by many for its proximity to Cochise Elementary School and Mountain View Park.
Originally developed by Metropolitan in 1979, the subdivision was completed in the mid ’80s by the builder, JA Smith. The differences between the two genres is readily apparent. Whereas the Metropolitan homes primarily feature composite (asphalt) shingle roofs and a mix of exposed block and stucco finished exteriors, the JA Smith homes typically boast a stucco finish with partial tile roofs and at least one vaulted ceiling. JA Smith homes in Villa Hermosa are also readily identifiable by the oversized picture windows that many sport in their front elevations.
View Home Floor Plans for Villa Hermosa
- There are 108 total homes in Villa Hermosa (all single level)
- 78 (72%) homes have private swimming pools
- The average house size is 2044 square feet
- Homes were constructed between 1979-1985
- Zoned R1-7 for single family residences with 7000 square foot lot minimums
In addition to the previously mentioned Cochise Elementary School, Villa Hermose falls within the boundary lines of the Cocopah Middle School and Chaparral High School districts – arguably the most sought after district trio in the state.
More About the Scottsdale Unified School District
Neighborhood amenities include ready access to Camelback Walk (the McCormick Ranch walking path system), Mountain View Park (tennis, soccer, basketball, baseball / softball, playground and recreational center), nearby shopping and dining at the Mountain View / Hayden Road intersection (Joyful Chinese, Ranch Pharmacy, Burger King, Circle K, etc) and access to the McCormick Ranch lakes that lie just West of Hayden Road.
The Metropolitan Homes tend to fall on the lower end of the neighborhood spectrum, while the JA Smith properties comprise the higher end pricing. That said, I will make the caveat that a few of the older Metropolitans have been taken virtually down to the ground and rebuilt over the years. Throw all the generalizations away on the builder/investor flips.
Latest Homes for Sale of Lease in Villa Hermosa of McCormick Ranch
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Learn more about McCormick Ranch
Search McCormick Ranch Homes for Sale
View McCormick Ranch Floor Plans
Thinking About Buying or Selling a Home in McCormick Ranch? Put Over 50 Years of Combined McCormick Ranch Real Estate Expertise to Work for You! Contact Ray & Paul today.
(480) 220-2337 | paul@scottsdalepropertyshop.com
by Paul Slaybaugh | Jun 24, 2010 | McCormick Ranch Subdivisions
Spanish Oaks is a gated McCormick Ranch townhouse subdivision that lies along the North side of McCormick Parkway. Adjacent to the newer Meridian on McCormick Ranch, across the street from the substantial HOA dues of the Sandpiper development and just East of the luxury Cuernavaca Segunda (Colonial Encantada) development, Spanish Oaks represents one of the more affordable townhouse options in McCormick Ranch.
Located along the aforementioned McCormick Parkway between Hayden and Scottsdale Roads, both directions of ingress/egress rival the Via De Ventura / Doubletree Ranch Road corridor for the title of prettiest stretch in the Ranch, if not all of Scottsdale. An easy stroll to the McCormick Ranch Golf Club, the Scottsdale Resort and Conference Center, Camelback Walk, Paseo Village shopping center and the Millennium Resort, the view of Camelback Mountain rising behind the golf course and the adjoining Camelback Lake is nothing short of spectacular.
Spanish Oaks Unit One Particulars:
- Comprised of 58 properties; 45 of which are single level, and the remaining 13 two-stories.
- Average unit size is 1664 square feet
- Each unit was built in 1979 (Diamond Key Homes)
- No private swimming pools
- Wood frame construction
- Primarily stucco finish with tile and partial tile roofing
- Multiple patios (most units have 2 to 3 separate patio areas)
Spanish Oaks Unit 2 Particulars:
- Comprised of 60 units; 49 single-level and 11 two-stories.
- Average unit size of 1639 square feet
- Units were built between 1979-1980 (Diamond Key Homes)
- No private swimming pools
- Wood frame construction
- Primarily stucco finish with tile / partial tile roofing
- Multiple patios
2 car garages are standard for both phases of Spanish Oaks. Golf course lots are available for the outer Eastern and Northern portion of the neighborhood’s perimeter. Zoned R-4 (both phases) by the city for 4000 square foot lot minimums, most properties sit on between 4000-5000 square feet of land.
There is a monthly HOA fee in Spanish Oaks in addition to the annual McCormick Ranch planned community fee. The monthly dues are actually quite reasonable when you consider the amenities include a manned guard gate (not the less secure automated type that is favored by most subdivisions), community pool & spa, common area maintenance, as well as front yard maintenance and pest control.
- Spanish Oaks lies in the Saguaro High School District (Kiva Elementary, Mohave Middle School)
Priced at the more affordable end of the spectrum for McCormick Ranch, Spanish Oaks represents a solid option for those looking at lower cost routes into the McCormick Ranch community, as well as for those stepping down from larger, higher maintenance properties.
Townhouses Currently For Sale or Lease in Spanish Oaks
The Railroad Park in McCormick Ranch
Thinking of buying or selling a home in McCormick Ranch? With nearly 50 years of combined experience in the McCormick Ranch Real Estate market, we’re your huckleberries.
(480) 220-2337 | paul@scottsdalepropertyshop.com
by Paul Slaybaugh | Jun 22, 2010 | Home Buying, Home Selling, Scottsdale Real Estate
So you have 20% to put down for a single family home in Scottsdale AZ. Your FICO scores are higher than Willie Nelson on Bob Marley Day in Montego Bay. You have been gainfully employed in the same W2 position with the same company for years. The American Express card with a $124 balance and the $112 payment on your 2002 Honda Accord make up the sum total of your earthly debt. Congratulations, you are one of the few buyers in today’s market in a position to call your own shots.
Surely the right play is to go the conventional financing route, right?
No private mortgage insurance, the lowest possible rate, less red tape than government sponsored financing vehicles.
From a strictly cost-based approach, all signs point to a nice, vanilla 30 year fixed conventional loan at a microscopic rate as the biggest no-brainer in the history of money.
Of course, as we have learned all too well, there is more to your choice in financing than today’s consideration. In fact, there is more to your choice in financing than even the total cost to you over the life of the loan. While we may not know where the market and its attendant values are heading, one fact is indisputable:
Interest rates will rise.
Maybe not today, maybe not tomorrow, but soon. Inflationary pressure makes it inevitable that rates will take off at some point. All of the warning signs are there. It will happen. Rather than banging the tired gavel of “buy today, rates on the way up,” let’s steer the discussion in a less self-serving direction.
Q: What is today’s buyer?
A: Tomorrow’s seller.
If you are buying a home in 2010, you need to consider the market forces that may shape 2015 or 2020. When we agents prognosticate, we tend to focus exclusively on home values. This is a fool’s errand. What we really should be thinking about is the buyer pool’s (in)ability to buy.
If interest rates manage to climb into the double digits in several years’ time, the difficulty of selling the property you are buying today may be compounded by a further contraction of able buyers. How does one counteract the specter of such a looming boogeyman? By going back to the future for familiar, but forgotten solutions to a similar problem.
What saved home sellers in the era of 18-20% interest in the ‘70s and ‘80s? Owner financing and assumable loans. For the purpose of this post, I wish to focus on the latter.
With the low to zero down conventional financing options in the market for my first decade in the business, it was a rarity to consummate a transaction with anything other than non-assumable financing. Now that FHA loans have forcefully elbowed their way back into the marketplace, however, assumable financing has returned. Most borrowers are not considering this aspect of the financing in the least, mind you. They simply jump on whatever they can qualify for that provides the least cost and lowest rates. I maintain that the assumable nature of a loan will be incredibly important moving forward.
While a new buyer would have to qualify for the loan to assume it, imagine how much wider your future buyer pool will be with such an option in place. Your 30 year fixed at 4.75% may not look quite as good to you if you find yourself in a position in which you have to sell your home in the midst of 12% interest rates. Not to sound the bell of an alarmist, but it’s not difficult to foresee a future in which many buyers who have migrated to the security of 30 year fixed conventional mortgages in the wake of the mess spawned by more creative financing find themselves imprisoned within those non-assumable safety nets.
Moving forward, your mortgage might not just be your mortgage. It could potentially be your future buyer’s. As such, when shopping for financing, there is more to consider than just the nuts and bolts of your own cost. Your mortgage could eventually prove either an enticement or a hurdle to a sale.
Heady stuff.
I will close with that which should have served as a preface: I am not a mortgage professional. DO NOT rely on my speculation in any manner when making a choice in financing. The nuances and new rules/regulations in the financial world are changing so fast that even those who wade in those murky waters on a daily basis are having a hard time keeping their raft of sanity afloat. For some, the internal debate is academic anyway, as there are qualification constraints on all financing types. Only your lender, with a full view of your financial picture can provide competent advice as to which programs you may ultimately qualify for, and which is the best fit for you. I do, however, want you to add this question to the typical inquiries about rates, fees, penalties, etc when speaking with your chosen loan officer:
“Is this loan assumable?”
I expect it will matter more than the attention it is currently being afforded in most Real Estate circles.
by Paul Slaybaugh | Jun 22, 2010 | McCormick Ranch Subdivisions
Estate Los Arboles is one of several subdivisions developed by Camelot Homes (also known as Hancock Homes) in the planned community of McCormick Ranch in Scottsdale, AZ. A small enclave of only 23 homes in the Paseo Village area (across from the new Veritas at McCormick Ranch luxury townhouse development), Estate Los Arboles includes 6 semi-custom homes in addition to the standard plans that Camelot also built in Palo Viento 2, Paseo Village, Playa Del Sur, Vista De La Tierra, Paradise Park Trails and Tierra Del Norte.
View Camelot / Hancock Home Floor Plans in McCormick Ranch
Initially developed in 1979-1980, the semi-custom homes were built upon the remaining lots between 1984-1994. Boasting some of the largest homes in the Southern portion of McCormick Ranch, the average home in Estate Los Arboles weighs in at 2987 square feet. All 23 are single-level and 18 (78%) include private swimming pools. Zoned R-7 for single family homes with 7000 square foot lot minimums, most properties sit on lots of approximately 10,000-12,000 square feet.
- The older homes were built with block construction, while the newer homes in the subdivision are primarily frame wood.
- There is a mix of tile and flat roofing in the neighborhood.
- 5 homes built between 1987 and 1994 include 3 car garages, while the older properties include the standard 2.
- Estate Los Arboles falls within the boundaries of the Kiva Elementary, Mohave Middle and Saguaro High School districts.
Read More About the Scottsdale Unified School District
Pricing in Estate Los Arboles in McCormick Ranch fluctuates considerably, given the mixed genres of homes. On average, they tend to command in the same ballpark as many of the subdivisions North of Via De Ventura (which typically sell higher than those in the South part of the Ranch due to age of construction, architecture, different elementary schools, additional amenities, i.e. lakes, etc) due to their desirable floor plans, vaulted ceilings, size, proximity to a booming shopping center, and more.
Homes For Sale or Lease in Estate Los Arboles in McCormick Ranch
In addition to the shops of the Paseo Village center (Lox, Stock and Bagel, LA Fitness, Starbuck’s, The Vine, Walgreens, Luci’s, etc), nearby amenities include immediate access to the McCormick Ranch walking paths and the subdivision-adjoining Comanche Park (tennis courts, basketball court, open green space and fitness stations). To the North lie the lakes of McCormick Ranch. To the West is the McCormick Ranch Golf Club and Camelback Walk. To the SW is the McCormick Stillman Railroad Park and The Seville shopping /dining plaza.
[CLICK PHOTOS TO ENLARGE]
Read more overviews of McCormick Ranch subdivisions
Launch your McCormick Ranch Home Search today!
Whether buying or selling, contact Ray and Paul for all your McCormick Ranch Real Estate needs. With over fifty years of combined experience, trust your transaction to the Ranch Experts.
(480) 220-2337 | paul@scottsdalepropertyshop.com
by Paul Slaybaugh | Jun 21, 2010 | McCormick Ranch Subdivisions
Heritage Village in McCormick Ranch is a multi-phased assortment of patio homes and single family homes. Developed by Golden Heritage, phases 1 and 2 fall just SE of the Via Linda / Via De Ventura intersection. Phase three lies North of said intersection, several subdivisions away (Vista Del Lago, Vista De La Tierra, Tierra Feliz and the Island at McCormick Ranch separate phases 1 & 2 from phase 3). There is a fourth phase in neighboring Scottsdale Ranch, though it is age restricted (55 and up) while the McCormick Ranch versions are not.
Heritage Village 1 differs dramatically from the other phases in that it is comprised of single family homes instead of the patio homes that have become synonymous with the Heritage Village name. It actually more closely resembles the Heritage Terrace neighborhood that Golden Heritage also developed than its sister subdivisions. The 59 homes in Heritage Village 1 were built between 1978-1983 and average 2526 square feet. All 59 are single level, and 48 (81%) have private swimming pools. Primarily block constructed with 2 car garages (there are some scattered 3 car garages) and tile roofs, some properties include golf course lots (McCormick Ranch Palm Course). This phase is zoned R-7 for single family residences with 7000 square foot lot minimums.
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Heritage Village 2 lies directly South of phase 1. These patio homes include one common wall and block construction. The 108 properties are all single level, with an average size of 1922 square feet. There is a mix of flat and partially vaulted roofing systems. Zoned for townhouses by the county and R-4 by the city, the lot sizes average between 4000-5000 square feet. Construction of this phase occurred from 1978-1979. Like phase 1, the outer ring of homes in Heritage Village 2 boast golf course lots / views.
- Heritage Village 1 & 2 both fall in the Saguaro High School District (Kiva Elementary School and Mohave Middle School).
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Heritage Village 3 is the largest of the three McCormick Ranch phases with 166 individual patio homes. Sharing one common wall, these properties are zoned townhouse by the county and R-4 by the city of Scottsdale. Built between 1979-1984, the homes are all single level. The average home size is 1936 square feet, with wood-frame composing the primary construction type. Like phase 2, there are no private swimming pools, but there are community pools and spas in both. While not featuring the golf course lots of the other phases, phase 3 includes patio homes that line the Northern shore of Lake Angela.
- Heritage Village 3 falls within the Chaparral High School District boundary (Cochise Elementary School & Cocopah Middle School).
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- In addition to the annual planned community fee (McCormick Ranch), there is an additional monthly fee for Heritage Village 2 & 3. In addition to heated community pools and spas, these two phases also feature tennis courts, walking paths, common area maintenance and front yard maintenance (homeowners take care of rear patios).
Whether shopping for a seasonal or full-time home, Heritage Village offers housing options for most every need.
View Golden Heritage Home Floor Plans in McCormick Ranch
Read more about McCormick Ranch
View current homes on the market in Heritage Village
Ready to find a McCormick Ranch home of your own? Contact us today to launch your Scottsdale Real Estate search.
(480) 220-2337 | paul@scottsdalepropertyshop.com
by Paul Slaybaugh | Jun 20, 2010 | Scottsdale, Stuff To Do
Mighty. Mud. Mania.
Aside from We’re Going to Disneyland, All the Rock Candy You Can Eat and, possibly, No School Today, you won’t find too many phrases that resonate with the children of Scottsdale more than Mighty Mud Mania.
Held annually at Chaparral Park in central Scottsdale (just East of Hayden, between Chaparral and Jackrabbit Rds), Mighty Mud Mania was originally conceived as an advertising ploy by the good people at Johnson’s Wax for their “Shout” spray pre-wash product. Encouraging kids to navigate an appropriately mud-laden obstacle course, the idea was to demonstrate how the detergent could remove even the toughest stains from the 300 free white shirts that were provided to the pioneering entrants.
Oops.
The kids and the Scottsdale mud proved more than a match for the product’s stain-fighting prowess. The idea stuck, however, as the city adopted the concept as a fun diversion from the dog days of summer, and now multiple sponsors help pull the event together every year.
Celebrating its 35th incarnation this year, Mighty Mud Mania has grown from its gimmicky origins to a spectacle that draws as many as 10,000 participants. Now including mud pits for children of all ages, shaded sand boxes, a stage with entertainment and participation performances, water slides, concessions and hose-down area (courtesy of a hose down from the local Fire Department) in addition to the ubiquitous obstacle course/steeplechase/sanctioned insanity that started it all, the fun has morphed from the means to the ends. Entrance and participation is free, though donations and canned food drop-offs (collected by the Vista Del Camino Food Bank) are encouraged. With the crowds that attend the event nowadays, parking has become a bit of a challenge. As such, overflow parking is provided at Mohave Middle School, with buses on hand to transport those in attendance. Admission to the public pool at Chaparral park is also reduced to $1 between 11 AM and 3 PM on the day of the event.
Of course, having a relative that lives half a block from the park is also a perk. We were fortunate to be able to park in the Crestwood subdivision (directly East of the pedestrian entrance to Chaparral Park on Vista Dr), and walk our boys over for this year’s fun. One day, and one day only, it took place this past Saturday, June 19th, between 8:30 AM and 2 PM. Here is a pictorial recap of the filthy carnage that ensued. (click images to enlarge)
Mighty Mud Mania: just one more thing that makes Scottsdale Scottsdale.
Look forward to seeing you there next year!
Search Home For Sale Near Chaparral Park!
by Paul Slaybaugh | Jun 19, 2010 | McCormick Ranch Subdivisions
Villa La Playa in McCormick Ranch is a Dietz-Crane built subdivision that lies on the Southern boundary of Scottsdale’s first master planned community. Bound by Indian Bend Rd (South), Hayden Rd (East) and the McCormick Ranch Golf Club’s Pine Course (West), this prime piece of Scottsdale Real Estate features some of the better housing values in the Ranch. A mix of flat and pitched roofs, Dietz Crane added some intrigue to their plans, whereas many builders in this portion of the Ranch tended to lean towards the economical over the dramatic.
Whether because the homes in the South end of the Ranch tend to be a bit more affordable as a general rule, a recent preponderance of foreclosures and/or short sales, or just a temporary anomaly, I believe Villa La Playa represents an undervalued subdivision as of the time of this posting. Given the pleasing Spanish exteriors, central location, practical floor plans and pride of ownership within the neighborhood, one might expect this golf course subdivision to routinely command a much higher price than they typically do.
The 130 homes of Villa La Playa were built between 1977-1979 (as opposed to the early to mid ’70s construction featured predominantly in Paseo Village, directly across Hayden Rd). All 130 homes are single-level and average approximately 2184 square feet (ranging from 1534 sq ft – 3318 sq ft). 85 (65%) of the homes include private swimming pools. Homes in Villa La Playa were primarily built with block construction and include a sprinkling of 3 car garages amongst the 2 car standard. The subdivision is zoned R1-7 for residential lots with 7000 square foot minimums.
Villa La Playa falls within the Kiva Elementary, Mohave Middle and Saguaro High School districts.
In addition to the McCormick Ranch Pine Course (homes along the Western edge of the subdivision sport views of the course), nearby amenities include the shopping center at Indian Bend / Hayden (Crust Pizza, Albertson’s, China Lite, Goldman’s Deli, etc), the Paseo Village shopping center (Starbuck’s, LA Fitness, Lox Stock and Bagel, Walgreens, The Vig, Luci’s On the Grove, etc), The Seville Shops & Restaurants (The Cove, Ruth’s Chris Steakhouse, Jamba Juice, Starbucks, Wildflower Bread Company, etc) and the McCormick-Stillman Railroad Park.
Looking for a solid value in McCormick Ranch? Give Villa La Playa a look.
View McCormick Ranch Home Floor Plans
Learn More About McCormick Ranch in Scottsdale AZ
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Latest Homes For Sale or Lease in Villa La Playa (Updated Daily)
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For all of your McCormick Ranch Real Estate needs, contact Ray & Paul Slaybaugh.
(480) 220-2337 | paul@scottsdalepropertyshop.com
by Paul Slaybaugh | Jun 18, 2010 | Home Buying, Scottsdale Real Estate
“What’s the deal with this house? Why so cheap?”
I field some derivation of this inquiry on a fairly routine basis from buyer clients. Typically, they have stumbled across a property listing online, or possibly in the ARMLS portal I have set up for them (provides for user log in and review of all homes currently for sale that fit their specific criteria, rating of the available homes, notes, price adjustment tracking, etc), that appears to be just the anomaly for which they have been hunting. That one desperate seller who has become so fed up with the Real Estate market that he is willing to hand over the keys to his castle for little more than a kind word and enough pocket change to cover the U-Haul.
“Paul, we HAVE to go see this house! It’s 2500 square feet, right in the McCormick Ranch area where we’ve been looking, and get this, only $299,000!”
“Wow,” I respond, though not I’m not really thinking, “wow.”
Truth of the matter is that my cynical little REALTOR mind is already trying to unravel the scam. You see, that property simply does not exist. Not now, nor even in the foreclosure jungle that was the tail end of the prior decade for that matter. Unless it is a typo, an opening bid at an auction, a money pit of epic proportions that would make Tom Hanks blanch, or …
“The name of the subdivision wouldn’t happen to be Briarwood, would it?”
“Yeah! How did you know? Whatever, it doesn’t matter. Can we go see this right now before somebody else snaps it up? I can stop by the house to grab the checkbook.”
Next comes the part where I break the bargain hunter’s heart. Built in the shadows of Gainey Ranch, McCormick Ranch, Palo Viento and Paradise Valley Farms, Briarwood is a picturesque little enclave of tile roof homes. Designed and built by local favorite Malouf, the architecture, front elevations, green lawns and killer location make for an outward appearance of grand larceny at the indescribably low prices they command.
So what’s the deal? Poor construction quality? Lawsuits? Was the community built upon ancient burial ground?
None of the above. Briarwood is nothing shy of Pleasantville on the Scottsdale map. The only element lying beneath the surface of this otherwise pleasing neighborhood that some buyers will find sinister is the unanticipated leasehold ownership. Essentially, Briarwood (there are actually several phases scattered throughout Scottsdale) and the neighboring Santo Tomas subdivisions are single-family residences with legal ownership rights that more closely resemble condominiums. It is a rare bird in these parts. While relatively common in some states where land is limited and owners are reluctant to part with it (Hawaii, for example), land lease subdivisions are uncommon to the greater Phoenix area.
With many land lease subdivisions controlled by local Real Estate magnate, the Herberger family, or smaller trusts, homeowners own the private residence and pay monthly rent for the dirt upon which they stand. The lease terms vary slightly from phase to phase. In Briarwood VI (the phase nearest McCormick Ranch in the 85258 zip code), the monthly land lease fee is 1/10th of 1% of the sales price. So that 400k house comes with a $400/month fee. The dues can run higher in other phases. This in addition to the monthly HOA fees.
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Homes For Sale in Briarwood of Scottsdale
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One thing that may be disconcerting to a potential home buyer is the uncertainty regarding someone else owning the land under his/her home. It can be a very large mental hurdle to overcome, as the premise runs somewhat contrary to what most find attractive in single-family fee-simple home ownership. Some trepidation is to be expected, even if not entirely rational, as to whether the lease will be extended at the time of expiration, or if terms will become untenable upon renegotiation. The fact that most have decades before such concerns come into play should not be discounted, but buyers don’t need much to fret about when making a decision so critical as the choice of housing.
When looking at properties that sit upon leased land, a buyer will have to weigh the potential cost savings of the home against the additional fees to see if it actually pencils as a bargain. Financial determinations aside, you have to ask yourself if you are truly okay with your lot having a landlord. This is a personal decision that supercedes the advice of your agent. If you are not comfortable with the setup, the financial consideration is moot. Lastly, financing options will be somewhat limited on leasehold properties. As challenging as the mortgage steeplechase has become, expect a few more tar pits and flaming hoops when shopping non-traditional ownership styles.
A property in a leased land subdivision might very well be a good fit for your particular needs, but I find most people only become hip to the presence of the land lease AFTER they have found the home of their dreams. The unwelcome news often pushes the property out of their price range, breaking hearts in the process.
So if you see something online that looks too good to be true, it very likely is. That doesn’t make a property with a land lease evil incarnate. It just means that more dollars are being extracted from your wallet than originally meets the eye.
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Curious if the home you saw online is in a leased land subdivision? Drop me a line. I’d be happy to let you know, whether you are working with me or not.
(480) 220-2337 | paul@scottsdalepropertyshop.com
