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Scottsdale, AZ Real Estate News

By Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI, Arizona Homes and Land Group/ Buy or Sell
(HomeSmart Real Estate)
Are you watching THE MASTERS golf tournament this week? Those views at Augusta National Golf Course are beautiful aren't they? (Arizona Golf Course by danielteywiseman from Pixabay)Now is the time to buy a home and have your dream come true living on a  Golf Course Lot Home in Sunny Scottsdale, Arizona! Here are UPDATED DAILY Scottsdale golf course homes for sale on the MLS listed by all brokers. Check here for pictures, prices and details of single family detached homes, condos, townhomes and patio homes on golf course lots.   Golf, sunsets, cacti, patio looking on the fairway now we are talking. Like golf course water views? Also, check out Scottsdale waterfront homes for sale. Call/Text me Jeff Masich 480-242-6500 as your Buyer's REALTOR® for any homes listed on the MLS. Scottsdale g...
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By Jane & Jeff Daley, PhD, Scottsdale Real Estate Arizona
(Luxury Valley Homes Scottsdale)
The Perks of Downsizing When You Retire [INFOGRAPHIC]Some Highlights If you’re about to retire, or just did, downsizing can be a good way to try to cut down on some of your expenses. Smaller homes typically have lower energy and maintenance costs. Plus, you may have enough equity built up to fuel your move. If you're thinking about moving to a smaller home, let’s go over your goals and look at your options in our local market.
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By Jane & Jeff Daley, PhD, Scottsdale Real Estate Arizona
(Luxury Valley Homes Scottsdale)
Is It Getting More Affordable To Buy a Home?Over the past year or so, a lot of people have been talking about how tough it is to buy a home. And while there’s no arguing affordability is still tight, there are signs it’s starting to get a bit better and may improve even more throughout the year. Elijah de la Campa, Senior Economist at Redfin, says:“We’re slowly climbing our way out of an affordability hole, but we have a long way to go. Rates have come down from their peak and are expected to fall again by the end of the year, which should make homebuying a little more affordable and incentivize buyers to come off the sidelines.”1. Mortgage RatesMortgage rates have been volatile this year – bouncing around in the upper 6% to low 7% range. That’s still quite a bit higher than where they ...
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By Jane & Jeff Daley, PhD, Scottsdale Real Estate Arizona
(Luxury Valley Homes Scottsdale)
Ways To Use Your Tax Refund If You Want To Buy a HomeHave you been saving up to buy a home this year? If so, you know there are a number of expenses involved – from your down payment to closing costs. But did you also know your tax refund can help you pay for some of these expenses? As Credit Karma explains: “If one of your goals is to stop renting and buy a home, you’ll need to save up for closing costs and a down payment on the mortgage. A tax refund can give you a start on the road to homeownership. If you’ve already started to save, your tax refund could move you down the road faster.” While how much money you may get in a tax refund is going to vary, it can be encouraging to have a general idea of what’s possible. Here’s what CNET has to say about the average increase people are se...
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A lien release provision of 1.2 means that the lender will release title of the "units/parcels/properties etc..." if 120% of the lien assigned to that parcel is paid, usually that equates to 60%-70% of the price the "unit" was sold for. This accelerates the pay down of the note (along with the interest payments being made) which allows the lender to release title for someone to buy it.   Example:   Developer needs $10MM to build 10 condo's, all lots are the same size, equal in value, and will cost the same to build and all have the same sales price when completed. So each unit is going to have an equal portion of the lien assigned to it. Which in this example, each lot would have $1MM assigned to it. So in order for the builder to sell off each lot, he would have to pay the accelerated ...
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$8.5M - Land Loan, Waterfront Property Loan was used to refinance seller financing on property from 2005 acquisition. Challenge - unentitled land where borrower was planning on developing a project with a large residential component made lenders nervous in a weak housing environment. RFG's Solution - RFG was able to get the lender comfortable on the value of the land as a whole and on the developers plan to also include a large office/retail component that drives sales or residential lots
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By Greg L. Weimer
(Remington Capital, Inc.)
Remington Financial Group Hospitality The hotel business can present tough challenges for borrowers and lenders alike. It is not uncommon for hotels to require large amounts of capital for renovations, upgrades or expansions, while facing crucial downtime to fully implement those projects. Downtime in the hotel business often translates into lost or reduced revenues, which can impact the ability of a hotel property to secure financing in a timely fashion, or under favorable terms. Remington Financial (RFG), a firm that specializes in commercial real estate investment, is a friend to the hospitality industry. Remington has a strong history of providing timely financing under favorable terms to hotels with challenging financing considerations. Remington Financial Group has been at the van...
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$58 Million 2200 Key Portfolio One of Remington's most interesting and challenging deals was for one of the largest franchisees of a global hotel giant that spans six continents. The franchisee came to RFG to secure financing for a group of hotels with a total of 2,200 rooms located in Florida. From the beginning, Remington Financial Group faced seemingly insurmountable obstacles. Due primarily to their age, the hotels were unable to compete with newer properties going up nearby, and had drifted into bankruptcy. Moreover, the hotels were valued at only about $70 million, while they carried a first mortgage of about $100 million. On top of that, the hotels faced substantial and expensive environmental issues. By the time Remington came aboard, the borrower was resigned to losing the prop...
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Bridge Loan: $4.5 Million for a 249-Room Full Service Hotel RFG was able to successfully secure a $4.5 million bridge loan to facilitate the acquisition, renovation, and re-branding of a 249-room full service hotel in Missouri from one of the world's top 15 hotel companies. By the time Remington Financial Group joined the financing effort, 100 of the hotel's rooms were in such disrepair that they were inoperable, and the hotel had been forced to close due to a variety of electrical and mechanical issues. The hotel was also facing foreclosure following a default on the first mortgage, and the owner needed rapid closure on the new loan. Remington was able to quickly gain a solid grasp of the buyer's needs and to secure both a bridge loan and fresh equity financing in the amount of $4.5 mi...
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Permanent Financing: $11.5 Million for Retail Center in Florida Remington Financial Group secured $11,500,000 non-recourse permanent mortgage fixed rate financing, which included the center's existing higher rate mortgage, for a retail center in Sunrise, Florida. The property, built in 1987, is a non-grocery anchored strip center that housed local tenants including an eight screen independent movie theater. The most attractive feature of the financing was a 5.11 percent interest rate that was fixed for 10 years and amortized over 30 years. With rising interest rates, many experienced real estate owners capitalized on fixed rate pricing when the 10 year treasury was less than five percent. Property owners with mortgages that were originally secured in the 1997 - 1998 time, when fixed rat...
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Mezzanine Financing: $1.8 Million for Retail Property A real estate owner based in Atlanta looked to RFG to secure mezzanine financing for its class A retail property located in Georgia. The quality of the property and its rent roll meant that the borrower had numerous mezzanine options from which to choose. Ultimately the real estate owner chose to close with financing provided through the mezzanine program of one of RFG's lenders. The decision was easily made based on the lender's willingness to provide higher leverage - 97 percent LTV, more flexible terms, lower rate certainty and speed to closing over its competitors. The mezzanine financing was structured to be subordinate and coterminous with the $12MM senior CMBS financing and allowed for repayment at anytime after twelve months ...
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Mezzanine Loan: Recent $2.5 Million Closing Illustrates Flexibility and Speed An Ohio based developer turned to RFG in order to secure mezzanine financing to compliment its senior financing. The existing senior financing did not provide enough leverage to complete needed improvements to a medical office building, hence the need for the mezzanine round. The developer had recently purchased a building in Dayton that had substantial below market occupancy because of the prior ownership's mismanagement. In order to move toward a quick closing, the developer to utilize a short term low leverage acquisition bridge loan. The developer required additional capital to make improvements to the property to attract tenants. The demands of the transaction required an entrepreneurial mezzanine lender ...
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By Greg L. Weimer
(Remington Capital, Inc.)
A home builder based in New Jersey wanted to introduce income producing real estate properties as a means to diversify its real estate holdings. Most of the company's capital, however, was consumed by home construction and lot inventory; as a result the company did not have sufficient equity to acquire new real estate. What they did have was a contract of sale on a property. The builder, aware of RFG and its lending capabilities, contacted the company to coordinate the equity and debt in order to secure 100 percent financing to acquire the apartment complex in Delaware. Originating the transaction out of its Philadelphia office, Remington Financial Group demonstrated to its lender that the builder's contract of sale created value for a JV equity investor. By properly staking the deal wi...
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Security Based Loans - Product Highlights 1. Below Market Interest Rates -Rates on Security-based loans presently range from 3% to 5%. Today's    prime interest rate is 6% and commercial paper is running as high as 8%. This results in a substantial savings on interest expense. 2. High Loan Values - Loan to security value ratios range from 35% to 80%. 3. Borrower retains all market appreciation opportunity and receives the benefit of any dividend or interest that the securities generate. 4. This is a Non-Recourse Loan - A loan with no personal liability. A non-recourse loan is secured by some form of collateral, here securities. If there is a default, the borrower keeps the loan proceeds and the lender only claims the collateral. The borrower's liability is limited to the collateral ple...
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About Remington Financial Group, Inc. Remington Financial Group has built its success upon well-established relationships with highly regarded domestic and foreign based private and institutional capital sources. Our extensive lender network combined with market expertise and a highly disciplined due diligence and transaction process means our clients benefit from integrated, seamless financing. Throughout the due diligence and deal process, Remington works to provide customers with a clear picture of the status of their transaction and any fees. RFG proactively works to overcome obstacles before they become barriers to a successful close. Delivering exceptional service throughout the financing process, Remington offers a variety of creative financing options with highly competitive rat...
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By Greg L. Weimer
(Remington Capital, Inc.)
Andrew Bogdanoff is the founder and chairman of Remington Financial Group(RFG), where he is responsible for all aspects of the business, including the reviewof new business opportunities and the creation and maintenance of lender andinvestor relationships. Since its inception in 1993, and under Mr. Bogdanoff'sleadership, RFG has closed billions in commercial financing. An expert in commercial real estate financing, Mr. Bogdanoff has worked more than 35years in the financial services industry. Prior to founding RFG, he worked with KirkMortgage company of Philadelphia and founded a number of businesses includingTrent Financial, a private lender that specialized in direct loans for small businesses,as well as Remington Financial Corporation, an equipment leasing company.A successful entrep...
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By Andy Zeal, Scottsdale, AZ - (480)540-2291
(HomeSmart )
Scottsdale saw a decline in average sales price in May, but active inventory also declined while total sales increased dropping the overall months supply.  Scottsdale: 5,228 Active Inventory May 2009 May 2008 April 2009 Ave. Sold $ $462,000 $547,000 $466,000 Ave. List $ $658,000 $787,000 $643,000 New Listings 886 1,119 985 Active Inventory 5,228 6,377 5,758 Sold Listings 514 458 484 Accepted Offers 544 445 610 Days on Market 101 118 107 Months Supply of Inventory 10.2 13.9 11.9 Maricopa County Statistics: 32,668 Active InventoryAve. Price of Active Listings:     $262,143Ave. Price of Pending Listings:   $186,177Ave. Price of Sold Properties:    $169,759Based on information from Arizona MLS. Information deemed reliable but not guaranteed___________________________________________________...
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By Heather Tawes Nelson, Associate Broker, ABR, CLHMS, CRS - Scottsdale, AZ
(Live Better in Arizona )
Here are the May figures for the Scottsdale luxury home market. This analysis looks at the last 12 months of activity for single-family resale homes in Scottsdale with list prices of $1,000,000 and above. - Scottsdale Single-Family Homes: May 2009 - Homes Priced Between $1,000,000 - $1,499,999- Actives: Continuing the downward trend we have been seeing over the last four months, actives fell 13.7% over April to 429. This is well below the 12 month average of 534. - Pendings: Pending sales jumped to 44, a 46.7% increase over April. The 12 month average for this price segment is 26.- Sold: Twenty homes sold in May. This was down from the 24 sales in April, but still ahead of the 12 month average of 17.- Sales Price to Listed Price: 91.0% This number is back up into the 90%'s for the first...
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By Greg L. Weimer
(Remington Capital, Inc.)
Whether it's building a hotel from the ground up or refurbishing an existing suite-style property, Remington Financial Group (RFG) can help. RFG has extensive history helping both small hoteliers and hospitality giants secure a variety of funding types and levels, including: RFG was the force behind securing nearly $6.5 million in acquisition and mezzanine financing for a 150-room hotel in Massachusetts owned by one of the leading hotel companies in the world. Remington Financial Group helped a hotel brand with more than 1,300 locations throughout the United States, Canada, and Latin America secure $7 million in acquisition financing of two full-service hotels in Georgia. A Las Vegas-based hotel and casino turned to Remington to procure acceptable terms on a $19 million bridge and mezza...
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Remington Financial Group Hospitality The hotel business can present tough challenges for borrowers and lenders alike. It is not uncommon for hotels to require large amounts of capital for renovations, upgrades or expansions, while facing crucial downtime to fully implement those projects. Downtime in the hotel business often translates into lost or reduced revenues, which can impact the ability of a hotel property to secure financing in a timely fashion, or under favorable terms. Remington Financial (RFG), a firm that specializes in commercial real estate investment, is a friend to the hospitality industry. Remington has a strong history of providing timely financing under favorable terms to hotels with challenging financing considerations. Remington Financial Group has been at the van...
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The economy is suffering in ways that we've not seen in decades, businesses are watching intently to understand how this worldwide crisis will impact their bottom line, and the residential mortgage market is badly in need of a shot in the arm. But, experts like Remington Financial Group (RFG) agree that, while brokers have seen some deals wither due to a lack of available funds, funds are still available if you know where to look for them. RFG is a broker-friendly correspondent that knows where the funds are. We have the expert lending sources available to help fund solid deals even during these trying economic times. Beyond Traditional BanksJust because top tier banks have had to slow down the issuance of credit doesn't mean that commercial lending is dead. In fact, at Remington, we co...
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By Greg L. Weimer
(Remington Capital, Inc.)
Acquisition Financing: $7.5 Million for Name Brand Connecticut-based property Remington Financial Group Inc., structured and secured high leverage acquisition financing for the purchase of a name brand hotel company. The newly renovated 150-room hotel, which was purchased by a New Jersey based hotel investment and management firm, is centrally located at the crossroads of Connecticut. The property was originally purchased by a NY-based private-equity group in late 2003 and was extensively renovated in 2004. Despite these upgrades, the property continued to under-perform expectations, showing a negative cash flow of $500,000 annually. In contrast, RFG Hospitality Capital and the investment and firm saw significant up-side. RFG mitigated the negative cash-flow and secondary-market locatio...
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$282.3 Million for Eclectic Acquisitions An institutional equity investor has obtained an aggregate of nearly $282.3 million to acquire two separate and diverse portfolios. One consists of 14 office and warehouse buildings. The other contains four independent living properties in two states. In both cases, locally based Remington Financial Group Inc. arranged debt and bridge financing. With nearly $142.3 million in funding from a global financial services firm, the investor and an operating partner have acquired a 2.7-million-sf office and warehouse portfolio for an aggregate cost of $150 million. The assets are spread across 10 Midwestern and Southeastern states and are being acquired from three separate sellers. The sellers of two of the buildings are the properties' respective occupa...
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In the course of a commercial broker's career, the need for a hard money loan will most definitely arise. By forging a solid relationship with a hard money source, a broker has a resource to serve clients in need of a fast-closing loan.
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