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Stunned Home Buyers Find the Bidding Wars Are Back

Those Callaways — Tue, 15 May 2012 16:37:57 +0000

The Wall Street Journal | April 27, 2012

A new development is catching home buyers off guard as the spring sales season gets under way: Bidding wars are back.

From California to Florida, many buyers are increasingly competing for the same house. Unlike the bidding wars that typified the go-go years and largely reflected surging sales, today’s are a result of supply shortages.

“It’s a little surprising because we thought bidding wars were done with,” said Andy Aley, who is looking to buy his first home in Seattle’s Beacon Hill neighborhood. The 31-year-old attorney was outbid this year when he offered up to $23,000 above the $357,000 listing price and agreed to waive inspections and other closing conditions.

Competitive bidding in the current environment isn’t producing huge price increases or leaving sellers with hefty profits, as occurred during the housing boom. Still, the bidding wars caused by tight inventory provide the latest evidence that housing demand is starting to pick up after a six-year-long slump.

An index that measures the number of contracts signed to purchase previously owned homes rose in March to its highest level in nearly two years, up 12.8% from a year ago and 4.1% from February, the National Association of Realtors reported on Thursday.

“We very much believe we’ve hit bottom,” said Ivy Zelman, chief executive of a research firm, who was among the first to warn of a downturn seven years ago. Earlier this week, she raised her home-price forecast for the year, calling for a 1% annual gain, up from a 1% decline.

The Wall Street Journal’s quarterly survey found that the inventory of homes listed for sale declined sharply in all 28 markets tracked. Real-estate agents consider a market balanced when there is a six-month supply of homes for sale. At the height of the housing crisis, in 2008, there was an 11.1-months’ supply. In March, there was a 6.3-months’ supply.

Inventory levels in many markets were at the lowest level in years. At the current pace of sales, it would take just 1.5 months to sell all the homes listed in Sacramento, Calif., and 2.4 months to sell all the homes listed in Phoenix. San Francisco and Washington, D.C., each have 3.4 months of supply, while Miami has 4.1 months of supply.

By Nick Timiraos for The Wall Street Journal

** Read the rest of the article at WSJ.com.

Roosevelt Lake

Those Callaways — Mon, 30 Apr 2012 22:58:58 +0000

When the desire to feel the sunshine on your skin overpowers the comfort of your couch, discover your dreams of outdoor adventure at Roosevelt Lake. Approximately 80 miles east of Phoenix, you can get out of the city and can beat the Arizona heat all at once while boating, water skiing, wind surfing or fishing on the 22,000 acres of surface water. If you prefer to stay on dry land, Roosevelt Lake boasts 112 miles of shoreline with numerous campgrounds, including an all solar-powered one, and picnic areas to while away the day in the shade and out of the city with family and friends. Open to members and guests all season so there are no excuses!

Find out more: Roosevelt Lake Marina

Find out more: Go-Arizona: Roosevelt Lake

Our own Brian spent a weekend at Roosevelt Lake with his family & friends and shared his story with us:

This past weekend we loaded up the Jeep and headed out of town. The destination was Roosevelt Lake, just an hour and a half northwest of the valley. We were meeting a dozen or so friends at the Horse Pasture Recreation area. Don’t forget to pick up a Tonto pass on the way out of town because they rarely man the Ranger post anymore.

Our goal was to get there before sundown on Friday night so that we could enjoy a beautiful Arizona sunset as we put camp together. We just missed the last rays of light as we rolled on to the beach, eyes straining to pick our friends’ trailers from amongst the dozens of campsites on the beach. Once discovered, all plans for getting the camp set up right away evaporated in a wash of food, drink and conversation with friends.

Much later that night we threw our camp up, a simple process after hundreds of camping trips over the last 13 or 14 years with this tent, and crawled into bed. Early the next morning we woke up for coffee, kayaking and sailing. The next two days was a great combination of relaxing on the beach and playing on the lake. Roosevelt is among my favorite lakes in Arizona. The mix of available beach camping, proximity to the valley and the size of the lake itself always seem to combine to create an amazing weekend.

By Sunday, it was time to break down camp and head back down to home. To stretch the trip out just a little longer we decided to take Apache Trail home. This road is amazing. It is 44 miles of dirt track, hairpin turns, sheer cliffs and some of the most amazing scenery in the world. You drive past Roosevelt Dam, Apache Lake, a cottonwood grove, uncounted saguaros and wildlife galore. Eventually, pavement begins again, and the opportunity to stop for a burger arises at the super touristy Tortilla Flats or you can spend a few more miles waiting to sink you teeth into a great steak at the mining camp down the road.

Queen Creek Olive Mill

Those Callaways — Mon, 19 Mar 2012 18:46:24 +0000

An olive mill may not initially seem like an exciting place to spend an afternoon but the Queen Creek Olive Mill boasts a plethora of exciting activities, festive holiday celebrations, food to satisfy the palette and items produced by the mill for purchase at the gourmet marketplace. The Olive Oil 101 tour teaches the history of the mill and offers samples of the oils, olives and tapenades. The Tuscan-inspired eatery, del Piero, has a menu full of sweet and savory dishes from Eggs Benedict Arcangelo with balsamic cured pepper bacon to Chardonnay Herb Mascarpone Bruschetta with green apples. The Kalamata Family Recipe sandwich with Kalamata Salami and White Balsamic & Herb Crema was even featured on the “Hidden Treasures” episode of The Food Network’s “The Best Thing I Ever Ate”. The mill hosts many events throughout the year including a Mother’s Day Brunch, wine tastings, the Olive Blossom Festival and the opportunity to “grill in the grove with dad on Father’s Day”. The Queen Creek Olive Mill is the only producer of Arizona extra virgin olive oil and is a family owned company.

AZ Central.com – “The Best Thing I Ever Ate”

Our own Anita spent a Saturday at the Olive Mill with her husband and shared her story with us:

Warm, shiny-bright day, lovely cool shade from the tall pines, slight breeze, birds chirping overhead, live jazz playing serenely in the background and a complimentary wine tasting… what more could we possibly want from our Saturday?

90 minutes weaving through throngs of people in the Marketplace… started with a Caffe Mocha Latte from the Coffee Bar… Olive oil tastings, yum… vanilla bean & chocolate! … cruise the olive bar… great beer on tap… icy-cold Hefeweizen with orange slices… fill up the plastic tubs with an interesting variety of olives and rosettes (cured meats and cheeses on sticks & drenched in olive oil and spices)… grab a demi-baguette and an espresso brownie for dessert, balancing it all carefully, zigzag our way out the door to a picnic table in the shade to listen to the muted jazzy tunes and let the hedonistic day float by for another hour or two.

… before leaving… purchased our favorite flavors in EVOO’s: Meyer Lemon, Blood Orange and a decadent, delightfully syrupy Fig Balsamic Reduction Vinegar, the Asiago Parmesan tapenade and Wasabi Ginger Sake Stuffed Olives.

… ending the self-indulgent day with the Espresso Chocolate Brownie we brought home from the Mill and a few scoops of Jeni’s Goat Cheese and Cognac-infused fig ice cream from AJ’s Fine Foods… Life is good.

Anita created this Gourmet Personal Pizza recipe from items purchased at the Olive Mill:

Small, pre-made pizza crusts (7″)

Brush entire pizza crust with Meyer Lemon EVOO

For each small pizza crust:

1. Mix together 2 TBSP Asiago Parmesan Tapenade with 1/2 cup Classico Asiago Romano Alfredo Sauce, 4 TBSP fresh crab claw meat, 2 TBSP coarsely chopped mixed variety of Kalamata and spicy green olives of your choice and finely chopped cilantro, parsley, green onions and spoon all into pizza shell

Next in layers:
2. Crumble 1/4 cup of Chevre Four Pepper Goat Cheese over the top of mixture.
3. Spread 1/4 cup of coarsely chopped marinated artichoke hearts over the top of the goat cheese.
4. Sprinkle finely grated Romano cheese over all as a final layer.

Place on foil-lined cookie sheet and bake for 12 minutes in 450 degree oven.

*Thanks to Angela of Angelina Rose Photography for letting us use her photo of olive trees up close and personal. Read Angela’s experience at the Queen Creek Olive Mill.

Sierra Bonita Grill

Those Callaways — Mon, 27 Feb 2012 20:38:43 +0000

Ever heard of Henry Hooker? He’s the one who started it all. The wealthy and prominent American rancher founded Sierra Bonita Ranch in 1872 from which Sierra Bonita Grill got its name. The restaurant carries on the ranch’s hospitality and traditional fare by melding friendly service with Southwestern culinary traditions pioneered by early settlers. A mixture of food inspired by the customs of American ranch families and contemporary Mexican cuisine offers a diverse menu bursting with savory Southwestern heritage including everything from Sizzlin’ Peppers (jalapenos stuffed with panela cheese, goat cheese and Menonita cheese) as an appetizer to Sonoran hot dogs for Happy Hour with Green Chile Mac & Cheese for lunch.

See what The Arizona Republic says.

See what Phoenix Bites says.

Licorice, Twinkies, Bacon, Oh My!

Those Callaways — Thu, 02 Feb 2012 20:03:06 +0000

Chocolate purveyors from around the country gather together in Glendale to create an annual festival of chocolate delights. The award-winning event is a celebration of not only chocolate but the arts and romance as well. Among the festival’s most unique eats and attractions are chocolate covered bacon and chocolate twinkies available to munch on while being wooed by a Romance novel cover model, trying your hand at some Plein Air painting or enjoying other activities, geared toward families and young children, including face painting and horse-drawn carriage rides. Sponsored by Cerreta Fine Chocolates, the Cerreta’s factory will be open and offering tours all weekend. This year’s Glendale Chocolate Affaire has food and fun for everyone during February 3-5, 2012.

Phoenix & Tucson – 10 Cities Where List Prices Soared

Those Callaways — Wed, 01 Feb 2012 18:33:57 +0000

Daily Real Estate News | Thursday, December 22, 2011

Median list prices nationwide have risen 4.05 percent on a year-over-year basis, according to November housing data of 146 metro areas from Realtor.com. Fewer cities are reporting year-over-year list price declines, “suggesting a growing optimism on the part of sellers about 2012 market conditions,” according to Realtor.com.

So where have prices risen the most in the last month? The following are the 10 cities that saw the largest median list price increases from October to November.

1. Central Fla.-Regional Statistical Area

Year-over-year increase: 14.27 percent

Median list price: $169,000

2. Phoenix-Mesa, Ariz.

Month-to-month increase: 4.46 percent

Year-over-year increase: 10.54 percent

Median list price: $164,700

3. Miami, Fla.

Year-over-year increase: 29.50 percent

Median list price: $259,000

4. Tampa-St. Petersburg-Clearwater, Fla.

Year-over-year decrease: -2.50 percent

Median list price: $144,200

5. New York, N.Y.

Year-over-year decrease: -2.57 percent

Median list price: $379,000

6. Fort Myers-Cape Coral, Fla.

Year-over-year increase: 21.63 percent

Median list price: $224,900

7. Iowa City, Iowa

Year-over-year increase: 3.02 percent

Median list price: $204,900

8. Tucson, Ariz.

Month-to-month increase: 2.41 percent

Year-over-year increase: 2.41 percent

Median list price: $174,000

9. Sarasota-Bradenton, Fla.

Year-over-year increase: 16.56 percent

Median list price: $240,000

10. West Palm Beach-Boca Raton, Fla.

Year-over-year increase: 15.26 percent

Median list price: $219,000

By Melissa Dittmann Tracey for REALTOR® Magazine’s Daily News

Read the article at Realtor.org.

Phoenix One of Top 10 Turnaround Towns

Those Callaways — Wed, 01 Feb 2012 17:53:51 +0000

CNN Money

Florida’s cities were some of the hardest hit by the housing bust, but now they are leading the charge back. Of Realtor.com’s top 10 turnaround towns, eight are in the Sunshine State.

Phoenix – Median home price: $129,000

After five years of a brutal post-bubble price correction, Phoenix is rising from the dead.

“We have jobs,” said Tanya Marchiol of Team Investments, a local real estate investing firm. “Not a lot of big markets like us that went through the bubble have so many jobs.”

The unemployment rate in the metro area fell to 7.7% in November, a 1.1 percentage point improvement from 2010 and better than the national rate of 8.2%.

Home sales have been picking up, thanks to rock-bottom foreclosure bargains. During the fourth quarter, homes sold 27% faster than they did during the same period in 2010, according to Realtor.com.

A four-bedroom, two-bath house in good condition is currently listed for under $80,000, a significant discount from the $200,000 or so it would have fetched during the 2006 peak, said Marchiol.

Even with sales volume and home prices solidifying, Phoenix buyers are not likely to become overnight real estate millionaires. Over the next five years, forecasting firm Fiserv expects local prices to rise at a steady but paltry 2.4% annual average rate.

Read the article at CNN Money.

Phoenix One of 10 Most-Searched Real Estate Markets Online

Those Callaways — Wed, 01 Feb 2012 17:20:27 +0000

Daily Real Estate News | Monday, December 19, 2011

Chicago continued to hold onto the No. 1 spot for most searched for real estate market at Realtor.com in November. What other markets did potential home buyers have their eyes on last month? Realtor.com releases its top search ranking from November based on 146 metro areas.

The following are the 10 top-searched metro areas from November at Realtor.com.

1. Chicago – Median list price: $192,900

2. Detroit, Mich. – Median list price: $84,900

3. Los Angeles-Long Beach, Calif. – Median list price: $329,000

4. Phoenix-Mesa, Ariz. – Median list price: $164,700

5. Atlanta – Median list price: $156,900

6. Philadelphia, Pa.-N.J. – Median list price: $229,900

7. Tampa-St. Petersburg-Clearwater, Fla. – Median list price: $144,200

8. Las Vegas – Median list price: $122,000

9. Dallas – Median list price: $194,900

10. Riverside-San Bernardino, Calif. – Median list price: $199,000

Read the article at Realtor.org.

“Lobster Mac & Cheese… Yes Please.”

Those Callaways — Tue, 24 Jan 2012 23:41:47 +0000

You don’t joke around about lobster mac & cheese. “Baked Campanelle pasta and fresh Lobster meat, tossed in a Mascarpone, Havarti and Grana Padano cream sauce, topped with Panko bread crumbs and grated white cheddar.” The Capital Grille also boasts wines from South America to Germany, critically acclaimed dry aged steaks, seafood flown in fresh from both coasts and house-made ice cream.

“I Actually Went There for My 16th Birthday…”

Those Callaways — Tue, 24 Jan 2012 20:47:49 +0000

Whether you’re a child at heart or you have children with too much energy, indoor go kart racing is a great way to beat the heat in an exciting way. At K1 Speed, any age can race if you’re at least 4 feet tall but there may be different height or age requirements at some of AZ’s other indoor go kart racing establishments. Company parties are great opportunities to beat your coworkers in a friendly go kart race or you can invite a group of friends to race with you for your birthday, other special occasions, or just on a lazy Sunday afternoon. The cars are electric, not gas, so there aren’t noxious exhaust fumes and they can reach speeds up to 45mph! Data of racers’ final positions and max speeds are tracked so you can always tell with unequivocal proof that you were the winner!