Foreclosures

I think I'll play with the foreclosure subject today. If you are planning on purchasing in Kingman or Mohave County, you need to do as much research as you can and foreclosures are an important part of the current market. I'll address the importance of this further down. I'll also add a couple of permanent links to our link section for foreclosure sites.

The Countrywide link also includes several other links on the left side of the page that go to other bank reo sites. All of the bank sites include addresses of the properties.

The foreclosure.com site is a pay site and does not include addresses without a subscription. However, the preforeclosures include a owner name and street name and using those the address can be looked up on the Mohave county tax accessor site.

The bank owned properties have added another "just pick a number" pricing level to an already "just pick a number" owner pricing level. If you don't do the research yourself, you are liable to buy a home that is as much as 100k more than another nearly identical house. I have found that the realtors don't seem to be following the foreclosure market and I would recommend doing your own research and not just blindly accepting your realtors word.

This is difficult to do with the information that the Mohave MLS supplies. Without addresses you are at the mercy of what the realtors choose to tell you about, unless you do your own research. You cannot just see a property on realtor.com and see that it is in your area of interest and contact the realtor.

I am lucky that I have access to a site that supplies the addresses for mls properties. It is a site that my realtor subscribes her buyers to. You can find out more by contacting either Sandy or Cecelia, whose sites are in the links on the right hand side. Both are very good at their jobs, not pushy sales types. They are just out to help you find and purchase a home without pressure. Sandy will help you find a home anywhere in Mohave County and will send you an email with each new listing that meets your criteria. Cecelia is a mortgage banker who can help you with a mortgage and also sends emails out with current interest and lending news.

The Mission Hills Estates subdivision is one that I can use to point out why knowledge is very important in this market. This subdivision was built in the spring of 2006. The houses are on 4000'+ lots. They are mostly 1869'+/- houses with some 1538'+/- floorplans. The original homes were priced from 239,000 to 299,000. A few of the smaller houses sold at the beginning. The builders apparently then rented out many of the remaining homes and the majority of the subdivision is still either rented or vacant. A California investor also purchased 5 of the larger homes for 289,000 in the summer of 2006.

Now fast forward to 2007. At least three of the smaller homes went into foreclosure and are now bank owned. Another two of the larger homes also went into foreclosure. All five of the investor homes were put on the market for 199,900 (90,000) less than he paid. None of them were sold even at the lower price and they have gone into foreclosure. Now here is where the bizarre pricing comes in.

Even though there were 1869' homes for sale for 199,900, one of the 1538' bank owned properties was originally priced by the bank at 229,000. They have since lowered it to 193,900. And as the 1869' homes go through foreclosure and become bank owned, the banks are listing them at a higher price than the owner listing.

There are six homes for sale as of today's listings. Two of the 1538' homes are 193,9000 and 195,500. The four 1869' homes are priced at 197,500, 199,900, 219,900, and 225,900. These houses are all the same, the two less expensive ones have never been lived in. The two more expensive ones may have been rentals.

Then we have the Rhodes Villas, another 69 home subdivision originally built and sold in late 2005. Nearly all were purchased by speculators and as they were completed were put back on the market for resale at an inflated price. A few were flipped for a profit in early 2006, but most owners ended up renting the homes out. By late 2006/early 2007, several were again put on the market. Some were priced at what they had paid, some were priced higher and some were priced lower. No real rhyme or reason to the "just pick a number" pricing.

Now fast forward to 2007. One of the original models was sold originally for 364,275 in 2005. The model was priced at about 140,000 above what the base prices were. The home went into foreclosure and is now bank owned. The bank has priced it at 199,000, it has 2192' and as of yet it has not sold. It has been listed for about 1.5 months. The second model home is still apparently owned by the original owner and may be rented. The third and final model home is owned by Rhodes and shows an original price of 299,824. It is currently on the market for 309,724 and has 1866'. The original non-model homes sold for 181, 825 to 255,875, depending on the upgrades added. The majority sold for around 181-205. A few are currently on the market, some priced at less than they paid in 2005.

There are many houses on the market priced at less than the current owners paid in 2005/2006. A house on our block is bank owned and priced at only $900. more than the last owner paid in 12/2004 and it has been on the market since August 8th.

As more and more foreclosures come on the market, opportunities to purchase homes for a reasonable amount should increase. The builder discounts and foreclosures should force the resale home prices down. Builders are continuing to grade and build homes, even as hundreds sit unsold on the market. Many home prices here doubled and tripled between late 2004 and early 2005 for no fundamental based reason. Lot prices went up as much as 20 times during the same period. The prices increased mainly due to a credit bubble and a frenzy of speculative buying. Prices are falling across the country and despite what the realtors tell you, it is not "different" in Mohave County.

If you are going to buy, do your own research. Do not depend on the advise of someone who's pay check depends on your purchase. Make sure you can afford the payments and don't depend on appreciation in the near future.

Legends of America Site

I found this really cool site called legends of america. I love this site, tons of interesting things.

This page is on Chloride.

http://www.legendsofamerica.com/AZ-Chloride.html

This one mentions Cerbat, Mineral Park and even Kingman.

http://www.legendsofamerica.com/AZ-Cerbat.html

Arizona fun facts.

http://www.legendsofamerica.com/AZ-ArizonaFacts.html

Arizona Tax Revolt petitions shipped

8/27/2007 2:00:00 PM

Suzanne Adams Miner Staff Writer

Homeowners across the state will soon hear a knock on their doors from volunteers circulating petitions.

The Arizona Tax Revolt organization started shipping out thousands of forms for its two tax initiatives to more than 1,000 volunteers across the state last week.

"The cat will be out of the bag in September when the county mails the tax bills. We want to make sure our volunteers are out there and visible," said Marc Goldstone, chairman of the Arizona Tax Revolt.

http://www.kingmandailyminer.com/main.asp?SectionID=13&SubSectionID=18&ArticleID=12978&TM=44220.66

Judge orders review of city e-mails

http://www.kingmandailyminer.com/main.asp?SectionID=13&SubSectionID=18&ArticleID=12966

Nicholas Wilbur
Miner Staff Writer

Travin Pennington didn't walk out of the Bullhead City courtroom Thursday with any more e-mails than he walked in with, but both his and the city's attorneys seemed content regarding the judge's order.

Criticism doesn't end with Beecher

http://www.kingmandailyminer.com/main.asp?SectionID=13&SubSectionID=18&ArticleID=12942

8/22/2007 1:22:00 PM
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Nicholas WilburMiner Staff Writer

It was as if Paul Beecher hadn't yet been fired. The tension in the packed Council Chamber was evidenced by expressions of shock on the faces of those in attendance as the mayor and several Council members went back and forth with their critics.

Rhodes says stakes replaced at well sites

http://www.kingmandailyminer.com/main.asp?SectionID=13&SubSectionID=18&ArticleID=12945&TM=53626.71

8/22/2007 1:28:00 PM
Nicholas WilburMiner Staff Writer

According to Rhodes Homes representatives and Acting City Manager Jack Kramer, the missing stakes and monuments that outline the city's well sites in Golden Valley have been replaced.Resident and local electrician Keith Walker told Council Aug. 6 that half of the surveying stakes marking the corners of the city's four one-acre parcels had been graded over.

Arizona and Jim Rhodes

http://www.msnbc.msn.com/id/20343099/

Builder's north woes worry A.J.

By MARK FLATTEN TRIBUNE
East Valley Tribune
Updated: 3:49 a.m. MT Aug 19, 2007

Life in Arizona has gotten tough for developer Jim Rhodes. In recent weeks the Las Vegas homebuilder has lost a major lawsuit that will likely cost him several thousand acres he wanted near Kingman. He also failed to block efforts at the Arizona Corporation Commission to have him testify under oath as to why he kept a crooked ex-politician from Nevada on his payroll.

Subdivision by airport approved

http://www.kingmandailyminer.com/main.asp?SectionID=13&SubSectionID=18&ArticleID=12936&TM=53626.71

8/21/2007 1:41:00 PM
Suzanne AdamsMiner Staff Writer

Pilots using the Kingman Airport may have to deal with a new subdivision at the end of the runway.The Board of Supervisors Monday overruled the County Planning and Zoning Commission and approved an amendment to the county's General Plan, which will allow the Statesboro subdivision to be built in the approach to one of the airport's runways. Supervisors Buster Johnson and Tom Sockwell voted for the development. Board Chairman Pete Byers voted against it.

Kingman's New Planned Hospital

For some reason, the Miner has not been updating their web site this week. There was an article about a new hospital in the paper earlier in the week that didn't show up on the web site. Here is a later article that did appear on the web site.

http://kingmandailyminer.com/main.asp?SectionID=13&SubSectionID=18&ArticleID=12899

8/17/2007 12:05:00 PM

Response to new hospital mostly positive
Terry Organ Miner Staff Writer

Brian Turney, chief executive officer of Kingman Regional Medical Center, made it clear Thursday he has no objection to the competition KRMC will face once Hualapai Mountain Medical Center opens in two years.However, he expressed some concerns over how HMMC will conduct business as a for-profit facility. KRMC holds a designation from the Internal Revenue Service as a non-profit operation.

Buyers Market

There is an article on the front page of the Daily Miner this morning quoting a local realtor. Only problem is the numbers are very wrong. He says there are 131 single family residences listed in Kingman in July, which is actually the total "new" listings for July. The total sales were 62, which makes the market sound pretty good. The total single family residences listed as of yesterday on realtor.com for Kingman, excluding mobile homes, is 956. I would hope there would be a correction in tomorrow's paper, but I suspect it won't be corrected. It looks much better showing half the houses sold last month.

http://www.kingmandailyminer.com/main.asp?SectionID=13&SubSectionID=18&ArticleID=12892

It's a buyer's market

Choices plentiful if you’re shopping for a home
Aaron RoysterMiner Staff Writer

It's a buyer's market in Kingman. All you have to do is look at the numbers.

In July, there were 131 single-family residences listed in the Kingman, north Kingman and Hualapai Mountain areas. A little less than half of the homes listed were sold. The 62 sold in July is close to the 65 sold in July 2006.

http://homes.realtor.com/search/searchresults.aspx?mindt=1%2f1%2f0001+12%3a00%3a00+AM&maxdt=12%2f31%2f9999+11%3a59%3a59+PM&ctid=49&ml=3&typ=1

Beecher Booted - Daily Miner Links

http://www.kingmandailyminer.com/main.asp?SectionID=13&SubSectionID=18&ArticleID=12878

Beecher BootedCouncil seeks clean slate after termination of city manager Nicholas Wilbur Miner Staff Writer

He had already cleaned out his desk and turned in his keys before City Council emerged from executive session Friday morning after his performance evaluation.

http://www.kingmandailyminer.com/main.asp?SectionID=4&SubSectionID=4&ArticleID=12884

Council makes the right decision on firing Beecher
Mark Borgard Miner Editor

Let's hear it for our Council! Please, lady and gentlemen, stand up and take a bow. You earned it. You made a tough decision on Friday, but it was the right one. Your courage will make Kingman a better city in the future.

Kingman's Paul Beecher has been removed

From Todd Tarson's blog - Kingman's city manager, Paul Beecher has been relieved of his duties as of this mornings council meeting.

http://mocoreal.blogspot.com/

Office Depot

For anyone who is interested, the new Office Depot in Kingman is open. The grand opening will be August 17th.

Dunton versus Rhodes...Dunton Wins

Dunton has won his lawsuit against Jim Rhodes.

Dunton and McAlister Investments sued Rhodes and the other defendants for specific performance of contract, breach of contract, common law fraud and intentional misrepresentation.

According to court transcripts of the trial, Judge Randolph Bartlett ordered Rhodes and the other defendants to honor the contract with Walnut Creek Estates Development Company, McAlister Investments and Dunton and Dunton, LLC. That contract would give Dunton and the other plaintiffs approximately 1,897 acres worth of land.Bartlett also awarded Dunton reasonable attorney's fees and taxable costs incurred in the case. Dunton and his attorneys are supposed to submit the amount of the fees and costs to the court at a later date.

http://www.kingmandailyminer.com/main.asp?SectionID=13&SubSectionID=18&ArticleID=12851&TM=58045.64

Beecher has done it again

Once again Paul Beecher and the city of Kingman have another lawsuit. Since Beecher neglected to tell the city that he had signed an agreement to pay Weir severance, the severance is now triple per Arizona law plus lawyer fees etc. Again, exactly why are we paying an attorney to watch out for the city ??

http://www.kingmandailyminer.com/main.asp?SectionID=13&SubSectionID=18&ArticleID=12849

Mohave County Arizona "Non troll" Site

This has been developed as a "safe" spot for people interested in Mohave County Arizona or anywhere else for that matter. The object is to keep this site "troll" free since the topix.net sites for Kingman and Mohave county have been overrun with "psycho" trolls.

You must register to post and your posts will have to be approved for the time being. Everyone is welcome who is willing to register and all posts are welcome regardless of your opinion of something. Name calling and trolls are not welcome and posts will be deleted.

You must set up a google account to post, apparently. Just click on the "comments" on the bottom of any of the posts, go to the bottom right and click on the link to set up a google account. You only need an email and a password. Google accounts are good to have anyway, you can get a gmail account and a picture storage and share area with your google account. If you have trouble with this, email mohave_net@yahoo.com and we'll try to think of another way to do this.

Hopefully at some point I can go back to using mohave.net's forums which have been deleted as of today. Forums are an easier method of posting but there was too much exposure to too many people and unfortunately they were not very safe from the "psycho" trolls personal attacks.