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Scottsdale, AZ Real Estate News

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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By Greg L. Weimer
(Remington Capital, Inc.)
Remington Financial Group is equipped to handle the expedited closings of 30 days or less, which makes it unique in the lending space. Our firm does it by preparing all of the necessary underwriting resources (attorneys, appraisers, etc.) to review and approve a loan very quickly. RFG employs a lower loan to value ratio than a traditional lender might, which allows the firm to recover its investment should the need arise. Also, Remington often times skips traditional underwriting steps, such as evaluating a borrower's credit rating or examining his experience level, as a means to progress the loan more quickly. We require a water tight appraisal of the property that ensures RFG can tolerate the high risk. Also, RFG will always require an appropriate exit strategy. If a borrower can not ...
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By Greg L. Weimer
(Remington Capital, Inc.)
A hard money loan is easily recognized by some distinguishing characteristics, most notably its ability to close quickly. Although a hard money loan typically carries a higher loan to value and more costly rates and fees, borrowers continually turn to this unique loan because most times it can move from start to close in 30 short days. Why would a borrower need to close a loan in 30 days? It turns out there are many reasons that a quick turn around might be necessary. Two examples include: Taking advantage of a low cost propertyA borrower is aware of a piece of available property that is near the site of a soon-to-be-built shopping center. The land owner will sell the property at a lower cost, but only if the deal can close in the next 30 days. By securing a hard money loan, the borrowe...
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By Greg L. Weimer
(Remington Capital, Inc.)
Distinguishing Characteristics A hard money loan is easily recognized by some distinguishing characteristics, most notably its ability to close quickly. Although a hard money loan typically carries a lower loan to value and more costly rates and fees, borrowers continually turn to this unique loan because most times it can move from start to close in 30 short days. Loans often times must close quickly for any number of reasons. Sometimes the timing is a requirement to take advantage of a good price on a commercial property. Other times borrowers must meet fast closing dates in order to avoid foreclosure. Regardless of the reason, hard money is a viable and valuable loan type. It's also important for brokers to understand that a typical hard money loan does not have a pre-payment penalty...
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By Greg L. Weimer
(Remington Capital, Inc.)
Remington Financial is looking to bring its vast skill and expertise in the real estate, construction and development banking sectors into India and to partake in the strong, sustainable growth within one of the most robust real estate and investment markets in history.The entry of Remington Financial Group into the Indian real estate and construction markets gives investors in development and construction projects access to our flexible, creative and responsive finance services. Those services deliver Remington Financial Group's unique and highly developed transaction processes that differ from those of most conventional banks and finance specialists. Remington Financial Group customizes each transaction to benefit the client with our distinctive brand of integrated financing. Our trac...
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By Greg L. Weimer
(Remington Capital, Inc.)
India is experiencing one of the strongest and enduring periods of economic growth and prosperity in the history of the financial markets. Their growth looks to continue unabated well into the next decade. Among the most attractive features for investing in India are numerous long-term investment opportunities that offer strong potential returns with limited downside risk. An influx of foreign capital has fueled a burgeoning middle class and increased land development.
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By Greg L. Weimer
(Remington Capital, Inc.)
There are many reasons Remington Financial Group (RFG) has extended its growth to Mexico. Among these is the proliferation of opportunities for potentially very rewarding long-term investment opportunity with limited risk. For comparable product types, cap rates in Mexico are approximately 200 to 400 basis points above U.S. cap rates. With its increased gross domestic product (GDP) per capita, vibrant economy, and the strength of the peso, investing in Mexico has never looked better. The country's foreign direct investment is at an all-time high. Additionally, Mexico's political climate is more open to investment than ever before. Changes in foreign investment laws, as well as the institutionalization of properties by U.S. Title Insurance companies, are two reasons for increased confide...
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By Greg L. Weimer
(Remington Capital, Inc.)
RFG secures $12,112,000 permanent financing for a 224-unit apartment complex, Pensacola, FL Remington Financial Group, Inc. secured a $12,112,000 non-recourse permanent mortgage to refinance a 224-unit apartment complex in Pensacola , Florida .  The 80% LTV, 10-year fixed mortgage is amortized over 30 years. The principals acquired the property in September 2004, right as Hurricane Ivan hit Pensacola .  Ivan caused substantial damage to a number of the buildings.  After upgrading most of the units, the principals were able to substantially increase rents in 18 months.  In addition, the principals changed the tenant mix that decreased tenant rollover.  Both of these factors greatly increased the cash flow of the property.  RFG, recognizing the added value, was able to structure a loan th...
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RFG CLOSING - secures $5.5 Million non-recourse permanent financing RFG secures $5.5 Million non-recourse permanent financing A long time and repeat borrower of Remington once again selected RFG's permanent financing to refinance its name brand hotel in northern Vermont. RFG competed with the borrower's options and won based on the extremely low rate it was able to secure along with other favorable terms such as low reserves and short time frame to close. This transaction was the seventh property financed by RFG over its long term relationship with the borrower which has been established on the borrower's confidence in RFG's execution and reliability. The financing was structured with a 10 year term, 30 year amortization and a fixed rate of 5.35 percent. Testimonials Remington Financial...
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Remington Financial Group, Inc. - Hard Money Since 1993, Remington Financial Group, Inc. (RFG) has had a successful history of securing hard money capital and financial services to sophisticated real estate owners and developers nationwide. RFG specializes in hard money loans, a higher-risk loan, which is usually based on the quick-sale value of a property. Hard money loans are often issued for financially distressed properties that carry greater risks that most conventional banks are not willing to absorb. RFG issues hard money loans in cases where there is sufficient collateral and a promising business or financial plan. Securing financing for transactions starting at $1 million and moving upward, RFG offers an extensive network of private and public lending partners, dramatically imp...
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By Greg L. Weimer
(Remington Capital, Inc.)
RFG has been around for 16 years and has arranged billions of dollars in closed transactions. We specialize in securing financing for even the most complex transactions, even deals that are currently being rejected by traditional banks. We continue to get transactions financed because of our deeply leveraged relationships with secondary private lenders, and private equity groups. Our expertise provides our clients options not turn downs, if you currently have any transactions that you are having trouble placing, please feel free to contact me anytime to discuss what financial options private money can offer you.   Best wishes for a successful 2009! Don't let the non-lending traditional banks put an end to the options you could have available for you clients.
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By Greg L. Weimer
(Remington Capital, Inc.)
Since its inception 15 years ago, Remington Financial Group (RFG) has increased its presence in the commercial real estate market. The company closed more than $900 million in client transactions in 2006, over $1 billion in 2007 and is on track to exceed that figure for 2008. RFG provides a range of financing solutions including senior debt/equity financing, mezzanine/bridge loan financing, and joint venture (JV) financing. The company is open to providing construction loans, equity debt financing with up to 100 percent financing, hard money, interim bridge financing, up to 100 percent financing for franchises, seed capital, business loans without real estate, business investment capital, and up to 100 percent financing on land development. RFG will consider financing any number of deve...
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