Let’s talk about a great new feature that has been added to the Phoenix MLS since the change to flexmls from Tempo, the kind of thing that can save you hours of sorting through listings from everywhere when you want to focus on a certain area.

Last week I had a client ask about the Montage Condominiums in northeast Phoenix, right next to the Scottsdale border near the Princess resort. Options were few for townhouses in this particular complex. But thanks to the new MLS, I could take the MLS number for any one of the properties in Montage and search within the radius of our choice for other similar townhouses.

This far surpasses the methodology available in the old Arizona Regional MLS, where a similar search would be conducted by searching for a given elementary school or by the clunky and largely random “areas” as defined in 1734 by the original mapmaker.

Think this is cool? Wait … don’t answer yet!

Once the search is established, I can set up what flexmls calls a “portal” … an individual website that will show you all of the listings that match your criteria and fall within the blue circle. We had this in the old MLS but the upper limit was 75 properties. Now? There is no limit. If it’s in the Phoenix real estate market, fits your criteria and falls within the area you like, it will appear whether that means 12 properties are 120.

Want to see the search in action for yourself? Let me know what you’re trying to find through the contact form on the top right and see for yourself.

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So as I was reviewing the 9920 Condominiums website the other day looking for floor plans, I missed the obvious news staring me in the face. The 9920s are no longer for sale. The developer has turned the community into a rental complex.

This discovery was made this morning when I walked in the door with a client and said we’d like to look at the models. “For rent?,” the agent asked. “Um, no,” I said. And that’s when we knew.

It’s a shame. I can understand the developers’ need to get the units filled. Sales had been slow but it appeared they were taking place. And going rental?

Right project, wrong time.

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Almost any property in the Phoenix real estate market can be converted into a rental. But only a decidedly different subset can work as a vacation rental. So how can you tell if the home you’re thinking of purchasing as an investment may work as a seasonal or vacation rental?

• Amenities. Are you close to a decent golf course? (Nothing wrong with the munis but there’s not huge demand for 6-hour rounds at the Dobson Ranch.) Is there a fitness center, a community pool, a clubhouse, or maybe even tennis courts?
• Location. Are there views of the mountains, of some water, of the golf course or are you overlooking a parking lot? Is there easy freeway access and are you within a reasonable distance of Sky Harbor airport?
• Ease of use. Is the property all on one level or are your vacation renters going to have to schlep up three flights to get to the condo?
• Furnishings. If it doesn’t come furnished, and most don’t, you’re going to have to add the furniture. Vacation renters want a property that’s turnkey. Walk in, unpack then lock up and go home.

Want some ideas of areas? Check out VacationRentals.com or VRBO.com and you can see not only some areas where people are promoting vacation rentals, but also the rates they are asking. There’s no guarantee they’ll all find tenants but some also have availability calendars attached and you can get a feel for what timeframes are booked and when.

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Just received a note from one of the lenders that I work with on a regular basis. It appears there may be life for seller-assisted down payment programs such as Ameridream after all.

A cynical person would ask why the bill was passed with the provision killing off these programs in the first place, but that’s another story for another time.

From Ameridream …

Last night, Congress introduced bipartisan legislation, H.R. 6694 that would reauthorize and reform charitable downpayment assistance. This bill would remedy a harmful provision in the new housing law which limits homeownership opportunities for low and middle-income Americans. The legislation, sponsored by U.S. Reps. Al Green (D-TX), Gary Miller (R-CA), Maxine Waters (D-CA), and Christopher Shays (R-CT) reauthorizes and reforms charitable downpayment assistance funded in part by sellers, which has helped over one million families and individuals become homeowners since 1999. The program was eliminated by legislation signed by President Bush on July 30, 2008.

The Green-Miller-Waters-Shays plan would re-authorize and reform non-profit downpayment assistance and secure it as an allowable source for FHA borrowers. The bill seeks to ensure that providers of the downpayment assistance operate in a transparent manner to guard against conflicts of interest. The bill also includes language to ensure that FHA maintains its financial stability by permanently authorizing the Secretary to assess higher premiums to higher risk borrowers.

It is important that you contact your elected officials in Congress and tell them that you support downpayment assistance and urge them to support H. R. 6694. To reach your elected officials, please call the US Capitol Switchboard at 202.224.3121.

You also can read more at SupportHomeOwnership.com.

Let’s see if House Speaker Nancy Pelosi will leave the lights on for this bill or if Congress really is willing to leave a pool of viable homebuyers in the dark.

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One (likely) final follow-up to the saga of Arizona Title.

First American Corporation, parent company to First American Title, issued a statement regarding the closure of Arizona Title’s offices. First American is going to be completing escrows started at Arizona Title.

“First American Title Insurance Company is the sole title insurance underwriter for Arizona Title and in that capacity, has assured state insurance regulators of its commitment to fulfill its duties and responsibilities and assist them as may be necessary or appropriate under the law to ensure that transactions involving the customers of these two companies, and the policyholders of First American, are successfully processed to completion.  As a first step, First American has set up a dedicated customer service center to field questions from existing customers of Arizona Title.  Customers with pending transactions may call 925-249-2819 to receive further information.

First American has had a long-standing relationship with Arizona Title and we regret that the current market conditions have forced them into this very unfortunate situation.”

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