Large kitchen with 5 burner gas stove, sub zero fridge, kitchen island, eat in area and lots of raised panel cabinets.

Private master suite with separate exit and enough room for a sitting area. Finished basement with 2 bedrooms, full bath, and a huge media/ bonus room.

Exit the brand new french doors to the large backyard with pool. Other features include  neutral decor, new security door, gas fireplace, 4 car garage, and corner lot.

Exceptional value – lots of home for the $$. This is not a short sale or bank owned home.

Take a virtual tour of this home.

Contact The Lucas Group today at (480) 598-8800 for more information on this 6 bedroom, basement home in the Ray Ranch Estates.

AWARD WINNING MASTER PLANNED GOLF & LAKE COMMUNITY OF RANCHO EL DORADO.

CHARMING GREAT ROOM FLOOR PLAN WITH SPACIOUS EAT IN KITCHEN. PERGO AND TILE FLOORING THROUGHOUT.

THE RESORT LIKE BACKYARD FEATURES AN EXTENDED COVERED PATIO, SPARKLING PLAY POOL, AND CUSTOM DECKING AREA WITH SHADY PALAPAS. SIT BACK AND ENJOY THE VIEW OF THE GOLF COURSE AND MOUNTAINS.

CONTACT THE LUCAS GROUP TODAY AT 480-598-8800 FOR MORE INFO ON THIS 3 BEDROOM HOME IN RANCHO EL DORADO.   CLICK HERE TO TAKE A VIRTUAL TOUR.

Situated next to walking path.  Step inside to neutral tile, beautiful real hardwood floors, and freshly painted interior.

Huge master suite, large walk in closet with built in shelving.  Spacious  kitchen with island, eat in area, and fridge included.

Private gated front courtyard with separate entry to casita.  Resort like backyard with extended covered patio and mature landscaping.

Gated adult community with community golf, tennis, swimming pool, rec room, restaurants, club house, and more.

This 3 bedroom retirement home in Sun Lakes is move-in ready!  Contact The Lucas Group today for more information 480-598-8800.

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3 Bedroom Sun Lakes Home

Neutral decor with tile flooring, newer water heater (2010), Trane 15 Seer AC (2009), added attic insulation (R-38), water softener, RO system, insulated garage door, security system, sunscreens on all windows, epoxy garage floor, garage cabinets, security front door, and all appliances are included.

This 3 bedroom home in Sierra Tempe features an east facing covered patio and meticulous, low maintenance landscaping, watering system and mature trees.

Sierra Tempe has an award winning Kyrene Elementary as well as Tempe city parks, greenbelts and walking paths. Enjoy great access to local amenities and a short commute to ASU and the airport.

To view a virtual tour of this property click.   Contact The Lucas Group today (480) 598-8800 for more information on this 3 bedroom home in Sierra Tempe.

This four bedroom home in McCormick Ranch features a private backyard features two covered patios, a private fenced diving pool with north/south exposure. Exterior features include a covered patio, balcony/deck, storage shed, private yard and built-in BBQ cul-de-sac lot; mountain views, 2 fireplace.  Winner of the best home on tour for Heart of Scottsdale!  

This four bedroom home in McCormick Ranch is located in one of Scottsdale’s most livable neighborhoods.  Lush greenbelts and landscape surround this perfectly placed community close to shopping, golf, dining, excelling schools and recreation.
Pertinent information: 8108 E Appaloosa Trail Scottsdale, AZ 85258. Priced at $499,000.  MLS #4576015.

See it for yourself: Cross Streets: Hayden and Shea Directions: South on Hayden to Gold Dust.  East on Gold Dust to Arabian Trail.  North on Arabian Trail to Appaloosa.  West to four bedroom home in McCormick Ranch.
Contact The Lucas Group today at (480) 390-4990 or visit us online at www.TheLucasGroup.com for more information on this four bedroom home in McCormick Ranch.

Washer, dryer and refrigerator are included.  Walk out balcony with mature trees. This 2 bedroom, 2.5 bathroom home in Tempe is located in the desirable Villagio at Tempe Condominiums gated community.

Close to Arizona State University, Tempe Marketplace and 202 and 101 freeways.  Enjoy the heated community pool/ spa and play areas.

Call The Lucas Group today (480) 598-8800 for more information about this 2 bedroom, 2.5 bathroom home in Tempe.

Wrangler News: What’s actually going on the metropolitan Phoenix real estate market?

 Jeff Lucas: There is mostly good news to report about the Phoenix residential real estate market right now. In my view, based on market data and trends, the recovery is under way for most market segments. The exception would be the Phoenix luxury real estate market, which still has an oversupply of homes on the market for sale.

Wrangler: What factors are bringing about this market recovery?

Lucas: Home values in metro Phoenix have declined in the range of 40-70 percent over the last four-plus years. The result is that most resale homes are selling at prices that are below replacement cost. For example, homes built from 2003-2007 in master-planned communities in Chandler and Gilbert initially were selling in the range of $160-180 per square foot. Today many of these same Chandler homes are selling in the range of $75-100 per square foot. Those prices are significantly below replacement cost.

When a commodity is selling at below replacement cost, investors enter the marketplace as buyers. In 2010, approximately 40 percent of all sales were for cash. Year-to-date, close to 50 percent of all sales are cash. This is extraordinary. In a “normal” market, cash sales typically comprise 2-3 percent of all sales. And when you consider that not all investors buy property with cash, investor/buyers likely comprise 55-60 percent of total buyer sides.

Wrangler: So investors are a large presence in our residential marketplace. What has been the impact of this investor component?

Lucas: Investor presence has created strong demand. The result is that there is incredible “velocity” in the current market. Phoenix properties that are competitively priced are flying off the market in days or weeks, very often with multiple offers. Units sold in 2011 are on track to be the third or fourth highest number of annual sales ever in metro Phoenix.

A second result of the strong demand/high velocity is that the “active” inventory of homes for sale has been drawn down by more than 40 percent over the past six months. We currently have an inventory of 21,000 homes listed for sale. Phoenix homes are selling at the rate of approximately 9,500 per month. That’s a 2.2-month supply of homes. In a “balanced” market, inventory supply is 5-7 months. This is classic supply and demand, Econ 101. We currently have an abnormally low inventory supply, down 30-plus percent year over year, and high-velocity, investor driven demand. In these affected market sectors  (generally under $500,000), market recovery is under way and, in the near term, home prices will begin to rise.

Wrangler: So you’re saying that…

Lucas: Yes, in the near term, home prices in metro Phoenix are on their way up.

Wrangler: What are investors doing with these homes that they are buying? What is their “endgame”?

Lucas: Metro Phoenix represents a “perfect storm” opportunity for investors. First, investors are buying the commodity of housing at below replacement cost; commodities do not stay for long at prices below replacement cost. Investors are confident that these properties, in 3 to 5 years, will appreciate to replacement cost or higher. Second, rents are rising.

Every short sale and foreclosure creates a renter because these displaced families cannot credit-qualify to purchase a home. So investors are getting cash-on-cash returns in the range of 10-15 percent per year before factoring in appreciation or tax advantages.

The “endgame” for investors is likely to be to sell these properties in 5 to 7 years after the marketplace has stabilized.

Wrangler: Given current market conditions, what’s your advice to a traditional buyer or investor buyer?

Lucas: If you’re not a cash buyer, mortgage interest rates are still at near record lows— under 5 percent. In most market price-point sectors, the recovery is under way. Given demand pressure on our low inventory, I think we are likely to see appreciation of 5 to 10 percent for properties under $200,000 over the next 12 to 18 months and appreciation in the range of 3 to 6 percent for properties priced between $200,000-$500,000 over the next 12 to 18 months. So if you are thinking of buying a property to owner-occupy or as an investment, better sooner than later.

— Jeff Lucas, founding member of The Lucas Group, is an associate broker with Keller Williams Realty East Valley. For a number of years, he has provided a monthly Phoenix Residential Real Estate Market Data and Trends Report for several MasterMind Groups, his brokerage and for The Lucas Group, (480) 598-8800.

The first chart below dramatically illustrates the impact of lower interest rates on housing costs, and the relative affordability of housing in the United States. The cost of a loaf of bread and a gallon of gas has more than tripled since 1989, and car prices have nearly doubled.

While the median price of a new home has increased by 70 percent, mortgage interest rates, which stood at 10 percent back in 1989, are less than half of what they were back then. The impact of rock-bottom interest rates is that the monthly mortgage payment on a median priced home in the United States has increased by a mere $4 since 1989.

Unless a buyer is paying cash, the monthly payment tends to be a far more relevant number than the home’s actual purchase price. So for buyers who are waiting for home prices to hit the floor, before buying it’s important to point out that the possibility of a slight drop in the price of a home will have very little impact on the monthly payment, while even a slight rise in interest rates (a far more likely scenario) will have a significant impact.

Timing the market to a T is never possible and in the current market, staying on the sidelines is more likely to result in a missed opportunity than a small savings.

Even so, buyer reluctance in the current market can outweigh compelling facts.  Buyers are skittish about the housing market, and the fact is market skittishness is actually a good reason to buy now.  General uncertainty about the housing market and a reluctance to take action only contributes to the number of deals and negotiating power available to astute buyers.  Buyers who are waiting for the real estate market to “recover” are in fact waiting for a reduction in inventory, fewer foreclosed properties on banks’ books, rising home prices and sellers who don’t need to be as motivated.

That scenario will be welcome news for sellers, banks and the U.S. economy as a whole, but not for buyers. Now is the time for buyers to act.

Spacious 2 bedroom, 2 Sun Lakes home for sale. Center of the house is a spacious great room.

Nice kitchen with breakfast bar and separate dining area. Fridge included.Extended covered patio. 2 car extended length carport and workshop area. Perfect for a winter/vacation home!

This is Arizona Adult living at its finest! Club house is amazing. The things to do list goes on & on. Golf, tennis, games and so much more all included in the Association dues. Land is not rented. You own home including land.

Contact The Lucas Group at (480) 598-8800 for more details about the Sun Lakes home for sale or click here to view more photos.

Dramatic architecture with slate floors, plantation shutters, custom window treatments, coffered ceiling, wet bar and 3 fireplaces. Gourmet kitchen with 6 burner cooktop, sub-zero ref, pantry and island.

Large master suite with sitting area plus his/her bath & closets. 4th bedroom is set up as office.

Oversized windows looking out to a beautiful desert oasis. 3 separate patio areas, relaxing waterfall, built-in BBQ.

Private cul-de-sac location, breathtaking mountain views. Community tennis and spa- PLUS award-winning schools!

Contact Jeff Lucas of The Lucas Group at Keller Williams at (480) 598-8800 or home@thelucasgroup.com

Take a virtual tour and see more photos of this home or visit our Facebook page.