Watson Lake is located about 4 miles from downtown Prescott and offers fishing, boating, kayaking,  hiking, rock climbing, camping and picnicking.  

There are several hiking trails near Watson Lake.   The Peavine Trail runs along the southeastern side of the lake into the scenic Granite Dells. 

This trail level is easy and is enjoyed by walkers,  joggers, horseback riders and mountain bikers. 

Watson Lake Park is located on Hwy 89 North of Prescott

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Many of these homes were built in the early 1900s and occupied by Prescott’s founders.

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Lower home prices are positively effecting home sales. 

For the second month in a row, the number of homes on the market is down and sales are up.  Home prices in Prescott are down approximately 24% from this time last year and buyers that were watching and waiting are beginning to take advantage of the great buying opportunities available.
Is the worst of this market downturn behind us?

To compare July to June, click here June 2008 Sales Statistics
Prescott Sales Statistics for the month of July, 2008

Prescott / Tri City Absorption Rates By Area
See below for area definitions (110 - 150)

Area 110: North of Gurley/Thumb Butte, West of Willow Ck Rd including Longview
Area 120:North of Gurley, East of Willow Creek Road, West of Hwy 89
Area 130:East on Hwy 69 from Hwy 89 & 69 Junction, East of Hwy 89
Area 140: South of Gurley, East of Park/White Spar, West of the Ranch
Area 150: South of Gurley, East of Park/White Spar

As always, please feel free to contact me with any questions.

Regards,

Sherry Huffman
Realtor-Associate
The Huffman Group, Realty Executives
928-533-1833
928-441-1201 e-fax
sherry@thehuffmangroup.com
www.theHuffmanGroup.com

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Stumble, skid, slide, falter, this is all we hear about the real estate market.   This morning I heard on the news “More Bad News For The Housing Market!  Prices in Phoenix continue to slide downward, down 26.5% from May of 2007″.  
This  market correction had to happen and it’s not a bad thing.   Lower home prices will help move us from the problem into the solution.

The real estate market conditions that got us here started in the mid to late 1990s.  We had a 10 year run of accelerating sales and appreciating values.  Home values in Prescott were up 25%, in some cases the appreciation was a staggering 45%.  In 2004 through 2006, the average sale price in Prescott for a single family home was $420,000.  These are unsustainable numbers for Prescott, Arizona Real Estate.  The average annual income for people who work in Prescott is $34,454.00.  Prescott does not have the job market to support an average sales price of $420,000.   People who work here should be able to afford a home here.  
So when I hear prices are down, who’s to say it’s not a good thing?

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Monsoon season is in full swing. We’ve had some great thunderstorm and even some rain! Phoenix has seen record amounts of rainfall this month, and the dewpoints have been in the 60s… If you watch the Weather Channel, the meteorologists are always mentioning the dewpoint.  I did some research to find out exactly what is dewpoint….

All air contains vapor and the dewpoint is a measure of the amount of moisture in the air. The dewpoint of humid air is higher than the dewpoint of dry air. Dewpoint is further defined as the temperature to which the air has to drop in order for the moisture in the air to condense.Historically, when the Phoenix dewpoint reaches 55 degrees for three consecutive days, the likelihood of statewide thunderstorms is good.

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Use your Negotiating Power.  If the listing is new on the market, the bank may not be willing to deviate from the list price.  Look for REO homes that have been on the market for 30 days or more.

Check fees charged by the Title/Escrow company. Banks negotiate bulk rate contracts with Escrow companies.  If you decide to use the banks Title/Escrow company they may charge more in order to make up for the discount they are offering the bank.

Banks do not pay for any extras.  Banks generally are not willing to pay transfer fees, delinquent home owners association fees, any property inspections or home warranties.  Be prepared to pay for these items out of your pocket.

Verbal Agreements.  Most banks like to negotiate verbally before putting anything in writing.  Generally, this is the number one rule on not what to do, but the bank hold the cards and sets the rules.

Expect the bank to use their own purchase contract or at the very least addendum’s to standard purchase contracts.  Many times these contracts are not in the favor of the buyer.  Read through everything thoroughly and if you don’t understand something, consult professional advise.

“As Is”.  Most banks sell homes in “as is” condition.  Make sure your offer contingent upon inspections, and your approval of those inspections.

Patience is a virtue!  Most banks take days if not weeks to respond to offers.  Be patient.  If your offer is rejected, wait 30 days and re-submit the offer.

Have your loan in order and ready to go. Have a pre-approval letter from your lender ready to submit to the bank.  Be certain your lender can close escrow on the pre determined closing date.  If you run into delays and need more time to close, the bank may charge you for each late day. 

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Prescott Sales Statistics for the month of June, 2008

Prescott / Tri City Absorption Rates By Area
See below for area definitions (110 - 150)

Area 110: North of Gurley/Thumb Butte, West of Willow Ck Rd including Longview
Area 120:North of Gurley, East of Willow Creek Road, West of Hwy 89
Area 130:East on Hwy 69 from Hwy 89 & 69 Junction, East of Hwy 89
Area 140: South of Gurley, East of Park/White Spar, West of the Ranch
Area 150: South of Gurley, East of Park/White Spar

As always, please feel free to contact me with any questions.

Regards,

Sherry Huffman
Realtor-Associate
The Huffman Group, Realty Executives
928-533-1833
928-441-1201 e-fax
sherry@thehuffmangroup.com
www.theHuffmanGroup.com

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Happy July Everyone!  Summer is officially in full swing and the 4th of July is a just a few days away.

The City of Prescott is hosting it’s annual 4th of July celebration at Pioneer Park.   This year, Pioneer Park proudly presents the largest fireworks display in the tri-city area!  
Make it a day of it and enjoy the carnival featuring the world’s largest water slide, bungee jumping, climbing walls, pony rides, bumper boats, carnival games and much more.  There will also be live entertainment, contests, give-a-ways, a craft tent and food vendors.  Bring the entire family and celebrate our nation’s birthday..

 The carnival begins at 12:00 noon on Friday, fireworks begin at 9:00 PM

Admission into the park is FREE.  Carnival tickets are available at any Fry’s Market, the Prescott Chamber of Commerce or Prescott True Value.  Tickets are $12.00 if purchased in advance, or $15.00 at the gate.
Free parking at Embry-Riddle.  Free shuttle service to Pioneer Park.

Pioneer Park is located at 1200 Commerce Drive in Prescott.
For more information call (928) 777-1349

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Just a thought….  The stock market has become increasingly volatile, and many investors are moving their equities into cash.
Real Estate prices have dropped to 2004 levels and Sellers are more motivated than ever.  If there was ever a time to “buy low”, this is it.

I looked at 10 homes over the weekend, a few of them were ”bank owned”.  The great news is that buyers had submitted purchase contracts on two of them.  These homes were priced very competitively and were in good condition.  In 5 years, both of these homes will be worth more than what the buyers purchased them for.  These buyers not only have a place to live at a fixed monthly rate, but tax deductions on the interest paid, and an investment that is appreciating.

The Real Estate market is going to turn around and if you want to “buy low and sell high”, now’s the time.

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5693 Globe Mallow
Prescott
This home features a 4 car attached garage, and large .44 acres lot with views and a large covered patio that is great for entertaining.
The home was built in 2001 and features 2,044 sq. ft., 3 bedrooms 2 full baths, a fireplace in the master suite and a spacious kitchen.
The large back yard is a fully fenced, has a fire pit, covered patio, open flagstone patio, a garden area, grass and RV parking. 
This home is priced at $379,000
MLS # 916072
Virtual Tour 

1032 E. Sunflower Drive
Prescott

This lovely home is located on a extra large .75 acre lot.  The floor plan is open and the home is very light.  The kitchen in this home was designed for a cook!  This spacious kitchen includes lots of counter space, a cook top and wall oven.  The floor plan makes this a perfect home for parties.
This home was built in 1998, is 2,121 Sq. Ft., 3 bedrooms and 2 bathrooms.  Plus a 3 car attached garage.
This home is priced at $359,000
MLS# 927952
Virtual Tour

Call Sherry or Sue with any questions about these listings, or any or our listings at (928) 778-4492
To see virtual tours on all of our homes and land listings go to
The Huffman Group.com

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