Samantha Goodman PLLC
Integrity & Experience
Mobile: (602) 526-7486     Fax: (623) 877-5455
April 9, 2013
April 9, 2013

Public reports…as more & more good deals are picked up by investors ….there are issues to be aware of and unintentional pitfalls you may involve yourself in.  Especially when an investors seeks to purchase multiple properties in a platted subdivision.  

Here is an excerpt from the Arizona Department of Real Estate (ADRE) with respect to this issue:
When do I need a Disclosure Report (Public Report) to sell lots in a subdivision that has existed for many years?
By law, A.R.S. 32-2101(54), you are a subdivider if you own or have owned 6 or more lots in a single platted subdivision and offer any number of them for sale.  All subdividers are required to obtain a Disclosure Report (Public Report) prior to offering lots for sale in accordance with A.R.S 32-2181 et seq. and Commissioner's Rule R4-28-B1207.
It is the act of selling that requires a Disclosure Report (Public Report), not ownership.  There is no time limit connected with this.  It makes no difference when you acquired or sold a lot.  Upon acquiring fee title or an equitable interest in the 6th lot within a single platted subdivision, a Disclosure Report (Public Report) is required prior to its sale.  You could purchase and sell 2 lots every five years and as soon as you acquire an interest in the 6th lot and offer the lot/lots for sale, you would be in violation if you did not obtain a Disclosure Report (Public Report).  If you hold fee title or an equitable interest in 6 or more lots at one time, a Disclosure Report (Public Report) is required prior to offering any of the lots for sale.
For more information on this topic this is the link to the ADRE:   http://www.re.state.az.us/Dev/DevFaqs.aspx#FAQ11

Hope you have a fantastic week!

Here are your weekly Inventory Levels:
 
Supply numbers are based on the number of closings in the previous month, divided into the total number of active listings today.   
This data is for Single Family Detached homes only and does not include Patio Homes, Condos, or Townhouses .
The total number of single family homes on the market in the Arizona Regional Multiple Listing Service is currently 12,455.
A slight decrease since last week.    
We are seeing an average supply rate of just over 1 ½  months.
The current number of pending sales are 9,820.  An increase since last week.
The current number of pending listings that are “under contract-accepting back-up offers”, are 3,828.  A slight increase since last week.
 
           Search #1 – Phoenix (City of Phoenix)
 
•         Total of 1,971 active listings.  Just over a 1 1/3 month supply.   A slight decrease since last week.
           Search #2 – West, Far SW & Far NW Valley
•         Total of 3,369 active listings.  Just over a 1 2/3 month supply.  A slight decrease since last week.

(Cities of: Cordes Lakes, Bumble Bee, Crown King, Wagoner, Yarnell, Date Creek, Constellation, Black Canyon City, Castle Hot Springs, Wickenburg, Aguila, Gladden, Morristown, Circle City, Wittmann, Harquahala, Tonopah, Paloma, Sentinel, Gila Bend, Mobile, Arlington, Hassayampa, Palo Verde, Congress, Peeples Valley, Yarnell, Cleator, Cordes, Glendale, Litchfield Park, Goodyear, Avondale, Tolleson, Cashion, Estrella Mountain Ranch, Laveen, Peoria, Surprise, Sun City, Sun City West, Glendale, El Mirage, Youngtown, New River, Anthem, Buckeye)

Search #3 – Northeast Valley

•         Total of 562 active listings.  Just over a 4 month supply.  A slight increase since last week.   

 (Cities of: Rio Verde, Fountain Hills, Sunflower, Camp Creek, Desert Hills, Cave Creek, Carefree, Fort McDowell)

Search #4 – East Valley

•         Total of 2,252 active listings. Just over a 1 1/4 month supply.  A slight increase since last week.

(Queen Creek, Chandler, Gilbert, Apache Junction, Gold Canyon, Tortilla Flat, Mesa, Tempe, Ahwatukee,Guadalupe, Komatke)

Search #5 – Southeast Valley   

•         Total of 960 active listings.  Just under a 2 4/5 month supply.  .  A slight decrease since last week.

(Arizona City, Eloy, Picacho, Toltec, Arizola, Casa Grande, Randolph, Coolidge, Valley Farms, Florence, Johnson Ranch, Sacaton, Bapchule, Stanfield,
Maricopa, Ak Chin, Santa Cruz)

Search #6 – Scottsdale (Over 1 Million)

•         Total of 611 active listings.  Less than a 12 3/4 month supply.  A slight decrease since last week.

Search #7 – Scottsdale (Under 1 Million)

•         Total of 961 active listings.  Just under a 2 1/5 month supply.  A slight decrease since last week.

Search #8 – Paradise Valley (Over 1 Million)

•         Total of 289 active listings.  Just under an 8 3/4 month supply.  A slight increase since last week.     

 Search #9 –    50K-100K (Single Family Homes)

•         Total of 622 active listings.  Just under a 1 month supply.  A decrease since last week.    

 Search #10 –  Under 50K (Single Family Homes)

•         Total of 114 active listings.   Just over a 3 week supply.   A decrease since last week.    

If your property is currently listed with a real estate broker or if you are currently working with another real estate agent, please disregard.  
It is not my intention to solicit the offerings of other real estate brokers.  I am happy to work with them and cooperate fully.


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West USA Realty
16150 N Arrowhead Fountain Center Dr. Suite #100 • Peoria, AZ 85382
Mobile: (602) 526-7486 • Fax: (623) 877-5455
Office: (602) 375-3300


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