Kent Luken.com - What's New Page

What’s New for the Month of November, 2008

Statistics:

Here are the statistics for the Kingman, AZ, real estate market for single-family homes for the month of October, 2008. (These numbers include only site-built homes, not manufactured housing, with a Kingman, AZ, address and listed/sold through a REALTOR).

In October, 55 homes sold with an average selling price of $145,783, and an average of 152 days on market. 25% of the homes sold in Kingman during the month of October sold to cash buyers. Approximately 59% of these 59 sold homes were foreclosures or short sales (sold for less than the existing loan on the home).
Below is a table of the total number of homes sold by month for the last 3 years:

	2008	2007	2006
January	29	48	114
February	27	46	96
March	46	44	92
April	49	58	82
May	71	65	99
June	53	64	87
July	54	75	75
August	61	67	82
September	47	38	70
October	59	38	70
November		46	78
December		47	70

The table below shows the number of recorded Notice of Trustee Sales (foreclosure notices) for the last 4 years. Note that these statistics are Mohave County-wide, not just Kingman and indicate properties which will be foreclosed on 90 days after the Notice is recorded, if the property owner doesn’t bring the loan current. Also note that these statistics include all types of real property, such as vacant land, manufactured homes, and commercial properties, in addition to single family homes.

	2008	2007	2006	2005
January	295	141	68	66
February	311	162	50	68
March	330	139	63	78
April	337	133	76	72
May	295	170	61	49
June	365	171	79	70
July	329	167	55	74
August	327	198	95	71
September	321	321	79	75
October	367	207	98	75
November		214	93	53
December		207	111	59

As of November 5, 2008, there were 658 single-family homes with a Kingman address, listed for sale.

With 658 single-family homes currently listed for sale, at the current sales level, we have just over 11 months of available home inventory.

Sellers, this is a good time to be patient, flexible on terms and pricing, or take your property off the market and wait for an improvement to real estate market conditions.

Investors:

Is your financial portfolio adequately diversified? Do you own real estate? Do you own real estate in one of the fastest growing counties (Mohave County) in the fastest growing State (Arizona) of the Union?

Now that the election is over, the UNKNOWN IS NOW KNOWN, and people in the United States should resume making decisions about those things that impact real estate, such as retirement, relocation, and investing. The result of this should be a noticeable increase in the number of real estate transactions taking place. Further, the current state of our financial markets, coupled with the state of the economy world-wide, indicates to me that that an investment in raw land may be one of the safest places to invest your money right now. I contend that Mohave County, Arizona, is a great place to invest in raw land and improved properties.

Retiring baby-boomers are looking to escape urban and suburban congestion and cold weather in places like New York, Chicago, Detroit, Cleveland, Minneapolis and many other Midwest, New England, Northeast, and Northwest cities. We’re even seeing retiring baby-boomers leaving Florida due to inflated prices, congestion and hurricanes. Growth in Mohave County is inevitable. Investors, now is the time to take advantage of the current buyer’s market. Mohave County offers investors many real estate investment possibilities. From vacant ranch land to commercial warehouses to single and multi-family housing, please consider investing in Mohave County real estate. You owe it to yourself to diversify your financial portfolio!

Land:

I have several lots and parcels listed for sale and priced to sell right now. One or more of these may just be the perfect investment for you. Please take a look at “My Listings”. Please check out my current listings - click on “My Listings” on the right side of the screen. New Listings are updated throughout the month. Investors, raw land acquired at the right price requires no maintenance, means no tenant problems, and offers nothing but steady appreciation. Also, there is nothing to match the feeling of walking or hiking on your own land! I currently have several 2+ acre parcels available for less than a $9,000 and some even offer seller carry back financing! I have a beautiful 36+ acre parcel with easy access off old Hwy 66, currently listed for $39,000.

Homes for Horse Lovers:

4462 W Palomino Dr, Golden Valley (unbelievably priced at $79,500)
14822 E Cotton Top Rd, in Hackberry (Cottonwood Mountain Ranches).

These homes are all situated on beautiful acreage in the Kingman area. Please see the details at “My Listings”.

Real Estate Investing through your Individual Retirement Account (IRA):

Did you know that real estate can be purchased and held by your Individual Retirement Account (IRA)? Did you know that the gain on the sale of real estate sold from within an IRA is either tax free or tax deferred? Did you know that your IRA can loan money to others who are interested in purchasing real estate, but need a loan? Did you know that your IRA can finance a purchase of real estate secured by the subject real estate? Most people are unaware of these investment options. I have assisted many clients with these sorts of transactions. An IRA investment in real estate may be a good alternative or addition to your existing investment portfolio in more traditional stocks, bonds, and mutual funds.