Change is in the wind. Last evening the Lake Havasu City Council voted to change the zoning for a parcel of land on the Channel to the south of the London Bridge.

What this means is the redevelopment of the English Village and Channel area has begun, however they will not be “moving dirt” in the near future because the developer must hire a contractor, go through a design review of the planned development and arrange financing.

The planned development is a 98 foot tall structure which will include retail space on the first level, two levels of parking garage and 88 living units.  The living units could be either condos or time shares.

The English Village has not prospered in the past few years for many reasons.  I see this new development as a positive step in the revitalization of the Channel Area. By improving the look and quality of the retail outlets, the businesses in the “Bridge” area will prosper and we will have a pleasant place to shop, gather, and entertain our friends and clients when they visit our town.

I do not agree with the developer’s request to City Council asking for a 10 foot set back from the Bridge/McCulloch Blvd. for the Parking Structure. The Council already gave the developers a 15 foot setback as an exception to the city building standard of  40 foot setbacks for McCulloch Boulevard right of way and parking structure. The developers are now asking for a further setback reduction of 15 feet to 10 feet for the parking structure. 

In Lake Havasu City today there are currently 117 REO properties listed in the MLS.  They range in price from $69,900 to $614,500. Of these listings, 88 are less than $200,000, 19 are between 200,001 and $300,000, and 10 over $300,000.

The Lake Havasu City real estate community is seeing a lot of Buyers interested in Foreclosed properties. This REO fixation has become obsessive in nature.

These REO properties are a significant number of homes and are perceived to be “great values” because they are REO properties. This is not always the case. Most of the properties need to have extensive work done to bring them into condition for occupancy. This repair work is not only expensive it is also time consuming.

I ask the question. Is this really a “great value”?  My opinion is that it could be, however a buyer should look at what other properties are also listed.  Many of the homes on the market that are not REO are priced very well, some at the same pricing level as the REO and not needing the repairs required on most of the REO properties.  Astute buyers do not limit themselves to only REO properties, but look at the other homes which meet their needs, whether it is for a rental, second home or residence. I have personally been aware of many listed homes that are not REO, yet compete with the REO on price and give the buyer a property that is ready to occupy at close of escrow rather than being a project that can take months to complete. You have immediate use of your property to enjoy as a residence, second home or an income producing rental. You have warranties from the Seller of a home that is not an REO which cover your investment. You do not always have these rights with REO properties as they are mostly sold “As Is”.

My feeling is to look at ALL homes that are available within the criteria you have, do your homework, don’t limit yourself to only REO properties — you might be missing a great value.