AZ Real Estate 02-07-16

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R E A C H U S || R A N D Y C O R D O VA , R A N D Y. C O R D O VA @ A R I Z O N A R E P U B L I C . C O M || T H I N G S T O D O . A Z C E N T R A L . C O M

‘SHORT’ MEMORIES Bubblebursting movie brings back tears of housing bust

œ In the Oscar-nominated movie "The Big Short," a hedge fund manager knocks on the door of a new Miami house bought with a mortgage that hasn’t been paid in months. The man who answers the door with his toddler son is renting the house and making his payments. œ When the man finds out his landlord isn’t paying the mortgage, the man’s fear in losing a home for his family is painful to watch. œ It's 2006. The Florida neighborhood is half built and nearly deserted, very much like new metro Phoenix subdivisions on the fringes during the crash that started the following year. œI teared up watching the man realize his family would probably be homeless soon. So did Arizona housing analyst Mike Orr, who was sitting next to me. The same heart-breaking sce-

CATHERINE REAGOR REAL ESTATE

nario played out over and over in the Valley back then. Âś That's one of the reasons I had been putting off seeing "The Big Short," a movie about the events that led up the disastrous housing crash. ÂśMetro Phoenix’s housing market is a few years into a solid recovery, but my angst about the moves made on Wall Street that led to the boom and bust here hasn’t gone away. ÂśI still flinch when someone says “subprime loan.â€? See REAGOR, Page 3R

PARAMOUNT PICTURES

Steve Carrell (left) and Ryan Gosling portray financial players who were one of the few to see the 2008 housing market crash coming in “The Big Short.�

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AN EXCEPTIONAL FIND. The neighborhoods largest home MLS# situated on a half-ACRE double corner lot with two masters! Bedrooms Beautifully remodeled plan with exposed brick walls, designer Bath paints, crown molding, French exits and picture windows. Popular Pool split plan with huge entertaining spaces. Magnificent granite island kitchen has custom cabinetry, two cooktops, two sinks, double wall Sq. Ft. ovens and a brick fireplace. Hardwood, plush carpet and oversized Parking tile floors. Redone baths with vessel sinks and Travertine showers. Lot Size Big bonus room with bath currently a crafts room. Extensive ZIP Code storage space. Patio, pool, spa and grass lawn out back. Second drive for RV parking. Close to the Mountain Preserve and SR51. Online Pics – Joseph Callaway Price

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SCOTTSDALE | 8418 East Chama Road | OPEN BY APPOINTMENT

BILL TULL-DESIGNED CONTEMPORARY ADOBE. MLS# A gorgeous private oasis in North Scottsdale, this stunning Bedrooms contemporary adobe was designed by the renowned Bill Tull for the Bath current owner. Front: gated, lush desert trees/plantings, embraced Pool by undulating adobe wall. Inside: wealth of flagstone floors, ten adobe fireplaces. Living room w/French patio doors. Lounge/bar. Sq. Ft. Dining room w/huge windows. Kitchen w/wood-topped center ZIP Code island. Sun-kissed master bedroom w/wood-trimmed patio exits, pampering bath. Posh rear grounds: towering palm trees, mature Online Pics Price citrus and olive trees, barbecue bar/kitchen, shimmering pool, heated spa, dining pavilion, greenhouse, tennis court. Two guest houses. Visit tourfactory.com/1262359. Inside: details, directions.

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