Subject: Paradise Valley MarketWatch - 18 New Listings, Federal Reserve Impact on Mortgages

There's a surge in new listings this week, as people return from summer vacation and prepare for high season.

First some news and updates:

1. The biggest economic news in the world this week was the Federal Reserve backing off tapering the loose money policy in place since the Lehman Brothers collapse. Thus, interest rates won't rise as quickly or severely as many had feared. For the real estate market this means that current trends are likely to maintain for a longer period -- i.e. the seller's market isn't going away soon. The current consensus is that the 30 year mortgage rate will gradually rise to 5% next year from it's current 4.5%. For more on this matter, click here.

2. Thanks to everyone who voted on the cover for my upcoming book with best-selling author Brian Tracy. If you haven't voted on the book cover yet and would like to do so, please click hereTo thank you for sharing your opinion, I will send you a free copy of the book upon release. 

Now back to this week in Paradise Valley real estate...

Closings
Prices remained stable at an average of $307 per square foot and just under $1.35 million. Volume was down to about $8.1 million, still healthy but down from $13.7 million the prior week. The weighted average year of construction of homes sold was 1990.

New Listings
With 18 new listings from $725k to $3.9 million, one would think there would be a plethora of choices, but many of the properties should be knocked out of consideration for various reasons. 

Don't let the pretty pictures fool you on properties situated on very busy streets -- 4949 E Lincoln #14 and 4835 E Moonlight Way. They boast quality interiors, but the poor locations deserve a major discount.

Also, there are a couple of new listings that are already under contract, and some that are overpriced -- for example, a fixer-upper at $485 per square foot?!

So, as usual I have whittled the list down to the very few that are exceptional for quality and/or value:

Jaw Dropping Finishes in Casa Blanca
Located in the extremely desirable community of Casa Blanca Estates, this home has stunning, impressive finishes throughout. My words can't do this home justice, the quality and attention to detail is extraordinary. The interior design is one of the very best of any home listed this year. The only caveat would be one must appreciate the style, as it's certainly not minimalist. This home is just over 8,000 square feet and is offered at $3.5 million. If you're in the market for a property of this magnitude, do not let this pass you by, please call me at (480) 442-7325 to see it.

Remodeled Family Home Under $1 million
This is one of the better homes under $1 million all year -- remodeled, on a large lot, and ready to move in. It may be a bit tight for some families at just under 3,500 square feet, however the lot should easily support expansion. There is a guest house, pool, and a 3 car garage. It's in a superb location within walking distance to many amenities.

Your Own Private Montelucia Resort
Situated on a large private lot of about 55,000 square feet at the base of Mummy Mountain, this home has an aesthetic sense much like the Montelucia Resort. Built in 2008, it boasts modern technology, including Crestron smart home controls and major investments in high end audio. There is a guest house, pool, chef's kitchen, 4 car garage, and numerous other features. Offered at just under $3 million.
-> Quick Report
-> Detailed Report

To see all of this week's listings in PV, please click here.

To see everything on the MLS in Paradise Valley please click here.

That's all for this week, I'll be back next week with all the latest in Paradise Valley real estate.

Regards,
Alex
SearchParadiseValleyProperties.com
(480) 442-7325


p.s. Would you like to know about OFF MLS homes?  It's easy please click here.






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Realty One Group, 7975 N Hayden Road #101, Scottsdale, AZ 85258, United States
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Realty One Group, 7975 N Hayden Road #101, Scottsdale, AZ 85258, United States
You may unsubscribe or change your contact details at any time.