Good morning LuxeAZ,
There was a noteworthy milestone inthe US housing market this week, with the annual pace of housing starts surpassing 1 million for the first time years ago was April 2008, before the Lehman Brothers collapse but still well into the downswing of the real estate market.
It's certainly been a wild ride, and frankly I thought our recovery would have take a lot longer than it's taken. While there is great strength in the real estate market in many areas, the fact remains that homes are being purchased below replacement cost in many cases. Furthermore, in most markets, buying is cheaper than renting because of today's low rates and rising rents.
In other words, despite the bounce, there's still value in real estate. If we see prices get way ahead of replacement values and cash flows from rentals then I'll take pause. For now, though, this looks like a correction of an abnormal situation brought upon Main Street by Wall Street, London, Tokyo, and other cities populated by traders with itchy trigger fingers.
Moving on from the macro perpective in real estate, we have quite a bit to cover in just this week in Paradise Valley real estate...
Closings
The strength in the market continueswith just over $14.8 million sales volume last week and an average sale price of just under $2.5 million. Per square foot prices also remain strong at $307 for homes built on average in 1981.
Remember that Mansion fixer upper I highlighted in this newsletter 2 weeks ago? It's already closed. Over 14,000 square feet snatched up for about $200 psf. One has to be quick these days, even for the big deals.
A home in Mountain Shadows went under contract the day it was listed and closed in just 15 days.
In sum, this market is moving, and it's moving in all categories: fixer uppers to turn-key, bargain basement through opulent mansions. It's a more broad range of homes that are selling now than we were seeing 6 months ago.
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New Listings
There are 20 new listings ranging from
$575k to $3 million. Quite a few of
these listings make me yawn, but as usual I have separated the wheat from the chaff for you:
Mummy Mountain Mediterranean
This gated estate sites on almost 2 acres
on the west slope of Mummy Mountain. Almost 6,000 square feet of exquisitely remodeled interior, the kitchen is especially impressive. Stunning closets, wonderful yard for entertaining, a 4 car garage and more. Offered just under $2.4 million this is a lot of home for the money and it will likely go over the asking price. Interior looks good, the negative on this is the location as there isn't quite as much buffer as I would prefer to the very busy part of Tatum on which it sits. Nevertheless, bargains of any sort are rare and bank foreclosures even rarer. Worth a look... On a related note, there's an even cheaper traditional sale this week, but it's right on Shea and hence I would avoid that, and take a look at this instead. Completely rebuilt this year, this charming 4 bedroom cottage offers all the benefits of new construction with a classic, warm style. It is located just blocks from the heart of Old Town Scottsdale, within easy walking distance to shopping and restaurants. For the right person, this is a gem. Offered at just under $1.2 million.
To see all of this week's listings, 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
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