Subject: Paradise Valley MarketWatch - 9 New Listings, Jumbo Mortgage Rates

It was a slow week due to the holiday, but we have several noteworthy new listings, and a bit of news. In brief:

1. Jumbo rates fall below conventional
rates, something that's never happened before. This bodes well for luxury homes nationally, particularly in markets where buyers are "on the cusp" between jumbo and conventional loans. For more on this important story, you may find coverage in the Wall Street Journal here.

2. A reader asked what I mean by "weighted
average year of construction" in my weekly
statistics. In a nutshell, if I provided you with
just a simple average when looking at year of construction, the numbers would be skewed, with smaller homes having a disproportionate impact.

So, rather than just taking simple stats right off the MLS, I compute the weighted average each week. Thus, the per square foot numbers and year of construction are more meaningful and
accurate. If you have questions about the numbers, or anything else for that matter,
please don't hesitate to email or call my direct line at (480) 442-7325.

Closings
Just $5.5 million in closings last week, not surprising with so many people out of town
for the Labor Day holiday. The average price was just under $1.4 million. The price per square foot dropped down to $273 however the weighted average year of contstruction was 1977 so that's a reasonably strong number considering the age.

New Listings
9 new listings this week, ranging from $750k
to $4.8 million.

I'm usually quite picky limiting myself to 2 or 3 picks a week, but this week we happily have 5 that are worth attention:

Impeccably Designed Estate
The attention to detail in this home is truly exceptional, with $550k spent just on the stone work. Every surface and every detail have been given a level of attention that is rarely seen. It's not cheap at $532 per square foot, or $4.8 million, but someone will snap this up sooner than later. If you've been looking for an impressive estate that is ready to move right in, we should take a look at this one.

Bargain in La Place
This home offers the size, location, and amenities of a much more expensive property. It's located in the La Place community, and is well situated (not backing to the main road). A huge beautiful yard, and 6,700 square feet of
quality interior space for under $1.9 million.

Interesting Odd Duck
This home is an estate sale and would require
probate approval, but for the right buyer this
could be worth jumping through a few hoops.
It's located just blocks from Fashion Square
and has 2 guest suites that the previous owner
leased out for income. With rental demand so
strong, and interest rates still very low relative
to their historical average, it's conceivable
that one could live in this home very, very cheaply or perhaps even free. An interesting deal for the right person at $750k

Fixer Upper with 6 Car Garage
This home has a lot of potential, it's over 3,500 square feet in a good location with plenty of buffer from busy roads. For someone with lots
of toys, the 6 car garage is a major bonus. One
of the more interesting fixer uppers lately, on
offer at $825k

Mansion with 12 Car Garage needs TLC
This home is almost 11,000 square feet and
is loaded with amenities like an epic garage
that can store 12 cars, an Olympic size swimming pool, 2 bedroom guest house with it's own 2 car garage, and much more. It does look a bit dated, being built in 2001, but this should be a predominantly cosmetic refresh. Offered at $3.1 million

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.