Good morning Friend,
This week represents the largest weekly dropin Paradise Valley home inventory we've seen in quite some time, with 16 homes closed and just 8 new listings to replace them -- one of the new listings is already under contract. There was also a record volume of sales, a huge $28.6 million in just the past week, the most I have seen in years. I don't know if we'll see quite the same frenzy in PV that is going on in the lower priced segments of the market, but these statistics suggest there's a stronger likelihood than anyone might have thought just months ago. Indeed, a $5.5 million home sold for cash at full asking price after just 19 days on market.
On a big picture note in Arizona real estate: the Arizona legislature is now contemplating a bill to change the anti-deficiency laws. It's another attempt by the banking industry to curb homeowner protection, and make it easier for banks to collect after a foreclosure. So, if you've been sitting on an underwater residential property -- and it's still underwater despite the recent rise in the market -- then you should know that your rights to walk away from the property may be severely curtailed. It's still just a bill, and there was a huge fight last time the bankers tried to pass legislation like this, but this is something to keep an eye on. It's SB 1141 and there's a very detailed analysis from an attorney here.
Closings
$28.6 million in sales last week is extraordinary. Per square foot prices were also up at $342 for homes with an average year of construction of 1984.
I don't want to beat a dead horse, but it bears repeating: this is going to get worse before it gets better, with rising prices for less desirable inventory. It's time to get in there with sharp elbows if you want a home -- or let me do the elbowing for you.
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New Listings
Only 8 new listings this week, a pittance compared
to weeks past. One of those new listings has already been snatched up. The good news is there are all lower priced homes to pick over with prices ranging from $750k to $1.7 million.
The bad news is that despite the low prices, I wouldn't characterize them as bargains -- there are some small lots and high per square foot prices.
Hence just one recommendation this week:
Golf Course Home on Oversized Lot This home is over 4,400 square feet on a lot that's about 1.25 acres. Quality finishes and landscaping, 3 car garage, and good location in Camelback Country Estates. Offered at $1.5 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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