| Good morning Friend,
Closings in Paradise Valley again outpaced new listings with 13 closings versus only 6 new listings to replace them. Hopefully we will see a bounce in new listings when the weather cools, until then it appears that an unusually large number of people are willing to brave the heat to buy.
In national news, we have perhaps the ultimate story of being a day late and a dollar short from the bureaucrats in Washington DC: Fannie Mae and Freddie Mac are starting a new streamlined program for loan modification. Now. With the housing market roaring back?! The horse is out of the barn, where were these folks back in 2008? Crazy though it may be, this will have a big impact and will further reduce the already low foreclosure rate. For complete coverage from CNN please
For people thinking about selling a luxury home, there was very interesting coverage this week in the Wall Street Journal about younger buyers of luxury homes. There is a generational shift with many young buyers skipping the starter home and putting their full nest egg into real estate. It's important to keep these buyers in mind as you sell, because the stereotype of who is buying a luxury home is becoming less relevant. To read
Closings
Almost $15.5 million in closings last week, a very strong pace indicating zero slow down for summer. Seasonality seems to be less important than ever in this strong market, something for both buyers and sellers to note. There were lots of fixer uppers in the mix, so the average sale price per square foot was just $259, and the average sale price was under $1.2 million.
New Listings
Only 6 new listings this week, and sad to say I am unimpressed by the quality or value on most of them. There's just one standout this week:
Tuscan Estate on Large Lot
Built in 2009, this is a modern interpretation of a Tuscan estate with old world style and modern amenities. It's almost 9,500 square feet on about 1.3 acres centrally located near Lincoln & Mockingbird. This home offers guest quarters, a home theater, game room, exercise room and more. It's a terrific home for entertaining, with plenty of space to accommodate visiting guests. Offered at $4.7 million
Since we are so light on inventory in PV, this gem in Arcadia is particularly timely:
Custom Family Home in Prime Location
Brand new construction near Camelback & Arcadia, this home has an impeccable level of finish and offers a great layout for families. 4 en suite bedrooms plus an office, gorgeous kitchen, and open floor plan great for families. Offered at $1.95 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
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