Subject: Paradise Valley MarketWatch - Lots of New Listings but Inventory Remains Flat Due to Strong Sales

Good morning Friend,

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of Paradise Valley real estate:

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Now back to your regularly scheduled programming...

The good news this week is we have 14 new listings
up from 2 last week.  The bad news is we also had
14 closings last week, and a huge unprecedented
dollar sales volume -- see below for details.  The
bottom line is we're having a ton of activity in both
directions which amounts to a continued challenging
inventory situation.  

On a big picture note, mortgage rates have come up
substantially off their lows.  If I could predict interest
rates accurately I'd be a trillionaire -- but what appears
to be the most likely outcome is that we will not see
better rates than the recent bottom.  Well at least we
won't see them for a decade.  So, the getting is still
good, and it's probably not going to get better is my
read on things.  For in-depth coverage of this matter
there's a solid article in Bloomberg here.

Closings
Well we have another record!  An unprecedented
$30 million+ in single family home closings last week
in Paradise Valley.  It wasn't that long ago that we
had less than this much closed per month in
Paradise Valley.  

For the third week in a row, the average sale
price was north of $2 million, at just under $2.2 this
past week the same as last week.

The average sales price per square foot remains
strong at $372 and is more meaningful than past
weeks given the volume.  Indeed it's reasonable to
say that in the current market $372 psf is fair market
value.  At least for homes with a weighted average
year of construction of 1990, as was the case this week.

Closings ranged from $526k to $5.9 million with a
wide diversity of homes in between.

New Listings
Now that we're back to a healthy number of listings,
there should be a lot more to discuss.  Should.  2 of
this week's listings are already under contract. We've
also got a lot of older homes at spendy prices, as
sellers become bolder in this rising market.

As usual I have sorted the wheat from the chaff for
you and here are my picks for quality and value:

Brand New Construction Perfect for Families
Just completed, this home is just under 5,500 square
feet and brings Arcadia style family living to the heart
of Paradise Valley.  Huge master closet, elegant kitchen,
terrific flooring throughout the home, this is 100%
ready for a family to move right in.  Offered at just under
$2.3 million -- which works out to $409 psf, not bad
given what we've seen older homes selling for lately.
Indeed there's another new listing this week in
Mountain Shadows and while it's being advertised as
new construction, it's a remodel.  And I don't care if
they did go "down to the studs" it shouldn't get the
same premium as new construction -- well they're
asking $426 per foot on that one.  So, I'll stick with
this one for my clients thank you very much.

Silverleaf Style in Paradise Valley
This Spanish Colonial home built in 2009 reminds me
of several homes in Silverleaf, but without the commute.
It's over 8,000 square feet and boasts a guest house,
4 car garage, excellent finishes, a spacious yard, and
views of Camelback Mountain.  Offered at just under
$3.4 million.

Tuscan Home with Superb Amenities
I have mixed feelings about this home, but it's worth
highlighting for the right person.  The good news is
this home has some terrific amenities like a 2,200
square foot guest house, 6 car garage, wine cellar,
and a cigar smoking room.  As a longtime board
member of the International Wine & Food Society
I'd be remiss in not highlighting such a home!  
However, it was built in 2004 and as many Tuscan
homes built in that era, they may have gone a little
over the top.  I'd rather have a home that's overdone
than underdone, but still there's work involved in
"turning down the volume" -- so this home has real
virtues but isn't a slam dunk at the asking price of 
$3.9 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

p.s. Would you like immediate notification of homes
that meet your needs, including those that never
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