Paradise Valley Weekly 310th Edition - Apr 30, 2016 The U.S. housing market is once again approaching a crisis, but it's the complete opposite of the last crisis. In 2008, the housing boom based on "funny money" turned to a calamitous bust. The hangover was a lot of excess housing inventory. I remember driving to a subdivision in Maricopa back in those days, and it was creepier than any horror film I've ever watched. On an entire street of brand new homes, there was only one house with any lights on, or cars or people present. Literally just one home out of 60. Things sure have changed in recent years, but we are now dealing with another crisis in this country: not enough housing. We went from overbuilding to underbuilding, and all those years when no homes were being built the US population was still increasing. As has been the case for decades, the Phoenix metro area was among the fastest growing. Today, we just don't have enough housing, and we're not building it fast enough to get back to equilibrium anytime soon. The luxury market is pretty balanced, but the farther down one goes in price, the more competitive it gets. "Mom and pop" homes for people of average income cannot be built fast enough. The chart below, from Business Insider, makes the point dramatically. *** The stunning kitchen below was designed by Iron Chef winner Mark Tarbell. Beautiful as the finishes are, they are trumped by Mother Nature -- the house looks out over all of Paradise Valley, it's like a private Sanctuary Resort. Click here for details. *** Closings Solid week of single family home closings in Paradise Valley, at $15.7 million, up from $11.7 million the prior week. A slightly younger mix of homes from the previous week, at 31 years of age. The average price was $1.7 million and $364 per square foot. Listings This week brings 9 new listings, from $1.75 million to $5.75 million. As seems to be the trend lately, more sellers are reaching for the stars on mediocre properties. We're in a good market, but even in a great market, that strategy tends to backfire. I won't "name names" but I think you'll see that some homes just do not have a level of quality commensurate with their pricing. Fortunately, there are some high quality homes at rational prices: Spacious, Practical 2010 Build This home has 6 bedrooms, all en-suite, making it well suited for large families and visiting guests. Chef's kitchen opens to family room, two laundry rooms, smart home wiring and Lutron lighting all make this home especially livable and practical. Offered at $3.6 million. --> Click here for Pictures or to Schedule Tour  Santa Barbara Style Home on 1.6 Acres Floor to ceiling glass Weiland ''Maui'' doors open to golf course and mountain views in this 10,000+ square foot estate. Located in the exclusive gated community of El Maro, this home sits on a spacious lot with a tennis court. Remodeled to a very high standard, it's one of the better homes of this style we've seen in some time. Offered at $5.75 million. --> Click here for Pictures or to Schedule Tour This Week's UNLISTED Properties In just the past 7 days been contacted about properties from $215k to $3.5 million - none are on the MLS. To learn more about these homes, please click here. To see all of this week's new MLS 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. Thank you, Alex Goldstein iParadiseValley.com (480) 442-7325 p.s. Have you signed up for the VIP program yet? No cost or obligation, and it gets you access to the best properties meeting your specifications -- including off market "private sales." Disclaimer: All information is believed to be accurate, but should be verified by the reader and is provided without warranty. Please consult appropriate financial, tax, legal, and real estate advisors before making decisions.   (c) 2015 Alex Goldstein PLLC

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