Well you know it's tough to get a loan when the former Chairman of the Federal Reserve gets denied. It's no joke, Ben Bernanke wants to refinance the mortgage on his home. His bank evidently thought Mr. Bernanke was too great a credit risk, and denied the loan.
Mr. Bernanke's conclusion? "It’s entirely possible that lenders may have gone a little bit too far on mortgage credit conditions." He still has a talent for understatement, even after retiring from the Fed. For the full story, please click here.
Amusement aside, this story speaks volumes about the most important driver of real estate: credit. Rates are low, but the flow of credit is tight. Particularly as we look at the largest size loans, standards get more challenging.
If and when banks start getting back to more reasonable standards on lending, it would add a considerable boost to the real estate market. It's interesting food for thought. In effect, the real estate market has been fighting with one hand tied behind its back.
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According to a survey by Home Innovation Research Labs, there have been substantial shifts in amenities of luxury homes over the past 5 years. For example, bidets are down almost 35% and separate shower stalls are up over 12%. This is helpful information if you are contemplating a remodel. For the complete coverage please click here. |
| Closings
It was a ho hum week with less than $5 million in closed sales. Two properties were teardowns, bringing the average sale price down to $1.2 million and just $250 per square foot.
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Hillside Contemporary
Turn-key contemporary home backing to the Preserve so no homes are above it. Located at the top of Biltmore Mountain Estates, it was meticulously finished to the very highest standards of interior design. No pictures can fully capture the attention to detail, it must be seen. Get an advance look at this home before it goes on the MLS. Offered at just under $2.8 million.
--> Please click here for pictures
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New Listings
There were 16 new listings in this past week, ranging from $549k to $5.4 million. There are 2 standouts this week, both new construction:
4 Bedroom New Build in Gated Community Brand new home on oversized acre+ lot in guard gated Clearwater Hills community. Open floor plan perfect for entertaining, guest house, views, and lovely finishes. Offered at $2.35 million.
New Home South of Doubletree Road This 5 bedroom home was just recently completed. It sits on a flat lot just under an acre in a desirable area. Wood floors, beamed ceilings, game room, gated auto court, and more. Offered at $2.95 million.
To see all of this week's new 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 GoldsteinSearchParadiseValleyProperties.com iParadiseValley.com
(480) 442-7325
p.s. Do you know anyone who would enjoy reading this newsletter? Please reply with their email address and I will add them to the subscription list. Alternatively, you may send them to iParadiseValley.com to sign up. Thank you :)
(c) 2014 Alex Goldstein PLLC
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