Paradise Valley Weekly 311th Edition - May 7, 2016 My next book about real estate is in production. This book will be in paperback and kindle same as my last -- plus, it will also be available in audiobook format on Audible.com.   If you haven't read my last book, Home Inc, co-authored with the legendary Brian Tracy, I'd be happy to send you a copy. Just reply back with your address. If you prefer reading on Kindle, you may get a copy from Amazon here. *** What are your questions about real estate? I'm going to do a video series answering common questions, as a supplement to my next book. Those of you whom I haven't yet met may not know that I was an investor and developer long before I became an agent. I've been a principal in tens of millions of dollars in transactions, from rehabbing small homes to developing luxury estates, from office complexes to multi-hundred acre parcels of land.  So, no questions are out of bounds or off limits. If there's something I can't answer, I'll do the research and track down specialists. Please click here to submit a question, or simply reply to this email. *** Remember last week's article here about the surging demand for homes? I saw the chart below and my jaw dropped... The percentage of people who plan to buy a home has hit an all time high in this cycle. As you can see below, going back to 1978 there's nothing quite like the last few years. The supply has not kept up with current demand, let alone addressed pent up demand. Buying "mom and pop" real estate appears to be the smart play. Conversely, as the real estate billionaire Sam Zell recently said, commercial real estate is in the 9th inning.  Furthermore, the problem is going to get worse. Developers just cannot build affordable homes because land prices don't support it. The only inventory coming on line is land bought long ago. Great article in the Wall Street Journal covering this critical subject. *** 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 This was a very unusual week of closings, and one has to dig deeper than the statistics to understand it. In a nutshell, prices dipped down to only 279 per square foot for construction from, on average, 1991. That's unusually low for homes that are that age, we'd normally see prices in mid 300's psf. But when we look at the homes that sold, the majority had been on market a very, very long time - some had been listed for years, and several for at least a year. The bottom line is homes don't linger on market that long unless they have serious challenges and/or major mispricing.  Buyers desperate for deals decided it was time to go after the ugly ducklings, and coincidentally quite a few closed all in the same week. This says quite a bit about the state of the inventory in our market. There are 450 single family homes on the MLS in Paradise Valley, which is at the upper end of the historical range. Yet, many buyers are having difficulty finding the quality they want at a reasonable price. Many listings are either challenged properties, or priced unrealistically. So the easy pickings are the sellers who've been on market forever. They capitulate, and the buyers walk away with value. As I've written in this newsletter before, great deals are not found, they are created. One never knows the true motivations of the parties until pen is put to paper. Listings This week brings 8 new listings, from 700k to 2.9 million, and one is already under contract. Just one standout worth seeing sooner than later: Award Winning Contemporary Architecture Fans of the contemporary aesthetic will be delighted with this exceptional home. Olive wood ceiling panels, walnut millwork, European style kitchen, basalt floors, it's a must see... Located in the west side of Paradise Valley, this is ideal for people who commute to downtown Phoenix, or who want access to the amenities of the Biltmore. Offered just under 2.8 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 150k to 1.5 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. This email is not intended to solicit people who are represented by another agent.   (c) 2016 Alex Goldstein PLLC

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