Scottsdale Real Estate for Sale

November and December 2013 Paradise Valley Arizona real estate market update

szabogroup — Thu, 09 Jan 2014 22:02:04 +0000

Happy New Year! Before we look ahead to 2014 lets evaluate the November and December 2013 market activity. The median home price in Paradise Valley Arizona dropped slightly in November but soared in December landing at $1,575,000. This is up 44.5% since December 2012. New listings, new contracts and closed sales were down a bit from previous months which is typical of the busy holiday season. This is how December shaped up: 51 new listings, 33 new contracts and 37 closed sales. The hot seller’s market is starting to cool off and balance out the market. Would be a great time for buyers on the fence to make a move! We anticipate and active first quarter 2014!

November and December 2013 Paradise Valley Arizona real estate market update

Considering a purchasing or selling a property in Paradise Valley? Take advantage of the great market conditions and get your home listed for sale.

We hope that you enjoy reading and analyzing the Paradise Valley Luxury Home Report and should you have any questions or comments, please feel free to Contact Joe Szabo at 480.688.2020 or email him directly at Joe@ScottsdaleRealEstateTeam.com or Joe@AZLuxuryHomes.com. You can also visit http://www.AZLuxuryHomes.com or http://www.scottsdalerealestateteam.com to find out more about Paradise Valley Homes for Sale and Estates for Sale in Paradise Valley and to search the Paradise Valley MLS for Scottsdale Home Listings.

Please note that this Paradise Valley Real Estate Blog is for informational purposes and not intended to take the place of a licensed Paradise Valley Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale and Paradise Valley Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Paradise Valley, The Szabo group delivers experience, knowledge, dedication and proven results.

November and December 2013 Scottsdale Arizona real estate market update

szabogroup — Wed, 08 Jan 2014 20:27:46 +0000

Happy New Year! Before we look ahead to 2014 lets evaluate the November and December 2013 market activity. The median home price in Scottsdale Arizona dropped slightly in November but increased in December landing at $375,025. This is up 4.9% since December 2012. New listings, new contracts and closed sales are down a bit from previous months which is typical of the busy holiday season. This is how December shaped up: 592 new listings, 426 new contracts and 502 closed sales. The hot seller’s market is starting to cool off and balance out the market. Would be a great time for buyers on the fence to make a move! We anticipate and active first quarter 2014!

November and December 2013 Scottsdale Arizona real estate market update

Considering a purchasing or selling a property in Scottsdale? Take advantage of the great market conditions and get your home listed for sale before the snow birds and students return in the fall.

We hope that you enjoy reading and analyzing the Scottsdale Luxury Home Report and should you have any questions or comments, please feel free to Contact Joe Szabo at 480.688.2020 or email him directly at Joe@ScottsdaleRealEstateTeam.com. You can also visit http://www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

30-Year Fixed Mortgage Rates Rise Slightly By Joe Szabo, Scottsdale Real Estate Team

szabogroup — Mon, 16 Dec 2013 11:20:56 +0000

By Joe Szabo, Scottsdale Real Estate Team

Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.14 percent, up from 4.06 percent at this same time last week.

The 30-year fixed mortgage rate spiked to 4.17 percent on Wednesday and hovered between 4.16 and 4.18 percent for the majority of the week before dropping to the current rate this morning.

“Mortgage rates jumped on Wednesday as lenders reacted to the Federal Open Market Committee’s minutes reminding lenders that the Federal Reserve has delayed, not canceled, its plans to taper the economic stimulus,” said Dr. Svenja Gudell, director of economic research at Zillow. “Looking ahead, mortgage rates should remain fairly steady during the slow holiday week. The following week should be watched closely, as several potentially market-moving economic data releases, including the jobs report, come out.”

Additionally, the 15-year fixed mortgage rate this morning was 3.13 percent, and for 5/1 ARMs, the rate was 2.72 percent.

What are the interest rates right now? Check Zillow Mortgage Marketplace for mortgage rate trends and up-to-the-minute mortgage rates for your state.

*The weekly mortgage rate chart illustrates the average 30-year fixed interest rate in six-hour intervals.

Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit http://www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

Phoenix area will be among the fastest growing metro regions next year By Joe Szabo, Scottsdale Real Estate Team

szabogroup — Mon, 09 Dec 2013 11:09:41 +0000

By Joe Szabo, Scottsdale Real Estate Team

A new national report predicts the Phoenix area will be among the fastest-growing metro regions of the country next year, posting figures well ahead of the more-plodding gains forecast by Arizona’s economists.

The report, released Monday for the U.S. Conference of Mayors, suggests the housing industry will again lead the Phoenix area’s relatively rapid growth in 2014. It predicts 3.3 percent growth next year for the Phoenix area in terms of gross metropolitan product, a measure of all the goods and services produced in an area.

It also projects 2.8percent employment growth over the next year. By comparison, earlier this month, the Arizona Office of Employment and Population Statistics was calling for 2.6 percent employment growth in the Phoenix area.

Nationally, the report predicts 1.7 percent economic growth this year and 1.6 percent among metro areas. Next year, it predicts 2.5 percent for national and metro growth.

Mesa Mayor Scott Smith, who is the president of the Conference of Mayors, acknowledged the report “may be more bullish on metro areas.” But the Phoenix area “economy is more diverse than people give us credit for,” he said.

Jim Diffley, senior director of U.S. regional economics for IHS Global Insight, said the area’s new growth remains at levels well below those seen during the frenzy of the housing bubble.

“There’s a lot of pent-up demand out there,” Diffley said.

The Phoenix area’s gross metropolitan product this year is about $210 billion and should pass metro Detroit as the 14th largest in the country, according to Diffley’s analysis.

In an effort to underscore the value of metro areas, the report also compares the largest to states and nations.

The Phoenix area economy is larger than Oregon and 25 other states. It is also bigger than the nation of Peru, the report found.

The Tucson area ranks 69th in the nation.

The Phoenix metro area accounts for 76 percent of Arizona gross state product. Tucson represents 13 percent of the state’s economy.

The Phoenix economy compares to Boston and Chicago for relative value to their respective state economies.

Phoenix area luxury home listings rise as sales fall… By Joe Szabo, Scottsdale Real Estate Team

szabogroup — Mon, 02 Dec 2013 11:03:17 +0000

By Joe Szabo, Scottsdale Real Estate Team

The number of high-end homes on the metro Phoenix market grew last month for the first time since April while sales took a slight dip, according to a new report released this week by Michael Orr.

There were 1,935 luxury homes for sale in the Valley on Oct. 1 on the Arizona Regional Multiple Listing Service, up 9 percent from Sept. 1 and 15 percent year-over-year. It was still down, however, by about 14.6 percent from April 1, when there were 2,267 active luxury listings.

Even despite the decline in luxury listings over the past several months, the luxury market has maintained a relative balance of buyers and sellers. This is in stark contrast to the lower-end price ranges, which have been grappling with a chronic supply shortage for more than a year.

Orr is a real estate expert at Arizona State University’s W.P. Carey School of Business and author of the Cromford Report in Phoenix. The report looks at homes priced above $500,000 and located in the Northeast Valley, including Carefree, Cave Creek, Fountain Hills, Paradise Valley, Rio Verde, Scottsdale and the Arcadia and Biltmore areas in Phoenix.

Distressed properties are also whithering away in this high-end sector.

The number of bank-owned properties listed for sale on Oct. 1 — 13 — was down 55 percent year-over-year, while the number of short sales — 52 — was down 63 percent during the same period, the report said.

Luxury sales, however, took a 9 percent month-over-month dip in September to 233.

That was still 32 percent higher than a year ago and the strongest September sales figure since 2006, the report said.

The average price per square foot — $243 — has remained stagnant over the past six months but is still up 8 percent year-over-year, the report said.

10 things to do 3 days before Thanksgiving dinner By Joe Szabo, Scottsdale Real Estate Team

szabogroup — Mon, 25 Nov 2013 21:35:01 +0000

By Joe Szabo, Scottsdale Real Estate Team

1. Make a plan. Take a few minutes to jot down the zillion things you need to do during the next 36 hours or so. Look at your recipes and devise a schedule for cooking. Compile a list of last-minute things to buy.

2. Buy, beg or borrow containers for leftovers. The best containers are the plastic stackable ones, and they should be inexpensive because you’ll probably send some home with guests.

3. Thaw the turkey. If you’ve bought a frozen bird and it’s still hard as a rock, you’d better move into full thaw mode. The quickest method is to submerge the turkey in a sink of cold water. The catch is you have to change the water every 30 minutes. If you’re stuck with a frozen turkey, follow the sink-soak method as long as you can, then stash the bird in the fridge overnight. If the turkey’s still frozen Thursday morning, it’s time for another swim in the sink.

4. Find fine wine. Consider: Gewurtztraminer, riesling, chardonnay and the all-American white zinfandel. If you prefer red, try pinot noir, a mellow merlot or fresh and fruity beaujolais nouveau.

5. Buy plenty of butter and chicken stock. You will need butter for side dishes, including mashed potatoes, brussels sprouts and candied yams, and gobs of desserts. Chicken stock is essential for moistening stuffing and making gravy. Unsalted butter and low-sodium chicken stock are best.

6. Set the table. Do this Wednesday night or first thing Thursday. If nothing else, count dishes, silverware and serving pieces. Maybe you need to map out a seating arrangement, so that Aunt Sally isn’t near Cousin Bob, who made a disparaging remark about her haircut last year.

7. Recruit a turkey carver. You’ll probably be too busy and distracted to carve the turkey, so ask someone dependable who isn’t prone to injuries to do it for you. Remember that a turkey is easier to carve after it has rested at least 15 minutes out of the oven.

8. Cook turkey to proper temperature. Using an instant-read meat thermometer means you don’t have to worry about overcooking or undercooking the main course. When done, the breast should register 170 degrees and the inside of the thigh should be 180 degrees. How do you know when to take your turkey’s temperature? Roasting at 325 degrees, a turkey takes 10 to 12 minutes per pound to cook if not stuffed, or 12 to 15 minutes per pound if stuffed. Do the math.

9. Plop the cranberry sauce from the can. While many have been won over by fancy sauces made with oranges, nuts and fresh cranberries, others will eat nothing but the plain sauce from the can. To extricate sauce in one perfect piece, punch a hole or two in the bottom of the can after cutting off the top. Shake gently over a plate until you hear a slight gurgling sound, and the sauce should slide out easily.

10. Designate a dishwasher. You’ve worked far too hard to pick up a dirty dish. So when someone innocently asks, “Is there anything I can do?” Quickly say yes, and hand them a sponge.

Luxury Homes with Private Sports Facilities By Joe Szabo, Scottsdale Real Estate Team

szabogroup — Tue, 19 Nov 2013 21:26:49 +0000

By Joe Szabo, Scottsdale Real Estate Team

High-end homes are sporting an Olympic-array of facilities: from full-size gyms to baseball pitching ranges, badminton and volleyball areas, and stand-alone squash and racquetball courts. On the extreme end are indoor lacrosse turfs, wrestling rings and hockey rinks.

In Palm Beach, Fla., builder Terry Cudmore has just finished a replica of the Miami Heat’s home court at AmericanAirlines Arena. While it boasts fewer seats than the real thing, the million-dollar project is emblazoned with the team’s logo and signage and includes a professional-quality floor, scoreboard and sound system. The family’s son uses it to practice basketball. In Kansas City, Mo., Cory Childress at Evan-Talan Homes is working on a home court with three basketball hoops, a soccer net, bleachers, a locker room and a bath with steam shower. In Telluride, Colo., the estate of Timothy Boberg and Roxanne Pulitzer includes, among other sporting amenities, a two-lane, 100-foot-long, computer-controlled indoor shooting range. That property is on the market asking $18.5 million.

“It’s picked up dramatically,” says Dave VanderVeen of WeBuildSports.com, which builds home gymnasiums and backyard courts in the Chicago area. Mr. VanderVeen says he used to install two or three indoor sports rooms a year, ranging from 1,000 to 3,000 square feet and costing $10,000 to $70,000. This past year he has been asked to give quotes for 25 projects and built about 11, the vast majority of which were in newly constructed homes, including a $170,000 job that had a full-size baseball pitching range and a gymnastics room. Gordon Anderson, whose Buffalo, N.Y.-based Anderson Courts and Sports Surfaces specializes in basketball, squash and racquetball courts, put squash courts in 12 private homes this past year—double his business four years ago—for budgets ranging from $35,000 to $70,000.

Connor Sport Court, a Salt Lake City, Utah-based global company that installs gyms for professional teams and private residences, held a focus group a few years ago to figure out why people were asking for more indoor courts at home.

The answer was twofold: a desire for a safe place where kids and parents could play, and a hope that increasing access to sports at home would help their kids athletically, and thereby socially, says CEO Ron Cerny. “Every parent sees their kid as a pro ballplayer,” adds Rolf Zimmermann, who sells equipment for Carmel, N.Y.-based Eastern Jungle Gym, which started with backyard swing sets but has diversified into indoor basketball courts because of demand.

Venture capitalist Larry Bettino was looking for a fun escape when he bought a weekend home in North Stonington, Conn., mostly because the shape of the barn would be perfect for a basketball court. He spent about $250,000 converting the barn into a two-level sports facility. Completed in 2010, it includes a full-size basketball court and squash court upstairs in what used to be the hayloft; downstairs there is a pool table and a weight and exercise room. “There’s a lot of pressure on these kids in our community. It is nice for them to be able to take a break,” says Mr. Bettino, father of three teenagers.

Last weekend, Sam Oh hosted a housewarming party for his new squash court, which included an exhibition match by two of the country’s top professional squash players, Julian Illingworth and Gilly Lane. Added to his Greenwich, Conn., property for about $50,000 (not including the new structure in which it is housed), the court allows Mr. Oh, a passionate player, to come home from work and play with one of his three daughters without having to get in a car and fight for court time at a club. “I travel a lot. I wanted to create an easy option to engage with my kids,” says Mr. Oh, a partner in a private-equity firm, adding that it is also a way for him to bring together the local squash community.

Alisha Jeppesen, a stay-at-home mom in Bennington, Neb., her husband and three kids will soon move into their new 5,000-square-foot home with its own 800-square-foot basketball court. The home cost $750,000; the court cost roughly $50,000. Ms. Jeppesen says her goal is to use the court for roller skating, rock climbing and tennis as well as basketball—and to turn it into a disco for parties. The plan was to “make our house so much fun that all of my kids’ friends want to be here and I know where they are and that they’re safe,” she says. “It’s a fun reason to invite someone over,” adds Elictia Hart, a pastor with twins who also has a new 800-square-foot court in her Omaha home.

Houses with indoor courts tend to be very large, usually 5,000 square feet or more, and many owners may not recoup their $50,000-plus investment when it comes time to sell. “Everybody loves it but not everybody can afford it,” says Mike Zawislak, an agent with Baird & Warner in the Chicago area who is listing a seven bedroom, eight bathroom, 10,000-square-foot house with a 20-by-40 foot racquetball court. The owners are asking $2.4 million, and the house has been on the market for almost a year.

Building the facilities is just the beginning. Installing heating and ventilation systems for large areas is expensive—up to $100,000 for just a squash court. Someone has to replace the light bulbs in superhigh ceilings. Plus, parking can become an issue when school teams and others begin using the space for practice.

Which leads to a common side effect of installing a big facility: requests from the community to use it. John Nugent, CEO of a software company, owns a 20,000-square-foot house in Andover, Mass., with a full-size basketball court, a batting cage with a pitching machine, a bowling alley, an indoor swimming pool and an outdoor putting green. Mr. Nugent says the court helped his son stay competitive in high school varsity sports; now that his son is in law school, lots of middle-school and high-school basketball and soccer teams use the gym. Mr. Nugent says he has no problem with that, although he does say “it can get to be a little bit of a traffic jam in our driveway in the afternoons.” The house is now for sale, asking $5.5 million.

The gym “is the most used room in the house,” says Tony Gracely, a Houston car dealer who now owns a commercial and residential real-estate financing and development company. His home has a full-size basketball court with a locker room and steam showers. Although his kids are grown—one son went on to play basketball at the University of Texas at Austin—Mr. Gracely uses the gym for his own weekly basketball games and for charitable events. Every week when it is cold, a group of neighborhood kids use the gym to play Wiffle ball.

Some of the happiest owners are those who built the facility for their own use. Helge Frank, a retired neurologist, installed a racquetball court when he built his house in Oak Brook, Ill. Although he has decided to sell the home, putting it on the market for $2.4 million, Mr. Frank says the court’s $60,000 cost was well worth it, giving him more than 30 years of twice-a-week games with friends.

First Time Buyers – Harder to qualify for a loan in 2014! By Joe Szabo, Scottsdale Real Estate Team

szabogroup — Thu, 14 Nov 2013 17:30:58 +0000

By Joe Szabo, Scottsdale Real Estate Team

The Frank Dodd law may make qualifying more difficult, for many first time home buyers, with tougher qualifying guidelines. It will take effect in January 2014, just a few months away. So if you have been sitting on the fence, thinking about buying, Time To Get Moving! A leading real estate authority from ASU stated last week that the Phoenix Metro Area is in a balanced market! That means there are more opportunities for buyers, than just 2 months ago. Interest rates are still low, and supply is up. That could all change in 2014. Owning a home is much better than renting.

October 2013 Paradise Valley Arizona real estate market update

szabogroup — Wed, 13 Nov 2013 21:36:59 +0000

Happy November! It looks like the real estate market has cooled off just like the weather. The good news is that the median home price in Paradise Valley Arizona has increased from $990,000 to $1,150,000 since September 2013; this is up a whopping 24.3% since October 2012. New listings are up from September with 76 listings as opposed to 69 from the previous month. New contracts and closed sales are down 11.4% and 21.6%, respectively. The market is starting to balance out making it a great time to buy or sell in Paradise Valley.

October 2013 Paradise Valley Arizona real estate market update

Considering a purchasing or selling a property in Paradise Valley? Take advantage of the great market conditions and get your home listed for sale.

October 2013 Scottsdale Arizona real estate market update

szabogroup — Wed, 13 Nov 2013 21:30:18 +0000

Happy November! There is a lot to be happy about in Scottsdale Arizona. The weather is perfect and the real estate market isn’t too shabby either. The median home price in Scottsdale Arizona has increased from $371,000 to $385,000 since September 2013; up 18.5% since October 2012. New listings are up from September with 1,143 listings as opposed to 900 from the previous month. New contracts are up 14.3% while closed sales dropped slightly by 5.8%. The hot seller’s market is starting to cool off and balance out the market. Would be a great time for buyers on the fence to make a move!

October 2013 Scottsdale Arizona real estate market update

Considering a purchasing or selling a property in Scottsdale? Take advantage of the great market conditions and get your home listed for sale before the snow birds and students return in the fall.