Scottsdale Real Estate News & Lifestyle

North Scottsdale AZ Welcomes the Appaloosa Library

Heather Tawes Nelson — Thu, 05 Nov 2009 21:33:00 GMT

Scottsdale AZ welcomes a new library - This week heralded the opening of Scottsdale’s newest library branch- the Appaloosa Library, located in North Scottsdale on the site of the former Rawhide entertainment complex.

The building itself is quite eye-catching - a beautiful contemporary structure full of angles and designed by DWL Architects & Planners and Douglas Snydor Architects. On the north side of the building, small windows actually form Morse code spelling out "Appaloosa." It was built to meet LEED Gold standards and has many "green" features, including photo voltaic cells, minimized water usage, roof designed to minimize heat island effect, minimal chemical usage during construction and operation and so much more. In addition, it was situated to avoid as much direct sunlight as possible.

Comprised of 21,500 square feet, the interior of the library is bright and light and well-thought out with open areas for reading, browsing and computer usage on one of the library's 48 public computers. (There is also wireless access throughout if you have your own laptop.) There is a fun, interactive children's area as well as another area for teens. With over 80,000 library materials including books, magazines and DVDs and other media, there is plenty for patrons to choose from. Other features include a quiet room, group study rooms, two meeting rooms, a computer lab, an outdoor shaded reading patio, a library shop and a small cafe. There is also a drive-through window for convenience.

The Appaloosa Library is a great addition to North Scottsdale and will be a fabulous resource for years to come.

More Information:
Appaloosa Library
7333 East Silverstone Drive
Scottsdale, AZ 85255
- Just south of the Scottsdale Road/Pinnacle Peak intersection
(480) 312-READ (7323)

Library Hours:
Monday 10am-6pm
Tuesday Noon-8pm
Wednesday 10am-6pm
Thursday Noon-8pm
Friday 1pm-6pm
Saturday 10am-6pm
Sunday CLOSED

Built by Haydon Building Corporation

Scottsdale AZ Single-Family Home Sales - October 2009

Heather Tawes Nelson — Wed, 04 Nov 2009 23:42:00 GMT

Here are the October 2009 results for the Scottsdale AZ real estate market. This analysis looks at the sales performance of single-family homes in Scottsdale, Arizona.

Things were more or less the same as they were in September, but a few items were slightly off. The number of active homes for sale continues to rise. Pending sales were down slightly and the number of home sales stayed the same.

2008

2009

Number of Homes

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

Jun.

Jul.

Aug.

Sep.

Oct.

Avg.

Active

4,072

3,790

3,964

4,007

3,933

3,661

3,224

2,907

2,782

2,752

2,829

2,917

3,403

Pending

259

212

255

287

391

487

562

574

501

520

523

514

424

Sold

177

228

174

199

242

301

348

429

392

330

351

294

Percent Change Month Over Month

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

Jun.

Jul.

Aug.

Sep.

Oct.

Active

2.6%

-6.9%

4.6%

1.1%

-1.8%

-6.9%

-11.9%

-9.8%

-4.3%

-1.1%

2.8%

3.1%

Pending

4.9%

-18.1%

20.3%

12.5%

36.2%

24.6%

15.4%

2.1%

-12.7%

3.8%

0.6%

-1.7%

Sold

-22.4%

28.8%

-23.7%

14.4%

21.6%

24.4%

15.6%

23.3%

-8.6%

-15.8%

6.4%

0.0%

Sales Price to List Price Ratio

2008

2009

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

Jun.

Jul.

Aug.

Sep.

Oct.

91.2%

91.9%

90.0%

92.2%

89.5%

92.0%

91.6%

93.3%

90.4%

92.2%

93.8%

93.7%

October 2009 Findings
Active Homes for Sale: The number of homes on the market increased for the second month in a row, to 2,917, up another 3.1%. This figure had been as high as 4,007 in February of 2009. The 12 month average for this figure is 3,403, so we are still tracking well below that.
Pending Home Sales: Pending sales continue to stay in the above 500 range. At the end of October, there were 514 pending home sales, down slightly from September’s 523. The 12 month average for pending sales is 424.
Homes Sold: Home sales were even with September at 351. We saw a 12 month high of 429 in June of this year. The 12 month average for home sales is 294.
Sales Price to List Price: 93.7% - This is the just a tenth of a percentage point off of September. This is the second highest we have seen this figure in well over a year.

October was a decent month for Scottsdale AZ real estate. Sales stayed at the same pace and pending sales were down slightly. One thing to keep an eye on is the number of active homes for sale. In order to see the market improve, we want to see this number decrease, not increase, which is has been for the last two months.

Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 11/1/2009 and can change at any time. The analysis looks at single-family resale homes in Scottsdale AZ over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes.
Copyright © 2009 Heather Tawes Nelson

Posh- "Improvisational Cuisine" at Optima Camelview in Scottsdale, AZ

Heather Tawes Nelson — Tue, 27 Oct 2009 17:58:00 GMT

Posh restaurant brings a unique concept to Optima Camelview in Scottsdale, Arizona. What sets Posh apart from other fine dining restaurants in Scottsdale is that it focuses on "improvisational cuisine."

What constitutes "improvisational cuisine"? At the beginning of the meal, you are handed a menu sheet with a long list of ingredients. You then cross off any ingredients from the list that you do not like. For instance, if you are not a fan of shellfish, simply cross it off and the chef will make sure not to serve you any shellfish. You then select the number of courses you want from four (includes a dessert or cheese course) or more. You can also opt to do wine pairings with each of the courses. The list of menu items changes all of the time so every meal will be a new creation.

Once you have made your selections, the improvisational part begins. You hand off your sheets and wait for the courses to start coming. Even if you and your dinner partners have similar food likes and dislikes, you will not see the same dish being served to multiple people. Each course is unique, and based on what we experienced, delicious. On the night we were there, there were several different types of fish to choose from, beef options, pork options, shrimp, crab, duck, foie gras and more. Typically, diners just go with the flow and wait to see what the kitchen comes up with. However, I could not resist requesting the cheese plate when I saw someone else’s go by. They were happy to accommodate me and it was great. We opted to do the wine pairings and the server did a nice job of walking us through each one before starting on the next course.

For dining, you have the option of sitting at a table or at the counter overlooking the open kitchen. We were intrigued by the process, so we selected the counter to see how it all worked. I have to say, the person expediting and coordinating all of the menus was impressive as he had dozens of tickets in front of him at any time. Plus, the kitchen team was amazing to watch as they kept things moving.

If you are looking for something lighter, Posh has a bar menu where you can sit and snack while enjoying a drink.

Posh also has "room service" offerings for Optima Camelview residents. Simply call down to Posh and they will make up some of the offerings from their "room service" menu.

Overall, we had a wonderful meal and I look forward to returning.

More Information:
POSH
Optima Camelview
7167 E. Rancho Vista Dr. Unit 111
Scottsdale, AZ 85251
Phone: 480.663.7674
Website: www.poshscottsdale.com
Open Tuesday through Saturday starting at 5PM
Free parking in underground parking garage accessed via Highland

Greater Phoenix Luxury Condo Market Performance - September 2009

Heather Tawes Nelson — Wed, 21 Oct 2009 22:42:00 GMT

Here is the real estate market performance for the luxury condo market in Scottsdale, Phoenix and Tempe. This analysis looks at condos for sale in the Greater Phoenix area with list prices in excess of $1 million.

At the end of September, there were 65 luxury condos on the market. The bulk of these were in Scottsdale, with 30, and Phoenix, with 28. The remaining 7 units were located in Tempe. The number of units for sale was up over last month, after seeing many months of decline.

There was one sale in September for $1,889,000, which is the highest amount a luxury condo has sold for year to date. It was a penthouse unit at The Landmark in the Kierland section of Scottsdale and it has 3 bedrooms, 3.5 bathrooms and 3,604 square feet.

Luxury Condo Market - September 2009
	All Luxury Condos	Scottsdale	Phoenix	Tempe
*Luxury Condo Sales*
- Number of Units for Sale	65	30	28	7
- Average Asking Price	$1,730,269	$1,781,683	$1,773,836	$1,335,657
- Average Asking Price Per Sq. Ft.	$596.93	$665.19	$558.21	$459.28
- Average Days on Market*- Active	270	280	292	140
- Number of Units Pending	0	0	0	0
- Average Sales Price	$1,899,000	$1,899,000	N/A	N/A
- Sales Price to List Price	82%	82%	N/A	N/A
- Average Square Feet	3,604	3,604	N/A	N/A
- Average Sales Price per Sq. Ft.	$524.14	$524.14	N/A	N/A
- Average Days on Market* - Sold	258	258	N/A	N/A
- Highest Sale Price	$1,889,000	$1,889,000	N/A	N/A
- Lowest Sale Price	$1,889,000	$1,889,000	N/A	N/A
- Percentage of Total Sales	100%	100%	0%	0%
* Cumulative Days on Market

I also looked at the 3rd quarter performance and year-to-date performance through Q3 for this luxury condo market in Scottsdale, Phoenix and Tempe and the results are below.

Luxury Condo Market - 3rd Quarter 2009
All Luxury Condos
*Luxury Condo Sales*	2
- Average Sales Price	$1,605,750
- Sales Price to List Price	86%
- Average Square Feet	2,916
- Average Sales Price per Sq. Ft.	$558.99
- Average Days on Market* - Sold	184
- Highest Sale Price	$1,889,000
- Lowest Sale Price	$1,322,500
* Cumulative Days on Market

Luxury Condo Market - Through Q3 2009
All Luxury Condos
*Luxury Condo Sales*	6
- Average Sales Price	$1,491,083
- Sales Price to List Price	88%
- Average Square Feet	3,148
- Average Sales Price per Sq. Ft.	$481.17
- Average Days on Market* - Sold	314
- Highest Sale Price	$1,889,000
- Lowest Sale Price	$1,150,000
* Cumulative Days on Market

Three of the six condos that sold were in Esplanade Place, one was in the Scottsdale Waterfront Residences, one was in The Residences at 2211 Camelback and the final sale referenced above was in The Landmark.

To learn more about the luxury condo market in Scottsdale or Greater Phoenix, please feel free to contact me. Or, please visit my website for more information on Scottsdale AZ real estate and the surrounding areas.

Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 10/1/2009 and can change at any time. The analysis looks at single-family resale condos in Scottsdale, Tempe and Phoenix over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes.
Copyright © 2009 Heather Tawes Nelson

Scottsdale AZ Luxury Home Market - September 2009

Heather Tawes Nelson — Mon, 12 Oct 2009 20:34:00 GMT

Here are the performance numbers for the Scottsdale AZ luxury home market for September 2009. This analysis looks at single-family resale homes in Scottsdale with list prices of $1,000,000 or more.

September saw mixed results for the various price points. Inventory has been going up slightly for some of the price points, which is not something we want to see. However, some of the price segments had great months in terms of pending sales and sales.

-September 2009 -
Homes Priced Between $1,000,000 - $1,499,999
- Actives: There were 384 active homes for sale at the end of September. This is up 4.9% over August, ending a month over month decline that started in February of this year. 12 Month Average: 478
- Pendings: Pending sales dropped significantly over August’s 40 to 23. This represents a 42.5% drop. 12 Month Average: 26 per month.
- Sold: On a more positive note, there were 29 home sales in September, up 38.1% over August. 12 Month Average: 17 sales per month.
- Sales Price to Listed Price: 93.9% - This is the highest this ratio has been over the last 12 months.

Homes Priced Between $1,500,000 - $1,999,999
- Actives: At the end of September, there were 212 homes for sale, down from August’s 241. 12 Month Average: 275
- Pendings: Twenty three homes were pending at the end of the month. This is up 35.3% over August’s 17. 12 Month Average: 12 per month.
- Sold: September was a good month for home sales in this price point, with 10 sales. 12 Month Average: 8 sales per month.
- Sales Price to Listed Price: 86.9% - This is a pretty typical number for this ratio.

Homes Priced Between $2,000,000 - $2,999,999
- Actives: There were 227 homes for sale in this price point at the end of September, up from 222 at the end of August. This is the first time this number has increased since February of this year. 12 Month Average: 312
- Pendings: Pending sales were right on par with the average of 7. 12 Month Average: 7 per month.
- Sold: Only four homes sold in this price point in September, which is behind the 12 month average of 5. 12 Month Average: 5 per month.
- Sales Price to Listed Price: 87.3% - This is pretty typical for this price range.

Homes Priced $3,000,000+
- Actives: The number of homes for sale over $3,000,000 went up in September to 155. This is the first time this number has increased since November of 2008. 12 Month Average: 227
- Pendings: There were three homes were pending at the end of the month, far off of the 12 month average of 5. 12 Month Average: 5 per month.
- Sold: There were no sales for over $3,000,000 in the month of September. This is the first time that has happened since I started tracking this information in September of 2007. 12 Month Average: 3 per month.
- Sales Price to Listed Price: Not applicable.

As you can see, the results vary quite a bit between the price points. The $1.5M -$2M price point performed the best, while the others had mixed results. The poor performers in September were the $1M-$1.5M price range and the $3M+ price range.

For the detailed data behind this report, please visit my Scottsdale luxury real estate market reports page and click on the "Scottsdale Market Trends" report. For other information on the Scottsdale AZ real estate market and the surrounding areas, please visit my Real Estate Market Reports page.

Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 10/1/2009 and can change at any time. The analysis looks at single-family resale homes in Scottsdale over the preceding 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes.

Fun Things to Do in Scottsdale AZ - The Mac Donald's Ranch's Pumpkin Festival is Back for Halloween

Heather Tawes Nelson — Thu, 08 Oct 2009 20:44:00 GMT

It is that time of year again. Scottsdale's Mac Donald's Ranch's famous and fun Pumpkin Patch is open! Running from October 3rd through October 31st, the pumpkin patch will be open daily for you to enjoy.

While picking out a pumpkin is a lot of fun, there are also a ton of other things to do and see while you are there...

If you are an animal lover, make sure to visit the Petting Zoo. There are pigs, goats, miniature donkeys, a miniature pony and more.
Hay Ride - Take a fun ride on a carriage out to the pumpkin patch.
Free Pony Rides - Let the little ones saddle up and enjoy a pony ride around the courtyard. (Just be sure to tip the handler when the ride is over.)
Hay Bale Maze- Have fun negotiating a pathway through the hay bale maze.
Sack Races - Grab a sack and race your friends and family.
Horseshoe pits - Have fun trying to go for a "ringer"
Bring lunch and make an afternoon of it - There are picnic tables for you to use if you want to pack a lunch and enjoy the weather.

More Details:
Mac Donald's Ranch
26540 N Scottsdale Rd
Scottsdale, AZ 85255-9343
- Jomax and Scottsdale Roads - 5 Miles North of the Loop 101
480.585.0239
http://www.macdonaldsranch.com/

Pumpkin Patch Festival
October 3 - October 31, 2009
Open Daily 9AM - 6PM
$6 Entry Fee / $6 Pumpkins

Photos courtesy of Mac Donald’s Ranch

Scottsdale AZ Single-Family Home Sales - September 2009

Heather Tawes Nelson — Thu, 08 Oct 2009 18:59:00 GMT

Here are the figures for the Scottsdale AZ real estate market for September 2009. This analysis looks at the sales performance of single-family homes in Scottsdale, Arizona.

The results for September were encouraging for pending sales and home sales, as both were up over August. However, the number of active homes on the market increased by 2.8% over the previous month.

September 2009 Findings
Active Homes for Sale: This number increased in September to 2,829, up 2.8% over August's 2,752. This figure had been steadily decreasing from a high of 4,007 in February of 2009. The 12 month average for this figure is 3,491.
Pending Home Sales: Pending sales continued to stay strong with 523 pending sales at the end of September. The average over the last twelve months is 402.
Homes Sold: Home sales were up over August to 351 sales, a 6.4% increase. This was good to see as we saw a dip in sales in August. The 12 month average for sales is 283.
Sales Price to List Price: 93.8% - This is the highest this figure has been since September of 2008.

September was a decent month for Scottsdale AZ real estate posting gains in home sales, pending sales and the list price to sales price ratio. However, we will need to keep an eye on the active number of homes for sale. In order for the market to recover, a lot of this inventory needs to be absorbed and a jump in inventory will only slow down the recovery process.

Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 10/1/2009 and can change at any time. The analysis looks at single-family resale homes in Scottsdale AZ over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes.
Copyright © 2009 Heather Tawes Nelson

Southwest Wildlife- A Great Scottsdale AZ Non-Profit

Heather Tawes Nelson — Thu, 01 Oct 2009 20:27:00 GMT

The Southwest Wildlife Rehabilitation and Educational Foundation is a really special local non-profit located in Scottsdale, AZ. Southwest Wildlife's mission is to rescue, care for and rehabilitate injured or orphaned wildlife native to the Southwest. At any time, it could be helping coyotes, javelinas, bobcats, bears, skunks, coatis, foxes, ringtails and more. Recently, they took in several bear cubs and baby bobcats.

As the Phoenix Valley continues to expand and develop, it is more and more common for animals to be injured or displaced by contact with humans. This is where Southwest Wildlife comes in. As advocates for these animals, they rescue them, rehabilitate them and ideally release them back into the wild. If an animal is unable to be released back into the wild, it will find a home in Southwest Wildlife's sanctuary.

Another key component to Southwest Wildlife is education. It is active in educating adults and children about our fellow desert dwellers. Coursework ranges from information on the animals themselves to how we can coexist safely with wildlife. To see the animals up close, tours of the Southwest Wildlife facility are available.

Southwest Wildlife is a great organization providing a wonderful service to animals who otherwise may not have had a place to go. If this is of interest to you, be sure to support Southwest Wildlife by taking a tour, volunteering or donating.

More Information:
Southwest Wildlife
480-471-9109
SouthwestWildlife.org
Tours: Call for Information. Adults $10, Children (3-15) $7

Flickr Photo by Emdot. Creative Commons License.

Estancia in Scottsdale AZ - Real Estate Performance through August 2009

Heather Tawes Nelson — Wed, 23 Sep 2009 22:36:00 GMT

Here is a market update on the luxury community of Estancia located in North Scottsdale, Arizona. This analysis looks at home sales in 2009 through the end of August.

Estancia Single Family Homes
2009 Performance - Through August 31st
*Homes for Sale*	27
- Average Asking Price	$3,327,067
- Average Square Feet	5,450
- Average Asking Price per Sq. Foot	$567.16
- Average Days on Market*	362

*Home Sales*	8
- Average Sales Price	$1,893,978
- Sales Price to List Price	77%
- Average Square Feet	5,087
- Average Sales Price per Sq. Foot	$462.95
- Average Days on Market*	387
- Highest Sale Price	$3,500,000
- Lowest Sale Price	$399,000**
* Cumulative Days on Market ** This was the sale of the former sales office.

About Estancia in Scottsdale AZ: Estancia is very tranquil, upscale community located in North Scottsdale. It stretches over 640 acres and there are 39 villas and 223 home sites. Estancia is nestled within a mountainous region and therefore the views of the surrounding vistas are spectacular.

The European-style, 32,000 square foot, Estancia Clubhouse has a private dining area or a grill where residents and guests can enjoy a good meal after a round of golf. For those who want other sporting activities, there are also tennis courts, a swimming pool with a lap lane and a fitness room.

The Estancia Club boasts an 18-hole golf course designed by Tom Fazio. The course was recently ranked number 82 in Golf Digest's America's 100 Greatest Golf Courses 2009-2010. 325 golf memberships are available. Click for more information about Estancia in Scottsdale AZ.

Search Estancia Homes for Sale

Disclaimer: Information herein deemed reliable but not guaranteed. Data and information are pulled from the Arizona Regional MLS (ARMLS) as of 9/1/2009 and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2009 Heather Tawes Nelson

Whisper Rock in Scottsdale AZ - Real Estate Performance through August 2009

Heather Tawes Nelson — Tue, 22 Sep 2009 22:59:00 GMT

Here are the sales figures for the luxury community of Whisper Rock located in North Scottsdale, Arizona. The numbers include sales activity for 2009 through August 31st.

Whisper Rock Single Family Homes
2009 Performance - Through August
*Homes for Sale*	23
- Average Asking Price	$2,692,739
- Average Square Feet	5,884
- Average Asking Price per Sq. Foot	$463.87
- Average Days on Market*	482

*Home Sales*	4
- Average Sales Price	$1,930,000
- Sales Price to List Price	84%
- Average Square Feet	6,358
- Average Sales Price per Sq. Foot	$304.15
- Average Days on Market*	374
- Highest Sale Price	$2,690,000
- Lowest Sale Price	$1,270,000
* Cumulative Days on Market

About Whisper Rock in Scottsdale AZ: Whisper Rock is an elegant, guard-gated community that is all about luxury. It is spread over 800 acres in North Scottsdale. At the end of August 2009, Whisper Rock home prices ranged from around $1.79M up to $3.99M. The home sites are large, averaging two acres, which allows residents to enjoy their privacy while still maintaining a sense of community. Home designs cover many styles. You will see haciendas, villas, southwestern design and more. Whisper Rock's amenities include a three acre park with BBQ facilities, a fitness center, tennis, basketball courts, hiking trails and other delightful amenities. Read more about Whisper Rock.

The Whisper Rock Golf Club is available via invitation only. It features two courses that were designed by Mickelson and Fazio. Membership is not tied to property ownership within Whisper Rock.

View Whisper Rock Homes for Sale.

Grayhawk in Scottsdale AZ - Real Estate Performance through August 2009

Heather Tawes Nelson — Thu, 17 Sep 2009 20:58:00 GMT

Here is a look at the real estate performance for the Grayhawk community located in Scottsdale, Arizona for January through August of 2009.

I have broken the analysis out into single-family homes as well as townhomes/condominiums as the pricing and square footage vary greatly.

Grayhawk Single Family Homes		Grayhawk Condominiums and Townhomes
Homes for Sale	73	Homes for Sale	87
- Average Asking Price	$922,674	- Average Asking Price	$337,278
- Average Square Feet	3,373	- Average Square Feet	1,639
- Average Asking Price per Sq. Foot	$257.79	- Average Asking Price per Sq. Foot	$197.45
- Average Days on Market*	170	- Average Days on Market*	152

Pending Homes	15	Pending Homes	22
- Average Asking Price	$768,060	- Average Asking Price	$244,504
- Average Square Feet	3,064	- Average Square Feet	1,452
- Average Asking Price per Sq. Foot	$231.55	- Average Asking Price per Sq. Foot	$159.07
- Average Days on Market*	138	- Average Days on Market*	133

Home Sales	67	Home Sales	102
- Average Sales Price	$635,424	- Average Sales Price	$211,940
- Sales Price to List Price	94%	- Sales Price to List Price	92%
- Average Square Feet	2,900	- Average Square Feet	1,384
- Average Sales Price per Sq. Foot	$207.94	- Average Sales Price per Sq. Foot	$146.29
- Average Days on Market*	147	- Average Days on Market*	160
- Highest Sale Price	$3,050,000	- Highest Sale Price	$512,000
- Lowest Sale Price	$257,800	- Lowest Sale Price	$57,500
* Cumulative Days on Market		* Cumulative Days on Market

About Grayhawk: Grayhawk is a wonderful community in North Scottsdale. It is located a few miles north of the 101 between Scottsdale and Pima roads. It is close to great dining, shopping, entertainment, outdoor pursuits, medical care and so much more. In addition, its two public golf courses, Talon and Raptor, are world-renowned and have hosted many professional golf events.

Grayhawk has two neighborhoods to choose from. The Retreat is a luxury, guard-gated neighborhood and is designed around Grayhawk's two courses. Homes are located in either the Talon Retreat or Raptor Retreat sections. The community amenities to choose from are numerous including tennis, a community pool, greenbelts, miles of exercise trails and more. Options range from townhomes to custom single-family homes.

The second neighborhood is called The Park. The Park is a wonderful community of single-family homes and it was designed with large play areas, greenbelts and picnic areas. Grayhawk has its own elementary school and falls under the Paradise Valley School District #69. View Grayhawk homes for sale.

Disclaimer: Information herein deemed reliable but not guaranteed. Data pulled from the Arizona Regional MLS (ARMLS) as of 9/1/2009 and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2009 Heather Tawes Nelson

Greater Phoenix Luxury Condo Market Performance - August 2009

Heather Tawes Nelson — Wed, 16 Sep 2009 18:10:00 GMT

August was a slow month for the Greater Phoenix luxury condo market. I define the luxury condo market as those condos with list prices in excess of $1 million in Scottsdale, Phoenix and Tempe.

At the end of August, there were 56 condos for sale with list prices of $1 million or above. Thirty-one were in Scottsdale, twenty-three were in Phoenix and the final two were in Tempe. Again, the number of luxury condos continues to decrease, but as I have said before, I would attribute this to units being taken off of the market or list prices are dropping below the $1 million threshold, versus sales activity fueling the drop.

There were no luxury condo sales in August of 2009 and no pending sales.

Here are August 2009's numbers:

Valleywide - August 2009*
For Sale:          56
Pending:           0
Sold:                0
Average Asking Price:    $1,786,355
Average Asking Price/Sq. Ft.:    $620.30

Scottsdale - August 2009*
For Sale:           31
Pending:           0
Sold:                0
Average Asking Price:    $1,809,306
Average Asking Price/Sq. Ft.     $675.00

Phoenix – August 2009*
For Sale:           23
Pending:           0
Sold:                 0
Average Asking Price:    $1,780,322
Average Asking Price/Sq. Ft.:    $555.58

Tempe - August 2009*
For Sale:           2
Pending:           0
Sold:                 0
Average Asking Price:    $1,500,000
Average Asking Price/Sq. Ft.     $544.06

To learn more about the luxury condo market in Scottsdale or Greater Phoenix, please feel free to contact me. Or, please visit my website for more information on Scottsdale AZ real estate and the surrounding areas.

Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 9/1/2009 and can change at any time. The analysis looks at single-family resale condos in Scottsdale, Tempe and Phoenix over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes.
Copyright © 2009 Heather Tawes Nelson

Thoughts on the SRP Economic Forecast for 2010 - Phoenix AZ

Heather Tawes Nelson — Thu, 10 Sep 2009 23:43:00 GMT

Earlier today, I attended the annual SRP Economic Forecast at the Arizona Biltmore resort in Phoenix. There were two keynote speakers - Lee McPheters, who looked at the forecast from an Arizona perspective and Don Reynolds who came at it from a national and international perspective. There were a lot of great points made and I wanted to share some of the highlights.

Lee McPheters, among many other things, is the Director of the JPMorgan Chase Economic Outlook Center at Arizona State University. He studies the Arizona market very carefully and here are a few of the takeaways I got from his presentation:

Arizona mimics the national pattern of decline and recovery. So, when the nation begins to recover, Arizona can expect to see recovery.
However, when Arizona does start to recover, we can expect it will be very strong.
A majority of economists believe we are already in recovery mode. However, there is a disconnect between the economists and consumers. Consumers still believe we have another year or two until recovery begins.
While there have been some indicators that Arizona is getting back on its feet, he feels it still has a way to go and more bad news is coming. Arizona still faces unemployment and job creation issues as well as a new wave of foreclosures and loan resets.
The year 2009 is the year of bottoming out. We will see some impact as well into 2010, but to a lesser extent.
Mr. McPheters anticipates we will see things getting back on track in 2011 and beyond, but it will not be until 2014 when we will see low unemployment again.
Three things that Arizona has going for it is a strong rate of in-migration, housing is now affordable again and that once recovery starts, it should be relatively rapid.

Don Reynolds, the founder of 21st Century Forecasting, also gave an enlightening presentation. Here are a few of his takeaways:

We are now operating under a "new normal." Things have changed and the impact is going to be around for a while.
Mr. Reynolds believes we are in a recovery mode and better off than we were a year ago. However, we can expect to see deflation in the shorter-term followed by significant inflation.
China, India and Brazil are poised for great growth.
The housing picture is a mixed bag. On one hand, homes are a lot more affordable now, but on the other hand, a significant number of homes are underwater and we have $2 trillion in ARM resets coming.
Economic recovery will be led by corporations, not consumers. Once corporate recovery is more widespread, consumer confidence will follow.
Mr. Reynolds predicts that a year from now, we will see an improvement in unemployment and economic growth.

While today's session had a lot of food for thought and some sobering news, there were also quite a few glimmers of positive news. It should be interesting to see how the next year plays out at a local level as well as national and international levels.

Scottsdale AZ Luxury Home Market - August 2009

Heather Tawes Nelson — Wed, 09 Sep 2009 23:05:00 GMT

Here are the results for August 2009 and the Scottsdale AZ luxury home market. For this analysis, luxury homes are defined as single-family resale homes in Scottsdale priced $1,000,000 and above.

August saw mixed results for the various price points. It was a particularly difficult month for homes priced over $2M. Sales and pending sales were off, although inventory continued to decrease.

- August 2009 -
Homes Priced Between $1,000,000 - $1,499,999
- Actives: 366 homes were for sale in this price point, a 3.2% decrease over July. This number has been decreasing steadily each month since February, when there were 539 homes for sale. The 12 month average is 491.
- Pendings: Pending sales went up to 40. This is the second highest this figure has been in the last year. The 12 month average is 26 per month.
- Sold: There were 21 home sales in August, an improvement over July’s 18 sales. The 12 month average is 16 sales per month.
- Sales Price to Listed Price: 88.1%. This is pretty typical for this price point.

Homes Priced Between $1,500,000 - $1,999,999
- Actives: There were 241 homes for sale at the end of August, up 1.7% over July. This is the first time this number has increased since April. The 12 month average is 280.
- Pendings: Seventeen homes were pending at the end of the month, a nice jump over July’s 11. The 12 month average is 11.
- Sold: Only six homes sold in August at this price point, tracking behind the 12 month average of 7.
- Sales Price to Listed Price: 86.5%.

Homes Priced Between $2,000,000 - $2,999,999
- Actives: 222 homes were for sale in this price point at the end of July. This number has been decreasing steadily since January, when there were 365 homes for sale. The 12 month average is 321.
- Pendings: There were five pending sales, which is behind the 12 month average of 6 sales.
- Sold: Only three homes sold in August, which is significantly less than we saw in July when there were nine sales. The 12 month average is 5 sales.
- Sales Price to Listed Price: 88.2%. This is about average for where this figure has been over the last 12 months.

Homes Priced $3,000,000+
- Actives: There were 149 homes for sale in this price point at the end of August. This number continues to decrease month over month. The 12 month average is 237.
- Pendings: Two homes were pending at the end of the month, significantly off of the 12 month average of 6.
- Sold: For the second month in a row, two homes sold in this price point. As with the pending sales, this is well behind the 12 month average of 4.
- Sales Price to Listed Price: 64.7%. This indicates that the homes were sold at a significant discount off of asking price.

As you can see, the results vary quite a bit between the price segments. The good news is that the number of homes for sale is decreasing for the bulk of the price ranges. Sales and pending sales activity is mixed, with the higher price points suffering more.

For the detailed data behind this report, please visit my Scottsdale luxury real estate market reports page and click on the "Scottsdale Market Trends" report. For other information on the Scottsdale real estate market and the surrounding areas, please visit my Real Estate Market Reports page.

Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 9/1/2009 and can change at any time. The analysis looks at single-family resale homes in Scottsdale over the preceding 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes.

Scottsdale AZ Single-Family Home Sales - August 2009

Heather Tawes Nelson — Sat, 05 Sep 2009 03:16:00 GMT

August 2009 for Scottsdale AZ homes for sale, was another strong month in terms of pending sales (up 3.8% over July) and inventory decreases (down 1.1% over July), but sales were off for the second month in a row – off 15.8% over July.

August 2009 Findings
Active Homes for Sale: At the end of August, the number of homes on the market went down slightly to 2,752. It has been tracking under 3,000 for three months now. The twelve month average for this figure is 3,575.
Pending Home Sales: There were 520 pending home sales. This is up over July’s 501, but not as high as the figures we saw in May and June. The 12 month average for this figure is 383.
Homes Sold: There were 330 home sales in August, which is the second month in a row where sales have tapered off. However, this figure is still ahead of the 12 month average for this segment is 274.
Sales Price to List Price: August's sales price to list price ratio was 92.2%. This figure has tracked in the high 80%’s to low 90%’s over the last year.

For more detailed figures on the Scottsdale real estate market, please visit my Scottsdale Real Estate Market Reports page.

Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 9/1/2009 and can change at any time. The analysis looks at single-family resale homes in Scottsdale AZ over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes.
Copyright © 2009 Heather Tawes Nelson