Scottsdale AZ Real Estate & Lifestyle

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Heather Tawes Nelson

Scottsdale AZ Q3 2012 Home Sales By Type – Includes Foreclosures & Short Sales

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Grayhawk Scottsdale AZ Golf HomeBelow are the sales figures for the single-family home market in Scottsdale Arizona in the the third quarter of 2012.

I have broken the information into three categories of home sales and their definitions are below:

– Non-Distressed Sales – These are “traditional” or “typical” sales.  In this scenario, the buyer and seller negotiate and no third-party approvals are necessary.
– Short Sales – This is one of the two “distressed” categories. A short sale is where a homeowner needs to sell the home for less than what is owed. You may hear homeowners in this position as “underwater.” In this case, the terms of the contract and sale need to have an approval from any lienholder(s) of the property.
– Foreclosures – This is the other”distressed” category. These are homes that have been through the foreclosure process and no longer belong to the homeowner. Other names for these sales are “Lender-Owned” homes, “REO”  homes and/or “Bank-Owned” homes.

Overall Findings for the Q3 2012 Scottsdale Single-Family Home Market – Data As of October 1, 2012

  • Scottsdale Homes for Sale: The majority (93%) of homes on the market were “regular” sales. Short sales and foreclosures shared the small balance.
  • Scottsdale Pending Home Sales: In comparison, distressed sales made up a much larger portion (39%) of pending home sales, with short sales coming in at 34%. This shows the demand in the market for these properties.
  • Q3 2012 Scottsdale Home Sales: Regular sales gained some ground back at the end of the quarter, coming in with 75% of all sales. What is interesting to note is that distressed sales only made up 8% of the for sale market, but accounted for 26% of home sales in the 3rd quarter of 2012.
  • Home Prices: As to be expected, regular home sales had the highest average sales price as well as the highest average price per square foot. What is interesting to note, (and is something we have been seeing here and there over the last few quarters), is that short sales have a lower average sales price and price per square foot that foreclosures. Traditionally, foreclosures came much lower on both metrics.
  • Days on Market: The cumulative days on market have been improving as the year progresses. As to be expected, regular sales had the shortest time on the market, followed by foreclosures. As we would expect, short sales have the longest time on the market.
  • Discounts Off of List Price: As time progresses, we are seeing the discounts off of list price shrink. At the end of the quarter, the average discount for regular homes was 5%.  For short sales, it was only 3% and foreclosures came in at 4% off of asking price.

Scottsdale AZ Home Sales by Type Short Sales Foreclosures Q3 2012

Scottsdale AZ Home Sales Q1 through Q3 2012
Here is a recap of the first three quarters of 2012. As you can see, the impact of distressed properties decreased as the year progressed.

Scottsdale AZ Home Sales Through Q3 2012 Foreclosure

 

Scottsdale AZ Home Sales 2011
To compare the 2012 results with the numbers from 2011, you can refer to the chart below which shows 2011 home sales by type for Scottsdale.

Scottsdale AZ Home Sales Includes Short Sales Foreclosures 2011 Quarterly Sales Stats

 

If you are interested, you can browse through the previous reports for Scottsdale home sales:
View Scottsdale Home Sales by Type for Q2 2012
View Scottsdale Home Sales by Type for Q1 2012
View Scottsdale Home Sales by Type for Q4 2011
View Scottsdale Home Sales by Type for Q3 2011

 

Disclaimer: Due to rounding issues, not all columns will add up to a perfect 100%.  Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 10/1/2012 and can change at any time. The analysis looks at single-family resale homes for sale and sales in Scottsdale AZ on a quarterly basis. There may be new home inventory in these figures if the developer is using the MLS to market its homes. Information deemed reliable but not guaranteed.  This post represents the opinion of the author. No warranties express or implied.
Copyright © 2012 Heather Tawes Nelson

Scottsdale AZ Luxury Home Market – October 2012

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Luxury Home Scottsdale ArizonaBelow is a review of how the luxury home market in Scottsdale performed in the month of October 2012. The report looks at homes priced at $1 million and above and has been broken down into four different price bands for greater detail.

Each price range contains the following information:
Active- The number of homes on the market at the end of the month.
Pending – The number of homes that were pending sale at the end of the month.
Sold – Actual luxury home sales for the month.

– October 2012 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market:  Inventory was the same at the end of October as it had been in September. This is still well below the twelve month average of 185 homes.
– Pending Scottsdale Home Sales: Pending homes sales bounced back up to 18 at the end of October.
– Scottsdale Homes Sold: Sales dropped to 17 from 20 the month prior. What is interesting to note though, is that there were only 15 pending sales at the end of September, yet 17 homes sold in October.
– Sales Price to Listed Price: 97.3% – This is the highest we have seen this figure in the last twelve months. On average, buyers only saw a 2.7% discount off of asking.

Scottsdale AZ Homes for Sale October 2012 $1 to $1.5 million

 

Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory spiked in this price segment to 121 homes, a 19.8% increase over September.
– Pending Scottsdale Home Sales: Pendings were up at the end of the month to 13. This is a continuation of a couple of months of increases in pending sales and is ahead of the twelve month average of 12.
– Scottsdale Homes Sold: There were 7 homes sales in October, which was nice to see after September’s disappointing sales figure.
– Sales Price to Listed Price: 94.1% – This is the highest this ratio has been in the past year by a large margin.

Scottsdale AZ Homes for Sale October 2012 $1.5 to $2 million


Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Inventory increased in this price segment as well, putting it back over the 100 mark. However, it is still well below the 12 month average of 124 homes.
– Pending Scottsdale Home Sales: Pending sales were disappointing at 3, although we did see this kind of decreased activity around this time of year last year as well.
– Scottsdale Homes Sold: On the flip side, home sales saw a great rebound in October. There were 6 sales, which came in ahead of the twelve month average of 5.
– Sales Price to Listed Price: 90.4% – This is better than we have seen in the last few months.

Scottsdale AZ Homes for Sale October 2012 $2 to $3 million

Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: We saw another increase in inventory in October to 93 homes. This is now above the twelve month average of 89 homes.
– Pending Scottsdale Home Sales: There was a single pending sale at the end of the month.
– Scottsdale Homes Sold:  Two homes sold over $3 million in October. This is on par with the twelve month average of 2.
– Sales Price to Listed Price: 83.7% – This is a bit lower then we have been seeing recently. On average, buyers in this price segment saw a discount off of list price of 16.3%.

Scottsdale AZ Homes for Sale October 2012 $3 million plus

It was another mixed month for the luxury home market in Scottsdale Arizona. Inventory was up in all of the higher price bands and stayed the same in the $1-$1.5 million price band. We saw an increase in pending sales in the two lower price ranges, but a decrease in the more expensive homes. Sales were stronger in the $1.5 million and up price points.

To see more detailed data behind this report, please visit my Scottsdale luxury real estate market reports page and click on the “Scottsdale Market Trends” report.

Disclaimer: Information deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 11/1/2012 and can change at any time. The analysis looks at single-family luxury 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. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2012 Heather Tawes Nelson

Phoenix and Scottsdale AZ Luxury Condo Sales – October 2012

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Luxury Condos in Scottsdale and PhoenixOctober 2012 was another good month for the luxury condo market in Scottsdale and Phoenix. In just one month, sales of luxury condos almost tied the entire third quarter’s worth of sales.

At the end of October, two luxury condos had sold and there were an additional three pending sales, with one of them being a carryover from previous months.

In this report, I define the Scottsdale and Phoenix luxury condo market as units with list prices of $1 million and above. Below, I have included summary information as well as detailed information for each of the cities.

Phoenix Scottsdale Luxury Condos for Sale October 2012

 

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
At the end of the month, there were three pending sales of luxury condos, two of which were new.

  • The single pending sale in Phoenix was at the Esplanade Place community. This was a two bedroom, two bathroom condo with 3,542 square feet on the 6th floor. This unit went under contract in less than a month and the asking price was $1,200,000.
  • In Scottsdale, a luxury unit went under contract at the Optima Camelview development. This fifth floor condo had three bedrooms, two bathrooms and 1,906 square feet. The list price at the time of contract was $1,035,000.
  • This final pending sale has been in this status for a few months now as there are some items that need to be cleared up prior to close of escrow. It is a foreclosure penthouse in Scottsdale at the East Camelback Condominiums, adjacent to Scottsdale Fashion Square. This property takes up the top floor of the building and has 5 bedrooms, 8 bathrooms and 7,254 square feet. When it went pending, the list price was $1,250,000, but the buyer will need to come up with additional funds to close.


OCTOBER  2012 LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX
The two luxury condo sales in October took place in Phoenix.

  • The first sale was a unit at Esplanade Place. This 4,286 square foot penthouse condo had 3 bedrooms, 3.5 bathrooms and 4,286 square feet.  It had been listed for $2,450,000 at the time of contract and ultimately sold for $2,000,000. This particular home had been on the market for several years, so it is nice to see that it has finally been purchased.
  • The second sale was a quick one. This ground floor unit at 2 Biltmore Estates was on the market about a month. It was a three bedroom, three and one-half bathroom condo with 3,860 square feet. It had been listed for $1,300,000 and sold above asking price for $1,341,000.

All in all, October was a healthy month for the Scottsdale and Phoenix luxury condo market. Sales kept a nice pace and a couple of additional units went pending, which bodes well for November sales.

Learn More About Phoenix and Scottsdale Luxury Condos
Search Phoenix and Scottsdale Luxury Condos for Sale

 

Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 11/1/2012 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix over the past 12 months. Information deemed reliable, but not guaranteed.  There may be new home inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright © 2012  Heather Tawes Nelson

Scottsdale AZ Single-Family Homes for Sale – October 2012

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Here are the October 2012 results for single-family home sales in Scottsdale, Arizona.

This monthly report charts home sales over the previous 12 months and is broken into three  sales statuses:
– Scottsdale homes for sale at the end of month are shown in red.
– Pending homes sales at the end of month are shown in green.
– Home sales in October are shown in purple.

This first chart illustrates the last 12 months of data for active, pending and completed Scottsdale home sales.

Scottsdale Home Sales by 2012 monthly

This next chart shows how inventory has changed month over month. For example, the number of homes for sale at the end of October was up 12.4% over September.

The next section looks at sales price to list price ratio. This is a way to see what kind of discount off of asking price buyers got on average .In October, the average discount off of list price was 4.1%.

Scottsdale AZ Home Sales October 2012 chart
October 2012 Highlights for Scottsdale AZ Homes for Sale:

  • Active Scottsdale Homes for Sale: For the second month in a row, we have seen the inventory increase. In fact, there was a nice jump between September and October. These new homes on the market are good news for buyers who have been dealing with limited inventory. It may also help with sales figures as there is still quite a bit of demand out there.
  • Pending Homes Sales in Scottsdale: Pending home sales were up at the end of October. This is the first time we have seen this figure increase since April of 2012
  • Scottsdale Homes Sold: Home sales also saw an increase in October to 390. This was up 4.8% over September.
  • Sales Price to List Price: 95.9% – This is on par with what we have seen over the past year.

Overall, October 2012 was a decent month for Scottsdale single family home sales. We saw a nice increase in inventory, which will open up new options to buyers. Coupled with that, we saw increased activity for pending sales and actual sales. It will be interesting to see how inventory performs over the next couple of months as homeowners are gaining confidence in the changing local real estate market.

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Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 11/1/2012 and can change at any time. The analysis looks at single-family resale homes for sale and home sales in Scottsdale AZ over the last 12 months. information deemed reliable, but not guaranteed. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright © 2012 Heather Tawes Nelson

Scottsdale and Phoenix Luxury Condo Sales – 2012 Performance

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Scottsdale Waterfront CondosHere is an overview of luxury condo sales in Scottsdale and Phoenix through the third quarter of 2012. I define luxury condos as those units with asking prices above $1 million.

I have broken the information into three categories including all luxury condo sales for 2012 and then sales activity for the individual cities of Scottsdale and Phoenix.

LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX – Through Q3 2012

The luxury condo market got off to a very strong start in 2012. By the end of the second quarter, 19 luxury condos had sold. This is in contrast to 2011, where only 20 luxury condos sold for the entire year. Activity tapered off quite a bit in the third quarter, which was seen in the luxury home market as well.

The highest priced sale this year was for a penthouse unit at the Kierland Plaza Lofts at Kierland Commons in North Scottsdale. This unit had been listed for $2,995,000 and ended up selling for $2,700,000. The condo had two bedrooms and an office, three and one-half bathrooms, 3,919 square feet and unobstructed views with a 90 foot patio to enjoy them from.

The least expensive sale of the year was for a unit at Safari Drive in Downtown Scottsdale. It was a three bedroom, three and one-half bathroom home with 2,610 square feet. The listing price was $1,075,000 and it sold for $950,000.

 

Scottsdale Phoenix AZ Luxury Condo Sales Q1 Q3 2012

SCOTTSDALE LUXURY CONDO SALES – Through Q3 2012

Here is the same report, but for Scottsdale condo sales only. The majority of all luxury sales in 2012 were in Scottsdale, with 18 of the 22 sales. Again, we see the same pattern as above, a very strong Q1 and Q2 and a slower Q3.

The highest and lowest priced sales are the same ones outlined above, the penthouse unit at Kierland Plaza Lofts and the unit at Safari Drive.

Scottsdale AZ Luxury Condo Sales Q1 Q3 2012

PHOENIX LUXURY CONDO SALES – Through Q3 2012

Here are the results for Phoenix luxury condos. Phoenix luxury condo sales only made up about 18% of the entire year’s sales activity.

The most expensive condo sale in Phoenix this year was at Two Biltmore Estates in the prestigious Biltmore area. It was a four bedroom, four and one-half bathroom unit with 4,877 square feet. The asking price had been $1,658,000 and it sold for $1,510,000.

The least expensive luxury condo sale was at Esplanade Place, located in the Biltmore corridor. The asking price was $1,199,995 and the final sales price was $975,000. This condo had two bedrooms, two bathrooms and 2,417 square feet.

 

Phoenix AZ Luxury Condo Sales Q1 Q3 2012
Overall, the luxury condo market in Scottsdale and Phoenix is having a better year in 2012. The beginning of the year saw most of the sales activity, but hopefully we will see some increased activity as we close out the year.

Search Luxury Condos for Sale in Scottsdale and Phoenix

 

Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 10/1/2012 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix over the past 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes.
Copyright © 2012 Heather Tawes Nelson

Construction on North Scottsdale Road – October 2012 Update

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North Scottsdale road improvementAt the end of  September, a major construction project on Scottsdale Road in the Pinnacle Peak area began. This project is slated to be completed in October 2013, but is being performed in phases to help minimize traffic disruptions.

Once complete, additional lanes will have been added to Scottsdale Road, there will be a bridge over the Rawhide Wash, (which will really help during heavy rains), and there will be attractive landscaping and art among other improvements.

October 2012 Project Updates

  • This first phase is the most restrictive traffic-wise and the City of Scottsdale is working quickly. Right now, traffic is only one lane in each direction on Scottsdale Road and will remain that way through October. You can expect to see an additional lane in each directions open up some time in December.
  • Before, turns onto Pinnacle Peak were not allowed. Now, vehicles coming south on Scottsdale Road can turn onto Pinnacle Peak going eastbound. The plan is for some of the other Pinnacle Peak turn restrictions will be lifted at the end of October.
  • Pinnacle Peak traffic will go down to one lane in each direction at the Scottsdale Road intersection. This should run through the month of November.
  • As of October 15th, Williams Road was closed at Scottsdale Road. This will last through mid-November. Alternate routes to Williams would be via Adobe Drive or Miller Road.
  • Silverstone Drive, which is an access road for the Appaloosa Library and Vi at Silverstone is closed until October 2013. To access the library or Vi, you can come via Pinnacle Peak Road or Williams Drive.

This project is now complete.

 

 

 

Luxury Home Design Trends for 2012 and Beyond

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Home Design Trends 2012 Scottsdale AZThis week at a luxury real estate conference, I was fortunate enough to hear Kay Green of Kay Green Design Inc. talk about the the luxury design trends she and her team are seeing and implementing in their projects.

Below are a few of the many items she shared that may be of interest to you as you work on your own luxury home interior design:

  • Wallpaper is making a comeback. More people are integrating wallpaper into their luxury home design projects. However, it is not the fully wallpapered home of years past. You may just see it on an accent wall or in a powder room. Patterns and more textural finishes are popular. For instance, seagrass wallpaper is making a comeback an can look quite elegant and organic.
  • Colors – Blue or green color palettes are being used more often. Think vibrant blues, like cobalt, for accent areas and touches. Green in any shade is often being integrated into these luxury homes.
  • Applied Moldings – Applied moldings can make a room look very sophisticated and help draw the eye to certain areas. They also provide an architectural detail that can really transform a room.
  • Kitchen Counters – While granite is still popular, she is seeing a lot more bold patterns in the stone, versus the ‘specks’ that have been popular over the last several years. Engineered products, like Silestone, are gaining a lot of ground as well. These surfaces are not porous and are much more uniform in terms of appearance.
  • Green or Environmentally-Friendly Products – Many luxury consumers are looking toward green or “up-cycled” products in their homes to preserve the earth’s resources as well as save money. She termed this “smart and stylish.” Wood products like bamboo and coconut palm are being used more. Low-flow shower fixtures and low water usage toilets are also a draw.  In addition, many new homes are being designed and built with net zero energy use.

As far as the architectural layout of the home, she noted a few trends she has been seeing:

  • Dens – The traditional den is going away in many homes. Wireless Internet access now made it easy for people to work on their computers and tablets anywhere in the home. However for those folk who would like some sort of home office or den area you might see a “his and hers partner desk” to economize on space.
  • Formal Living and Dining Rooms – We’re seeing a movement away from formal living room and formal dining room designs. Great room floorplans open up the living spaces and letting friends and family interact with ease. So rather than three distinct rooms, the great rooms combines the kitchen,  family area dining area into one large and open room.
  • Flex Rooms – Flex rooms allow the homeowner to use the room in any way they see fit. These flex rooms can be anything from a children’s “hang out room”, a family office area, a storage area or even a home gym.
  • Outdoor Living – Especially in areas with great weather, you are seeing more emphasis on combining the indoor and outdoor living. Large glass walls that automatically retract and allow for a seamless transition between the two are seen quite frequently on newer Scottsdale luxury homes. Many homeowners choose to use the same flooring in these areas to make the area appear to be one large combined living and entertaining area.
  • Multi-Generational Living Spaces – One final item is multiple multi-generational spaces being built into or next to the home. These multi-generational spaces are standalone areas where there is a bedroom and bathroom as well as a living area and kitchenette. These can be built as a separate wing of the home  a lower or upper level of the home, or in the case of many hones in Scottsdale, a guest casita. This way, many generations can stay in the home together, yet have their own “space.”

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More Information:
Kay Green Design Inc.

The Town of Carefree Arizona – 2012 Real Estate Report Through Q3

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Carefree AZ Real Estate The Town of Carefree Arizona is a quiet, yet vibrant, town located on the north side of the Phoenix Valley. It is well-known for being home to the acclaimed Boulders Resort and Spa, but Carefree offers so much more. There are excellent dining, shopping, sport and entertainment options.

The town center of Carefree definitely worth a visit. Designed in a circular fashion, the centerpiece is the Sundial. Around that, is an open area that is home to the Carefree Art and Wine Festival, the Carefree Farmers’ Market and many seasonal events. There are ample dining and shopping options as well. The Carefree post office is also located in the town center.

2012 CAREFREE REAL ESTATE REPORT

Here is a quick look at the homes on the market as of October 11th as well as pending sales as of the same date. As you can see, the average asking price of homes for sale in Carefree is just over $1 million. That includes lower-priced patio homes closer to the town center up to multi-million dollar estates.

2012 Carefree AZ Homes for Sale

 CAREFREE HOME SALES THROUGH Q3 2012

Home sales trends in Carefree for 2012 are a little different than we have been seeing in other parts of the Valley. In these other areas, we saw a spike in sales activity in Q2 as well as average price per square foot increasing as the year carried on. We also saw cumulative days on market shrink over the three quarters.

In the case of Carefree, we did not see these same trends. Sales did spike in Q2, but seemed to hold on a bit for Q3. Average sales price has remained rather consistent, but price per square foot decreased in Q3. Average days on market increased, which is not what we have been typically seeing in the Scottsdale and Phoenix region.

 

Carefree Arizona Home Sales 2012

 

Carefree, Arizona is one of the most charming towns in the Phoenix Valley. The laidback, elegant desert lifestyle makes it a top place to live.

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Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 10/11/2012 and can change at any time. The analysis looks at single family home sales activity in the Town of Carefree, Arizona. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2012 Heather Tawes Nelson

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