Scottsdale AZ Real Estate & Lifestyle

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Heather Tawes Nelson

What Does AWC Mean on a Scottsdale Arizona MLS Listing?

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Scottsdale Home Sale AWC status

**UPDATE – November 18, 2011**: The AWC field in the Arizona Regional MLS (ARMLS) has been replaced with a new field, UCB. UCB signifies that the home is under contract, but that the sellers are still actively seeking backup offers. Please see here for additional information.

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Many people searching for homes in Scottsdale Arizona go directly to the local multiple listing system (ARMLS) to see all of the homes currently on the market.

While searching for homes, they will come across many homes with a listing status of AWC and wonder what that stands for.

What does AWC stand for? AWC stands for “Active With Contingencies.” This home listing status is used in lieu of placing the home in the “Pending Sale” status as there are hurdles that need to be cleared before the sale can move forward.

What it means to a potential Scottsdale home buyer is that the home is on the market and it being marketed to the public as a home for sale, but that there is a contingency in place that needs to be cleared before another buyer can move forward with the purchase.

When you see an AWC status, the person or entity selling the home is looking for other backup offers in case the existing offer/contract with the contingency falls through.

There are three different categories of AWC with one of them AWC-I or AWC- Seller Written Instructions being a very common one in today’s market. I will explain what each of them mean below:

  • AWC-C or AWC -Contingent Offers: This AWC status indicates that there are is another offer or contract on the home, but there are “contingencies” involved. The contingency on the contract or offer would need to be cleared before the sale can be completed.  An example would be if the seller had accepted an offer where the buyer has another home to sell prior to being able to close on the new home purchase.
  • AWC-I or AWC – Seller Written Instructions: This status has exploded in popularity in the last few years due to the large number of short sales in the Scottsdale and Phoenix real estate markets. The “I” stands for written “instructions” to keep the listing in an active, although with contingency, status. It can be used in different scenarios, but I would say the majority of the time when you see an AWC status on a  Scottsdale home listing, it is referring to a short sale. So, when you see this in the case of a short sale, it means an offer has been accepted by the seller, but now the seller’s lienholder(s) have to approve the offer. Once lienholder(s) has/have given their approval and the deal can move forward, these listings can then move into Pending status.
  • AWC-O or AWC – Existing Option to Purchase: This one is pretty rare to see. The “O” means that there is an existing “option” to purchase the home. Basically, the seller and option holder agreed to sell the home to the option holder at some point in the future. However, the option holder is not obligated to buy the home, so if they walk away from the purchase, a new buyer can step in.

If you have any further questions on the AWC status field or any other field in an MLS listing in the Scottsdale area, please feel free to contact us.

NOTE: Per the November 2011 change, the AWC status field has now been simplified. Now, the field will only be designated AWC and the three categories described above will fall under this single field.

What are CC&R’s and How Do They Affect My Scottsdale AZ Home Purchase?

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Marking Pile 1/X– What are CC&R’s? –

Many homeowners- to-be are curious as to what CC&R’s are and how they affect their Scottsdale Arizona home purchases.

CC&R’s stands for Covenants, Conditions and Restrictions. In very broad terms, the CC&R’s spell out in detail all of the rules and restrictions of the community and how the community will be run.

More specifically, when reviewing the documentation that makes up the CC&R’s you will see things like:

  • Definitions – These definitions provide clarity around many of the terms that are used throughout the documentation.  You will see terms like “Annual Assessments” or “Improvements.”
  • Development Plan – This is the detailed description of the rules of the plans for development. It can spell out things like how long other parcels can be annexed and so on.
  • Use Restrictions – This is an important one for homeowners-to-be as it really explains what is acceptable and what is not in terms of home and lot development, decor and so on. Here, things like parking, antennas, RV and boat storage, architectural and design changes and playground equipment are addressed.
  •  Easements – This is where easements have been granted on certain portions of the community. For instance, utility companies could be granted an easement or a designated common area could be an easement. Other things could be a trail system or an easement for the builder.
  • Homeowners’ Association Information – This is another important one as it covers how the community will be managed and governed, how memberships (if available) will be handled, how leadership is elected and so on.
  • Assessments and Liens – In this section, the assessments that homeowners pay are covered. It also discusses special assessments and how they can be assigned to the homeowners. An example of a special assessment is if a community needs to do a large project like pave the private roads within the neighborhood and each household will be responsible for a specific monetary assessment. Understanding assessments is important to homeowners as unpaid assessments and fees can become liens placed against your home or property.
  • Maintenance – This section goes over lot, landscaping and exterior structure maintenance – i.e. boundary walls, etc., and who is responsible for maintaining them.
  • Insurance – This describes the insurance  coverage the community has in place.
  • General Provisions – In this section, a number of other topics are covered. Things like amendments, liability limitations and so on.

So, what does this mean in the scope of a Scottsdale home purchase? It means that potential homeowners really need to read through and review these documents prior to moving forward with the purchase of the home or lot. What if a boating enthusiasts plan to store their speedboat on the side of their home and that is not permitted in the CC&R’s? They can either plan for offsite storage or move on to another home. Knowing things like this is critical for potential newcomers to a community.

Again, this was a general overview of Scottsdale CC&R’s, but I hope that it helps shed some light on the importance of these documents and how potential buyers need to read through them before proceeding with the purchase of any property.

Disclaimer: This is a basic overview of what CC&R’s are as they refer to the governance of neighborhoods and subdivisions in Scottsdale, Arizona. It is not meant to be a definitive guide and information can change at any time. For more detailed information and specifics, please contact the Homeowners’ Association or municipality that governs the property or home directly.

photo credit: Sam Hames

What Do Scottsdale Homeowners’ Association Fees Cover?

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HOA Fees for Scottsdale Homes for SalePeople are often curious as to what Scottsdale Arizona homeowners’ association fees cover. On one home they could be minimal, less than $100 per year, yet in another community, a resident could be looking at annual payments in the thousands. Coverage can include anything from maintenance for common areas all the way up to almost all of your utilities including basic cable.

What the fees boil down to is what levels of service and amenities are being offered by the homeowners’ association (HOA.) The following examples are not comprehensive and every community is different, but they should give you an idea of what to expect as you are assessing and comparing monthly fees between different Scottsdale homes for sale.

On the lower end of the cost spectrum, many HOA’s simply offer what is considered “Common Area Maintenance.” This means that things like street medians and common community areas are maintained by the HOA. In Scottsdale, this generally means that a gardening service has been hired to maintain and manage the landscaping.

As you move up the cost scale, you start to see other things like street maintenance, (repairs for streets within the community are covered). Gated communities and neighborhoods with community pools and spas, parks, fitness centers and/or other amenities also are more expensive as the cost of maintaining these perks is higher.

On the highest end of the HOA fee scale, you see amenities like full-time guard gated entries and security patrols and/or golf courses and clubhouses. In many of the higher end condo communities in Scottsdale and Phoenix, virtually all of your costs are covered by the HOA, with the exception of electricity and telecom services. In these cases, your higher monthly HOA fee will be offset by not having to pay for these other services on an a la carte basis.

In multi-family settings or in communities where homes are partially attached, you will often see exterior maintenance of the units and a blanket insurance policy for the community included in the fees as well.

The good news is that you can look at Scottsdale MLS listings and see how much the fees are and what they cover. An entire section of the MLS listing information sheet is dedicated to HOA information, including contact information, costs, how frequent the payments are, what those payments cover and more.

Scottsdale AZ Luxury Home Market – January 2011

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Here is the sales information for the  luxury home market in Scottsdale, Arizona for the month of January 2011. This snapshot covers  luxury home sales activity in Scottsdale over the previous 12 months. I am defining the luxury market as homes with asking prices in excess of $1 million.

– January 2011 –
 
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: At the end of January, there were 268 homes on the market, down one home over December. This trails behind the 12 month average of 298 homes.
– Pending Scottsdale Home Sales: Nineteen homes were pending sale at the end of the month. This was up over December when activity was slower, but is still behind the 12 month average of 24 sales.
– Scottsdale Homes Sold: Thirteen homes sold in January in this price range. Sales dropped 50% over December when we saw a surge of activity. The 12 month average is 18 sales per month.
– Sales Price to Listed Price: 93.6% – This is the highest this figure has been in the last year and home buyers averaged a little over 6% off of asking price.

 

 January 2011 Scottsdale AZ Luxury Homes for Sale Between $1 and $1.5 Million


Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: There were 164 homes for sale in this price range at the end of January. This is below the 12 month average of 188.
– Pending Scottsdale Home Sales:  Nine homes sales were pending at the end of the month. This is the same number we saw in December. It is below the 12 month average of 14.
– Scottsdale Homes Sold: There were five home sales in January, making this the third month in a row with this number of sales. It is tracking behind the 12 month average of 8 sales.
– Sales Price to Listed Price: 85.6% – This number bounces around a bit, but this is on the low end of what we have been seeing for this price range. Buyers in this segment enjoyed almost a 15% discount off of asking price.

 

January 2011 Scottsdale AZ Luxury Homes for Sale Between $1.5 and $2 Million
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: There were 163 homes on the market in this range at the end of January. This number is up slightly over December, but still below the 12 month average of 171.
– Pending Scottsdale Home Sales: Seven homes were pending, which is the same as the 12 month average.
– Scottsdale Homes Sold: Six homes sold in January, which is a pretty decent performance coming off of lower numbers last Fall.
– Sales Price to Listed Price: 85.6% – This is a pretty typical number for this price segment.

January 2011 Scottsdale AZ Luxury Homes for Sale Between $2 and $3 Million

 


Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: There were 116 homes for sale in excess of $3 million dollars at the end of the month, a 5.5% rise over December’s inventory.
– Pending Scottsdale Home Sales:  Three homes were pending sale, which was up slightly over December, but still just below the 12 month average of 4.
– Scottsdale Homes Sold: Only one home sold in January. This was a huge drop from December’s impressive 7 sales. However, the single sale is in keeping with what we have been seeing over the last several months, December excluded.
– Sales Price to Listed Price: 74.4% – This is on the lower end for this price range, but not unheard of.

January 2011 Scottsdale AZ Luxury Homes for Sale Over $3 Million

 

Overall, January was a lackluster month for the Scottsdale AZ luxury real estate market. However, given the lower number of pending sales in December and factoring in seasonality, this was not s surprise. Inventory figures were mixed with increases in some price bands and decreases in others. Pending sales indicate that February sales should be pretty similar to what we saw in January.

To see the 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 herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of  2/1/2011 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 © 2011 Heather Tawes Nelson

Phoenix and Scottsdale AZ Luxury Condo Sales – January 2011

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Optima Camelview Luxury Condos Scottsdale AZ
Optima Camelview – Scottsdale, AZ

Here are January 2011’s results for the Phoenix and Scottsdale luxury condo market. For the purposes of this report, I am defining luxury condos as condos on the market with asking prices in excess of $1 million.

January was another decent month for the Scottsdale and Phoenix luxury condo markets. All of the January activity was in Scottsdale. At the end of the month, there were two pending luxury condo sales and a single sale.

The January sale was at Optima Camelview, a very popular complex in downtown Scottsdale. It was a three bedroom, two and one-half bathroom unit on the 5th floor with 2,848 square feet. The sales price was $995,000.

The two pending sales at the end of January were found at Safari Drive, a contemporary complex in downtown Scottsdale that has recently started sales again and The Landmark which is farther north in the Kierland neighborhood.

Phoenix and Scottsdale Luxury Condo Market Information

 

Overall, January was a solid month for luxury condos in Scottsdale and Phoenix. The sale started the year off on a good foot and two pending sales could mean good news for February’s sales figures.

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 2/1/2010 and can change at any time. The analysis looks at resale luxury condos in Scottsdale 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 © 2011  Heather Tawes Nelson

Scottsdale AZ Single-Family Homes for Sale – January 2011

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Here are January 2011’s Scottsdale AZ Home Sales results. This report looks at month over month single-family home sales performance in Scottsdale and covers the last 12 months. You can also see the month-over-month changes for each of these data points and the sales price to list price comparison.

 

   Scottsdale AZ Homes for Sale January 2011

  Scottsdale Home Sales Data January 2011

January 2011 Highlights for Scottsdale AZ Homes for Sale:

  • Active Scottsdale Homes for Sale: The number of homes on the market was up very slightly over December to 2591. This is 100 homes below the 12 month average of 2,691.
  • Pending Homes Sales in Scottsdale: Pending home sales picked up in January to 485. However, this is still behind the 12 month average of 520 pending sales.
  • Scottsdale Homes Sold: Sales were down over December, where we saw a strong finish to the year. January had 324 home sales, which is what we were seeing last Fall. The 12 month average for monthly home sales is 368.
  • Sales Price to List Price: This came in at 92.6%, which means the average discount off of asking price in January was about 7%. This number tends to hover in the low 90%’s.

January 2011 Scottsdale home sales were slow, but this was to be expected as we see this kind of slowdown in activity on a yearly basis. Pending sales saw a nice increase which should be a good sign for February sales numbers. It is also encouraging to not see a jump in inventory as we move into the new year.

Search Scottsdale AZ Homes for Sale

Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 2/1/2011 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. There may be new home inventory in these figures if the developer is using the MLS to market its homes.
Copyright © 2011 Heather Tawes Nelson

Things To Do in Scottsdale AZ: Visit the Arizona Fine Art Expo 2011

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It is that time of year again in Scottsdale, Arizona. The Arizona Fine Art Expo is back in place for 2011 and already getting lots of traffic.

It is easy to spot the Arizona Fine Art Expo in the large white tents on the corner of Scottsdale Road and Jomax Road in North Scottsdale. The expo opened at the end of January and runs through April 3rd.

The Thunderbird Artists put this event on annually and this year there are over 100 award-winning artists participating.

Arizona Fine Art Expo Scottsdale AZ 85255What is great about the Arizona Fine Art Expo is that the artist are not only displaying completed works, but you also get to see many of them in the process of creating new works of art. And, commissions from specific artists are always welcome.

In addition to perusing the artwork, there is an onsite cafe and live music on the weekends.

The Arizona Fine Art Expo is a wonderful way to enjoy Scottsdale’s beautiful weather while getting to see top artists at work on their craft.

More Information:
Arizona Fine Art Expo
26540 N. Scottsdale Road
Scottsdale, AZ 85255
– On the corner of Scottsdale and Jomax – at Mac Donald’s Ranch
– Through April 3rd, 2011Open Daily 10am – 6pm
– Season Pass $8 / Seniors and Military $7- Come back as often as you wish
– Children under 12 are free
– Free parking

Things To Do in Scottsdale AZ: Visit Scottsdale Quarter Shopping Center

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True Food Kitchen Scottsdale Quarter Shopping

– Scottsdale Shopping – Scottsdale Quarter –

Scottsdale Quarter in Scottsdale, Arizona, has been under development for the last several years. While a few retailers have been open and thriving for a while, like the Apple Store,  H&M and West Elm, a large number of store openings have occurred over the last couple of months.

Scottsdale Quarter is located just across the street from the other shopping destination of Kierland. Like Kierland, Scottsdale Quarter is an open air shopping area and there is a good blend of apparel and specialty shopping , dining and services.

Here are just a few of the newer tenants at Scottsdale Quarter:
– True Food Kitchen– The Biltmore area restaurant has opened a second location in Scottsdale. The restaurant is set in a lovely courtyard and is housed in a contemporary, stylish building.
– Giggle – One of my favorite stores from San Francisco, giggle is a charming store for babies and small children. The products, everything from nursery furniture and decor to clothing, toys and gear,  are modern with an eye for safety, visually appealing and fun.  (Location now closed.)
Giggle children gear furniture Scottsdale Quarter Scottsdale AZ– Deegie’s Carma– This hybrid concept is fun and definitely worth visiting. Deegie’s is part boutique, part cafe and part salon. It is a one-stop shop for personal care and a new outfit, complete with a light meal.
– iPic Theater– iPic takes movie-going to a whole new luxury level. Think excellent dining options and cocktail lounge available, reserved, leather seating, complimentary popcorn and more.
– Menchie’s Yogurt– A new entrant into Scottsdale’s serve-your-own frozen yogurt market, Menchie’s has a large number of flavors to choose from and an ever larger number of toppings. Plus, every time I have been in there, the employees could not have been nicer.

It seems like more tenants are opening every day at Scottsdale Quarter. I look forward to visiting them in the near future.

More Information:
Scottsdale Quarter Shopping Center
15279North Scottsdale Road
Scottsdale, AZ 85254
– Corner of Scottsdale Road and Greenway/Hayden Loop
www.ScottsdaleQuarter.com

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