Scottsdale AZ Real Estate & Lifestyle

Live Better in Scottsdale - eXp Realty

Heather Tawes Nelson

Scottsdale Luxury Home Real Estate Market Update – November 2008

By

Here is November 2008’s update on the Scottsdale luxury home market. This analysis looks at single-family resale homes in Scottsdale.

– NOVEMBER 2008 –

Homes Priced Between $1,000,000 – $1,499,999
– Actives: There were 549 active homes for sale. This number has been increasing for the last few months, but is still less than the 12 month average 583 active homes.
– Pendings: There were 22 pending homes pending sale, which was a 46.7% jump over October where there were only 15. However, we this segment is still tracking just below the average of 39 pending sales we have seen over the last 12 months.
– Sold: Only 2 homes sold in November. This is dramatically off from the average of 21 sales per month. My impression is that the significant drop was due to the tightening of the mortgage market, particularly in the jumbo loan segment. Ideally, we will see the lag in this number ‘catch up’ in December’s figures.
– Sales Price to Listed Price: 91.0%

 Homes Priced Between $1,500,000 – $1,999,999
– Actives: There were 303 actives homes for sale in November, a 2% increase over October. This number has been climbing since July of this year, when there were 269 homes for sale in this price segment.
– Pendings: There were 8 homes pending sale in November, up from 6 in October. The 12 month average pending figure is 11.
– Sold: Seven homes sold in November, which is just behind the 12 month average of 8.
– Sales Price to Listed Price: 90.4%

Homes Priced Between $2,000,000 – $2,999,999
– Actives: There were 371 homes for sale in November at this price point. This number had been decreasing for several months, but has been increasing since September.
– Pendings: Six homes were pending, a 20% increase over October. This is the largest number of pending sales we have seen since July of this year.
– Sold: Only 2 homes sold in November. The average sales figure in this price point is 6 per month.
– Sales Price to Listed Price: 77.3%. This is a very large drop for this price segment. Typically, homes sell in the high-80%’s and low-90%’s.

Homes Priced $3,000,000+
– Actives: There were 287 homes for sale in this price point in November. This number has been creeping up since July. However, it is still tracking behind the 12 month average of 302.
– Pendings: There were 5 pending home sales, down from 8 in October. The 12 month average is 7 pending sales.
– Sold: Seven homes sold in this price point in November, which is a huge jump from October’s single sale. This figure also surpasses the 12 month average sales number of 5.
– Sales Price to Listed Price: 88.7%

As you can see, the results vary quite a bit between the price segments. Active listings in all price points have been trending up after several months of declines. Pending sales are holding their own, but the key will be getting these sales to convert in the months to come, especially if financing is required. Sales figures were down in all segments except for the $3 million+ segment which saw a huge jump in November.

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:
Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 12/1/2008 and can change at any time.

Scottsdale Single-Family Home Resale Market – November 2008

By

November was another challenging month for Scottsdale home sales. The number of homes for sale increased for the second month in a row and sales were down significantly. The good news is that pending sales were up over the prior month.

 

November Highlights:

  • Active Homes for Sale – The number of homes for sale went above the 4,000 mark to 4,072, a 2.6% increase over October. This is the first time this figure has been over 4,000 since May of 2008.
  • Homes Pending Sale – Pending home sales actually increased in November from October. There were 259 pending sales in November, up 4.9%. However, this is still below the 12 month average of 294 pending sales.
  • Sold Homes – The number of homes sold dropped dramatically in November to 177, a 22.4% decrease over October. This is the fifth month in a row where sales figures have dropped. The average number of monthly sales over the last 12 months has been 245.

Overall, November was a negative month based on the large drop in sales activity and the uptick in the number of homes for sale. The bright note was that pending sales were up 4.9% and ideally, this will help with December’s numbers.

 

Forest Highlands – Rarely Offered Original Golf Cottage For Sale

By

Forest Highlands Flagstaff AZOne of Forest Highland’s original golf cottages is now on the market. Built by the developers who used them as their personal retreats, the original golf cottages are rarely on the market.

This two bedroom, two bathroom cottage overlooks the fairway and the 7th green of Forest Highland’s Canyon Course. The location of the cottage is fabulous. It is on a corner lot and it mere steps away from the Canyon Clubhouse and all of the activities including the pro shop, driving range, pool and tennis courts.

The cottage has a quaint front porch overlooking the yard that bursts with summer wildflowers and aspen trees. It also has a large oversized deck overlooking the course for summer BBQ’s or some peaceful reading.

Forest Highlands is a wonderful guard-gated golf community located in Flagstaff, Arizona. In addition to two golf courses, it has two clubhouses, swimming, tennis, a fitness center and fitness trails, stocked fishing ponds and so much more.

 

Listed for $750,000

CityNorth in Northeast Phoenix is Now Open

By

The weekend before last, CityNorth in Northeast Phoenix had its Grand Opening celebration. While the complete complex has yet to be completed, many of the shops and restaurants on High Street were unveiled.

The celebration was complete with food vendors, animals from the Phoenix Zoo, live entertainment and music and more.

High Street is a nice blend of chain retail stores and local boutiques in an open-air setting. Some of the stores that are already open include Chico’s Gymboree, Caribbean Kids and more. For pet lovers, there is Green Bone Bakery, which serves up organic treats. The remainder of the stores should be opening soon.

Dining-wise, there are a few places open already that look to be quite tasty. Anchoring one end is Ocean Prime that looks like a more contemporary Ocean Club. It has a great patio area where you can enjoy drinks and food while people watching. Another establishment to try is Saito’s Japanese Steakhouse. It is filled with teppanyaki grills where the food is cooked up right in front of you. I had an opportunity to try Mojo Yogurt, which is a self-serve yogurt store with at least 6 flavors to choose from and lots of toppings. Another place that looks interesting is Press Coffee Food Wine with its indoor/outdoor seating.

CityNorth is also home to luxury condos, The Residences on High Street, which are located over the retail space below. I did not get a chance to see them in person, but from what I can tell, they are going to be a great addition to the area and you cannot beat the location.

When complete, CityNorth will have a Nordstrom, Macy’s and Arizona’s first Bloomingdales. These new additions should open in 2010.

About CityNorth: CityNorth is located next to Desert Ridge Shopping Center at 56th Street and Deer Valley, just north of Loop 101. Public as well as valet parking available.
For more information, please visit www.citycenterofcitynorth.com

 

Desert Highlands, Scottsdale AZ – 2008 Performance

By

Desert Highlands is a private, gated luxury golf community located in North Scottsdale, Arizona. Spread out over 850 acres, there are 560 homesites available. Originally developed by Lyle Anderson, Desert Highlands features an 18-hole Jack Nicklaus course and an elegant clubhouse. There is also a tennis facility, fitness center and spa and plenty of walking trails throughout the community.

Desert Highlands’ location is ideal. It is just north of the 101 Freeway and is minutes away from fabulous dining, shopping, medical care and entertainment. Homes range in price from just under $1 million for a 2 bedroom, 2 bath, 2,752 square foot home to $6,295,000 for a 4 bedroom, 6.5 bath, 7,327 square foot estate.

Here is a look at sales performance in Desert Highlands for 2008.

Homes for Sale 52
– Average Asking Price $2,351,956
– Average Square Feet 5,397
– Average Asking Price per Sq. Foot $434.35
– Average Cumulative Days on Market 221
Pending Homes 2
– Average Asking Price $2,610,000
– Average Square Feet 6,088
– Average Asking Price per Sq. Foot $364.57
– Average Cumulative Days on Market 311
Home Sales 16
– Average Sales Price $1,813,125
– Sales Price to List Price 85%
– Average Square Feet 4,917
– Average Sales Price per Sq. Foot $350.69
– Average Cumulative Days on Market 285
– Highest Sale Price $7,750,000
– Lowest Sale Price $710,000

View Desert Highlands homes for sale.

 

Disclaimer:
Information herein deemed reliable but not guaranteed. Data was pulled from the Arizona Regional MLS (ARMLS) and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson

Desert Mountain, Scottsdale Arizona – November 2008 Performance

By

Desert MountainChiricahua Course- Desert Mountain - Scottsdale, Arizona is a luxury golf community located in far north Scottsdale, Arizona. Located on over 8,000 acres, it features six Jack Nicklaus courses and six elegant clubhouses. It is also home to a spectacular tennis complex with standard courts as well as a clay court and grass court. Other amenities include a fitness center and spa, hiking paths, playgrounds and so much more. Many of the Desert Mountain home and lot prices include a Desert Mountain Deferred Equity Golf Membership.

Here is a look as to how the community of Desert Mountain has been performing from a home sales perspective year-to-date.

 

Homes for Sale 226
– Average Asking Price $2,640,605
– Average Square Feet 5,060
– Average Asking Price per Sq. Foot $493.95
– Average Days on Market 265
Pending Homes 5
– Average Asking Price $2,739,800
– Average Square Feet 5,026
– Average Asking Price per Sq. Foot $498.30
– Average Days on Market 323
Home Sales 53
– Average Sales Price $2,310,832
– Sales Price to List Price 90%
– Average Square Feet 4,914
– Average Sales Price per Sq. Foot $441.39
– Average Days on Market 291
– Highest Sale Price $7,000,000
– Lowest Sale Price $685,000

 

Homes start at $587,500 for a 2 bedroom, 2.5 bathroom, 2,086 square foot home and go up to $9,200,000 for a 5 bedroom, 7.5 bath, 11,373 square foot estate. View Desert Mountain Homes for Sale

Disclaimer:
Information herein deemed reliable but not guaranteed. Data from the Arizona Regional MLS as of 11/18/08 and can change at any time.
Copyright © 2008 Heather Tawes Nelson

Greater Phoenix Luxury Condo Market – October 2008

By

Here are October’s numbers for the luxury condo market, which is defined as condos for sale for more than $1 million. At the end of October, there were 93 luxury condos for sale throughout the valley.

There were three pending luxury condo sales and one sale in October. The unit that sold was a 3 bedroom, 3.5 bathroom, 2,975 square foot condo with gorgeous views in the Scottsdale Waterfront community. The pending sales were in Scottsdale’s Optima Camelview and Scottsdale Waterfront and Phoenix’s Esplanade Place.

Valleywide – October 2008*  
For Sale: 938
Pending: 3
Sold: 12
Average Sale Price: $2,100,000
Average Price/Sq. Ft. Sold: $705.88

 

 

Disclaimer:
Information herein deemed reliable but not guaranteed. Data was pulled from the Arizona Regional MLS (ARMLS) on 11/1/08 is subject to change at any time.
© 2008 Heather Tawes Nelson

Scottsdale Luxury Home Market Performance – October 2008

By

– OCTOBER 2008 –

Homes Priced Between $1,000,000 – $1,499,999
– Active Homes for Sale: The number of active homes in this price point in October dropped slightly to 543, a 0.9% decrease over September. The average number of homes on the market in this price range over the last 12 months is 642.
– Pending Sales: There was another large drop in pending sales to 15, a 37.5% decrease. This number has been in the 30-40 range for most of the last 12 months.
– Sold: There were 14 sales in October, a 22% drop from September. The average monthly sales figure for the last twelve months is 25.
– Sales Price to Listed Price: 87.7%. This is the lowest this ratio has been in the last twelve months. Usually, you would see it in the low 90%’s.

Homes Priced Between $1,500,000 – $1,999,999
– Active Homes for Sale: There were 297 homes for sale in this price point in October, a jump of 8.8% over September. The average number of homes for sale in this price range over the last 12 months is 310.
– Pending Sales: There were 6 pending sales in October, down 3 from September. This is tracking well behind the 12 month average of 11.
– Sold: Eight homes sold in October, the same number as September. The average for this price point is ten sales per month.
– Sales Price to Listed Price: 89.4%. This is the first time this figure has dipped into the 80’s over the last year. Typically, it is in the low 90’s.

Homes Priced Between $2,000,000 – $2,999,999
– Active Homes for Sale: The number of homes for sale in this price segment in October was 348. This is up 2.1% from September’s 341.  The twelve month average is 365.
– Pending Sales: Pending home sales inched up to 5 in October. This figure is tracking well behind average of 10 pending homes.
– Sold: Five homes sold in this price segment in October – a large jump over September’s single sale. However, this number is still trailing the average of 8 home sales.
– Sales Price to Listed Price: 86.4%. This is the lowest this figure has been in the last 12 months.

Homes Priced $3,000,000+
– Active Homes for Sale: There were 286 homes were for sale in this price segment in October, a 6.7% jump over September’s 268. This is the second month in a row this figure has increased after several months of declining inventory.
– Pending Sales: 8 homes were pending at the end of October. This is slightly ahead of the 12 month average of 7 pending sales.
– Sold: Only one home sold for over $3,000,000 in October, a huge drop from September’s 6 sales. The average for this price point is four sales per month.
– Sales Price to Listed Price: 95.5%, this is the highest this ratio has been since around November of 2007.

As you can see, October was generally a poor month for the luxury home market in Scottsdale. Clearly, some of this can be attributed to market volatility and access to loans for larger loan amounts. Based on the events of the last month or two, it is hard to say what we can expect from the Scottsdale luxury segment. We do know the decrease in pending sales in the $1,000,000-$1,999,999 range will impact November’s sales negatively. On a brighter note, the large numbers of pending sales in the $3,000,000+ range bodes well for November.

 

 

Disclaimer:
Information herein deemed reliable but not guaranteed. This data looks at single-family, resale home information in Scottsdale only over the last 12 months for homes priced over $1,000,000. Data pulled from Arizona Regional Multiple Listing System (ARMLS) on 11/1/2008 and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson

Malcare WordPress Security