Scottsdale AZ Real Estate & Lifestyle

Live Better in Scottsdale - eXp Realty

Heather Tawes Nelson

Scottsdale Single-Family Home Market Performance – September 2008

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September 2008’s numbers for the Scottsdale single-family resale market are in. September was another month where we saw a decline in sales and pending sales, but inventory is still not increasing, which is a positive.

 

September Highlights:

  • The number of active homes for sale was flat from August at 3,839, which is still lower than the 12 month average of 4,007 homes for sale.
  • Pending sales were down slightly to 297 from 300, a 1% decrease. However, this decrease is much smaller than we have seen over the last three months where the decrease in pending sales has ranged from 3.3% to 8.3%. Plus, this number is still tracking ahead of the average of 284 pendings.
  • The number of homes that sold in September dropped again to 235, posting the largest month-over-month drop we have seen (-14.2%) since November of 2007. Additionally, this number has now dropped below the 12 month average of 245. This weakened performance could be partially attributed to the volatility we have seen in the financial sector which may be keeping people on the sidelines or preventing them from getting financing.

Overall, September was not the best month we have seen with sales and pending sales on pace with where we were in February of this year. Based on trends, October should be more of the same. Looking forward, a key factor will be whether or not buyers will be able to obtain financing, which will have a direct impact on these numbers.

 

Copyright © 2008 Heather Tawes Nelson

Gorgeous 1.26 Acre Hillside Lot – Troon Village, Scottsdale, Arizona

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Troon Scottsdale Lot for SaleThis beautiful 1.26 acre cul-de-sac lot is located in the Windy Walk area of Troon Village, a fabulous guard-gated golf community. The lot is nestled into the hillside and features stunning boulder formations and spectacular views in all directions.

The northern portion of the lot borders natural open space (NAOS) which makes the lot feel even larger than it is. From the top of the lot, you can enjoy outstanding valley views that extend for miles, views of Pinnacle Peak and twinkling nighttime city lights.

The community of Troon Village is located in prestigious North Scottsdale and is nestled within the mountains. It is home to spectacular views and has amenities like tennis, swimming and a fitness center. Additionally, an optional golf membership to Troon Golf and Country Club is also available. Troon Village is close to area freeways, dining, shopping entertainment and medical care.

 

Listed for $799,000

Scottsdale Market Snapshot- Grayhawk – 2008 Performance through September

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Grayhawk Scottsdale AZ Raptor Community EntranceBelow is the year-to-date sales performance for the community of Grayhawk located in Scottsdale, Arizona.

The information was pulled from the Arizona Regional MLS (ARMLS) as of 9/24/08 and is broken out by single-family home performance as well as by condo and townhome performance.

Grayhawk Single Family Homes  
Homes for Sale 80
– Average Asking Price $1,196,335
– Average Square Feet 3,390
– Average Asking Price per Sq. Foot $319.51
– Average Days on Market* 162
Pending Homes 9
– Average Asking Price $631,520
– Average Square Feet 2,553
– Average Asking Price per Sq. Foot $248.58
– Average Days on Market* 150
Home Sales 77
– Average Sales Price $695,760
– Sales Price to List Price 94%
– Average Square Feet 2,824
– Average Sales Price per Sq. Foot $245.85
– Average Days on Market* 170
– Highest Sale Price $1,350,000
– Lowest Sale Price $340,000
* Cumulative Days on Market
Grayhawk Condominiums and Townhomes
Homes for Sale 126
– Average Asking Price $366,997
– Average Square Feet 1,516
– Average Asking Price per Sq. Foot $241.51
– Average Days on Market* 149
Pending Homes 3
– Average Asking Price $406,600
– Average Square Feet 1,854
– Average Asking Price per Sq. Foot $218.51
– Average Days on Market* 284
Home Sales 76
– Average Sales Price $366,055
– Sales Price to List Price 94%
– Average Square Feet 1,615
– Average Sales Price per Sq. Foot $226.75
– Average Days on Market* 169
– Highest Sale Price $617,000
– Lowest Sale Price $210,000
* Cumulative Days on Market

About the Grayhawk Neighborhood: Grayhawk is a marvelous community located in North Scottsdale, just north of the 101 between Scottsdale and Pima roads. It is nearby 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 neighborhood areas to choose from. The Retreat is guard-gated 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.

To learn more about the other Scottsdale golf communities, please click here. 

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Disclaimer: Information herein deemed reliable but not guaranteed. Data pulled from the Arizona Regional MLS (ARMLS) as of 9/24/08 and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson

The Luxury Loft Market in Greater Phoenix – 2008 Performance

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Kierland Plaza LoftsWhile loft living has been a tradition in many metropolitan areas for years, we are starting to see a lot of recent growth in the Greater Phoenix area. I define luxury lofts as those for sale for more than $1 million.

There are several luxury loft projects sprinkled throughout the area, including downtown Phoenix, downtown Scottsdale and Kierland.

I took a look at the performance from January through August and noted which luxury developments are seeing the most activity.

Valleywide Units for Sale: 30
Average Asking Price: $1,650,133
Average Square Feet: 2,430
Average Asking Price/Sq. Foot: $699.30

Units Sold in 2008: 9
Average Sales Price: $1,369,159
List Price to Sales Price: 95%
Average Square Feet: 2,040
Average Price/Sq. Foot: $691.56

The developments where these luxury lofts have sold are as follows:
– Kierland Plaza Lofts – Scottsdale, AZ – 6 of the 9 units total units sold were at the Kierland Plaza Lofts
– Average Sales Price: $1,532,905
– Asking Price to List Price: 100%
– Average Square Footage: 1,934
– Average Price/Sq. Foot: $798.51

– Third Avenue Lofts- Scottsdale, AZ – 1 Unit Sold
– Average Sales Price: $1,250,000
– Asking Price to List Price: 89%
– Average Square Footage: 2,097
– Average Price/Sq. Foot: $596.09

– Orpheum Lofts – Phoenix, AZ – 1 Unit Sold
– Average Sales Price: $825,000 (Original list price was $1,075,000)
– Asking Price to List Price: 77%
– Average Square Footage: 2,668
– Average Price/Sq. Foot: $309.22

– Summit At Copper Square – Phoenix, AZ – 1 Unit Sold
– Average Sales Price: $1,050,000
– Asking Price to List Price: 83%
– Average Square Footage: 1,990
– Average Price/Sq. Foot: $527.64

I will continue to check back periodically to see how this market is performing and update these figures accordingly. If you have any questions about any of the developments mentioned above, please contact me.

 

Disclaimer:
Information herein deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) and can change at any time. Data represents activity from 1/1/2008 through 8/31/2008. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson

Overview of the Greater Phoenix Luxury Condo Developments

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– Luxury Condos in Scottsdale and Phoenix –

Esplanade Place Phoenix Luxury CondosA relatively recent addition to Greater Phoenix and Scottsdale has been the introduction of large luxury condo developments offering top-of-the-line amenities and a new way to enjoy desert living. The most notable developments have gone up in the new Scottsdale Waterfront area as well in the heart of the Biltmore corridor.

These luxury condo developments are perfect for locals who want to downsize their larger homes or for seasonal visitors who want to “lock and leave” their Arizona homes. While the list below is not exhaustive, here is a brief overview of some of the developments that have caught my attention.

Downtown Scottsdale and the Scottsdale Waterfront feature some spectacular developments. And, with the growth of the area, there is plenty to do within walking distance to keep yourself entertained. Optima Camelview is a collection of contemporary and visually-stunning mid-rise buildings featuring steel, glass and abundant plant life. It was designed by the award-winning architect David Hovey and has elevated condo living to a new level.

Scottsdale Waterfront Luxury CondosAnother major project of note is the Scottsdale Waterfront Residences. Overlooking the waterfront and in the heart of the new dining, shopping and entertainment district, these luxury condos are right in the middle of all of the action and the views are fabulous.

The Landmark at Kierland in North Scottsdale is another outstanding luxury community. The onsite amenities are best-in-class and the Landmark is within walking distance to all of the shopping, dining and nightlife at Kierland Commons.

Other Scottsdale luxury condo communities include The Mark, Safari Drive and Main Street Plaza in downtown Scottsdale and the Plaza Lofts at Kierland in North Scottsdale.

In the Biltmore Corridor (around 24th Street and Camelback Road), there are several luxury condo developments that have been attracting buyers from all over. Some of the more notable communities include The Residences at 2211 Camelback, Optima Biltmore (sister property to Optima Camelview) and Esplanade Place.

In the Biltmore resort area, Two Biltmore Estates and Fairway Lodge (8 Biltmore) are adding even more luxury to an already beautiful area.

Not to be excluded, Tempe also has three luxury condo communities that are centered around the developing Tempe Town Lake area. These communities are Northshore at Tempe Town Lake, Edgewater at Hayden Ferry and Bridgeview at Hayden Ferry.

For more information on the luxury condo market in Scottsdale and Greater Phoenix, please contact me or browse some posts on local condo living.

Copyright © 2008 Heather Tawes Nelson

Greater Phoenix Luxury Condo Market – August 2008

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Optima Camelview Luxury Condos ScottsdaleHere are August’s numbers for the luxury condo market in Greater Phoenix. I am defining the luxury market as condos for sale for more than $1 million.

At the end of August, there were 105 luxury condos for sale throughout the valley. Fifty-three of these condos were in Scottsdale, thirty-six of them were in Phoenix, and sixteen were in Tempe.

As of the end of August 2008, three luxury condos had sold and another three were pending. The three condos sold were from three different developments – Scottsdale Waterfront, The Residences at 2211 Camelback and Two Biltmore Estates. The pending condos were in the Scottsdale Waterfront, Optima Camelview and Esplanade Place developments.

Here is an overview of August 2008’s numbers:

Valleywide – August 2008*
For Sale: 105
Pending: 3
Sold: 3
Average Sale Price: $1,695,167
Sales Price to List Price 95%
Average Price/Sq. Ft. Sold: $553.49
Scottsdale – August 2008*
For Sale: 53
Pending: 2
Sold: 1
Average Sale Price: $1,237,500
Sales Price to List Price 83%
Average Price/Sq. Ft. Sold: $555.68
Communities: Scottsdale Waterfront
Phoenix – August 2008*
For Sale: 38
Pending: 1
Sold: 2
Average Sale Price: $1,924,000
Sales Price to List Price 100%
Average Price/Sq. Ft. Sold: $552.39
Communities: Two Biltmore Estates
2211 Camelback
Tempe- August 2008*
For Sale: 16
Pending: 0
Sold: 0
Average Sale Price: N/A
Sales Price to List Price N/A
Average Price/Sq. Ft. Sold: N/A
Community: N/A

For more information on the luxury condo market in Scottsdale, Phoenix and Tempe, please visit this page.

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* Disclaimer:
Information herein deemed reliable but not guaranteed. Data pulled 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
Realty Executives Mountain View

Scottsdale Single-Family Home Market Performance – August 2008

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The numbers for August 2008 are in and they are not as strong as they have been in recent months. For several months, we had positive sales momentum, but that seems to be tapering off.

Trend Analysis – Scottsdale Resale Single-Family Homes. All Price Points.
2007 2008
Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Avg.
Active     3,761     3,876     3,950     3,743  4,154  4,254  4,304  4,249  4,063  3,941  3,872  3,839  4,001
Pending       251       150       235       191     262     287     312     349     364 338 327 300     281
Sold       177       236       168       190     187     227     246     270     300 321 286 274     240
Percent Change Month Over Month
Active  N/A 3.1% 1.9% -5.2% 11.0% 2.4% 1.2% -1.3% -4.4% -3.0% -1.8% -0.9%
Pending  N/A -40.2% 56.7% -18.7% 37.2% 9.5% 8.7% 11.9% 4.3% -7.1% -3.3% -8.3%
Sold  N/A 33.3% -28.8% 13.1% -1.6% 21.4% 8.4% 9.8% 11.1% 7.0% -10.9% -4.2%
Data from the Arizona Regional MLS (ARMLS).
Numbers subject to change.

 

August Highlights:

  • Active listings dropped slightly to 3,839, a 0.9% decrease over July. While not a huge drop, this number has been decreasing every month since March of 2008 when there were 4,304 active listings on the market. This can be seen as good news in that some of the excess inventory is getting absorbed by the market each month.
  • Pending sales dropped again to 300 or a -8.3% change over July. After seeing this number increase for several months, we are now close to the levels of pending sales we saw in February and March of this year. This is the third month in a row we have seen this number decline, which will have an impact on September’s sales numbers.
  • 274 homes sold in August, down from 286 in July and a high of 321 in June. As I mentioned last month, the drop in pendings would most likely impact this month’s numbers.

Overall, August was not as positive a month as we have been seeing recently. We did see a slight dip in active homes for sale, which is positive. However, another monthly drop in sales and pending sales was discouraging.

 

 

Disclaimer:
Information herein deemed reliable but not guaranteed. Data and information are pulled from many sources and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson

Scottsdale Luxury Home Market Performance- August 2008

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Silverleaf Home Scottsdale AZAugust 2008 resulted in a mixed performance for the Scottsdale single-family resale luxury home market.

– AUGUST 2008 –

Homes Priced Between $1,000,000 – $1,499,999
– Actives: There were 531 actives, which is lowest level we have seen since before I started tracking this information last September. The average over the last 12 months has been 602.
– Pendings: There were 32 pending homes, which is below the average of 39 we have seen over the last twelve months.  This is the lowest it has been since around December of 2007.
– Sold: There were 18 sales in August – a very large drop-off from what we have been seeing. The average monthly sales figure is 24.
– Sales Price to Listed Price: 90.3%

 Homes Priced Between $1,500,000 – $1,999,999
– Actives: There were 270 actives in August which is one more than July. This figure is still trending lower than the 12 month average of 283 active homes.
– Pendings: There were 8 homes pending in July, down from a high of 16 in June. The average pending figure for the last twelve months is 11.
– Sold: Nine homes sold in August, which is right on the 12 month average. However, the pending sales for August are down, so we can anticipate that September sales for this price segment will be impacted.
– Sales Price to Listed Price: 91.4%

Homes Priced Between $2,000,000 – $2,999,999
– Actives: There were 328 homes for sale in this price point in August. This figure has been declining month-over-month since April, when there were 379 homes on the market in this price segment.
– Pendings: There were only 4 homes pending. This is a dramatic drop from the 11 average over the last 12 months. This small number of pending sales will have a large impact on September’s sale’s numbers.
– Sold: There were 8 home sales, a jump up from July’s 5 sales, an increase of 60%. This figure is on target with the average of 8 sales per month over the last 12 months.
– Sales Price to Listed Price: 89.9%.

Homes Priced $3,000,000+
– Actives: There were 263 homes for sale in this price point in August. This figure continues to drop and has been decreasing since February 2008.
– Pendings: There were 9 pending homes, a 28.6% increase from July’s 7. This should have a positive impact on September’s sales figures in this price point.
– Sold: There were 4 home sales for over $3,000,000 in August. Four sales per month is also the average for this price point over the last 12 months.
– Sales Price to Listed Price: 92.8%

As you can see, the results vary by price band. The positive news is that active listings in all price points have been trending down or are flat. This indicates that some of the excess inventory is getting absorbed by the market. However, pending sales and home sales are not performing as strongly in some of the segments. Hopefully, the number of active homes for sale will continue to decrease and we will see a rebound in pending sales and actual sales as we move into the high season.

For more Scottsdale area market statistics, please visit my Luxury Market Reports page.

 

Disclaimer:
Information herein deemed reliable but not guaranteed. Data was pulled from the Arizona Regional Multiple Listing System (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

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