Scottsdale AZ Real Estate & Lifestyle

Live Better in Scottsdale - eXp Realty

Heather Tawes Nelson

Scottsdale Real Estate Market Performance for Single-Family Homes- Through March 2008

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Every month, I look over the previous month’s active, pending and sold data to see if I can identify any trends in the Scottsdale single-family existing-homes market. I look at it from a global perspective as well as a “price band” perspective. March’s information uncovered some promising-looking trends when compared to previous months.

Here is a snapshot of the Scottsdale single-family home market performance with the March figures included:

Trend Analysis – Scottsdale Single-Family Homes – Resale    
All Price Points              
2007   2008    
Sept. Oct. Nov. Dec. Jan. Feb. Mar. Avg.
Active    3,761    3,876    3,950    3,743    4,154    4,254    4,304    4,006
Pending        251       150       235       191       262       287       312       241
Sold       177       236       168       190       187       227       246       204
Percent Change- Month Over Month
2007   2008  
Sept. Oct. Nov. Dec. Jan. Feb. Mar.
Active  N/A 3.1% 1.9% -5.2% 11.0% 2.4% 1.2%
Pending  N/A -40.2% 56.7% -18.7% 37.2% 9.5% 8.7%
Sold N/A 33.3% -28.8% 13.1% -1.6% 21.4% 8.4%
Data Courtesy of the Arizona Regional Multiple Listing Service (ARMLS)

 

Findings:

  • Inventory levels are still going up on a month-over-month basis, but the rate at which they are increasing is slowing. We saw a large jump of 11% between December and January, but the increases over the last two months have been 2.4% and 1.2% respectively.
  • Pending homes have been increasing every month since December. In March, pending sales exceeded 300 for the first time since I began tracking them in September of 2007. Assuming most of these will close in April, we should see improved sales statistics for the month of April.
  • Home sales have been increasing since January. We saw a large jump of 21.4% between January and February. The increase between February and March was an additional 8.4%.

Overall, the data is promising and I hope that the positive trends we are seeing continue. Anecdotally, I have been seeing (and hearing from many other local Realtors) that there has been an increase in buyer activity at all levels and price points.

If you are interested in a custom report, I am happy to create one for you.

 

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

Scottsdale’s Most Luxurious Condo Developments – The Landmark

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In my last post, I talked about the sharp increase in luxury condo developments in the Scottsdale/Phoenix area. I recently had the opportunity to tour one of these developments, The Landmark, located in Scottsdale, Arizona.

The Landmark Luxury Condos Scottsdale AZThe Landmark is located at Kierland in North Scottsdale. It fully embraces the “pedestrian lifestyle” and is a quick walk to Kierland Commons with all of its upscale dining, shopping and entertainment options. It is also adjacent to the Westin Kierland Resort and Golf Club, which means many of the homes overlook the golf course. Homes on the other side of the building have spectacular mountain views.

The tagline for this development is “A Distinguished Lifestyle at Kierland” and it certainly lives up to its name.

We entered through the beautifully-appointed clubhouse and walked through it to the pool and spa area. Once outside, we took in the outdoor seating areas off of the clubhouse as well as a bar area for events. The pool has a lovely water feature and views of the golf course, but there is plenty of landscaping to afford some privacy. There are also several BBQ areas for residents to choose from.

Some of the other luxurious amenities The Landmark offers are:
• Full-time concierge to handle your requests from tee times to travel planning
• Wine storage for residents
• Fitness center and steam room
• 24-hour guarded entry
• Full-time porter

We then had the opportunity to view several of the remaining eleven units for sale. All of them are ready for move in and all of them have been designed by some of the Valley’s top firms – among them, Robb and Stucky, Est Est and Inter Plan Design Group. The homes are simply beautiful and elegant while still being extremely livable. The styles range from traditional to transitional to contemporary and each unit has wonderful views, whether you are looking at the Mc Dowell Mountains, the Kierland Golf Course, the Scottsdale city lights or some of all of the above.

A few of the homes are partially-furnished and the furnishings are included in the purchase price. Depending on the home, you will see beautiful tile and stone inlays, two-way fireplaces, paneled walls, “zen” touches and more. All of the homes have 10-11 foot ceilings and large patios that can accommodate seating for dining al fresco.

Prices start at just over $1.1 million for 2,566 square feet and go up to over $3.6 million for a 4,480 square foot penthouse.

All in all, I was very impressed with The Landmark. It is truly a unique and luxurious development. If you would like to learn more about it or to set up an appointment to see some of these spectacular homes, please contact us.

VIEW HOMES FOR SALE AT THE LANDMARK

Image courtesy of The Landmark. 

The Million Dollar Plus Condo Market in Scottsdale

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The Landmark Condos Scottsdale AZYesterday, I had the opportunity to hear Ed Lewis, the developer for The Landmark, speak on the luxury condominium market in Scottsdale and the surrounding areas. The luxury condo market, loosely defined as a project where a condo has sold for $1 million or more, is relatively new to the Phoenix/Scottsdale area. According to Ed, six years ago, there was only one luxury condo development in the Phoenix valley. Today, there are 27 luxury condo developments either completed or under construction.

What is driving this growth? One thing is that many people are choosing to ‘downsize’ their larger homes and move into luxury condo projects that offer all of the amenities and fewer maintenance issues. And since the Scottsdale market is home to many second, third and higher homes that are frequently vacant, these luxury condos work well for folks who want to “lock and leave” their homes until the next visit. Another is the rise in mixed-use developments where people can live, work, shop and dine without ever having to get into their cars.

Ed outlined six value drivers for the condo market. They include:

  • Costs – Prospective buyers will take into account the cost per square foot, the quality of the finishes, the condo’s location within the project and other costs such as association dues. There are also some economies of scale when you buy into a multi-family project versus building a single-family home.
  • Location – This is the big one for real estate since the location and area demographics are crucial in the decision-making process. Additionally, the popularity of the “pedestrian lifestyle”, where you can walk to dining, shopping, entertainment and more is particularly attractive and gaining a lot of traction.
  • Views- By buildings vertically, Ed likened it to artificially building several “hillside lots.” The higher the floor the better the view from your “lot.”
  • Community Amenities – In luxury developments, the amenities are many. You will see spas, top-of-the-line fitness centers, resort-like pools, beautifully designed club rooms, business centers, private storage, wine storage, retail space and more.
  • Community Services – These services can run the gamut from valet service, porters, round-the-clock concierges, security and onsite property managers and maintenance.
  • Home Features – These are the actual characteristics of the condo itself from floor and location, finishes, views, floorplan and more.

It was a wonderful session and afterward we were invited to tour The Landmark. In my next post, I will describe The Landmark and some of the remaining units for sale. It is a spectacular development and truly lives up to the promise of a luxury condo development.

Phoenix/Scottsdale and Surrounding Areas – Year-Over-Year Performance by Zip Code

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The housing industry has been on the forefront of most people’s minds over the last several months – and with good cause. Prices have been dropping, foreclosures are rising and credit has gotten tighter. Yet, while almost everyone is feeling the pinch, the bad news is not universal. Each market in terms of real estate is unique. And there can even be sub-markets within these markets that vary in performance levels.

Take the Phoenix Valley – Some areas have been severely impacted, while other areas have continued to appreciate in price. The Arizona Republic just released its 2007 Home Values by Zip Code report (through December 31, 2007) and with this tool, you can search and see year-over-year median price results and performance for new homes, resale homes or both broken out by zip code from the year 2002 on. And, it lets you get more detailed than that- You can even view the information down to the mail carrier route level.

To give you an overview, I have pulled some information on a few of the zip codes I work in.

Sample Zip Codes- Median Price Change Between 2006 and 2007
New* Resale Overall
Scottsdale 85255 10.8% 5.1% 3.9%
85262 N/A 5.4% 6.7%
85260 N/A 0.0% 0.0%
Carefree 85377 N/A 6.3% 6.7%
Paradise Valley 85253 N/A -5.2% -4.8%
* Data only available for years in which 50 or more homes were sold.

As you can see, this is a great tool for anyone who wants to see where prices have been going- whether they are looking to buy, to sell or are just curious.

All data came from the the Arizona Republic’s 2008 Home Values by Zip Code report.

For more market information on Scottsdale and the surrounding areas, please visit my real estate market reports.

Disclaimer: Information herein deemed reliable but not guaranteed. Data was 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

Forest Highlands – Flagstaff Arizona’s Most Established Golf Community

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In my last post, I talked about the charming town of Flagstaff, located in Northern Arizona on the famous Route 66, and all it has to offer. Flagstaff is a popular summer destination for folks from Scottsdale, Phoenix and nearby cities since it is an easy 2 hour or so drive from the Valley without traffic.

In today’s post, I want to introduce you to a wonderful, private golf community in Flagstaff called Forest Highlands. Forest Highlands is located just off of Route 89A – minutes from downtown and about 30 miles from Sedona and its magical red rocks and cliffs.

Covered Bridge and Pond At Forest Highlands, Flagstaff, ArizonaForest Highlands Amenities
Forest Highlands is a year-round community for all ages featuring two golf courses -the Canyon course, which is ranked number one in Arizona and was designed by Tom Weiskopf and Jay Morrish and the Meadows Course, designed by Tom Weiskopf. Both courses have their own clubhouses, pro shops, driving ranges and putting greens. On top of the spectacular golf, Forest Highlands also has a fitness center, two pools, tennis, basketball and volleyball courts, fishing, miles of walking/biking paths and so much more. For families, there is a summer youth program and recreation center for the kids.

While Forest Highlands is a year-round community, summer is the high-season and things are in full-swing. During the day, you can golf, play tennis, swim, hike, go into town to explore or simply relax. For meals, you can dine at either of the clubhouses, at a restaurant in town or simply BBQ on your own patio. My favorite part of summer at Forest Highlands is the great BBQ parties they hold on the holiday weekends. At the party, there is a huge, buffet-style BBQ, live music and plenty of games and activities for the kids. People from all over the community come to eat, have fun, dance a little, catch up with old friends and meet new folks. Multigenerational families get together to socialize and enjoy themselves. On the Fourth of July, there is a kids’ “parade” up the main road to where the BBQ is being held. The children decorate their bikes and wagons with red white and blue streamers and it is a sight to behold!

Canyon Clubhouse Forest HighlandsHomes at Forest Highlands
There is truly something for everyone at Forest Highlands. Homes range anywhere from 2-3 bedroom cottages starting around $585,000 up to million-dollar plus estates of over 6,000 square feet. There are also lots of all sizes and terrains available if you want to build your own home. And, membership to Forest Highlands is included in the purchase price of your home or lot.

If you are interested in learning more about Forest Highlands, please contact us.

It Is Not Too Early to Think About a Summer Retreat in Flagstaff, Arizona

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We have just started March and while temperatures in the Valley have been amazing, summer’s heat is not too far off. With that said, have you considered finding a retreat in a cooler climate? Have you considered Flagstaff?

Charming Building in Downtown Flagstaff - Flagstaff, ArizonaFlagstaff is located approximately 130 miles north of Phoenix and Scottsdale and is a quick two hour drive up I-17 without traffic. Since the altitude in Flagstaff is 7,000 feet, temperatures during the summer are typically 20+  degrees cooler than the Valley – allowing you to enjoy plenty of outdoor pursuits.

For those of you unfamiliar with Flagstaff, it is located on the historic Route 66 and is home to Northern Arizona University and Mount Humphrey’s, the tallest peak in Arizona. The historic downtown of Flagstaff is utterly charming and retains the flavor of the 1800’s. In fact, if you visit the Weatherford Hotel, you can walk through and dine in the same rooms Zane Grey did while he was writing many of his Western novels. During the summer months, there are plenty of things to do – whether is it an art festival in the town square, live music performances and movie screenings at Heritage Square, hiking Mount Humphrey’s or simply wine tasting at Cuvee 928. Additionally, Flagstaff offers a wide range of dining options from casual fare to fine dining at restaurants like The Cottage Place.

And while Flagstaff is a perfect summer getaway, it is also perfect for year-round visits or full-time living. Flagstaff experiences all four seasons and in the Fall, the color of the Aspen trees as they change is spectacular. And in the winter, Flagstaff becomes a winter-sports enthusiast’s dream- with skiing and snowboarding at Arizona Snowbowl and plenty of terrain for cross-country skiing.

If you are interested in learning more about Flagstaff, please contact us. 

Stay tuned – In my next post, I will introduce you to one of Flagstaff’s exclusive golf communities, Forest Highlands.

What a Great Time to Live in Scottsdale

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February is here and has brought with it the conclusion of a very busy and very exciting time for Scottsdale, Phoenix and the surrounding areas. A few weeks ago, we hosted the Barrett-Jackson Collector Car Event which resulted in automobile sales of over $88 million.

Then, this last week, we had the FBR Open at the TPC in Scottsdale. Attendance at this event was at an all time high and hundreds of thousands of people got to enjoy a professional golf event in the gorgeous setting of Scottsdale. Finally, Glendale hosted the Superbowl and it was quite an event! Scottsdale was one of the main locations for several high-profile parties and charity events leading up to the big game and it seemed we were turned into a mini-Hollywood for a few days. To top it off, the Superbowl itself went off without a hitch and the Giants and Patriots gave us an unforgettable and exciting game. Kudos to all of the local officials who helped pull off such a huge event so seamlessly!

Things are now more or less back to normal – but we enjoyed a very fun beginning of 2008…

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