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Home Values in the Phoenix Valley – A Useful Interactive Tool

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AZCentral.com updated its “Median Home Prices for Valley ZIP Codes” tool with data through September 2008. This tool is a great resource that allows you to look at performance by zip code over the last five years. It allows you to search by “new homes”, “resale homes” and “all homes”.

Not only will you see median home prices year-over-year, but you will also see the number of homes sold as well as a percentage change year over year.

I pulled several zip codes in areas I represent to see how they have been performing and here is what I came up with:

Change ’07-’08 Change ’06-’07 Change ’05’-’06
Scottsdale  85255 -10.4% 5.1% 8.4%
85262 -16.9% 5.4% 31.1%
85260 -12.8% 0.0% 7.6%
85266 -6.4% 1.0% 16.7%
Paradise Valley 85253 -0.2% -5.2% 27.6%
Data from AZCentral.com’s Home Values Tool. Information is for resale homes.

As you can see, the zip codes selected in Scottsdale and Paradise Valley have both benefited from the market boom a few years ago and have been impacted by today’s market. However, the price declines in these zip codes have not been as severe as we have seen in other areas of the Valley.

This tool is a great resource if you would like to see where prices have been and where they seem to be going in the zip codes you are interested in.

If you would like to try the tool for yourself, please visit AZ Central’s Home Values Tool.

 

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 Golf Communities- Market Snapshot – October 2008

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One of the main areas I focus on is Scottsdale Golf Communities. I typically look at individual community performance, but wanted to look at a side-by-side comparison of the communities I serve.

Looking at the chart below, you can see the prices between each of the communities as well as within each the individual communities vary greatly. This list includes communities that represent everything from the top luxury properties in Scottsdale to more affordable communities that feature fabulous golf as an amenity.

Golf membership varies by community. For instance, a majority of the property sold at Desert Mountain, a fabulous community with six Jack Nicklaus courses, comes with a deferred-equity golf membership. In some of the other communities, golf membership is by invitation only or can be acquired separately.

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One good indicator to look at is price per square foot. This figure will assist you in comparing the price of the home in question to other homes in the community as well as other similar homes in the area.

If you have any questions about any of the communities listed above or about real estate in general, please feel free to contact me.

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Disclaimer: Information herein deemed reliable but not guaranteed. Data pulled from the Arizona Regional MLS (ARMLS) as of 10/20/08 and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson

Roka Akor – Scottsdale, AZ – Sleek Design and Delicious Japanese Food

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A few months back, Scottsdale was treated to a new entrant into our growing culinary scene. With sister locations in London and Macau and billed on its website as “Contemporary Japanese Robatayaki Cuisine,” Roka Akor does not disappoint.

photoThe restaurant itself is very contemporary and open. The focal point of the dining room is the open-air robata grills where the chefs grill all sorts of vegetables, seafood and meat on “robatayaki” grills. What is “robatayaki”? It is the Japanese name for the open charcoal grills they use to cook the food.

Over to one side is the sleek bar area called “Shochu Lounge” after the shochu alcohol that Roka Akor infuses with many different and exciting flavors. Something not to be missed is the ice for the cocktails and the Shochu tonics. The bartender carves an individual chunk of ice off of a larger ice block with a knife. The end result is a custom ice cube for your drink.

The food is delicious and there is plenty to choose from if you want to go the vegetarian route or if there are many kinds of meat and seafood if not. There is a full sushi and sashimi menu as well as small plates and meals.

Additionally, there is a whole robata section with everything from robata-grilled eggplant all the way to scallops, lamb cutlets and ribs. Most of the food is designed for sharing – so order a lot of different things to sample. We really enjoyed the rock shrimp tempura, all of our robata dishes and the three piece sashimi plate. If you want to sample a little of everything, they offer a tasting menu.

Overall, Roka Akor was a great dining experience. So, if you are looking for wonderful, upscale Japanese food in a sleek and modern setting, you should definitely try Roka Akor.

Details:
Roka Akor
7299 N. Scottsdale Road
Scottsdale, AZ 85253
480.306.8800
www.rokaakor.com

 

 

Photo by orijinal

Optima Camelview – Scottsdale, AZ – 2008 Sales Performance

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The Optima Camelview community in Scottsdale, Arizona is one of Scottsdale’s top luxury condo developments. With its striking design, premier location in downtown Scottsdale and first-class amenities, the lifestyle at Optima Camelview is hard to surpass.

Optima Camelview Scottsdale AZ Condo SalesThis post takes a look at the sales performance of Optima Camelview in 2008. The lowest priced unit currently on the market for sale is $334,900 and is a one bedroom, one bathroom, 780 square foot unit. The highest priced unit for sale is $2,750,000 and is a 3 bedroom, 4 bathroom penthouse unit with 3,350 square feet.

The lowest priced sale in 2008 was $365,000 for a 794 square foot, one bedroom, one bath unit. The highest priced sale in 2008 was $1,115,000 for a 1,750 square foot, 3 bedroom, 2 bathroom home with 1,000 square feet of outdoor terrace space.

Active Units on the Market 49
Average Asking Price $773,122
List Price per Square Foot $510.39
Average Square Feet 1,462
Average Days on Market (Cumulative) 125
Lowest Priced Unit on the Market $334,900
Highest Priced Unit on the Market $2,750,000
Pending Sales 3
Average Asking Price $779,966
List Price per Square Foot $503.69
Average Square Feet 1,354
Average Days on Market (Cumulative) 159
Sales  34
Average Sold Price $657,185
Sold Price per Square Foot $439.53
Average Square Feet 1,488
Average Days on Market (Cumulative) 94
Lowest Priced Sale $365,000
Highest Priced Sale $1,115,000
List Price to Sold Price 96%

 

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Disclaimer: Information herein deemed reliable but not guaranteed. Data pulled from the Arizona Regional MLS (ARMLS) on 10/15/2008 and can change at any time. Does not include new home sales not entered into ARMLS. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson

A Scottsdale Arizona Neighborhood Gem – Kashman’s Place

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UPDATE: Kashman’s has closed but was replaced with JJ’s Delicatessen, an excellent addition that serves a very similar menu and more.

Located on the northeast corner of Pinnacle Peak Road and Scottsdale Road in Scottsdale is a neighborhood gem called Kashman’s Place. Also known as “The Breakfast & Lunch Place,” Kashman’s is the perfect locale to drop in for a meal. Bring a newspaper and catch up on the news or meet up with family and friends. There is indoor and outdoor seating as well as take-out. The outdoor patio fills up quickly in good weather and is dog-friendly. In fact, bowls of water and dog treats are provided for your canine friends.

Kashman’s opens at 5:30AM and offers everything from delicious fresh bagels with homemade cream cheese and coffee to full-blown breakfasts such as omelets, pancakes and waffles served with Kashman’s potatoes. On weekends, potato latkes are also available.

The lunch menu is expansive and includes a long list of cold sandwiches, hot sandwiches, salads and soups. They also have a children’s menu and catering is available.

Some delicious items to try are the Soho Turkey sandwich (turkey, swiss and bacon on a crunchy baguette), the Trifecta Sampler Salad (a scoop each of tuna salad, tarragon chicken salad and egg salad on greens with fruit) and the Sonoran Chicken sandwich (a hot chicken sandwich on grilled sourdough with swiss, green chiles and spicy mayonnaise.)

Due to the success of the Scottsdale/Pinnacle Peak location, a second location at the Summit was opened to serve the far North Scottsdale community.

If you are looking for a casual place to have a great breakfast or lunch or just want to grab a quick something to go, Kashman’s Place is a perfect solution.

Kashman’s Place – Scottsdale and Pinnacle Peak
23425 North Scottsdale Road, Scottsdale
(480) 585-6221
Hours: 5:30AM – 3PM

Kashman’s Place – At The Summit
32531 North Scottsdale Road, Scottsdale
(480) 488-2470

 

Greater Phoenix Luxury Condo Market – September 2008

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Scottsdale Phoenix Luxury Condos for SaleSeptember was a challenging month for the Greater Phoenix luxury condo market, which is defined as condos for sale for more than $1 million. Activity tapered off, resulting in zero sales for the month.

As of the end of September, there were 102 luxury condos for sale throughout the valley. Forty-seven luxury condos were for sale in Scottsdale, thirty-nine were in Phoenix, and sixteen were in Tempe. There were no sales in the month of September in this market segment. However, there were three sales pending. Scottsdale had two of the pending sales with one unit at the Scottsdale Waterfront and one unit at Optima Camelview. In Phoenix, one unit at Esplanade Place was pending.

 

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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

Scottsdale Luxury Home Market Performance – September 2008

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– SEPTEMBER 2008 –

Homes Priced Between $1,000,000 – $1,499,999
– Actives: In September, the number of active homes in this price point was up 3.2% to 548. This number has been declining month-over-month since March. We are still well below the average of the last 12 months of 597.
– Pendings: There were 24 pending homes, a large drop for the 30- 40 pending homes we have been seeing throughout the year. This figure is the lowest it has been since around last October.
– Sold: There were 18 sales in September, the same as August. The average monthly sales for the last twelve months has been is 24.
– Sales Price to Listed Price: 95.5%. This is the highest this ratio has been since I started tracking the information 13 months ago. Usually, it is in the low 90%’s.

 Homes Priced Between $1,500,000 – $1,999,999
– Actives: There were 273 actives in September, an uptick of 3 homes over August. However, this number is still trending lower than the 12 month average of 285 active homes.
– Pendings: There were 9 homes pending in September, one more than August. The average pending figure for the last twelve months is 11.
– Sold: Eight homes sold in September. The average for this segment is 9 home sales per month.
– Sales Price to Listed Price: 90.0%

Homes Priced Between $2,000,000 – $2,999,999
– Actives: There were 341 active homes in this price segment in September, a jump of 4% from the 328 in August. This is the first increase we have seen in this segment since April of this year.
– Pendings: For a second month in a row, there were only 4 homes pending. This is tracking way behind the 12 month average of 10 pending homes. This small number of pending sales will certainly impact October’s numbers.
– Sold: Only one home sold in this price segment in September. This represents an -87.5% change from August, when 8 homes sold. This number is also well behind the 12 month average of 7 home sales.
– Sales Price to Listed Price: 89.2%.

Homes Priced $3,000,000+
– Actives: 268 homes were for sale in this price segment in September. This is up 5 over the month prior. This figure had previously been declining since March of this year.
– Pendings: There were 7 pending homes in this price segment, which is ahead of the 12 month average of 6.
– Sold: Six homes sold for over $3,000,000 in September. Most notably, there was a $7,000,000 sale in Desert Mountain, an upscale community in far North Scottsdale. Four sales per month is the average over the last 12 months.
– Sales Price to Listed Price: 95.5%, this is the highest this ratio has been since around November of 2007.

As you can see, the results for September were not as promising as the trends we have been seeing. Homes on the lower end of the luxury price range are seeing the biggest impact. Certainly, some of this can be attributed to the financial market volatility and the drying up of funds for larger loan amounts. The $3 million and above segment is still healthy, although active listings were up by almost 2% in September. Based on the events of the last couple of weeks, it is hard to predict what October will look like for the Scottsdale luxury home market.

To view a spreadsheet that shows you the last 12 months of data for the Scottsdale real estate luxury market, please visit my Luxury Market Reports and download the Market Trends report.

Disclaimer:
Information herein deemed reliable but not guaranteed. This data looks at single-family, resale home information only. Data was pulled from the Arizona Regional Multiple Listing System (ARMLS) on 10/1/2008 and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson

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

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