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The Luxury Condo Market in Greater Phoenix – June 2008

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The Greater Phoenix luxury condo market saw some changes in June. Sales were down to 5 units, versus May’s 8 sales. However, the average sales price went up quite a bit from $1,752,937 in May to $1,924,000.

All of June’s sales were in the city of Scottsdale – with four of the units coming from the Scottsdale Waterfront Residences and the final sale coming from the nearby Optima Camelview. There were no luxury condo sales in Tempe or Phoenix this month.

Here is a snapshot of what is going on in the luxury condo market in the greater Phoenix area. The statistics were pulled some statistics from the Arizona Regional MLS (ARMLS).

At the end of June 2008, there were 89 condos for sale for $1 million or more throughout the valley. Forty-four of these condos were in Scottsdale, thirty-five of them were in Phoenix, and the balance, ten, were in Tempe.

In June of 2008, five luxury condos sold and five were pending. All of the sales in June were in Scottsdale with four of the sales coming from the Scottsdale Waterfront Residences and the last sale coming from Optima Camelview. If we use 5 as an average monthly sales figure, there is an almost 19 month inventory of luxury condos for sale. May of 2008 was a stronger month saleswise with 8 sales. However, May had a lower average sales price of $1,752,937 and a lower cost per square foot of $618.10.

Here are is a quick look at the numbers in chart format:

Valleywide – June 2008
For Sale: 94
Pending: 5
Sold:  5
Average Sale Price: $1,924,000
Average Price/Sq. Ft. Sold: $742.86

Scottsdale – June 2008
For Sale: 44
Pending: 3
Sold:  5
Average Sale Price: $1,924,000
Average Price/Sq. Ft. Sold: $742.86
Communities: Optima Camelview
Scottsdale Waterfront

Phoenix – June 2008
For Sale: 35
Pending: 2
Sold:  0
Average Sale Price: N/A
Average Price/Sq. Ft. Sold: N/A
Communities: N/A

Tempe- June 2008
For Sale: 10
Pending: 0
Sold:  0
Average Sale Price: N/A
Average Price/Sq. Ft. Sold: N/A
Community: N/A

If you have any questions about the luxury condo market or would like to learn more about the communities mentioned above, please feel free to contact me.

 

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 Single-Family Resale Market- June 2008

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The numbers for June are in for Scottsdale’s single-family home resale market, and the news continues to be good.

Once again, the number of active listings has dropped and the figure is now below the 4,000 mark at 3,941. The number of sales increased 7% over May to 321, continuing an upward trend that started early this year. The only negative news is that pending sales were down in June to 338 from May’s 364. This should impact July’s numbers, unless additional sales activity can make up for the shortfall.

The June 2008 numbers are in for the Scottsdale single-family home resale market and the news continues to be good. Once again, sales are up and listings are down.

Trend Analysis – Scottsdale Single-Family Homes – Resale
All Price Points                
2007 2008  
Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Avg.
Active  3,761  3,876  3,950  3,743  4,154  4,254  4,304  4,249  4,063  3,941  4,030
Pending     251    150    235    191    262    287    312    349    364    338    274
Sold    177    236    168    190    187    227    246    270    300    321    232
Percent Change- Month Over Month
2007 2008
Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun.
Active  N/A 3.1% 1.9% -5.2% 11.0% 2.4% 1.2% -1.3% -4.4% -3.0%
Pending  N/A -40.2% 56.7% -18.7% 37.2% 9.5% 8.7% 11.9% 4.3% -7.1%
Sold N/A 33.3% -28.8% 13.1% -1.6% 21.4% 8.4% 9.8% 11.1% 7.0%
Data Courtesy of the Arizona Regional Multiple Listing Service (ARMLS)

Findings:

  • The number of active listings dropped below the 4,000 barrier to 3,941, a drop of 3% over May.
  • Pending sales are down slightly from May to 338 versus 364, a decrease of 7.1%. This is the first time pending sales have decreased month-over-month since December 2007.
  • Home sales were up to 321 in June, an increase of 7%. This continues a trend that started in January of this year.

June was another good month for Scottsdale and many of the trends that have been emerging, most notably a decrease in the number of active listings and an increase in home sales, have continued. The only cloud on the horizon is that pending sales have dipped which will most likely impact July’s ‘sold’ numbers. Ideally, new sales activity will compensate for the lower number, but at this point, we will have to wait and see.

Or, for more information on the Scottsdale real estate market or Scottsdale homes for sale, please contact us.

Phoenix Ranked as “Real Estate Bargain” by Fortune Magazine

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Scotttsdale Desert CactusFortune Magazine recently released an article called “6 Real Estate Bargains”. Phoenix made the list as did Miami, Las Vegas, San Diego, Tampa and Denver.

The rationale for Phoenix being a bargain was that home prices have been consistently dropping in the recent past.  However, this does not mean all areas are equally impacted. Some areas have seen more modest price decreases whereas communities located further away from the metropolitan area have seen steeper declines, some up to 20-30%. Communities that are highlighted as having good bargains are Sun City Anthem, Palm Valley, and Avondale.

To read the entire article, please click here.

 

For more information on the real estate market in Phoenix and the surrounding areas or to search homes for sale, please feel free to contact us.

Michael Mina comes to North Scottsdale with Bourbon Steak

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North Scottsdale has joined the ranks of San Francisco, Las Vegas, Miami and other key markets with the debut of Michael Mina’s Bourbon Steak at the Fairmont Scottsdale Princess.

Michael Mina is a well-known, outstanding chef who rose to fame in San Francisco. Since, then, the Michael Mina empire has expanded to many key markets. Bourbon Steak, one of Mina’s many restaurant concepts, also has outposts in Miami and Detroit.

I have had the opportunity to dine at Bourbon Steak twice now and both meals were out of this world. The menu is heavy on seafood and, as the name implies, steak. They serve American Kobe beef, Japanese “A5” Kobe as well as several other varieties of steak and ribs. One part of the menu not to miss is what I consider “Mina’s Greatest Hits” or as they call it “Michael’s Classics”. The lobster pot pie is decadent and the tableside presentation is a treat. There is also an entire fried chicken for two that comes with delicious truffled macaroni and cheese. The tapioca-encrusted snapper is also a hit. The side dishes are a treat in and of themselves. A favorite of the table was the spinach soufflé with parmesan cream.

While dining at Bourbon Steak is not inexpensive, you are virtually guaranteed an unforgettable and wonderful meal.

 

Heather Tawes Nelson Completes CRS Residential Real Estate Investment Course

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CRS Designation real estateEarlier this month, Heather Tawes Nelson completed the specialized real estate investment course entitled “Creating Wealth through Residential Real Estate Investments” conducted by the Council of Residential Specialists (CRS) of the NATIONAL ASSOCIATION OF REALTORS®.

The course covered the fundamentals of investment, taxes affecting real estate investment, and investment strategies to create wealth.
During the two-day course, students learned how to effectively analyze residential real estate investment opportunities and apply wealth-building strategies.

“There are many opportunities for the small investor to invest successfully in real estate in Scottsdale and elsewhere in the Valley,” said Tawes Nelson “and I have already begun to apply the procedures covered during this course in my work at Realty Executives Mountain View. And in this buyer’s market, there are more opportunities than usual.”

The course is one of the classes that can be taken by real estate agents who will eventually qualify for the coveted Certified Residential Specialist (CRS) designation. Certified Residential Specialist Courses are presented in various cities throughout the United States in conjunction with the COUNCIL OF RESIDENTIAL SPECIALISTS an affiliate of the NATIONAL ASSOCIATION OF REALTORS® as part of its ongoing program of promoting the professionalism of the residential sales associate.

The Herb Box – DC Ranch’s New Place to Lunch

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The Herb Box Restaurant DC Ranch North ScottsdaleAs a real estate professional, I frequently have the opportunity to take clients to lunches and dinners. Last week, I met a client at The Herb Box on DC Ranch’s Market Street for a lunch meeting.

The Herb Box is a perfect place to meet for a bite. Service is friendly, the decor is stylish and comfortable, and there is a great patio to dine on when the weather cools off. The menu is simple and showcases fresh, delicious ingredients. We started with an excellent chilled herbed crab dip served with plantain chips.

For lunch I had the chicken sandwich and my client had the pork sandwich. Both were spectacular and they came with the most addicting sweet potato chips. Since the portions were so big, I ended up having the rest of my sandwich for dinner that night. If you are looking for a great place to lunch, whether it is for business or for fun, I highly recommend The Herb Box. The Herb Box also has a market area and does catering – two more ways to enjoy their tasty food!

About DC Ranch: If you are not familiar with DC Ranch, it is a DMB community located in North Scottsdale, just north of the 101. DC Ranch real estate is comprised of several different neighborhoods that range from condo communities to multi-million dollar estates in gated enclaves. DC Ranch has its own K-8 school as well as two community centers, Desert Camp and The Homestead. The DC Ranch Country Club is a private club with an 18-hold course designed by Tom Lehman and John Fought.

For more information on Scottsdale living and to search for Scottsdale homes for sale, please contact us.

$7.15 Million Sale in Scottsdale

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Earlier this month, an estate in Scottsdale sold for $7.15 million. The estate is located in Carefree Ranch, an exclusive community located in far North Scottsdale, adjacent to Desert Mountain. Known for its large parcels and astounding views, Carefree Ranch is quite impressive.

The Tuscan home was built in 2007 and encompasses 9,000 square feet with four bedrooms and seven bathrooms. The new homeowners are guaranteed privacy due to the estate being situated on a 12 acre lot. Panoramic views of the Valley can be enjoyed from the home as well as the outdoor entertainment areas.

This sale represents the eighth transaction this year where a home sold in Scottsdale for more than $5 million. The highest priced sale was for $8.2 million in March, with this sale being the second highest priced.

Click to see Carefree Ranch Homes for Sale

 

The Luxury Condo Market in Greater Phoenix – May 2008

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Esplanade Place Phoenix Luxury CondosBelow is a quick review of the Luxury Condo Market in the Greater Phoenix area in May. Before I get started, how am I defining the Luxury Condo Market? I am looking at condos that are listed for sale for $1 million and up. Currently, there are three locations that have condos for sale of this caliber -Scottsdale, Phoenix and Tempe.

The Scottsdale luxury condos are mainly located in the Old Town/Waterfront area as well as Kierland. The Phoenix luxury condos are found primarily in the Biltmore corridor and the Tempe luxury condos are found in the Tempe Town Lake are that is being heavily developed.

Currently, there are 103 condos on the market with an asking price of $1 million or more. About half of these, 50, are in Scottsdale, 39 are in Phoenix and the remainder, 14, are in Tempe. In May of 2008, eight of these luxury condos sold and there were 7 pending sales. The average sales price was $1,752,937 and the average square footage of the sold units was 2,836, resulting in a price per square foot of $618.10.

To take a look at what is going on in the luxury condo market in the greater Phoenix area, I pulled some statistics from the Arizona Regional MLS (ARMLS).

At the end of May, there were 103 condos for sale for $1 million or more throughout the valley. Fifty of these condos were in Scottsdale, thirty-nine of them were in Phoenix, and the balance, fourteen, were in Tempe. In May of 2008, eight luxury condos were sold and seven were pending. The communities these condos were sold in include Scottsdale Waterfront, Optima Camelview, Edgewater, Fairway Lodge and Two Biltmore Estates. If we use 8 as an average monthly sales figure, there is an almost 13 month inventory of luxury condos for sale.

Here are is a quick look at the numbers in chart format:

Scottsdale Phoenix Luxury Condo Sales May 2008
Disclaimer:If you have any questions about the luxury condo market or would like to learn more about the communities mentioned above, please feel free to contact us.

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

 

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