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

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The numbers for May 2008 are in, and the market for single-family homes in Scottsdale continues to improve. Active listings are down and pending sales and actual sales have improved from April.

Trend Analysis – Scottsdale Single-Family Homes – Resale      
All Price Points                
2007 2008  
Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Avg.
Active  3,761  3,876  3,950  3,743  4,154  4,254  4,304  4,249  4,063  4,039
Pending     251    150    235    191    262    287    312    349    364    267
Sold    177    236    168    190    187    227    246    270    300    222
Percent Change- Month Over Month
2007 2008
Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May
Active  N/A 3.1% 1.9% -5.2% 11.0% 2.4% 1.2% -1.3% -4.4%
Pending  N/A -40.2% 56.7% -18.7% 37.2% 9.5% 8.7% 11.9% 4.3%
Sold N/A 33.3% -28.8% 13.1% -1.6% 21.4% 8.4% 9.8% 11.1%
Data Courtesy of the Arizona Regional Multiple Listing Service (ARMLS)

Findings:

  • The number of active listings dropped for the second month in a row to 4,039 or -4.4% from April. This is down from a high of 4,304 in March of 2008.
  • Pending home sales are up to 364, the highest the figure has been since I started tracking in September of 2007.
  • Home sales hit 300 in May, an 11.1% improvement over April. The 300 figure is the highest we have seen in a long time and is way above the 9 month average of 222.

The May numbers tell a very positive story for the Scottsdale single-family home resale market. The reduction in active listings may indicate that we are starting to absorb some of the excess inventory. Additionally, strong pending sales and actual sales figures that keep improving month-over-month are very promising. Many Scottsdale real estate agents have been saying that activity has been picking up, and these numbers reinforce what they are saying.

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

Luxian Scottsdale – Redefining Luxury Ownership

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UPDATE: The Luxian community never came to fruition.

______________________________

Recently, I had the opportunity to meet with the development team of LUXIAN Scottsdale to learn more about the wonderful and unique concept they are bringing to Scottsdale.

The LUXIAN Scottsdale will be located on Camelback Road adjacent to the Phoenician golf course and in the heart of Scottsdale’s dining, shopping, entertainment and art district.

The Development
There will be three 6,000+ square foot executive homes on acre lots, a gated, secure entry with a full-time, on-site concierge and a fully-equipped business center. Designed with spending time with family and friends in mind, the LUXIAN Scottsdale lifestyle will be hard to surpass.

Ownership
LUXIAN’s Equity Resort Ownership comes in the form of a 1/4 deeded interest in one of the homes and there are only eleven ownership positions available in this exclusive offering. One of the key features is that once you purchase, there will be no additional fees or expenses for the first five years. That includes taxes and insurance, maintenance, daily maid service, concierge service as well as any other expenses that may come up.

Luxury Lifestyle Amenities
To enhance your time at LUXIAN Scottsdale, the following amenities are included:

  • 24/7 On-Site Concierge
  • Interactive Business Center with Conference Facilities
  • Daily maid service
  • Membership to the Sanctuary Resort and Spa
  • Troon Golf VIP passes

Seasonal Usage
Your ownership interest will be tied to a seasonal usage plan.
Winter Season – If you select the Winter Season, you are eligible for two 4-week stay periods between October and March. Each owner will receive one of the 4-weeks during “high season” of January through March and the second 4-week stay will be during October through December. There are 9 of these ownership interests available.
Summer Season – If you select the Summer Season, you will receive one 24-week stay period that runs from April to September. There are 2 of these ownership interests available.

Pricing
Prices start at $1,850,000 per seasonal interest.

Fortune Small Business Magazine ranks Scottsdale #25 in its “100 Best Places to Live and Launch”

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In April of 2008, the Fortune Small Business magazine published a list outlining the “100 Best Places to Live and Launch” in the United States. The winners were rated on lifestyle as well as business climate for small business owners. Scottsdale came in at number 25.

According to the magazine, Scottsdale ranked high on culture, nightlife, tourism and a large base of entrepreneurs. Where we fell short was on competition and the high cost to lease commercial space.

The city that took the top honor in the list was Bellevue, Washington. Other Arizona cities that made the list were Oro Valley (outside of Tucson) at number 44 and Prescott at number 92.

For more complete information, please visit the links below:

Link to Scottsdale’s Page
https://money.cnn.com/galleries/2008/fsb/0803/gallery.best_places_to_launch.fsb/25.html

Link to the “100 Best Places to Live and Launch” List
https://money.cnn.com/magazines/fsb/bestplaces/2008/top100/index.html

City By City Rankings
https://money.cnn.com/galleries/2008/fsb/0803/gallery.best_places_to_launch.fsb/index.html

 

 

Scottsdale Luxury Condo Market Performance Year-to-Date

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Previously, I wrote a post on the million-dollar plus condo market in Scottsdale and the surrounding areas. Curious to see how the luxury condo segment has been performing in 2008, I pulled some data* to review.

Phoenix Valley Overview
To start, I looked at the information from a Valleywide perspective. Currently, there are 103 condos for sale in the Valley priced and $1,000,000 and above. Of those, 50 of them are in Scottsdale, 40 of them are in Phoenix and the last 13 are in Tempe.

2008 Valleywide Performance:
Active Units on the Market: 103
Sale Pending: 8
Sold: 15
Average Sold Asking Price: $1,672,966
Average Sales Price: $1,609,112
Asking Price to Sales Price: 96.2%
Average Cost per Square Foot: $579.03


Scottsdale
Almost half of the luxury condominiums on the market are located in Scottsdale. They range in price from $1,075,000 for a 3 bed/2 bath, 5th floor unit at Optima Camelview to a 3 bed/2.5 bath penthouse at the Scottsdale Waterfront Residences for $4,599,000.

2008 Scottsdale Performance Year-to-Date:
Active Units on the Market: 50
Sale Pending: 2
Sold: 5
Average Sold Asking Price: $1,205,100
Average Sales Price: $1,114,000
Asking Price to Sales Price: 92.4%
Average Cost per Square Foot: $541.83

Many of the completed, luxury high-rise projects are located in Scottsdale, and almost all of them are nearby the newly developed Scottsdale Waterfront area with its shops, dining and entertainment.

The developments these luxury condos are located in are as follows:

  • Optima Camelview (Scottsdale Road just north of Camelback Road)
  • Scottsdale Waterfront Residences (Scottsdale Road and Camelback Road)
  • The Mark (Under Development – Indian School Road at Goldwater Boulevard)
  • Main Street Plaza (Goldwater Boulevard and Main Street- Old Town Scottsdale)
  • The Landmark at Kierland (Scottsdale Road and Kierland Boulevard)

    Phoenix
    Phoenix also has a large number of luxury condos for sale, with 40 of the 103 listed. Additionally, nine of the fifteen sales year-to-date were in Phoenix. The average sales price for these luxury condos was $1,933,368.

2008 Phoenix Performance Year-to-Date:
Active Units on the Market: 40
Sale Pending: 5
Sold: 9
Average Sold Asking Price: $1,993,666
Average Sales Price: $1,933,368
Asking Price to Sales Price: 97.0%
Average Cost per Square Foot: $591.06

In Phoenix, the majority of the units for sale are located in the following communities:

  • The Residences at 2211 Camelback (24th and Camelback corridor)
  • The Fairway Lodge at Biltmore Estates (The Biltmore/ 24th & Camelback corridor)
  • Esplanade Place (24th and Camelback corridor)
  • Optima Biltmore Towers (24th and Camelback)
  • Crystal Point  (Osborn and 10th Street)


Tempe
The Tempe luxury condominiums for sale are all located in three new, beautiful developments in the Tempe Town Lake area, which is just a few miles south of Downtown Scottsdale. Only one of the fifteen sales in 2008 was in Tempe and as you can see below, it was for a 3 bed/3 bath unit at Northshore for $1,166,368.

2008 Tempe Performance Year-to-Date:
Active Units on the Market: 13
Sale Pending: 1
Sold: 1
Average Sold Asking Price: $1,125,990
Average Sold Price: $1,166,368
Asking Price to Sales Price: 103.6% (Premium above asking price)
Average Cost per Square Foot: $598.78

The upscale communities these condos are located in are:

  • Northshore at Tempe Town Lake
  • Edgewater at Hayden Ferry
  • Bridgeview at Hayden Ferry

I will continue to track the luxury condo market in Scottsdale and the surrounding areas and share my finding here. If you would like more detailed information or more information on any of the communities mentioned above, please email me and I will be happy to help you.


*Disclaimer:Information herein deemed reliable but not guaranteed. Data was pulled from the Arizona Regional MLS (ARMLS) on 5/9/08 and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson

Sprinkles Cupcakes is now open in Scottsdale

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Fresh from overwhelming success in Beverly Hills, California, Sprinkles Cupcakes has now opened a location in Scottsdale. Located on the northeast corner of Scottsdale Road and Camelback Road, across from the Scottsdale Fashion Square Mall, the store is in a prime location in the rapidly expanding and ever-more-chic Downtown Scottsdale.

Sprinkles Cupcakes have been featured on Oprah, The Today Show, Martha Stewart, the HBO series Entourage and many more shows. They come in over 20 flavors and are baked in small batches throughout the day to maintain peak freshness. In order to deliver the best quality, some of the flavors are only available on certain days of the week. A sampling of the delicious flavors includes:

  • Ginger Lemon which is a spiced ginger cake with cream cheese frosting.
  • Mocha which is a Belgian dark chocolate cake with rich mocha frosting.
  • Coconut which is a combination of Madagascar Bourbon vanilla cake topped with coconut cream cheese frosting.
  • Chai Latte which is a spiced chai tea cake with chai-vanilla frosting.
  • Black and White, Cinnamon Sugar, Dark Chocolate, Red Velvet, Vanilla and Vanilla Chocolate are the flavors you will find daily in the store.

They do special orders for events like parties and weddings. Or, if you simply want to pre-order a dozen or more cupcakes, they just need 24 hours advance notice.

I have no doubt Sprinkles Cupcakes will be as much a success here in Scottsdale as it has been in Beverly Hills!

Store Location:
4501 N. Scottsdale Road, Scottsdale, AZ
http//www.sprinklescupcakes.com/

 

Scottsdale Single-Family Luxury Home Market – April 2008

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Scottsdale luxury contemporary homeIn September of 2007, I started compiling data on the Scottsdale luxury home market broken into price ranges. (Note: The data is for single-family resale homes.) As of April 2008, some promising trends have been emerging, with results varying depending on the price range.

– APRIL 2008 –

Homes Priced Between $1,000,000 – $1,499,999
– Actives: There were 628 actives, which is lowest level we have seen since December 2007.
– Pendings: There were 43 pending homes, which is above the average of 38 we have seen over the last 8 months. This is also a 7.5% increase over March.
– Sold: There were 24 sales in April, which is the same number of homes sold in March.
– Sales Price to Listed Price: 92.3%

Homes Priced Between $1,500,000 – $1,999,999
– Actives: There were 321 actives in April which is up 1.6% over March. The number of active homes for sale has been increasing in this price segment since December 2007 when there were 260 actives.
– Pendings: There were 12 homes pending in April, up from 8 in March, a 50% increase. The average pending figure for the last eight months is 10.
– Sold: Five homes sold in April which was a large drop from March when there were 13 sales. However, if the pending sales in April close successfully in May, this price segment will be back on track.
– Sales Price to Listed Price: 92.0%

Homes Priced Between $2,000,000 – $2,999,999
– Actives: There were 379 homes for sale in this price point in April. The number of actives has been climbing since I started tracking in September 2007 when there were 252.
– Pendings: There were 14 homes pending, a 100% increase over March. This is also the highest number we have seen since September 2007.
– Sold: There were 5 home sales, a sharp drop from the 11 sales in March. However, once again, if the April pendings successfully close in May, May should be a great month.
– Sales Price to Listed Price: 90.0%.

Homes Priced $3,000,000+
– Actives: There were 323 actives in April, the lowest we have seen since December 2007.
– Pendings: There were 4 pending homes, a 60% drop from March’s 10.
– Sold: Eleven homes sold in April which is significantly above the average of 4 sales per month over the last 8 months.
– Sales Price to Listed Price: 87.0%

As you can see, the results vary by price band, but for the most part, we are seeing some increases in pendings and sales. Hopefully, we can sustain this positive direction in the months to come.

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

102 Edward Ayer, Forest Highlands, Flagstaff, AZ 86001

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Forest Highlands Homes for SaleLocated in the exclusive golf community of Forest Highlands in Flagstaff, Arizona, 102 Edward Ayer Road is a spectacular custom golf home with many “green” and “healthy” features.

This 5 bedroom, 4 bathroom home overlooks the 4th and 5th holes of the Canyon Course, which is ranked the #1 course in Arizona. This home was built to truly be a year-round home and features a number of wonderful design elements that you are sure to enjoy. The home is 5,750 square feet with approximately 8,000 square feet under the roof. Because of the home’s generous size, there is plenty of room for family and friends. However, the home still manages to feel extremely cozy and comfortable.

Other wonderful touches include a sauna, steam shower and Jacuzzi tub in the master suite, an AGA stove in the kitchen, multiple fireplaces, a large gym/dance studio, a game loft, a large upstairs office with dumbwaiter, a large 4+ car garage and a gardening center. Membership to Forest Highlands with its two golf courses, two clubhouses, pools, tennis courts, exercise paths, stocked fishing ponds, recreation program and more, is included in the purchase price.

Green and Healthy Features:

  • No Forced Air
  • R6.6 Windows
  • Seaweed Insulation versus Fiberglass
  • Ergonomic Pine Floors
  • Full-Home Water Filtration System
  • VOC-Free Interior Paint

Listed for $2,150,000

Click here to see all Forest Highlands Homes for Sale

Information herein deemed reliable but not guaranteed. This is not meant to solicit a currently listed property. Prices subject to change. Square footages approximate. Equal Housing Opportunity.

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

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The April numbers have posted and the results for Scottsdale single-family resale homes April 2008 continue to improve.

Trend Analysis – Scottsdale Single-Family Homes – Resale      
All Price Points                
2007  2008      
Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Avg.
Active    3,761    3,876    3,950    3,743    4,154    4,254    4,304    4,249    4,036
Pending        251       150       235       191       262       287       312       349       255
Sold       177       236       168       190       187       227       246       270       213
Percent Change- Month Over Month
2007  2008    
Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.
Active  N/A 3.1% 1.9% -5.2% 11.0% 2.4% 1.2% -1.3%
Pending  N/A -40.2% 56.7% -18.7% 37.2% 9.5% 8.7% 11.9%
Sold N/A 33.3% -28.8% 13.1% -1.6% 21.4% 8.4% 9.8%
Data Courtesy of the Arizona Regional Multiple Listing Service (ARMLS)

 

Findings:

  • The average sales price in Scottsdale for single-family resale homes was $754,008. The lowest priced sale was a 2 bedroom/1 bath, 864 square foot home for $165,000. The highest priced sale was $6,250,000 and that was for a 6 bedroom/7 bath, 11,200 square foot home.
  • The average sales price was $754,008, versus the average asking price of $817,628, which represents a sales price to list price percentage of 92.2%.
  • Active listings were down slightly to 4,249 from 4,304 in March. However, this is still higher than the 8 month average of 4,036.
  • Pending sales jumped to 349, the highest level we have seen since I started tracking the results in September of 2007. This is an increase of 11.9% over March 2008.
  • Sales were up to 270, well above the 8 month average of 213. Month-over-month improvement was 9.8%.

This is positive news for the Scottsdale AZ real estate market and if the pending homes from April successfully close, we are on track for strong May results.

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

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