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Desert Highlands Scottsdale Real Estate Update – Through Q3 2017

October 28, 2017 By Heather Tawes Nelson

Desert Highlands Real Estate Report

Desert Highlands is an established luxury golf and tennis community in North Scottsdale. Long popular with residents, it has over 500 homesites that dot the rolling hills. You will find a large variety of housing styles including Tuscan, contemporary and southwestern.

Members enjoy an 18-hole Jack Nicklaus golf course, an award-winning tennis complex, a remodeled clubhouse, a robust social calendar and much more,

Here is an overview of the real estate market in Desert Highlands for the first three quarters of 2017, plus some of October’s activity.

Desert Highlands Homes for Sale as of 10/27/17

As of October 27th, there were thirty-seven homes for sale in Desert Highlands.

The most expensive home for sale was on the market for $4,399,300. This 11,786 square foot contemporary estate had five bedrooms and five bathrooms.

The least expensive home was listed for $649,900. This 3,100 square foot home with views had two bedrooms and three bathrooms.

Desert Highlands Home Sales – First Three Quarters of 2017 & October To-Date

This next section covers home sales activity in Desert Highlands over the first three quarters of the year and part of October.

In 2016, sales were strongest in the first two quarters. However, in 2017, sales were more concentrated in Q2 and Q3, which is what we tend to see in this area.

There are no distinct patterns in activity to note. However, the price per square foot for sold homes has dropped a bit compared to the first half of the year.

Search Desert Highlands Homes For Sale

Here is a selection of homes currently for sale in Desert Highlands. If you would like to search all Desert Highlands homes for sale, click here.

Questions?

Have questions about Desert Highlands or Desert Highlands real estate? We are happy to help. Simply email us or call/text Joyce at (480) 209-7843.

Disclaimer: Information deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 10/27/2017 and can change at any time. The analysis looks at resale homes in Desert Highlands, AZ. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2017 Heather Tawes Nelson | Joyce Tawes

Quick Video Update of the Scottsdale Real Estate Market – September 2017

October 24, 2017 By Heather Tawes Nelson

– September 2017 Scottsdale Housing Market Video –

September 2017 – Video

Here is a one-minute video overview of the Scottsdale, Arizona real estate market for the month of September.

Scottsdale Active Listings

We will start with the inventory of homes for sale in Scottsdale. This first image is comparing year-over-year. Inventory fell 12% when looking at September 2016 and September 2017.

This second image is also looking at the number of homes on the market, but this time as a month-over-month comparison.

Inventory was up 4% between the end of August and the end of September.

Median List Price for Scottsdale Homes

The median list price is the exact midpoint of the prices of homes for sale in Scottsdale. Half will be priced higher and half will be priced lower.

September’s median list price came in at $825,000. This is up from the same time in 2016, where the median list price was $769,000.

Days on Market

Days on Market (also known as DOM) is a measurement we use to get a sense of how hot or cold a market is. A low DOM indicates homes are moving quickly, whereas a high DOM can indicate a stagnated market where it takes longer for things to sell. (You will also see a higher DOM for the luxury market as there are fewer buyers for these homes and they subsequently take longer to sell.)

September’s days on market was 101, a 4% drop from September of 2016.

Median Sales Price for Scottsdale Homes

Now we will look at the median sales price. Here, half of the homes sold for over the median sales price and half sold for below that.

September’s median home sales price was $550,000. This is up over August’s $520,500 and up quite a bit over September 2016’s $494,500.

Number of Homes Sold

These last two images pertain to actual home sales in Scottsdale.

This first image is sales on a year-over-year basis. Sales were down 10% between 2016 and 2017.

Now we will look at sales on a month-over-month basis. We also saw a decrease here. Sales were down 15% when comparing September and August 2017.

We hope that you found this video and commentary helpful as you gather more information to make smart informed real estate decisions.

For more Scottsdale real estate information or if you have any questions about the local area, feel free to contact Joyce at (480) 209-7843 or Joyce@LiveBetterinScottsdale.com.

Click to watch other videos on our Live Better in Scottsdale YouTube Channel

Disclaimer: Data deemed to be accurate, but is not guaranteed.

Why Real Estate Investing Makes (Dollars and) Sense

October 21, 2017 By Heather Tawes Nelson

Why Real Estate Investing Makes (Dollars and) Sense

INTRODUCTION

Turn on the television or scroll through Facebook, and chances are you’ll see at least one advertisement for a group or “guru” who promises to teach you how to “get rich quick” through real estate investing. The truth is, much of what they’re selling are high-risk tactics that aren’t a good fit for the average investor. However, there is a way to make steady, predictable, low-risk income through real estate investing. In this blog post, we’ll examine the tried-and-true tactics that can be used to increase your income, pay off debt … and possibly even fund your retirement!

WHY INVEST IN REAL ESTATE?

One of the basic principles of real estate investment lies in this fact: everyone needs a place to live. And according to the Bureau of Labor Statistics’ most recent Consumer Expenditures Survey, housing is typically an American’s largest expense.¹

But there are other reasons why real estate is a great investment choice, and we’ve outlined the top five below:

1. Appreciation

Appreciation is the increase in your property’s value over time. History has proven that over an extended period of time, the value of real estate continues to rise. That doesn’t mean recessions won’t occur. The real estate market is cyclical, and market ups and downs are natural. In fact, the U.S. housing market took a sharp downturn in 2008, and many properties took several years to recover their value or are still recovering. However, in the vast majority of markets, the value of real estate does grow over the long term.

The S&P CoreLogic Case-Shiller National Home Price Index, which tracks U.S. residential real estate prices, released its latest results on August 29th with the headline “National Home Price Index Rises Again to All-Time High.”²

Source: ZeroHedge³

While no investment is without risk, real estate has proven again and again to be a solid choice to invest your money over the long-term.

2. Hedge Against Inflation

Inflation is the rate at which the general cost of goods and services rises. As inflation rises, prices go up. This means the money you have in your bank account is essentially worth less because your purchasing power has decreased.

Luckily, real estate prices also rise when inflation increases. That means any money you have invested in real estate will rise with (or often exceed) the rate of inflation. Therefore, real estate is a smart place to put your money to guard against inflation.

3. Cash Flow

One of the big benefits of investing in real estate over the stock market is its ability to provide a fairly steady and predictable monthly cash flow. That is, if you choose to rent out your investment property to a tenant, you can expect to receive a rent payment each month.

If you’ve invested wisely, the rent payment should cover the debt obligation you may have on the property (i.e. mortgage), as well as any repairs and maintenance that are needed. Ideally, the monthly rental income would be great enough to leave you a little extra cash each month, as well. You could use that extra money to pay off the mortgage faster, cover your own household expenses, or save for another investment property.

Even if you only take in enough rent to cover your expenses, a rental property purchase will pay for itself over time. As you pay down the mortgage every month with your rental income, your equity will continue to increase, until you own the property free and clear … leaving you with residual cash flow for years to come.

As the owner, you will also benefit from the property’s appreciation when it comes time to sell. This can be a great way to save for retirement or even fund a child’s college education. Purchase a property when the child is young, and with a little discipline, it can be paid off by the time they are ready to go to college. You can sell it for a lump sum, or use the monthly income to pay their tuition and expenses.

4. Leverage

One of the unique features that sets real estate apart from other asset classes is the ability to leverage your investment. Leverage is the use of borrowed capital to increase the potential return on an investment.

For example, if you purchase an investment property for $100,000, you might put 10% down ($10,000) and borrow the remaining $90,000 in the form of a mortgage.

Even though you’ve only invested $10,000 at this point, you have the ability to earn a profit on the entire $100,000 investment. So, if the property appreciates to $120,000 – a 20% increase over the purchase price – you still only have to pay the bank back the original $90,000 (plus interest) … and you get to keep the $20,000 profit.

That means you made $20,000 off of a $10,000 investment, essentially doubling your money, even though the market only went up by 20%! That’s the power of leverage.

5. Tax Advantages

One of the top reasons to invest in real estate is the tax benefit. There are numerous ways a real estate investment can save you money each year on taxes:

Depreciation

When you record your income from a rental property on your annual tax return, you get to deduct any expenses associated with the investment. This includes interest paid on the mortgage, maintenance, repairs and improvements, but it also includes something called depreciation.

Depreciation is the theoretical loss your property suffers each year due to aging. While it’s true that as a home ages it will structurally need repairs and systems will eventually need to be replaced, but we’ve also learned in this post that the value of real estate appreciates over time. So getting to claim a “loss” on your investment that is actually gaining in value makes real estate an appealing investment choice.

Serial Home Selling

Even if you’re not interested in owning a rental property, other types of real estate investments offer tax advantages, as well. Generally, when you own an investment property you pay a capital gains tax on any profits you make when you sell the property.

However, when you sell your principal residence, you are exempt from paying taxes on capital gains (up to $250,000 for singles and $500,000 for couples). The Internal Revenue Service (IRS) only requires that you live in the house for two of the previous five years. That means you can purchase an investment property, live in it while you remodel it, and then sell it for a tax-free profit two years later. This can be a great way to get started in real estate investing.

Section 1031 Exchanges

In addition to profiting off of your personal residence tax-free, it is possible to sell an investment property tax-free if you do it through a 1031 Exchange. If structured properly, the IRS Tax Code enables an investor to sell a property and reinvest the proceeds in a new property while deferring all capital gains taxes.

Tax-Deferred Retirement Account

It’s a common misconception that you can only purchase financial instruments (i.e. stocks, bonds, mutual funds, etc.) through an Individual Retirement Account (IRA) or 401(k). In actuality, the IRS allows individuals to invest retirement funds in real estate and other alternative types of investments, as well. By purchasing your investment property through an IRA, you can take advantage of all of the tax savings these accounts offer.

Be sure to consult a tax professional regarding all tax matters related to your real estate investments. If structured correctly, the profits you earn on your real estate investments can be largely shielded from tax liability. Just another reason to choose real estate as your preferred investment vehicle.

TYPES OF REAL ESTATE INVESTMENTS

While there are numerous ways to invest in real estate, we’re going to focus on three primary ways average investors earn money through real estate. We touched on several of these already in the previous section.

Remodel and Resell

HGTV has countless “reality” shows featuring property flippers who make this investment strategy look easy. Commonly referred to as a “Fix and Flip,” investors purchase a property with the intention of remodeling it in a short period of time, with the hope of selling it quickly for a profit.

This is a higher-risk tactic and one for which many of the real estate “gurus” we talked about earlier claim to have the magic formula. They promise huge profits in a short amount of time. But investors need to understand the risks involved and be prepared financially to cover additional expenses that may arise.

Luckily, an experienced real estate agent can help you identify properties that may be good candidates for this type of investment strategy… and help you avoid some of the pitfalls that could derail your plans.

Traditional Rental

One of the more conservative choices for investing in real estate is to purchase a rental property. The appeal of a rental property is that you can generate cash flow to cover the expenses while taking advantage of the property’s long-term appreciation in value, and the tax benefits of investing in real estate. It’s a win-win, and a great way for first-time investors to get started.

And according to the U.S. Bureau of Labor Statistics, rents for primary residences have increased 21.9 percent between 2007 and 2015 as demand for rental units continues to grow.¹ This is particularly true for the Greater Phoenix market. The demand for rental homes has been strong for several years and rental rates have been increasing.

Short-term Rental

With the huge movement toward a “sharing economy,” platforms that facilitate short-term rentals, like Airbnb, VRBO/HomeAway, are booming. Their popularity has spurred a growing trend toward dual-purpose vacation homes, which owners use themselves part of the year, and rent out the remainder of the time. There are also a growing number of investors purchasing single-family homes for the sole purpose of leasing them on these sites.

Short-term rentals offer several benefits over traditional rentals, which many investors find attractive, including flexibility and higher profit margins. However, the most profitable properties are strategically located near popular tourist destinations. For instance, homes located near downtown and Old Town Scottsdale are great options. Also, there are huge opportunities in the high season which roughly ranges from December to April. Rental property owners of homes, townhomes and condos can charge a significant premium during these months.

You’ll need an experienced real estate professional to help you identify the right property if you want to be successful in this highly-competitive market.

DOES REAL ESTATE INVESTING SOUND TOO GOOD TO BE TRUE?

We’ve all heard stories, or maybe even know someone, who struck it rich with a well-timed real estate purchase. However, just like any investment strategy, a high potential for earnings often goes hand-in-hand with an increase in risk. Still, there’s substantial evidence that a well-executed real estate investment can be one of the best choices for your money.

Purchasing a home to remodel and resell can be highly profitable, as long as you have a trusted team in place to complete the remodel quickly and within budget … and the financial means to carry the property for a few extra months if delays occur.

Or, if you buy a house for appreciation and cash flow, you can ride through the market ups and downs without stress because you know your property value is bound to increase over time, and your expenses are covered by your rental income.

In either scenario, make sure you’re working with a real estate agent who has knowledge of the investment market and can guide you through the process. While no investment is without risk, a conservative and well-planned investment in real estate can supplement your income and set you up for future financial security.

If you are considering an investment in real estate, please contact us to set up a free consultation. We have experience working with all types of investors and can help you determine the best strategy to meet your investment goals.

Sources:

Bureau of Labor Statistics Consumer Expenditure Survey Annual Report – https://www.bls.gov/opub/reports/consumer-expenditures/2015/home.htm
S&P Dow Jones Indices Press Release –
https://www.spice-indices.com/idpfiles/spice-assets/resources/public/documents/574349_cshomeprice-release-0829.pdf?force_download=true
Durden, T. (2016 November 29). US Home Prices Rise Above July 2006 Levels, Hit New Record High ZeroHedge –
https://www.zerohedge.com/news/2016-11-29/us-home-prices-rise-above-july-2006-levels-hit-new-record-hig
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Disclaimer: Data deemed to be accurate, but not guaranteed. Real estate is cyclical in nature and price appreciation cannot be guaranteed. Always consult your tax and legal professionals prior to making any investment property decisions.

Photo by pvn_images

Photo by 401(K) 2013

Halloween Events in Scottsdale – 2017

October 18, 2017 By Heather Tawes Nelson

– 2017 Halloween Events In and Around Scottsdale –

This is one of my favorite posts to write each year because I adore Halloween and seeing all of the kiddos dressed up…

This year, I am quite late in getting this post out, but there are still many events to enjoy. Here is a collection of some really fun Halloween and Fall Festivals in Scottsdale and the surrounding areas.

MacDonald’s Ranch Annual Pumpkin Festival – October 1st-31st – This continues to be one of my favorite Halloween/Fall events in Scottsdale. Head over to MacDonald’s Ranch for a full pumpkin patch experience including hayrides that take you out to select your pumpkins. While you are there, grab a bite to eat, look through the various vendors’ wares, visit the petting zoo, run through the hay bale maze and so much more. (Closed Tuesdays. Some activities have an additional fee.)
Pumpkin and Chili Festival at Schnepf Farms – Thursdays through Sundays until October 29th – This annual event at Schnepf Farms is a great one and worth the trip. There are a corn maze and a hay bale maze to navigate, tons of rides, hayrides, chili and more, including fireworks on the weekend. (Some activities have an additional fee.)
Carefree’s Enchanted Pumpkin Garden – October 20th -29th – After huge success last year, Ray Villafane and his team are back with their amazing and whimsical pumpkin creations, including a 672 pound carved pumpkin. Besides the pumpkin art, there are many things planned over the course of the event. Carving demonstrations, family carve nights, food and beverage, a corn maze and so much more will be taking place. (Free admission)
Strange Garden at the Desert Botanical Garden – October 27th – 28th – This is a new event at the DBG and it looks to be a lot of fun. Over the two days and nights, strange sights will appear, contortionists and acrobats will perform, there will be dance parties, face painting and more. Food trucks will be on site for everyone to enjoy. (Free to Members or included with your Desert Botanical Garden admission.)
Howl-O-Ween at the Phoenix Zoo – October 27th – 28th – This popular annual event at the Phoenix Zoo is back! Both evenings are family friendly will feature trick-or-treating, dance parties, activity and game arcades, animal encounters, character visits, a jack-o-lantern path and so much more. (Tickets for sale. Event often sells out, so buy in advance if possible.)
City of Scottsdale’s Fall Festival – October 28th – Head on over to Eldorado Park between on the evening of the 28th from 5PM to 9PM. There will be costume contests, fireworks, game booths and a Haunted Forest.
Cave Creek Wicked – October 28th – Downtown Cave Creek will be transformed into an all-day and all-night Halloween celebration. From 11AM to 4PM, there will be several family-friendly events as well as teen music stages. For the adults, a bicycle pub crawl kicks off at 2:30PM and another bar crawl with costume contests (on foot this time) starts at 7PM.
Nightmare on Princess Drive: CarnEVILat the Fairmont Scottsdale Princess– October 28th – This adults-only event is back and this year will have an evil carnival theme. There will be DJs spinning and midnight costume contest.

Not for the Faint of Heart

If zombies, ghouls, terrifying creatures and getting frightened out of your mind are your preferred way to celebrate Halloween, here is a website that has all of the haunted houses, scary events and more: Arizona Haunted Houses

This collection only includes a small number of Halloween and Fall Festivals. If you have any events that you would like to add, please feel free to do so in the comment section.

Disclaimer: Information deemed reliable, but not guaranteed. Event dates, times and pricing subject to change. Most events require an admission to be paid.

Photo by Thad Zajdowicz

Giving Back with Giveback Homes and Habitat for Humanity

October 14, 2017 By Heather Tawes Nelson

– Giveback Homes Build Day –

We have been involved with Giveback Homes for a few years now. If you are not familiar with Giveback Homes, it is a wonderful non-profit that allows real estate professionals to give back and support their local communities as well as areas all over the globe. This can include anything from fundraising to assistance with building a home for a deserving family.

Recently, I had the opportunity to participate in the first Phoenix-area Giveback Homes Build Day in conjunction with Habitat for Humanity Central Arizona. Our project was to help build a home for a family in need in Tempe, Arizona.

This was my first time doing a build day. I was given a great t-shirt and instructions to arrive in sturdy shoes, sunscreen, long pants and lots of water. I’m not sure what I expected, but when I joined my colleagues at 6:30 AM, we were given hard hats, work gloves, and apron for our nails and a hammer by the folks from Habitat for Humanity. There were some full-time contractors as well as experienced folks who regularly volunteer.

After a quick meeting to give us an overview and information on safety, we started off carrying wood and supplies from the storage area. I loved my first job of measuring and cutting some 2×6 boards with a skill saw. I watch a lot of DIY shows and have always wanted to run a saw.

After that, my job consisted of nailing up some wooden supports and then nailing clamps the length of two walls that connected the newly erected wall to the foundation. This was a little tricky as it is small, needs 9 nails and I was hammering upside down a lot!

My favorite job and my last one for the day was nailing together 2×6 frames for the windows. Once I had some room to swing the hammer, I felt like a pro!

My favorite part of the day was a little before noon and looking back at how much our group had accomplished in the hours we were there. The pizza and very cold Cokes we shared in the shade afterward weren’t so bad either!

Overall, it was such a wonderful day staffed by fantastic folks. And, it was so motivating to know we were contributing to helping a family get a new home.

I plan to participate the next time a Build Day comes up and in the meantime will keep supporting Giveback Homes and their mission!

Want to see us in action? Here are photos from the day, courtesy of PlanOmatic.

Scottsdale AZ Luxury Home Market – September 2017

October 11, 2017 By Heather Tawes Nelson

– Scottsdale AZ Luxury Home Market Performance for September 2017 –

This report covers the past twelve months of the luxury home market in Scottsdale. I am defining luxury homes as those with list prices above $1 million. To show more detail, I have separated the data into four price bands and within each price band, you will see the following information:

Active – How many homes were on the market at the end of the month.
UCB (Under Contract Accepting Backup Offers) – The number of homes that were under contract, but accepting backup offers at the end of the month.
Pending – How many homes were in pending status at the end of the month.
Sold – How many homes sold during the month.

– SEPTEMBER 2017 –

Scottsdale Homes Priced Between $1,000,000 – $1,499,999

– Active Scottsdale Homes on the Market: Inventory was down 3.7% at the end of the month compared to August.
– UCB Scottsdale Home Sales: The number of UCB contracts rebounded nicely in September to 24.
– Pending Scottsdale Home Sales: Pending home sales fell to the lowest level we have seen in 2017, but this is in line with sales activity from the same time last year.
– Scottsdale Homes Sold: The number of home sales jumped by 18.8% to 38. This is ahead of the twelve month average of 34 sales.
– Sales Price to Listed Price: 94.8% – On average, buyers saw a discount off of list price of 5.2%.

Scottsdale Homes Priced Between $1,500,000 – $1,999,999

– Active Scottsdale Homes on the Market: Inventory was up for the third month in a row. Typically, we see inventory fall off at this time of year.
– UCB Scottsdale Home Sales: UCB contracts fell to five, the lowest we have seen this year and less than half of the twelve month average of twelve.
– Pending Scottsdale Home Sales: Pending sales also fell to the lowest we have seen in the past year. This is something we will want to keep an eye on, especially since the twelve-month average is 10 pending sales.
– Scottsdale Homes Sold: We did have a decent sales month, however. There were twelve home sales.
– Sales Price to Listed Price: 95.0% – On average, buyers saw a discount off of list price of 5%.

Scottsdale Homes Priced Between $2,000,000 – $2,999,999

– Active Scottsdale Homes on the Market: Inventory was down almost 3% between August and September.
– UCB Scottsdale Home Sales: UCB contracts had a very healthy rebound to seven at the end of the month. This figure is on track with the nine-month average.
– Pending Scottsdale Home Sales: Pending sales came in at nine for the third month in a row.
– Scottsdale Homes Sold: Only three homes sold in September, a big drop from the excellent sales month in August. This is the lowest we have seen this figure in the past twelve months.
– Sales Price to Listed Price: 92.4% – On average, buyers saw a discount off of list price of 7.6%

Scottsdale Homes Priced $3,000,000+

– Active Scottsdale Homes on the Market: There was an almost 15% jump in inventory between August and September. However, it is still well below the twelve month average of 138 homes.
– UCB Scottsdale Home Sales: The number of UCB contracts doubled over the previous month to four, putting it on par with the nine-month average.
– Pending Scottsdale Home Sales: Pending sales stayed level at three in September.
– Scottsdale Homes Sold: There were only two home sales in the $3+ million segment.
– Sales Price to Listed Price: 80.8% – On average, buyers saw a discount off of list price of 19.2%.

It was another mixed month for Scottsdale luxury home sales. While some segments posted great sales, the drop in UCB and pending sales could signal a weak October.

If you would like additional detail on home sales activity, please visit our Scottsdale Luxury Home Market Reports page and click on the downloadable “Scottsdale Market Trends” report.

Search Scottsdale Luxury Homes for Sale

Disclaimer: Information deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 10/1/2017 and can change at any time. The analysis looks at single-family luxury resale homes in Scottsdale AZ over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This blog represents the opinion of the author. No warranties expressed or implied.
Copyright © 2017 Heather Tawes Nelson | Joyce Tawes

Phoenix and Scottsdale AZ Luxury Condo Sales – September 2017

October 7, 2017 By Heather Tawes Nelson

– Luxury Condo Sales in Scottsdale and Phoenix – September 2017 –

The luxury condo market in Scottsdale and Phoenix had another decent month of sales activity in September. For the purposes of this report, I am defining the luxury condo market as those units with list prices over a million dollars.

ACTIVE LISTINGS AT THE END OF SEPTEMBER

There were 48 condos on the markets at the end of September, a drop of one compared to the end of August. They were pretty equally split between the two cities with twenty-six in Scottsdale and twenty-two in Phoenix.

The most expensive unit on the market has held this spot since the early summer. This penthouse was located in the Plaza Lofts at Kierland and has 4,000+ square feet. The asking price was $3,750,000.

There were two units that came in as the least expensive luxury units for sale and they were priced at $1,049,000. The first was a carryover from Phoenix’s Fairway Lodge. It had two bedrooms, two and one-half bathrooms and 2,704 square feet. The other unit was in Scottsdale’s Optima Camelview. This home had three bedrooms, two bathrooms and 2,200 square feet.

UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

There were two condos in UCB status when September concluded and both were located in Scottsdale.

The first was a carryover at Main Street Place, which is still being built out. Priced at $1,975,000, this condo had 3,563 square feet, three bedrooms and three and one-half bathrooms.
The second was located in Optima Camelview and was listed for $1,247,000. This condo had three bedrooms and two bathrooms.

*UCB status means a condo has an accepted contract, but that the seller has requested that they accept backup offers. Most times you will see this status when the contract is in the inspection/due diligence period.

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

At the end of September, there were eight luxury condos in pending status. Seven of the eight were located in Scottsdale and the bulk of them are carryovers as a result of communities still under construction.

Pending Condos in Scottsdale

Four of the eight pendings were still under construction at Main Street Place. Square footage for these units came in between 2,161 and 2,520. Prices ranged from $1,150,000 (4th floor), to $1,165,000 (3rd floor), to $1,300,000 (2nd floor) and to $1,975,000 (4th floor).
Optima Kierland, a new luxury development, ended the month with two pending sales. One was a carryover and had two bedrooms, two and one-half bathrooms and 2,283 square feet. It was listed for $1,653,000. The other was a three bedroom, three bathroom, 1,706 square foot home. It was on the market for $1,075,000.
The final pending is a carryover at the Enclave at Borgata. Still being built, this condo had three bedrooms, three and one-half bathrooms and 2,765 square feet. It was on the market for $1,820,572.

Pending Condo in Phoenix

The single pending sale in Phoenix was located in the Two Biltmore Estates community. This condo had three bedrooms, three and one-half bathrooms and 3,960 square feet. The asking price was $2,195,000.

LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Three luxury condos sold during the month of September. Two were in Phoenix and the last one was in Scottsdale.

Two Biltmore Estates was the first sale. It was a three bedroom, three and one-half bathroom unit with 3,950 square feet. It had been on the market for $2,248,000 and sold for $2,188,000.
Portland on the Park had a luxury condo sale in September. The unit was a three bedroom, three bathroom, 1,940 square foot home. The asking price was $1,082,500 and it sold for $869,500.
Kierland’s Landmark was the location of Scottsdale’s sale. This condo had three bedrooms and bathrooms and 2,690 square feet. It had been listed for $1,395,000 and sold for $1,200,000.

Learn More About Phoenix and Scottsdale Luxury Condos

Search Phoenix and Scottsdale Luxury Condos for Sale

Disclaimer: Days on market figures are cumulative days on market. Information herein deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 10/1/2017 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix over the past 12 months. Information deemed reliable, but not guaranteed. There may be new condo inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright © 2017 Heather Tawes Nelson | Joyce Tawes

Scottsdale AZ Single Family Home Sales – September 2017

October 4, 2017 By Heather Tawes Nelson

– September 2017 Scottsdale Homes for Sale and Home Sales –

September was another good month for sales activity. Plus, pendings were up at the end of the month.

SCOTTSDALE HOME SALES ACTIVITY – SEPTEMBER 2017

Below is a chart that shows the last year of home sales activity in Scottsdale. Four items are being tracked in this report:

– Single-family homes for sale are shown with the red line.*
– Under contract, but accepting backup offers (UCB) are shown with the green line.*
– Pending home sales are shown with the purple line.*
– Home Sales are shown with the blue line.

SEPTEMBER 2017 RESULTS

Scottsdale Homes for Sale: Inventory was up over 5% between the end of September and the end of August. Typically, we see this number fall or stay level due to seasonality.
UCB (Under contract, accepting backup offers): This figure jumped 12.4% compared to last month, indicating ongoing sales activity.
Pending Homes Sales in Scottsdale: Pending home sales fell slightly to 248. This is below the twelve month average of 286 pendings.
Scottsdale Home Sales: Sales fell almost 15% month-over-month to 373. This is the lowest we have seen sales since February of this year. But, again, we are in a seasonally slower time of year.

This next chart shows additional data on Scottsdale home sales.

The top section tracks how the four things we are tracking change when looking at the previous month. For instance, pending sales were down 3.1% in September when compared to August.

The lower section is Sales Price to List Price. In other words, how much did homes on average sell for when compared to their average listing prices. In September, sales price to list price came in at 95.6%. Looking at it from a buyer’s perspective, buyers saw an average discount of 4.4% off of asking prices.

September ended up being a decent month for Scottsdale home sales and the uptick in UCB listings was a positive.

*Figures for active homes for sale, UCB sales and pending sales are based on the numbers at the end of the month.

Search Scottsdale AZ Homes for Sale

Here is a sampling of some of the homes on the market, or click the link above to see all of the homes for sale.

Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 10/1/2017. Information deemed reliable, but not guaranteed. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright © 2017 Heather Tawes Nelson | Joyce Tawes