Heather Tawes Nelson - Luxury Real Estate

Greater Phoenix Luxury Condo Market Performance- September 2008

Heather Tawes Nelson — Fri, 10 Oct 2008 01:53:00 GMT

September 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.

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

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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 - September 2008

Heather Tawes Nelson — Tue, 07 Oct 2008 01:25:00 GMT

As of September 2008, we are seeing some mixed and negative results for the Scottsdale luxury home market. In the lower-priced luxury segments, we are seeing declines in sales and pending sales as well as an uptick in inventory, The $3 million and above segment is still holding its own, tracking ahead of the 12 month averages for sales and pending sales.

- 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.

For more detailed Scottsdale real estate market statistics, please visit my Luxury Market Reports page 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

Scottdale Real Estate Market Performance for Single-Family Homes- Through September 2008

Heather Tawes Nelson — Sat, 04 Oct 2008 23:14:00 GMT

The September 2008 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.

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 Sales Update - Grayhawk - 2008 Performance

Heather Tawes Nelson — Wed, 24 Sep 2008 23:10:00 GMT

Here is the year-to-date sales performance for the community of Grayhawk in Scottsdale, Arizona. The data was pulled from the Arizona Regional MLS as of 9/24/08 and is broken out by single-family home performance as well as by condo and townhome performance.

Grayhawk Single Family Homes
Homes for Sale	80
- Average Asking Price	$1,196,335
- Average Square Feet	3,390
- Average Asking Price per Sq. Foot	$319.51
- Average Days on Market*	162

Pending Homes	9
- Average Asking Price	$631,520
- Average Square Feet	2,553
- Average Asking Price per Sq. Foot	$248.58
- Average Days on Market*	150

Home Sales	77
- Average Sales Price	$695,760
- Sales Price to List Price	94%
- Average Square Feet	2,824
- Average Sales Price per Sq. Foot	$245.85
- Average Days on Market*	170
- Highest Sale Price	$1,350,000
- Lowest Sale Price	$340,000
* Cumulative Days on Market

Grayhawk Condominiums and Townhomes
Homes for Sale	126
- Average Asking Price	$366,997
- Average Square Feet	1,516
- Average Asking Price per Sq. Foot	$241.51
- Average Days on Market*	149

Pending Homes	3
- Average Asking Price	$406,600
- Average Square Feet	1,854
- Average Asking Price per Sq. Foot	$218.51
- Average Days on Market*	284

Home Sales	76
- Average Sales Price	$366,055
- Sales Price to List Price	94%
- Average Square Feet	1,615
- Average Sales Price per Sq. Foot	$226.75
- Average Days on Market*	169
- Highest Sale Price	$617,000
- Lowest Sale Price	$210,000
* Cumulative Days on Market

About Grayhawk: Grayhawk is a marvelous community located in North Scottsdale, just north of the 101 between Scottsdale and Pima roads. It is close to medical care, great dining, shopping, entertainment, outdoor pursuits and so much more. In addition, its two public courses, Talon and Raptor, are world-renowned and have hosted many professional golf events.

Grayhawk has two neighborhood areas to choose from. The Retreat is guard-gated and is designed around Grayhawk's two courses. Homes are located in either the Talon Retreat or Raptor Retreat sections. The community amenities to choose from are numerous including tennis, a community pool, greenbelts, miles of exercise trails and more. Options range from townhomes to custom single-family homes. The second neighborhood is called The Park. The Park is a wonderful community of single-family homes and it was designed with large play areas, greenbelts and picnic areas. Grayhawk has its own elementary school and falls under the Paradise Valley School District #69. View Grayhawk homes for sale.

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Disclaimer: Information herein deemed reliable but not guaranteed. Data pulled from the Arizona Regional MLS (ARMLS) as of 9/24/08 and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson

Luxury Condo Developments in Greater Phoenix - An Overview

Heather Tawes Nelson — Sat, 13 Sep 2008 20:45:00 GMT

A relatively recent addition to Scottsdale and Greater Phoenix has been the introduction of large luxury condo developments. The most notable developments have gone in in the new Scottsdale Waterfront area as well in the heart of the Biltmore corridor. These luxury condo developments are perfect for seasonal visitors who want to “lock and leave” their Arizona homes as well as people who live locally and want to downsize from their larger homes. While the list below is not exhaustive, here is a simple overview of some of the developments that have caught my attention.

Downtown Scottsdale and the Scottsdale Waterfront feature some spectacular developments. And, with the growth of the area, there is plenty to do within walking distance to keep yourself entertained. Optima Camelview is a collection of contemporary and visually-stunning 7-story buildings featuring steel, glass and copious plant life. The community was designed by the world-renowned architect David Hovey and elevates condo living to a new level. Another major project of note is the Scottsdale Waterfront Residences. Overlooking the waterfront and in the heart of the new dining and entertainment district, these luxury condos are right in the middle of all of the action and the views are fabulous.

The Landmark at Kierland in North Scottsdale is another outstanding luxury community. The onsite amenities are best-in-class and the Landmark is within walking distance to all of the shopping, dining and nightlife at Kierland Commons.

In the Biltmore Corridor (around 24th Street and Camelback Road), there are several luxury condo developments that have been attracting buyers from all over. Some of the more notable communities include: The Residences at 2211 Camelback, Optima Biltmore (sister property to Optima Camelview), Esplanade Place and the newest addition, 18 luxury condos available in the new W Hotel. In the Biltmore resort area, Two Biltmore Estates and Fairway Lodge are adding even more luxury to an already beautiful area.

Tempe also has three luxury condo communities that are centered around the Tempe Town Lake area. They are Northshore at Tempe Town Lake, Edgewater at Hayden Ferry and Bridgeview at Hayden Ferry.

For more information on the luxury condo market in Scottsdale and Greater Phoenix, please contact me.

Luxury Loft Living in Greater Phoenix - 2008 Performance

Heather Tawes Nelson — Sat, 13 Sep 2008 17:28:00 GMT

As the Greater Phoenix area continues to expand, we are seeing a lot of growth in the luxury loft segment. I am defining luxury lofts as those for sale for more than $1 million. There are several projects sprinkled throughout the area, including downtown Phoenix, downtown Scottsdale and Kierland.

I took a look at the performance from January through August and noted which luxury developments are seeing the most activity.

Valleywide Units for Sale: 30
Average Asking Price: $1,650,133
Average Square Feet: 2,430
Average Asking Price/Sq. Foot: $699.30

Units Sold in 2008: 9
Average Sales Price: $1,369,159
List Price to Sales Price: 95%
Average Square Feet: 2,040
Average Price/Sq. Foot: $691.56

The developments where these luxury lofts have sold are as follows:
- Kierland Plaza Lofts - Scottsdale, AZ - 6 of the 10 units total units sold were at the Kierland Plaza Lofts
     - Average Sales Price: $1,532,905
     - Asking Price to List Price: 100%
     - Average Square Footage: 1,934
     - Average Price/Sq. Foot: $798.51

- Third Avenue Lofts- Scottsdale, AZ - 1 Unit Sold
     - Average Sales Price: $1,250,000
     - Asking Price to List Price: 89%
     - Average Square Footage: 2,097
     - Average Price/Sq. Foot: $596.09

- Orpheum Lofts - Phoenix, AZ - 1 Unit Sold
     - Average Sales Price: $825,000 (Original list price was $1,075,000)
     - Asking Price to List Price: 77%
     - Average Square Footage: 2,668
     - Average Price/Sq. Foot: $309.22

- Summit At Copper Square - Phoenix, AZ - 1 Unit Sold
     - Average Sales Price: $1,050,000
     - Asking Price to List Price: 83%
     - Average Square Footage: 1,990
     - Average Price/Sq. Foot: $527.64

I will check back periodically to see how this market is performing and update these figures accordingly. If you have any questions about any of the developments mentioned above, please contact me.

Disclaimer:
Information herein deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) and can change at any time. Data represents activity from 1/1/2008 through 8/31/2008. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson

Greater Phoenix Luxury Condo Market Report- August 2008

Heather Tawes Nelson — Mon, 08 Sep 2008 23:41:00 GMT

Here are August’s numbers for the luxury condo market, which is defined as condos for sale for more than $1 million.

At the end of August, there were 105 luxury condos for sale throughout the valley. Fifty-three of these condos were in Scottsdale, thirty-six of them were in Phoenix, and sixteen were in Tempe. As of the end of August 2008, three luxury condos had sold and another three were pending. The three condos sold were from three different developments – Scottsdale Waterfront, The Residences at 2211 Camelback and Two Biltmore Estates. The pending condos were in the Scottsdale Waterfront, Optima Camelview and Esplanade Place developments.

Here is an overview of August 2008’s numbers:

Valleywide – August 2008*
For Sale:	105
Pending:	3
Sold:	3
Average Sale Price:	$1,695,167
Sales Price to List Price	95%
Average Price/Sq. Ft. Sold:	$553.49

Scottsdale – August 2008*
For Sale:	53
Pending:	2
Sold:	1
Average Sale Price:	$1,237,500
Sales Price to List Price	83%
Average Price/Sq. Ft. Sold:	$555.68
Communities:	Scottsdale Waterfront

Phoenix - August 2008*
For Sale:	38
Pending:	1
Sold:	2
Average Sale Price:	$1,924,000
Sales Price to List Price	100%
Average Price/Sq. Ft. Sold:	$552.39
Communities:	Two Biltmore Estates
	2211 Camelback

Tempe- August 2008*
For Sale:	16
Pending:	0
Sold:	0
Average Sale Price:	N/A
Sales Price to List 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 any of the communities mentioned above, please feel free to contact me.

Scottsdale Luxury Home Market – August 2008

Heather Tawes Nelson — Sat, 06 Sep 2008 01:22:00 GMT

As of August 2008, we are seeing some mixed results in the Scottsdale single-family resale luxury home market. The results vary depending on the price range.

- AUGUST 2008 -

Homes Priced Between $1,000,000 - $1,499,999
- Actives: There were 531 actives, which is lowest level we have seen since before I started tracking this information last September. The average over the last 12 months has been 602.
- Pendings: There were 32 pending homes, which is below the average of 39 we have seen over the last twelve months. This is the lowest it has been since around December of 2007.
- Sold: There were 18 sales in August - a very large drop-off from what we have been seeing. The average monthly sales figure is 24.
- Sales Price to Listed Price: 90.3%

Homes Priced Between $1,500,000 - $1,999,999
- Actives: There were 270 actives in August which is one more than July. This figure is still trending lower than the 12 month average of 283 active homes.
- Pendings: There were 8 homes pending in July, down from a high of 16 in June. The average pending figure for the last twelve months is 11.
- Sold: Nine homes sold in August, which is right on the 12 month average. However, the pending sales for August are down, so we can anticipate that September sales for this price segment will be impacted.
- Sales Price to Listed Price: 91.4%

Homes Priced Between $2,000,000 - $2,999,999
- Actives: There were 328 homes for sale in this price point in August. This figure has been declining month-over-month since April, when there were 379 homes on the market in this price segment.
- Pendings: There were only 4 homes pending. This is a dramatic drop from the 11 average over the last 12 months. This small number of pending sales will have a large impact on September's sale's numbers.
- Sold: There were 8 home sales, a jump up from July's 5 sales, an increase of 60%. This figure is on target with the average of 8 sales per month over the last 12 months.
- Sales Price to Listed Price: 89.9%.

Homes Priced $3,000,000+
- Actives: There were 263 homes for sale in this price point in August. This figure continues to drop and has been decreasing since February 2008.
- Pendings: There were 9 pending homes, a 28.6% increase from July's 7. This should have a positive impact on September's sales figures in this price point.
- Sold: There were 4 home sales for over $3,000,000 in August. Four sales per month is also the average for this price point over the last 12 months.
- Sales Price to Listed Price: 92.8%

As you can see, the results vary by price band. The positive news is that active listings in all price points have been trending down or are flat. This indicates that some of the excess inventory is getting absorbed by the market. However, pending sales and home sales are not performing as strongly in some of the segments. Hopefully, the number of active homes for sale will continue to decrease and we will see a rebound in pending sales and actual sales as we move into the high season.

For more Scottsdale area market statistics, please visit my Luxury Market Reports page and download the Market Trends report. You can also see detailed market statistics on my Real Estate Market Reports page.

Disclaimer:
Information herein deemed reliable but not guaranteed. Data was pulled from the Arizona Regional Multiple Listing System (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 Real Estate Market Performance for Single-Family Homes- Through August 2008

Heather Tawes Nelson — Thu, 04 Sep 2008 00:04:00 GMT

The numbers for August 2008 are in and they are not as strong as they have been in recent months. For several months, we had positive sales momentum, but that seems to be tapering off.

Trend Analysis - Scottsdale Resale Single-Family Homes. All Price Points.
	2007				2008
	Sep.	Oct.	Nov.	Dec.	Jan.	Feb.	Mar.	Apr.	May	Jun.	Jul.	Aug.	Avg.
Active	3,761	3,876	3,950	3,743	4,154	4,254	4,304	4,249	4,063	3,941	3,872	3,839	4,001
Pending	251	150	235	191	262	287	312	349	364	338	327	300	281
Sold	177	236	168	190	187	227	246	270	300	321	286	274	240

Percent Change Month Over Month
Active	N/A	3.1%	1.9%	-5.2%	11.0%	2.4%	1.2%	-1.3%	-4.4%	-3.0%	-1.8%	-0.9%
Pending	N/A	-40.2%	56.7%	-18.7%	37.2%	9.5%	8.7%	11.9%	4.3%	-7.1%	-3.3%	-8.3%
Sold	N/A	33.3%	-28.8%	13.1%	-1.6%	21.4%	8.4%	9.8%	11.1%	7.0%	-10.9%	-4.2%
Data from the Arizona Regional MLS (ARMLS).
Numbers subject to change.

August Highlights:

Active listings dropped slightly to 3,839, a 0.9% decrease over July. While not a huge drop, this number has been decreasing every month since March of 2008 when there were 4,304 active listings on the market. This can be seen as good news in that some of the excess inventory is getting absorbed by the market each month.
Pending sales dropped again to 300 or a -8.3% change over July. After seeing this number increase for several months, we are now close to the levels of pending sales we saw in February and March of this year. This is the third month in a row we have seen this number decline, which will have an impact on September's sales numbers.
274 homes sold in August, down from 286 in July and a high of 321 in June. As I mentioned in July's performance report, the drop in pendings would most likely impact this month's numbers.

Overall, August was not as positive a month as we have been seeing recently. We did see a slight dip in active homes for sale, which is positive. However, another monthly drop in sales and pending sales was discouraging.