Scottsdale Real Estate News & Lifestyle

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

Heather Tawes Nelson — Wed, 02 Jul 2008 21:10:00 GMT

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 wil have to wait and see.

Heather Tawes Nelson Completes CRS Residential Real Estate Investment Course

Heather Tawes Nelson — Tue, 24 Jun 2008 20:44:00 GMT

Earlier 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 on-going program of promoting the professionalism of the residential sales associate.

$7.15 Million Sale in Scottsdale

Heather Tawes Nelson — Tue, 17 Jun 2008 22:57:00 GMT

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.

Greater Phoenix Luxury Condo Market Report - May 2008

Heather Tawes Nelson — Sat, 07 Jun 2008 22:15:00 GMT

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:

Valleywide - May 2008
For Sale:	103
Pending:	7
Sold:	8
Average Sale Price:	$1,752,937
Average Price/Sq. Ft. Sold:	$618.10

Scottsdale - May 2008
For Sale:	50
Pending:	5
Sold:	4
Average Sale Price:	$1,698,125
Average Price/Sq. Ft. Sold:	$652.62
Communities:	Optima Camelview
	Scottsdale Waterfront

Phoenix - May 2008
For Sale:	39
Pending:	2
Sold:	3
Average Sale Price:	$2,078,666
Average Price/Sq. Ft. Sold:	$588.86
Communities:	Fairway Lodge
	Two Biltmore Estates

Tempe- May 2008
For Sale:	14
Pending:	0
Sold:	1
Average Sale Price:	$995,000
Average Price/Sq. Ft. Sold:	$587.02
Community:	Edgewater

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.

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

Heather Tawes Nelson — Sun, 01 Jun 2008 23:52:00 GMT

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.

The Luxian Scottsdale- Redefining Luxury Ownership

Heather Tawes Nelson — Thu, 15 May 2008 20:15:00 GMT

The Luxian Scottsdale takes the concept of luxury ownership to a new level. Offering shared ownership of three estate homes within a private enclave with five-star amenities, Luxian is sure to not to disappoint.

Located on Camelback Road adjacent to the Phoenician Resort's golf course with spectacular views of Camelback Mountain, the exclusive Luxian enclave will consist of three homes, each over 6,000 square feet situated on acre lots.

Each of the fully-furnished homes will feature 5 bedrooms and 6 baths, gourmet kitchens with caterer's facilities, top-of-the line finishes and details, elevators, an exercise room, owner's vault, wine cellar, a media room, a private pool and spa, daily maid service and more. Views from the homes consist of Camelback Mountain and the Phoenician golf course. Luxian was designed with family gatherings and friends in mind. The large homes will accommodate many generations and the elevators ensure members who may be a little older or a little young have access to the entire home and all of the amenities. Additionally, ownership includes a membership to the Sanctuary Resort and Spa and access to Troon Golf VIP passes.

The gated development will have a 24-hour, live-in concierge to cater to the owners' every need before during and after the stay. It will also have an interactive business center with conference room on site. The Luxian is located in Downtown Scottsdale, in the midst of the finest shopping, dining and entertainment Arizona has to offer and Sky Harbor Airport is only 15 minutes away.

The Luxian concept is an alternative to traditional home ownership, providing 'Best-of-Class' living and amenities without the time, effort and additional expense of owning a second home outright. Luxian's inclusive cost concept means that for the first five years, any additional expense associated with the home is included in the purchase price. This includes taxes, insurance, maintenance, concierge and maid services, and any other costs associated with ownership. Since many second home owners only use their second homes a fraction of the year, but have to maintain them the entire year, Luxian truly allows you to pay for only what you use.

There are only 11 Equity Resort Ownership interests available for this exclusive opportunity. Each owner will receive a 1/4 deeded interest in one of the estate homes and will select either a Winter Season interest consisting of two 4-week stays, for a total of 8 weeks, or a 24-week Summer Season interest. Ownership interests are currently priced at $1,850,000 per unit.

For more information or to schedule a visit to the Luxian Experience Center, please contact Heather Tawes Nelson of Realty Executives Mountain View by phone at (602) 751-1675 or by email.

The Luxian Scottsdale - Luxury's New Landscape...

This is not intended to solicit a currently listed home. Information herein deemed reliable but not guaranteed. Prices subject to change. Square footages approximate. Photos and model depict what the look and feel of finished project and finishes will look like. This project is not associated with The Phoenician.

Scottsdale Luxury Condo Market Performance Year-to-Date

Heather Tawes Nelson — Fri, 09 May 2008 21:34:00 GMT

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.

* Data courtesy of the Arizona Regional Multiple System (ARMLS.) Information was pulled 5/9/08.