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Friday, November 4, 2011

October's Priciest Home

Now that we're into November and the stats are in, here's the scoup on October's priciest property.  The priciest home sold in the month of October, 2011 is another Desert Mountain beauty.  After 3 years on the market, 10029 E. Boulder Bend Road in North Scottsdale has closed for $4,400,000 in an all-cash transaction. With over 8,100 square feet, October’s priciest home sold for $540 a square foot.  That’s on par with what other homes in Desert Mountain are now recording.
The key is still proper positioning in the market.  Originally listed at $7,495,000, buyers for three years have traipsed through this estate but not biting.  The new buyer picked it up at a 41% discount.  Another feather in the “buyers demanding exceptional value” quiver.  It makes you wonder, if it was positioned a little differently from the beginning, how long would it have sat on the market?
I was fortunate enough to be included in a high powered real estate seminar yesterday on proper market positioning and marketing strategies for optimal results.  In that session, I had to chuckle – the presenter called “Active” listings “homes currently listed by not selling.”  I had to think, “how true is that!”  We often talk about “actives” - when in fact, they are anything but active….they’re still sitting on the market coaxing the buyer pool to drag their muddy feet through the living room.  What really matters is what has closed – that’s the true indicator of market value.
Enough on that subject for the time being.  Back to the Boulder Bend home: The custom homes sits on just over an acre overlooking the Valley of Sun, as it should in Desert Mountain.  Built in 2005, this Lee Hutchinson-designed home enjoys spectacular views with its placement between the 16th and 17th holes of the famed Geronimo course. 

A casual living yet elegant lifestyle awaits inside.  5 bedrooms, 8 baths, a home theatre, dual offices, and an exercise room are sure to please.  What caught my eyes was the exquisite details and finish work inside.  Flowing water features, onyx, hand carved beams, stacked stone….the list goes on and on.

Here’s the details on October’s priciest home:

Listed October 11, 2008.  Closed October 20, 2011.
Total days on the market was 1,104 days.
Original list price was $7,495,000.  Final sales price was $4,400,000.
Sales price per square foot: $540.80

Photos courtesy of ARMLS.

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