November’s Priciest Home

If you’ve been following the areas priciest homes this past year, many have incorporated the Tuscan or Spanish influence and overlook the valley in far North Scottsdale.  As we round the final stretch for the year, November’s priciest home takes us back to Paradise Valley – and, it’s as far from traditional as can be.

Perched in the heart of PV between the Biltmore and Scottsdale gives November’s priciest home at

5937 N. La Colina Drive

prime billing when it comes to location.  Simple clean lines give way to some of the valley’s most spectacular views in this modern contemporary home.  Turns out the architect who designed this beauty was Charles Schiffner, son-in-law of Frank Lloyd Wright.  The home was marketed and sold by auction, with no reserve.

Closing at just over $450 a square foot, buyers Garel and Karen Westall of Carlsbad, NM came in with the highest bid.  This modern gem spans 9,500 square feet and features 4 bedrooms, 5 ½ baths including the gymnasium-sized steam shower in the master, a home theatre, a sleek and fully equipped studio/guest house and a spit-shined 4-car garage.  The home sold for $4,345,000 in the all-cash transaction.

Master sitting area.

Home theatre.

Here’s the details:

Listed September 1, 2011.  Auctioned October 20, 2011. Closed November 10, 2011.

Total days on the market was 45 days.

Original list price was $5,000,000.  Final sales price was $4,345,000.

Sales price per square foot: $456.26.

Photos courtesy of ARMLS.

Not Your Everyday Bank Owned Home

People are always looking for a great deal, especially when it comes to real estate.  You can find a foreclosure in nearly every neighborhood.  And, August market statistics show these types of sales made up nearly 70% of the transactions.  Usually, they are priced to sell and don’t stay on the market very long.

We’ve seen the news segments showing a couple who lost their job, couldn’t get a loan mod, went through their entire life savings and finally had to walk away from their home.  Unfortunately, those stories of hardship are pretty common lately.

Distressed properties can be found in every price range.  Foreclosed properties are not just in the lower priced segments any more. 

But, I have to point out another side to the foreclosure story.  Homeowners that didn’t lose their jobs.  People with bank accounts as hefty as a small country.   People who lost equity in their home (who didn’t) and didn’t have a snowballs chance in Phoenix to make it up.  People that sat around the pool one night drinking their glass of Opus One and decided not the make any more mortgage payments.  These are the folks that coin the new term: Strategic default, and it’s the reason we’re seeing REO’s in the ultra-luxury market as well.

Thanks to Candy over at Candy's Dirt for pointing this one out: Here’s one bank owned beauty I just had to pass along.  And, I don’t know the full story behind it, but I do know that the couple that turned it back to the bank did at the time have income – significant income, I might add. Sure the bills must be exorbitant.  The maid and lawn service alone has to cost a small fortune.  Plus, the annual real estate taxes of $52,000 would surely put a dent in most people’s check books.  For whatever reason, they decided foreclosure was their best option.

Here’s what they gave up:

5 acres, 7 beds, 10 baths spanning 17,000 square feet in Paradise Valley (well, actually a total of 25,000 feet under roof).  The home features two pools, a 2 bedroom guest house of nearly 2,000 square feet, movie theatre, his and hers libraries, his and her dressing rooms, a billiards room, a piano room, a wine room, an exercise room and a Jay Leno-like garage to accommodate 21 cars.  Oh, I can’t forget the $1.2 million security and sound system and its own solar electric generating station.

Now offered for sale, it can be yours for a mere $15,995,000.  The bank has reduced the list price from its original asking price of $17,900,000. Check out the full listing here.

Now, I’m trying to figure out what the hardship must have been.  I’m guessing the true hardship facing the previous owners of this bank owned beauty is deciding on Brazilian hardwood or Italian marble for their new digs. 

Photos courtesy of ARMLS.

July’s Priciest Home

As I turn the calendar towards a new month, I always review the Phoenix area real estate market data and statistics from the previous month.  In July, 2011, the Phoenix area had approximately 3,100 single family home closings in the month, according to ARMLS data, with the priciest home selling for a mere $2,750,000. 

It’s always fun to keep tabs on the luxury market and the area’s more significant homes.  Here’s what one lucky buyer ended up with in July: This 8,091 square foot home was custom built in 2006 and is located in Paradise Valley.  The property sits on nearly two manicured acres of lush grass and tropical landscape overlooking the Camelback Golf Course and features 6 bedrooms, 6 baths, a wine room, theatre, game room and exercise studio, heated pool and spa, plus a number of other features. 

Here’s the details:

Listed November 29, 2007.  Closed July 15, 2011.

Total days on the market was 1,318 days

Original list price was $4,750,000.  Final sales price was $2,750,000

Sales price per square foot: $339.88.

The home was originally purchased in April of 2007 for $4,250,000. 

Photos courtesy of ARMLS.

Spotlight on Sandalo

On the Paradise Valley/Scottsdale border near Shea and Scottsdale roads sits the quaint townhome development of Sandalo.  Condos and townhouses continue to be a great draw for first-time home buyers, busy working urbanites and part-time residents looking to thaw their bones in the winter months and Sandalo Townhomes may be just the ticket.

Nestled in the prestigious Paradise Valley zip code of 85253, perhaps one of the priciest zips in the valley, Sandalo offers a lifestyle that’s hard to beat.  Built in 2008 by Meritage Homes, Sandalo consists of 44 units in a row-house style building each with their own private garage.  The units surround a lush courtyard and pool area for the residents to enjoy.

And, like most all Phoenix area homes, prices have come down significantly and Sandalo offers exceptional spacious and well thought out floor plans at an attractive price.  Check out the current resale inventory at Sandalo and you’ll see what I mean.  And, remember, these come with a fully enclosed 2-car garage – not a common amenity in many condominium complexes.

In terms of the floorplans, for the most part these units are 3-level dwellings with the attached 2-car garage and a sitting room/den on the ground floor.  The second level is dedicated to living space with a generously appointed kitchen, living and dining areas.  The third floor is reserved for the bedroom(s). 

The location is terrific: Sandalo is just south of Shea on

70^th Street

at Cochise.  Imagine being in walking distance to some of Scottsdale’s trendiest eateries, shopping, watering holes and entertainment. Harkins Shea 14 Theatre, California Pizza Kitchen, Oreganos, La Fonda, London Gold, Landis Cyclery, Embellished Home, Choppers and so much more are mere steps from the front door.

If you’re looking for a condo or townhome, prices are at an all time low – Imagine a PV address at the price you’d expect in Casper, Wyoming!