Home Takes Center Stage for the Holidays

There's no place like home for the holidays and here's the December, 2011 Market Watch from the market gurus at Coldwell Banker Residential Brokerage.  A new consumer survey from Coldwell Banker Real Estate confirmed that the majority of Americans wouldn't have it any other way. Approximately four in 10 respondents (39%) say their holiday get‐togethers include 15 or more family members and friends, and more than half (54%) say they stay overnight with their families so they can all be in one household during the holidays.

Additionally, the survey of nearly 1,000 people found:

• More than three‐quarters (78%) of Americans "deck the halls" by decorating their home for the holidays. The vast majority (67%) say they decorate some, without going overboard, while 11 percent say they "go all out." Only 21% don't decorate at all.
• Most people claim they've never snooped for presents. 77% of respondents said they have never looked for stashed‐away presents before it's time to open them. (Only 23% freely admit to peeking around)!
• People gather in spots where they can mingle and graze. When asked which room is most used during the holidays (the kitchen, dining room or living room / den), the kitchen and living room are split almost evenly as the most popular spaces (41% and 43%, respectively), while 12% said the dining room is the most frequented area.

We all have a favorite memory or tradition that involves the holidays and being home with friends and family. We cook and share food, host parties and bring everyone together in our homes. At Coldwell Banker, we recognize that a home is more than just a place to live. This is true more than ever around the holidays.
Holiday events, memories and traditions underscore the emotional side of owning a home in a fun way, highlighting the role of family and their homes as central holiday headquarters. Watch this man-on-the-street video created by Coldwell Banker that showcases just how intertwined home and family are for some.

Here's the latest market trends for select ares. If you'd like trends for an area not listed, let me know and I'll get that to you.

Cave Creek market trends

Fountain Hills market trends

Paradise Valley market trends

Phoenix market trends

Scottsdale market trends

Wishing you happy memories, continued traditions and Happy Holidays to all!!

Photo from Flickr courtesy of mikebfotos.

Distressed Luxury at the Arizona Biltmore

I blogged last week about a gargantuan bank-owned Paradise Valley home with exquisite details inside and out.  His and hers everything.  And a garage to handle your 21 automobiles.  It might surprise you to know, REO’s in the luxury segment are not that uncommon.  Bank owned properties are becoming more and more prevalent in the ultra-luxury residential market.

Last week’s home was priced at $15,995,000 – that’s about $640 a square foot.  Probably well under the builder cost considering the details and amenities.  If you thought that was a bargain, wait ‘til you see this mind-boggler REO gem: 

Just off of Camelback Road sits the venerable Arizona Biltmore Resort.  A destination that has long been a haven to the rich and famous – both seasonal residents with second homes and those that call their Biltmore estate a primary residence.  Visitors would arrive – and still do – from around the world to this sprawling resort to thaw, relax and bask in the desert sun since the 1930’s. 

The meandering drive leading to the hotel can take your breath away.  It is lined with truly sterling properties with manicured lawns, impeccably trimmed privet, flowering perennials and rich canterra doorways to welcome their visitors.  One such home is now being offered as a bank owned REO – 41 E. Biltmore Estates.

Situated on the Biltmore course, this custom estate sits on over an acre with stellar views from every direction.  Built in 2002, the 17,800 square foot home features nine bedrooms for when the hotel is sold out, 11 baths, wine room, library, entertaining spaces galore, four-car garage and flawless rear grounds.  Meticulous attention to the details abound, amazing fixtures, state of the art features, and imported facets. 

Truly a great buy for the value minded, priced at $6,950,000, 41 E. Biltmore Estates is being offered for a mere $390 a square foot.  Builder’s cost on this desert jewel is likely to be more than double that. 

Entry at 41 E. Biltmore Estates

Library.

My kind of kitchen.

Master Bedroom

With 9 beds, guess you need this double sized laundry room!

Now, I’d say that’s a five-star residence!

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.

Phoenix Feeding Frenzy.

For the last couple of days, after getting the requisite coffee brewing first thing in the morning,  I’ve logged into my email to uncover a plethora of contracts.  Yup, purchase contracts for a listing of mine in Laveen.  After the first 48 hours of the home being on the market, I have received five offers.  Two more expected in this afternoon.

Let me tell you a bit about the home: Built in 2006, this Ryland home is 1,802 square feet with 3 bedrooms, 2 baths, open great room plan near

51^st Avenue

and Baseline.  My seller purchased the home from the builder for $220,000 and added some nice upgrades.  Custom draperies mounted from the ceilings, designer paint and fixtures, even synthetic grass in the back yard.  It shows better than any model.

We all know what the market has been doing since its peak in 2006 and my seller has decided to short sell the property.  Based on the most recent sales in the neighborhood, it’s priced below the current loan amount of $126,000 and it’s being offer for $79,900.

At that price, it’s a feeding frenzy. 

The Phoenix area real estate market is seeing fewer listings in the MLS, pricing has stabilized and actually moving upwards in some parts of the valley.  Demand is increasing, especially from the investor sector and days on the market are dropping.  As of this morning, there were 21,826 active listings in the system.  That’s about half of what we were seeing a year or so ago.  The latest statistics show that the majority of activity is in the $200K and under range – homes less than $100,000 are not likely to stick around very long at all.

The offers my client has been getting range from fair to pretty attractive and we’ve reached back out to the interested parties asking for their "best and final" offer with the hopes my seller can select one to then send on to his lender for final approval.  The winning bid is likely to be above asking price, compliments of an inevitable bidding war.  That’s when the real rubber hits the road. 

From there, we’ll face challenges.  The challenge of getting bank acceptance.  The challenge of holding on to the buyer and getting an answer sometime in his lifetime.  The challenge of an appraisal coming in at or above the accepted sales price.  Picking the "right" offer means more than just terms, price and conditions - it's the unwritten "gut feeling" of the buyer being able to hang on through what is bound to be a very long, stressful period where the agents are on the phone constantly with the seller's lender trying to get an answer. 

The fact of the matter is that there is a very strong possibility that the buyer with the winning bid may not be the final buyer of the home.  I've seen countless times the buyer giving up and movng on after playing the waiting game with the seller's lender.  Weeks are likely to drag into months.  Months and months undoubetly will pass before the lender rubber stamps his approval.  Urgh.  

Welcome to the new “normal” of the real estate industry.  It’s a different world out there.

How's the Phoenix Real Estate Market?

So often, we get asked the same question: "How's the market in the Phoenix area?"

First in, first out - You've got to check this article out - there is only one answer to that question - INCREDIBLE!

Photo from FLICKR courtesy of http2007