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.

Scottsdale Earns Ribbon for Best US City

In a new report by Businessweek.com, Scottsdale enters the show ring once again as one of America’s best!  The judges adorned our fare town with the pristine white ribbon, awarding Scottsdale as the 4th of the best US city. 

The site studied 100 of the nation’s largest cities and looked at a number of factors including, quality of life, low unemployment, recreational attributes and schools.  In fact Scottsdale out performed all other cities except for one – Irvine, CA – for its quality of education.  The trophy for the best city went to Raliegh, NC.

The top five winners are:

Raliegh, NC

Arlington, VA
Honolulu, HI

Scottsdale, AZ
Irvine, CA

Find out what most of us already know and read the full story and learn more about Scottsdale being the fourth best US city.

Photo from Flickr courtesy of Shorts and Long | The Both And

Buyer Beware

We’ve all put the lipstick on the proverbial pig and hoped for the best, but when it comes to real estate, as a buyer, we may want to rethink how we go about selecting the perfect home.  The pig is still a pig!  After all, we’re buying more than underwear here.  What is one of the biggest investments we make in our lifetime, that warm and fuzzy feeling we get when we drive up to the front and take a quick walk around the may not be the best way to buy a home.

Ever since HGTV has captured our attention, we’ve seen what a bit of spit and polish, usually in the way of paint, flooring and staging can do to enhance a homes appeal. Have you stopped to think about what may be covered up by all that nice new paint and shiny floor?  I stumbled across a great article I have to share that caused me to raise an eyebrow and may shed some light on how you go about purchasing your next home.

Many of us are drawn to the décor and cosmetics and tend to overlook other elements.  A word to the wise, you may not want to discount that house with the pink paint and shag carpet – those are easy fixes if you can see beyond the obvious.  The dream of your future may very well be a gem in the rough!

Photo from Flickr courtesy of Pig by SeeMidTN.com (aka Brent).

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.

Casa Buena Home Offers Affordability & Primo Scottsdale Location

We've all heard it before: "Location, location, location." And most of the time, you have to pay dearly for those words!  Not so in this Scottsdale gem!

Between Shea and Mountain View just east of Scottsdale Road sits the mature enclave of Casa Buena, a highly desirable area largely because it's close to everything - all the shops, dining and entertainment venues people flock to Scottsdale for in the first place! 

And talk about affordable!! Here's a neighborhood just blocks away from affluent Gainey Ranch where Charles Barkley resides that most anyone can actually afford to have a home without having to liquidate the entire retirement account.

I've been sitting a fabulous home in Casa Buena open this weekend that's priced to move! It's been lovingly cared for, is absolutely spotless and gently lived in as it is a vacation home.  Just about 2,000 square feet with 3 bedrooms, 2 full baths, formal living, dining and a enormous family room with charming kiva fireplace and the hard to find 3-car garage.  Priced at $359,000, that's less than $180 a square foot and this baby is move-in ready and needs nothing!

Tasteful tile in all the right places, designer paint, wood plank ceiling in the kitchen and entryway, wet bar, plantation shutters everywhere, even the garage has been upgraded with epoxy floors! Definitely worth a look if you're out and about this weekend.  Just look for Tom Weiskopf open house signs.

What a great opportunity for someone - either as a permanent residence or to use a vacation home, Casa Buena is muy bueno!

Photos courtesy of ARMLS.

August’s Priciest Home

It’s hard to believe another month has past us by, and while most of you are packing up the station wagon and piling the kids in the back seat to head out of town, I’m going through the stack of closings from August.  It was fun to see the valley had some 50 homes that sold for an amount north of a million dollars this last month.  The winner of the valley’s most extravagant sale goes to a home in Scottsdale's exclusive Silverleaf, that swanking ‘hood at the base of the McDowell Mountains in DC Ranch with a sales price of $3,875,000. 

The custom estate was built in 2005 and sits in the Upper Canyon high above the valley on over 2 acres with breathtaking views from every direction.  The 7,182 square foot home includes 6 bedrooms, 6 ½ baths, a generously-sized guest house, 4-car garage, exquisite details such as Venetian plaster, stone, and hand scraped wooden floors, the requisite wine cooler that accommodates 1,000+ bottles to compliment the pizza you pull out of the Renato pizza oven.

A great open floor plan, terrific entertaining spaces inside and out, plus exceptional attention to detail is abundant throughout.  It’s easy to see why this home didn’t take long to sell. 

Here’s the details:

Listed June 9, 2011.  Closed August 31, 2011.

Total days on the market was 65 days.

Original list price was $4,795,000.  Final sales price was $3,875,000 – All cash.

Sales price per square foot: $539.54.

The home was originally purchased in January of 2005 for $4,550,000.

Photos courtesy of ARMLS

Show and Tell

Remembering my first few days back at school each year, Show and Tell was always an agenda item.  The teacher would have each student come up front and tell the class about his or her summer.  Nervously, we’d come to the front of the classroom and describe some educational adventure, a family camping trip, perhaps a road trip vacation. 

With my passion for homes – new and old, I thought I’d do the same and take you on an arm chair tour to the Rocky Mountain town of Grand Lake, CO where each year I am fortunate enough to spend a cool, peaceful and relaxing week with my entire family.   

Founded in the late 1870’s, Grand Lake began as a mining town and a summer haven for the well-to-do that could venture over Trail Ridge Road where the elevation peaks at over 11,000 feet.  They’d arrive in their horse drawn buggies after the snow finally melts sometime after the 4^th of July.  The destination was clearly worth the journey and they built some wonderful cabins, cottages and lakeside retreats to be used as their vacation homes.

Sit back and enjoy some of the historic and significant homes of Grand Lake:

 

Abandoned cabin at Big Meadow in Rocky Mountain National Park circa late 1800's.

The famed Hallmark family home.

The Grand Lake Yacht Club

If you go, you need to make a point to visit the Kaufmann House, home to the Grand Lake Historical Society.  And, no trip to Grand Lake is complete without an evening of fine dining and relaxing at the historic Rapids Lodge overlooking the river. 

Not a bad spot for a vacation home, eh?

Facing a Short Sale or Foreclosure: “When can I buy again?”

Notices of foreclosure posted on the doors to Phoenix area homes are not an uncommon sight.  In recent months, reports indicate upwards of 40% of the properties being sold are the result of short sales or foreclosures.  With the recent rough economic times, a number of people are finding themselves in situations beyond their control. They may have gone through a foreclosure, short sale, or bankruptcy and are asking the question, “When can I buy again?”

Steven Johnson, Senior Loan Consultant at Flex Mortgage, LLC in Tempe put together a great chart that provides some valuable information and may help answer that question.  Of course, no two situations are the same, so don’t take it as gospel, but it gives some generalized scenarios that may be helpful.

When Can I Buy Again?

Occurrence	Fannie Mae	FHA	VA	USDA Rural	Jumbo*
Foreclosure	7 yrs from Trust Deed Date	3 yrs from Trust Deed Date	2 yrs from Trust Deed Date	3 Yrs from Trust Deed Date	7 yrs from Trust Deed Date
Short Sale	2 yrs w/ Max 80% LTV 4 yrs w/ Max 90% LTV 7 yrs – Max LTV	3 yrs from completion Date *Per FHA ML 09-52, FHA financing can be obtained in less than 3 yrs under certain circumstances*	No specific information on this yet. Assume Foreclosure rule of 2 yrs	3 yrs from Completion Date	7 yrs from Completion Date
Chapter 7 Bankruptcy	4 yrs from Discharge Date	2 yrs from Discharge Date	2 yrs from Discharge Date	3 yrs from Discharge Date	7 yrs from Discharge Date
Chapter 13 Bankruptcy	4 years from Discharge Date	1 yr of the payout must elapse & payment performance must be satisfactory. Buyer must receive permission from the court to enter into a Mortgage	1 yr of the payout must elapse & payment performance must be satisfactory. Buyer must receive permission from the court to enter into a Mortgage	3 yrs from the discharge Date	7 yrs from the Discharge Date

If you have questions regarding the above, feel free to contact Steven at (480) 222-2122 or via e-mail at sjohnson@flexmtg.net, or consult with a licensed loan consultant.

Photo courtesy of Flickr by Casey Serin.

Buying is cheaper than renting in most U.S. cities

Buy vs. Rent -

Deciding whether to buy a property or rent one has long been a question needing careful consideration. As the market shifts, the answer may be much easier now - According to new reports by real estate web site, Trulia, our bank accounts may actually be better off if we gave up on being a tenant and become a homeowner. Check out the article~

Buying is cheaper than renting in most U.S. cities

Best Places for Sellers

Despite the market woes being felt by many, according to a recent report by Zillow, one of the leading real estate sites today, sellers in a number of California towns and a few other cities are getting contracts on their homes at prices that are very close to their listing price.  

Here’s the top 10 list for sellers:  Bakersfield, CA; Bend, OR; El Centro, CA; Las Vegas, NV; Merced, CA; Modesto, CA; Riverside, CA; San Jose, CA; Stockton, CA; and Washington, DC.

Check out MSN’s article, “The 10 Best Places for Home Sellers” for more details.

Photo from Flickr courtesy of james.thompson.

John Hall & Associates to become Realty ONE Group

As the saying goes, "Change is a powerful force" and if it weren't for change, we'd all be stagnant doing the same old thing.  Looks like John Hall & Associates is teaming up with one of the fastest growing brokerages and will soon become Realty ONE Group.  Clearly combining forces seems like a logical and prudent move.

I don't have many details at this point, but here's what our broker and Phoenix area real estate guru Jim Sexton and Realty ONE Group CEO Kuba Jewgieniew wrote to all associates:

Dear John Hall & Associates,
 
I am pleased to announce today that John Hall will soon become Realty ONE Group. John Hall’s highly respected reputation and strong foundation will come together with Realty ONE Group’s transparent business model bringing systems, support and technology. Together, John Hall and Realty ONE Group are uniquely positioned to provide experience and innovation to today’s real estate market.  Jim Sexton will be joining forces with Realty ONE Group as their designated broker. Jim will continue to dedicate his time to making this industry better and will share his 25 years of experience with the organization. 
 
You may be asking yourself “Who is Realty ONE Group?” Realty ONE Group is one of the fastest-growing independent companies in America. It was started in May 2005 in Las Vegas and has become the largest full service real estate company in Nevada and is fastest growing in Arizona & California over 2500 associates.  Their fast-past growth, generous commission fee structure, passionate employees, support and technology has allowed them to receive the INC 500 award for the third consecutive year, a rarity. 
 
... Existing John Hall & Associates staff and locations will be retained while the Family and Home grow larger with more support, tools, technology and locations.

Stay tuned for more details on this transition. 


Photo from Flickr courtesy of brockvicky.

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.

So, you want a 4-bedroom, eh?

If you’re in the market to buy a 4 bedroom home in the Phoenix area, you’re in luck – there’s plenty to choose from.  In fact, today ARMLS shows 7,005 active listings for 4 bedroom homes.   Thanks to the internet, SEO and perhaps a bit of PR, I get a fair amount of buyer leads via e-mail.  The most recent said the prospect “needs a 4 bedroom single level home to buy.” 

You would think that shouldn’t be too difficult of a request to make to your Realtor®, and don’t get me wrong, I’d love to help ‘em find the perfect house.  The problem is there are no other details.  Zip, zilch, none.  Not even a phone number that I can call to see if I can get more information. 

Of course I’ve sent e-mails back asking for more details, such as preferences regarding a geographical area, single level or multi-level, pool, number of baths, age of the property, and price parameters – Anything would help.

So, you want a Phoenix area home with four bedrooms? Maybe this will help:

4 bedroom homes priced to $100,000

4 bedroom homes priced from $101,000 - $200,000

4 bedroom homes priced from $201,000 - $300,000

4 bedroom homes priced from $301,000 - $400,000

4 bedroom homes priced from $401,000 - $500,000

4 bedroom homes priced from $501,000 - $600,000

4 bedroom homes priced from $601,000 - $800,000

4 bedroom homes priced from $800,000 - $1,000,000

4 bedroom homes priced over $1,000,000

The key to getting what you want is communication and that’s especially true in real estate.  Work with the other person in partnership and let them know what you’re looking for.  As agents, we have a number of elements we can tweak to better hone in on the perfect property – Give us as much information as you can, and we’ll be able to work smarter, faster and more successfully.

Phoenix area home specialists working with ARMLS can use a number of search fields in the system, including, but not limited to the following:

• Price
• City
• Zip code
• Beds
• Baths
• Square footage
• Type of dining
• Great room
• Lot size
• Dwelling type
• Subdivision
• Builder name
• School district or name
• Garage spaces
• Fireplace(s)
• Exposure
• Flooring
• Laundry
• Type of construction
• Roofing type
• Type of heat
• Number of days on the market
• Access to property photos
• Land lease
• Fix-up
• Lender owned
• Short sale
• Probate/estate

I often suggest to buyers just beginning to think about buying a home to sit down together and go through this list.  Identify what’s important and what’s not.  What the “have to haves” are vs. what are the “nice to haves.” 

And, no, we can’t do a search for just properties where there has never been a smoker, or cats have never lived there.  Or, the water heater is new. Or, if there's a door to the toilet in the master. 

Madrid of Scottsdale

Madrid of Scottsdale is a beautiful gated community offering estate sized homes at the base of the McDowell Mountains near

Frank Lloyd Wright Blvd

and

100^th Street

in the desirable 85260 zip code.  Madrid offers two separate gated sections located on either side of Frank Lloyd Wright.  The community has a total of 85 lots -  Approximately 60 homes are behind the iron gates off of Thunderbird on the west side of Frank Lloyd Wright, and 25 homes are on the east side of FLW.  Madrid is a newer Scottsdale neighborhood, built by Hancock, a Meritage Homes Corporation starting in 2003 and was completed as recently as 2006.

Homes in Madrid range in size from approximately 3,700 square feet to over 5,700 square feet, with some homes offering basements.  Although property lot sizes vary, they are generous in size and average approximately 15,000 square feet.   

Stunning mountain vistas are complemented by the classic architecture.  Madrid is influenced by its European name and neighboring Italy with the Tuscan styling, courtyards, turrets and rotundas, intricate stonework and well-manicured yards.  Madrid is one of Scottsdale’s best kept secrets with grand, regal homes in the hub of north Scottsdale, but nestled quietly against the picturesque backdrop of the mountains.   

I’ve been fortunate to view a number of homes in Madrid.  Spectacular kitchens with gorgeous woods, imported granites and unique stove hoods seem to be one of the many hallmarks of distinction in these homes.

Close to shopping, dining, entertainment, parks, recreation and cultural attractions – in fact, the famed Taliesin West is just a few blocks to the south – residents continue to remark about Madrid’s perfect location in the heart of their beloved 85260. 

View all available homes for sale in Madrid by clicking on the link below: 

Scottsdale Madrid Homes for Sale

Artist rendering taken from the original Meritage Homes marketing brochure.