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Scottsdale, AZ Real Estate News

By Heather Tawes Nelson, Associate Broker, ABR, CLHMS, CRS - Scottsdale, AZ
(Live Better in Arizona )
- March 2024 Scottsdale Homes for Sale and Home Sales - Now that it is the high season, we are seeing lots of sales activity in Scottsdale. Inventory, contracts and sales were all up. SCOTTSDALE HOME SALES ACTIVITY –  MARCH 2024 Each month, we look at the following four items related to home sales: - Single-family homes for sale - Orange Line - How many homes were on the market at the end of the month. - Under contract, but accepting backup offers (UCB) - Gray Line - The number of UCB contracts there were at the end of the month. - Pending home sales - Yellow Line - How many pending sales there were at the end of the month.*- Home Sales - Blue Line - How many homes sold during the month. MARCH 2024 RESULTS Scottsdale Homes for Sale: Inventory fell slightly by the end of the month. Howev...
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By Jane & Jeff Daley, PhD, Scottsdale Real Estate Arizona
(Luxury Valley Homes Scottsdale)
Is It Getting More Affordable To Buy a Home?Over the past year or so, a lot of people have been talking about how tough it is to buy a home. And while there’s no arguing affordability is still tight, there are signs it’s starting to get a bit better and may improve even more throughout the year. Elijah de la Campa, Senior Economist at Redfin, says:“We’re slowly climbing our way out of an affordability hole, but we have a long way to go. Rates have come down from their peak and are expected to fall again by the end of the year, which should make homebuying a little more affordable and incentivize buyers to come off the sidelines.”1. Mortgage RatesMortgage rates have been volatile this year – bouncing around in the upper 6% to low 7% range. That’s still quite a bit higher than where they ...
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By Sal Giorlando
(VALLEYWIDE RESIDENTIAL)
Looks like one of six Frank Lloyd Wright designed homes in the Valley should be going on the market in the next few weeks. Here is the article at azcentral.com. It will be very interesting to see what price it goes for...
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By Sal Giorlando
(VALLEYWIDE RESIDENTIAL)
Well, the month is not over yet, but I figured I would run the numbers anyway. Currently, May is showing 100 properties sold in Southern Scottsdale. Compare that to April which had a total of 103 for the month. Taking into account that not all sales are in for the month of May, its looking like we will have a small uptick in sales from last month. The prices have not really changed much. So far in May, the average sale price is $250,339 and the average square footage is 1,436. That's $174 a square foot. April's numbers were $265,514 at 1,543 square feet which comes out to $172 a square foot. I would say prices are pretty much stagnant between the two months. Overall, things are looking good. Given how much the values have been dropping this year, it is good to see that prices seem to ha...
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By John Karadsheh, ABR, CRS - REALTOR - Mesa, Arizona - Las Sendas
(KOR Properties)
John Karadsheh, ABR, CRS | Russ Lyon Realty Company | 602-615-0843 14625 North 62nd Way, Scottsdale, AZ Model Perfect Scottdale Home! 5BR/3.5BA Single Family House offered at $725,000 Year Built 1992 Sq Footage 3,724 Bedrooms 5 Bathrooms 3 full, 1 partial Floors 2 Parking 2 Car garage Lot Size 8,094 sqft HOA/Maint $0 per month DESCRIPTION ABSOLUTELY STUNNING HOME IN THE HEART OF SCOTTSDALE! THIS HOME FEATURES 5 BEDROOMS AND A HUGE OFFICE & 3 1/2 BATHROOMS. AS YOU WALK THROUGH THE ELEGANT FOYER YOU ARE GREATED BY A BEAUTIFUL FORMAL LIVING ROOM AND DINING ROOM WITH VIEWS OF THE RESORT LIKE BACKYARD. THE CHEF'S KITCHEN FEATURES GRANITE COUNTERS, STAINLESS APPLIANCES & A BIG BREAKFAST ROOM. THE LARGE MASTER SUITE BOASTS VAULTED CEILINGS & A BIG MASTER BATHROOM W/DOUBLE SINKS, SEPERATE TUB ...
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By Sal Giorlando
(VALLEYWIDE RESIDENTIAL)
I ran the numbers on the average amount of time it takes to sell a home in Southern Scottsdale. Of the homes that sold in April, 2008, the average time on the market was 124 days, or 4 months. Remember, these are the homes that did sell. There are currently more than 900 homes on the market that have not, and it is common to see a home on the market for over a year. The point to keep in mind: Every home will sell for the right price. If you want to get a it sold quick in this market, you need to keep dropping the price until it does. Simple as that.
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By Brian Yampolsky
(Orion Mortgage Corporation)
Today's topic is about "Points" - What are they & and when you should pay them? One of the most misunderstood parts of the mortgage process (and there are many) has to do with points. Many of our clients don't know what points are or when it makes sense to pay them. For starters, let's define what a point is. A point (sometimes referred to as a "discount point") is equal to 1% of your loan amount. So, on a $300,000 loan, 1 point = $3,000. When you pay points, all you're doing is pre-paying interest in order to get a lower rate on your loan, which will obviously result in a lower monthly payment. Paying points is an option - you don't have to pay them. You should know that you can negotiate to have the seller pay points for you or you can obtain a mortgage with 0 points. When you are try...
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By Heather Tawes Nelson, Associate Broker, ABR, CLHMS, CRS - Scottsdale, AZ
(Live Better in Arizona )
Recently, I had the opportunity to meet with the development team of LUXIAN Scottsdale to learn more about the wonderful and unique concept they are bringing to Scottsdale. The LUXIAN Scottsdale will be located on Camelback Road adjacent to the Phoenician golf course and in the heart of Scottsdale's dining, shopping, entertainment and art district. The DevelopmentThere will be three 6,000+ square foot executive homes on acre lots, a gated, secure entry with a full-time, on-site concierge and a fully-equipped business center. Designed with spending time with family and friends in mind, the LUXIAN Scottsdale lifestyle will be hard to surpass.   OwnershipLUXIAN's Equity Resort Ownership comes in the form of a 1/4 deeded interest in one of the homes and there are only eleven ownership posit...
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By Sal Giorlando
(VALLEYWIDE RESIDENTIAL)
It is general knowledge that Northern Scottsdale is more expensive than the Southern portion of the city, but by how much? I have looked up the price difference in homes sold over the last year between Northern and Southern Scottsdale to give you an answer. If you would like to see a map of Southern Scottsdale click here. I started by performing a very general search that covers all sales in Southern Scottsdale over the last year (5/1/2007 - 5/1/2008), here are the averages: Square Footage: 1496Sale Price: $284,548 Here are the numbers for Northern Scottsdale: Square Footage: 2565Sale Price: $733,290 As you can see, the average home in Northern Scottsdale is over twice as much as the average home in Southern Scottsdale. It should be noted that the square footage is significantly differe...
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By Will Daly, www.WeKnowUrban.com - Phoenix High Rise and Loft C
(We Know Urban Realty)
Join WeKnowUrban and fellow urban living enthusiasts as we tour Downtown Scottsdale in two weeks.  At 10:00 am, June 14th, we'll board a bus and visit the hottest high rise condos and coolest lofts that Scottsdale Arizona has to offer. The cost of the tour is only $7.50 for the public and $15 for real estate agents.  For additional information visit www.WeKnowUrban.com/Tour.  Hope to see you there.  W
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By Bob & Carolin Benjamin, East Phoenix Arizona Homes
(Benjamin Realty LLC)
Are you a wine lover and looking for something unique? Live near Scottsdale Arizona, or coming for a visit? Then check out Su Vino Winery. This unique family owned and operated winery is located in the Arts District of Downtown Scottsdale Arizona. What makes them so unique is that they offer customers the opportunity to have wine made specially for their palate. They have won more than 36 prestige awards for their wine. They are also the first winery in the Scottsdale Arizona area. Their parent winery is in Grapevine, Texas. Check their website or call them 480-994-8466. They are located at 7035 E Main Street - St 110 in Scottsdale. Enjoy!
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By Bob & Carolin Benjamin, East Phoenix Arizona Homes
(Benjamin Realty LLC)
If you are looking for good Mexican food in Scottsdale Arizona you will want to check out Frank & Lupe's. This place has been voted in the top 10 Mexican restaurants in the Valley for the past 10 years. With specialties of the house like Carne Adovada Burrito Plate, Stuffed Sopaipilla Plate, Camarones A Diablo and many other specials along with traditional Mexican cuisine you can't go wrong. Located at 4121 N Marshall Way in Scottsdale Arizona. Call 480-990-9844 for more information and reservations.
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By Jamie Geiger
(Thompson's Realty)
Well probably not, but with the tempature in Phoenix today at 109 today, my dogs sleep all day and come to life when the sun goes down-much like a bat or vampire and after all they have those big canine teeth :)  As a reminder if you are selling your home in Phoenix in the hot summer months here are some things to remember: ...more...
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By Will Daly, www.WeKnowUrban.com - Phoenix High Rise and Loft C
(We Know Urban Realty)
It's only eight days since our last condo tour and we already have the next bus one quarter reserved.  What's even more remarkable is that most of the folks who reserved seats have already guaranteed the reservation by paying for their tickets.  Its not uncommon for tour attendees to wait until the very last minute to actually pay for the seats which of course makes our jobs more difficult as we don't have a final head count until the last day or so. My hope is that after having held these for eight months we are gaining a good reputation.  We do have a little (and I mean little) following of regulars who join us.  But this too is growing and helping the effort.  If you'd like to join us check out our tour page and sign up.  We'd love to see you.  W
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By Will Daly, www.WeKnowUrban.com - Phoenix High Rise and Loft C
(We Know Urban Realty)
Several people have contacted us asking if there will be a WeKnowUrban High Rise and Loft Condo Tour next month (June).  This is in response to some comments I made on last weeks tour stating that because it's getting hot we might "shelve" the tours for the summer. Because of the response, we have elected to conduct tours this month on a month by month basis.  So, we're going for it in June and will decide on July, August and September as we get closer to each month. The June WeKnowUrban High Rise and Loft Condo Tour will cover Downtown Scottsdale, which is always a very popular area.  We currently intend to tour 4020 Lofts / Scottsdale Lofts (new to tour), Third Avenue Lofts (new to tour), Optima Camelview, and Astoria (new to tour). Yes, the tour is open to real estate agents and the ...
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By Will Daly, www.WeKnowUrban.com - Phoenix High Rise and Loft C
(We Know Urban Realty)
The Arizona-based Westcor, a powerhouse in retail development, bought a 112-acre parcel near the corner of Scottsdale Road and the Loop 101 Freeway in North Scottsdale last week. Known for developing some of the best shopping destinations in Arizona; Scottsdale Fashion Square, Biltmore Fashion Park and Chandler Fashion Center, Westcor won the bid of $32 million today and plans to build a massive high-end mixed-use development, directly across the street from One Scottsdale. Earlier this year, Westcor teamed up with DMB Associates to complete the One Scottsdale project, another high-end mixed-use development that will redefine urban living in the desert. The agreement in that deal allocated 500,000 square feet of commercial space for Westcor to control. Westcor has been planning to devel...
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By Eric Murrietta
(Homeowners Financial Group USA, LLC)
Great News...A new lending avenue has reopened for "Distressed Market" areas, including Maricopa County in AZ.  Go to www.fanniemae.com and you can read the news release from today.  Highlights New Changes go into effect June 1, 2008 "Fannie Mae will accept up to 97% LTV ratios for conventional, conforming mortgages processed through its Desktop Underwriter® (DU®) automated underwriting system" 95% LTV on loans underwritten outside of DU Down Payment requirements will be for purhase transactions of Primary Residences DPA will be available through Community Seconds® and MyCommunityMortgage® products Read the article if you are interested in some of the remaining comments from contributors to the press realease.  This just gives realtors and lenders more options for helping people into th...
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By Will Daly, www.WeKnowUrban.com - Phoenix High Rise and Loft C
(We Know Urban Realty)
Westcor was successful yesterday in securing the 112 acre site in north Phoenix at the north west corner of Scottsdale Road and the 101 for its proposed project Palisene.  The cost of the deal was $32 million for a 99 year land lease. There had been some speculation that Westcor would not move forward with the deal since it partnered with DMB on the mixed use development called One Scottsdale Place, which would be across the street from Palisene on the north east corner of that same intersection.  Especially since one of the reasons cited for the partnership was the declining residential and commercial real estate markets, uncertainty in the finance industry, and the stiff competition that Palisene, One Scottsdale Place and a third huge mixed use project, City North to the west, would g...
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By Georgie Hunter R(S) 58089, Maui Real Estate sales and lifestyle info
(Hawai'i Life Real Estate Brokers)
OK, so we're doing a little sightseeing in greater Phoenix and decide to go to the Scottsdale Fashion Square, just because it sound like it's so "over the top".  It is.  I check out a few of the shops like Betsy Johnson, and Jimmy Choo (we don't have these on Maui) and I think I need some medication - who can afford these clothes?  Culture shock.  I look around.  There are more sales people in this mall than consumers.  We cruise through the 3 levels and make a few small purchases and decide it's time for some pupus.  As luck would have it, there's a Kona Grill - ah, a touch of the islands, we'll go there... and it's early enough for the happy hour specials.  The hostess point us to the upper level... we luck out and get a table just as somebody leaves.  It's the only vacant seat in th...
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By Heather Tawes Nelson, Associate Broker, ABR, CLHMS, CRS - Scottsdale, AZ
(Live Better in Arizona )
In April of 2008, the Fortune Small Business magazine published a list outlining the "100 Best Places to Live and Launch" in the United States. The winners were rated on lifestyle as well as business climate for small business owners. Scottsdale came in at number 25. According to the magazine, Scottsdale ranked high on culture, nightlife, tourism and a large base of entrepreneurs. Where we fell short was on competition and the high cost to lease commercial space.  The city that took the top honor in the list was Bellevue, Washington. Other Arizona cities that made the list were Oro Valley (outside of Tucson) at number 44 and Prescott at number 92.  For more complete information, please visit the links below:  Link to Scottsdale's Pagehttp://money.cnn.com/galleries/2008/fsb/0803/gallery....
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By Michael Mantione, Scottsdale Vacation Homes
(Escape to Scottsdale / West USA Realty )
I've been reading blogs and articles from other realtors suggesting that the market has so called "bottomed" and the surge in recent sales. The word "bottomed" is a nice word that so called real estate and Wall Street gurus came up with to help lure people back into the markets. I find that very funny seeing that foreclosures in the first 2 weeks of April there have been more foreclosures filed than in the whole month of March; which was a record month. People tend to blame the media for everything. It's funny because I didn't hear anyone complaining when the media told all the good news about real estate during the boom.  The articles about the many Americans buying multiple homes and making a hundred grand before they made there first mortgage payment from the increase from lot reserv...
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By Michael Mantione, Scottsdale Vacation Homes
(Escape to Scottsdale / West USA Realty )
In a down market you have to buy smart. Buying smart means buying an in-demand product in a desirable area that is land locked and has the least amount of inventory of that product. The trouble that most people get in is they bought tract homes built by the national home builders. When everything was appreciating in value you tend to forget the principles of real estate and you can throw a dart to anything to make money and get appreciation. In a down or flat market you have to be selective in your purchases. You want to buy something with character that your neighbor down the street doesn't have. Furthermore, view lots with golf course, city light & mountain views are like ocean and lake views in other areas. Scottsdale custom homes in areas from Grayhawk south and east into Fountain H...
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