October Greater Arcadia Closes

Better late than never...it has been busy around here!

Noteables:

There were 67 sales in October compared to 69 sales in September, 56 in August, 74 in July, 81 in June, and 86 in May.  A typical uptick given the seasonality of the Phoenix market.  The average list price was $548,659, a nice increase from September's  $494,904.  There were six sales over $1,400,000 with the biggest being $2,200,000, a 4,000 square foot home on Lafayette.   Homes sold for an average of 96% of list price, which is a typical ratio for the area. The average market time was 97 days and the average size of the homes sold was 2,128 square feet for an average price per square foot of $220.05. 

Also to note: values in Arcadia vary widely based on location. For example, in October the lowest sales price was $65,000 for a condo and the highest sales price was $2,200,000 for the home discussed above.

Just Sold!

Lower Arcadia | 5001 East Flower Street

This nice family home on a quiet Lower Arcadia street just closed last week.  We had four offers the first weekend on the market!

5001 E. Flower Street, Phoenix, AZ 85018

5001 E. Flower Street, Phoenix, AZ 85018


Helping You Sell: Landscaping

If you are thinking about selling, it is time to spruce up that landscaping.  According to researcher Alex X. Niemiera with the Department of Horticulture at Virginia Tech, $150,000 home with no landscaping could fetch an additional $8,300 to $19,000 by adding a landscape with color and large plants!

What does that mean for Arcadia home sellers? Invest in overseeding for a lush, green, winter lawn. Add splashes of color with seasonal flowers.  Your local nursery can help select flowers that will last until the heat of summer hits.  It is also a great time to make sure your watering system is working properly.

Here are some other great landscaping resources:

Landscaping Boosts Homes Values up to 12%

6 Landscaping Tricks That Wow Buyers

Landscaping That Sells

Landscaping Trends : Just Add Water

September Greater Arcadia and Camelback Corridor Closes

Recently recorded sales offer the biggest basis for your home's current value.  Follow the link below to see which homes closed in September.  Keep in mind your home's condition and the golden rule of real estate: location, location, location are keys to your home's value.  

September Area Closes (homes shown individually)

Click here for a graphical comparison of the last 5 months.

Noteables:

There were 69 sales in September compared to 56 in August, 74 in July, 81 in June, and 86 in May.  A typical escrow lasts about 30 days, so the majority of the sales that closed in September went under contract in August. In August, most of the area is back in town and beginning to settle into the school year, that is why we see an uptick in the number of transactions after declining for the last 4 summer months.  The average list price was $494,904 compared to $746,629 in August.  This is quite a drop, but is similar to the May average list price of $497,000.  We had more middle range sales in September and the highest sales price was only $1,750,000. In the past months, we have had at least one close over $3 Million each month, which brings that average list price up. The average sales price was $471,076 in September compared to $719,532 in August (homes sold for an average of 96% of list price). The average market time was 88 days and the average size of the homes sold was 2,102 square feet for an average price per square foot of $205.37. 

Also to note: values in Arcadia vary widely based on location. For example, in September the lowest sales price was $75,500 for a condo and the highest sales price was $1,750,000 for a 5,538 square foot home.

Most Exclusive Arcadia Listings

Here is a glimpse at some of the most exclusive and expensive listings on the market right now in the Arcadia area. These are not your typical "ranch" houses...

6422 E. Exeter Blvd.

6422 E. Exeter Blvd.

6422 E. Exeter Blvd: 6 bedrooms, 6 1/2 baths. 6,822 square feet, .93 acre lot, $3,695,000. Offered by Berkshire Hathaway, Robert Joffe.


4921 E. Calle Del Medio

4921 E. Calle Del Medio




4921 E. Calle del Medio: 5 bedrooms, 5 1/2 baths. 6,887 square feet, .82 acre lot, $3,860,000. Offered by HomeSmart, Stephanie Altdoerffer.

4715 N. Launfal Ave.

4715 N. Launfal Ave.

 

 

 

4715 N. Launfal Ave: 6 bedrooms, 7 1/2 baths. 8,181 square feet, 1.07 acre lot, $4,095,000. Offered by Berkshire Hathaway, Robert Joffe.

6039 E. Mariposa St.

6039 E. Mariposa St.

 

 

 

6039 E. Mariposa St: 5 bedrooms, 4 1/2 baths. 8,439 square feet, .84 acre lot, $4,495,000. Offered by Berkshire Hathaway, Robert Joffe.

 

 

 

5130 E. Exeter Blvd.

5130 E. Exeter Blvd.

 

 

5130 E. Exeter Blvd.: 5 bedrooms, 5 bathroom. 7,181 square feet, 4.15 acre lot, $7,995,000. Offered by Realty Executives, Mackey Martin.

 

Just a Year Ago...

Things have changed quite a bit in just one year in Arcadia Proper.  Last year investors and builders were buying older homes with plans to build new or do drastic remodels.  Those new homes and remodels are now coming to market and it is reflected in the change of the average sales price we are seeing right now in the neighborhood.

Between 8/24/13 to 9/24/13 homes within the Hopi school district had an average sales price of $632,995.  The highest price sale was $1,240,000.  Just one year later, between 8/24/14 and 9/24/14, the average sales price was $1,098,703 with the highest price sale of $3,695,000!

The number of sales decreased from 20 to 16 and the average market time increased by 78 days.  This is not surprising. More expensive homes have a smaller pool of buyers, therefore the market time is typically longer.


August Greater Arcadia Closes

Recently recorded sales offer the biggest basis for your home's current value.  Follow the link below to see which homes closed in August.  Keep in mind your home's condition and the golden rule of real estate: location, location, location are keys to your home's value.  

August Area Closes

Noteables:

There were 56 sales in August compared to 74 in July, 81 in June, and 86 in May.  It is typical to see a dip in closes in the summer in Arcadia.  No one moves in the summer unless you have to!! The average list price was $746,629 compared to $621,929 in July and $527,922 in June and the average sales price was $719,532 in August, compared to $589,679 in July and $497,000 in June (Homes sold for an average of 97% of list price). The average market time was 82 days (105 in July, 74 in June) and the average size of the homes sold was 2,667 square feet (2,313 in July, 2,224 in June) for an average price per square foot of $224.60 (July sales price per foot was $219.30, June sales price per foot was $199.97).

Also to note: values in Arcadia vary widely based on location. For example, in August the lowest sales price was $55,500 for a condo and the highest sales price was $3,695,000 for a brand new 7,700 square foot custom home on Exeter Blvd

Cute and Clean One-Bedroom Lease in Old Town Scottsdale

Looking for a rental in Scottsdale?  Don't miss this great condo!  Located at 3314 N. 68th Street (Osborn and 68th Street, right down the street from the Valley Ho), it is close to everything...restaurants, bars and shopping! The kitchen features new appliances and the there are wood laminate floors and trendy gray wall paint throughout.  The bedroom has french doors that open to a balcony and the great room offers an alcove that would be perfect for a home office.  Not often seen in this complex, this unit has a clothes washer, so you can skip the onsite laundry.  Gated community with one reserved and covered parking spot. And the piece de resistance...utilities are included! $775/per month, 12 month lease.  Call/email to schedule a showing:  602.463.3359, hillary.gurley@russlyon.com.

http://www.yourarcadiarealtor.com

SIR.com Achieves Significant Milestone

Flagship Website Exceeds 1 Million Visits in July

Recently, sir.com surpassed 1 million visits in a single month for the first time in its history! July 2014 saw 1,042,043 visits to sir.com, which is a 15% increase from July 2013.  This major milestone is something I take pride in and is another significant achievement for our incredible brand - which is indicative of our quality and consistent growth over the years.  Traffic to sir.com has been steadily trending upwards for the last six years, with the largest jump in traffic growth occurring over the last two years.  The major contributors to this great achievement have been our overall growth as a brand with approximately 720 offices in 52 countries, our strategic marketing partnerships with the most significant media companies in the world and our continuous search engine optimization and advertising efforts that place sir.com in the top positions within search engine results.  

We celebrate this achievement and look forward to continuing to make sir.com the destination for discovering luxury real estate worldwide.

July Greater Arcadia Closes

Recently recorded sales offer the biggest basis for your home's current value.  Follow the link below to see which homes closed in June.  Keep in mind your home's condition and the golden rule of real estate: location, location, location are keys to your home's value.  

July Area Closes

Noteables:

There were 74 sales compared to 81 in June, 86 in May, 62 in April and 69 in March.  It is typical to see a dip in closes in the summer in Arcadia.  No one moves in the summer unless you have to!! The average list price was $621,929 compared to $527,922 in June and the average sales price was $589,679, compared to $497,000 in June (Homes sold for an average of 95% of list price). The average market time was 105 days (74 in June, 73 in May) and the average size of the homes sold was 2,313 square feet (2,224 in June, 2,214 in May) for an average price per square foot of $219.30 (June sales price per foot was $199.97 and May price per foot was $215.63).

Also to note: values in Arcadia vary widely based on location. For example, in July the lowest sales price was $31,000 for a condo and the highest sales price was $3,875,000 for a brand new 6,700 square foot custom home on Exeter Blvd.

Phantom Appreciation

Median sales prices are up year-over-year. However, there is a phantom in those median price increases, or apparent appreciation. It’s in the ‘mix’. Reported sales data often lumps together ‘normal’ sales, REO (bank owned) and Short Sales. It’s old news the distressed market has been substantially erased with investor purchases.

Today’s market is dominated by ‘normal’ sales. Since distressed were primarily lower-end properties, we now find substantially fewer homes under $100K. That’s the story. And the higher proportion of normal sales absent those lower-end distressed sales has artificially raised median prices – phantom appreciation.

We can graph the shift in the mix by looking at the monthly sales grouped by price range. It’s also instructive, as we literally ‘see’ the proportion of lower-end properties disappearing from the market in the month-over-month price range trends.

Below are a series of charts from select cities across Arizona. Each chart covers 2012 to current. Each vertical bar represents the volume of sales activity. The colored bars represent the relative amount of volume by price range. The price range color key to the bars are shown along the top of each graph. Again, the thing to notice, that you can readily see, is the shrinking to almost non-existent under $100K market in most cities.

Click on the city of interest to enlarge.

Phoenix Scottsdale

Paradise Valley Fountain Hills

Carefree Peoria

Fewer lower-end listings equals fewer lower-end sales. It’s tougher to qualify for the higher priced starter homes.

Many would-be homeowners are now renters!

However, lack of affordable inventory isn’t the only factor giving younger millennial buyers pause. But that’s another story.

Move-up buyers are increasing gradually as equities return.

While ‘Phantom Appreciation’ does skew the overall stats, the issue is negligible in the mid to higher-end sectors as most sales have been and continue to be driven by ‘normal’ sales.

As an example, year-over-year appreciation in certain market sectors of Scottsdale’s high-end Desert Mountain Community show appreciation of 25%!

This is not typical, but makes the point that appreciation stats vary greatly and can only be accurately assessed within the local community and price range of interest. Of course, this is what we do as your Realtor.

Generally speaking, the luxury market is stable, albeit seasonally slower in both supply and demand as many Arizonans head for higher ground or the beach!

Just Closed - San Miguel

My retired clients, who want to spend more time traveling, were looking for a place that required less upkeep and this home in Marion Estates fit the bill!  While the lot is more than half an acre (far from small), it is covered with low maintenance desert plants and backs to a wonderful wash. The husband who was an architect worked for Al Beadle and Frank Geary in his early years and appreciated the mid-century architecture of this home and many of the surrounding homes. There is beautiful view of Praying Monk from the living room. In the near future, they will remodel the master bath and kitchen and enhance the yard. Congratulations, Ginny and George!

San Miguel - Marion Estates

San Miguel - Marion Estates

June Greater Arcadia Closes

Recently recorded sales offer the biggest basis for your home's current value.  Follow the link below to see which homes closed in June.  Keep in mind your home's condition and the golden rule of real estate: location, location, location are keys to your home's value.  

June 2014 Closes

Noteables:

There were 81 sales compared to 86 in May, 62 in April and 69 in March.  The average list price was $527,922 compared to $542,500 in May and the average sales price was $497,000 (Homes sold an average of 96% of list price). The average market time was 74 days (73 in May) and the average size of the homes sold was 2,224 square feet (2,214 in May) for an average price per square foot of $199.97 (May price per foot was $215.63).

Also to note: values in Arcadia vary widely based on location. For example, in June the lowest sales price was $53,000 for a condo and the highest sales price was $3,000,000 for a beautiful 9,000 square foot home on just under an acre.

 

Celebrating the Fourth in Arcadia

There are plenty of ways to celebrate the 4th of July without leaving the neighborhood.

Arcadia Neighborhood Parade

fireworks.jpeg

Come one, come all! Bring your pets, decorated bikes, go-peds, wagons, skate boards, roller blades, trikes, baby strollers, go-carts, antique cars, floats and you! The City of Phoenix Fire Department will be leading the parade. Bring your lawn chairs, blankets, fruit juice, muffins, pastries, and bagels to share in a "Potluck Breakfast!"  Music, fun, singing, prizes and more fun!

The parade route starts ends at Jokake and Calle Tuberia.  To keep the parade route clear, it is best to park on Lafayette. 

Parade Registration: 7:30 AM  Parade Start: 8:00 AM

Prizes awarded for: Most Patriotic Family, Man and Woman, Best Decorated Bike and Wagon, Best Dressed Pet, Most Unusual, Grand Prize, Best Kids Group.

Arizona Country Club

If you are member of Arizona Country Club, you and your family can enjoy a banquet and a great fireworks show with no crowds.  They usually always have a ton of games for the kids.  Call the club to make your reservation.

Lower Arcadia Celebration

Each year the generous Paceley family opens their front yard (SE corner of 52nd street and Osborn) to the neighborhood. Fun for the kids, great food. Bring chairs and blankets and watch the fireworks from Arizona Country Club.




Luxury Lifestyle Report

Annual Survey of High Net Worth Indviduals

Annual Survey of High Net Worth Indviduals

The Sotheby’s International Realty Luxury Lifestyle Report is based on a survey of affluent consumers in the United States, United Kingdom, Brazil and China, and reveals insights into the purchasing behavior of high net-worth consumers. We hope the information 
uncovered in this report offers insight and inspiration for your next real estate purchase.

Click here to view the Luxury Lifestyle Report