Luxury Homes Weekly 355th Edition - April 15, 2017 |
| | Before we get into this week's news, I would like to draw your attention to a terrific opportunity in Paradise Valley. This home had been under contract, and it now offers tremendous value.
Here's the thesis in a nutshell: the home is 5,496 square feet and is offered for less than $1.5 million.
But there's more than meets the eye...
The separate 5 car air-conditioned garage with workshop is huge -- appraiser put it at 866 square feet. Since it's already air-conditioned, that garage could easily be changed into a giant man cave, play room, or a second guest house.
Doing the math that's 5,496 + 866 sq ft = 6,362 sq ft. At the asking price, that equates to $235 per square foot.
Over the past 30 days, the average sale price in Paradise Valley was $333 psf (and that's lower than usual, we've been running in the $350-$365 range before this blip).
Mind you, this bargain price is NOT for a house on a busy street, or some teardown.
This house was extensively remodeled in 2011, well maintained, has mature landscaping, a fantastic pool, and is on a quiet street. It's also single-level open floor plan, with a guest house, a gym, and an office -- in addition to 5 bedrooms.
If you may be interested in this gem, please reply and I'll get you the information promptly.
Long time readers will have read these words here many times, but it bears repeating:
Great deals are made, not found.
This is a great deal ready for the taking, a slight effort for a substantial potential return. |
| | | A quick roundup of noteworthy real estate news: |
| | Best Homes on Market
The best of the best in their respective categories, selected for quality and/or value.
Paradise Valley Located in a gated community on a golf course, this 8,284 square foot home built in 2000 is very well appointed. High quality appliances and excellent attention to detail on finishes. This is a solid value at the asking price under $2.4 million.
Arcadia/Biltmore Architecturally significant home at the base of Camelback Mountain. This 5 bedroom home with city views was renovated extensively over the past 2 years. For someone looking for a unique home, this should be on the radar. Offered at just under $2.6 million.
Scottsdale Spanish Colonial home built in 2008, located in guard-gated community of Equestrian Manor. Great layout for entertaining, high quality finishes, and very centrally located. Offered under $2.5 million.
Deal of the Week Bank foreclosure in Paradise Valley, the value is in the 2 acres of land. Home would need either extensive remodeling or to be torn down. Let's make a deal with the bank, please call me at (480) 442-7325. |
| | Active Buyer Needs
Perhaps you've been thinking of selling your home, or know someone who is?
Here's what some of my clients are looking for right now: - Massive Estate Property in Paradise Valley 15,000+ square feet with highest level finishes, and well-suited for entertaining.
- Formal Mediterranean Custom Home in Paradise Valley, approximately 7-8,000 square feet with views, up to $5 million. New construction strongly preferred.
- Hillside Contemporary Home with guest quarters in Paradise Valley or Biltmore. City views, high level of finish, and preferably in gated community or privately gated property - up to $4 million.
If you know of anything, please reply to this email or call my direct line at (480) 442-7325.
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| | Commercial & Investment Properties
This newsletter has been warning of the dangers in retail properties for quite some time, with certain exceptions.
One of those exceptions is the dollar store. Why would this old institution be resilient in the face of Amazon and other forces that are crippling other retailers?
There are a few reasons dollar stores can continue to thrive, even in this tough environment: - Shipping can cost as much or more as the items being sold, so it doesn't work for ecommerce.
- Many of the shoppers at dollar stores don't have credit cards.
- Dollar store shoppers are far less likely to shop online in general.
- Dollar stores are often located in rural areas with little competition.
If this makes sense to you, there's a property we should discuss. It's offered with an almost 8% cap rate, right here in Arizona. Please reply to this email with the best number to reach you, or call my direct line at (480) 442-7325. |
| | Home Inventory
As the closings of high season are represented in the statistics, we see inventory tightening: fewer new listings, increasing sales, higher prices and decreasing days on market.
Paradise Valley
68 New Listings
39 Homes Sold
Average Sale: $1.6 million - $333 per square foot - 153 days on market
Arcadia/Biltmore
44 New Listings
22 Homes Sold
Average Sale: $1.6 million - $387 per square foot - 105 days on market
Scottsdale
147 New Listings
89 Homes Sold
Average Sale: $1.6 million - $347 per square foot - 194 days on market
Please note the data above covers the past 30 days of luxury homes, defined as follows: any single-family home in Paradise Valley, and all residences in Scottsdale, Arcadia, and Biltmore listed over $950k.
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There are many thousands of listings on LuxeAZ.com. To help you find what you're looking for quickly: Please note that listings are sorted from newest to oldest. So you may bookmark these pages and return at any time to see the very latest listings. |
| | Thank you for reading this newsletter. Your comments and suggestions are always appreciated, and will be used to improve future editions.
I'll be back in next week with all the latest news and analysis.
Sincerely,
Alex
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| | | The bestselling book about real estate that's gotten rave reviews from readers all across the country. Topics include:- Selling your home for top dollar
- Demystifying housing statistics
- Critical elements of successful negotiating
- Closing and escrow explained in Plain English
- Financing, with or without a bank
Would you like a paperback copy with my compliments? Just reply to this email with your address and phone number. If you prefer Kindle, you may download from Amazon here. |
| | | A frank examination of real estate and business by Alex Goldstein and Brian Tracy.
Negotiating in good and bad markets, insider secrets from the real estate industry, and much more.
Would you like a paperback copy with my compliments?
Just reply to this email with your address and phone number.
If you prefer Kindle, you may download from Amazon here.
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Disclaimer: All information is believed to be accurate, but should be verified by the reader and is provided without warranty. Please consult appropriate financial, tax, legal, and real estate advisors before making decisions. This email is not intended to solicit people who are represented by another agent.
(c) 2017 Alex Goldstein PLLC
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