Hi Friend,
We live in very interesting times. This week two of the new listings went under contract almost immediately, with the official days on market at 3 and 4 respectively. One was a short sale, and those always tend to move quickly as do bank foreclosures. However, the other was just a well priced traditional sale. Bottom line is virtually anything under $1 million in Paradise Valley will be gone in a flash.
Furthermore, the activity at higher price points has also accelerated. But buyers are not as forgiving on a $3 million home, the quality has to be there. People are not spending millions on fixer uppers, at least not yet. This may sound obvious but my point pertains to two listings this week. On the surface they look like some of the better prospects this week, but they went live on the MLS without pictures, just one quick small snapshot each for homes that are asking millions.
I cannot overemphasize the importance of getting the basics right when putting a listing on the MLS. A new listing gets a lot of attention by virtue of the fact that its new. Tens of thousands of people may see it when its new, as it shows up on all sorts of automated reports. That's an incredible opportunity, and as the old saying goes you don't get a second chance to make a first impression. This is Real Estate 101 and it's amazing that a listing ever goes up without photos, let alone twice in a week.
If you are thinking about selling a home, I would value the opportunity to earn your business. However, even if we don't work together, please make sure that you get everything right before your home goes on the MLS. Don't put it out a week before its ready just to get it on quickly. And for goodness sake check the facts -- I saw a new listing a week ago where the square footage was off by over 20%. These types of oversights, missing the basics, can add months to the marketing period, reduce traffic to the home, and thus possibly cost a seller quite a lot of money. When it comes to the MLS: DO sweat the small stuff.
Closings Last Week
Volume of sales was up to $9 million from
$3.6 million the week before. Prices ranged from $875k to $2 million, with an average sale price of just under $1.3 million. The average price per square foot was a low $223 psf, reflective of the older mix of homes as average year of construction was 1973. Thus the trend of older homes getting sold continues as our pool of inventory remains limited.
New Listings This Week
We have 12 new listings this week including
ranging from $619k to $4.8 million. Regrettably both listings in the $600's are already gone. Please note that if you want immediate notice the day such bargains hit the market, then you may supplement this weekly newsletter with or call me to get started. There is no fee for this service.
Owing to the lack of photos and homes already under contract, there's only one home I am highlighting this week:
Gated Estate on 1.7 Acres with 24 Car Garage
24 car garage is a great amenity if you collect cars, but if you don't the space is air conditioned, so you can repurpose it for anything else you wish - play room, office, studio. There's 10,700 square feet of interior space and more amenities than I can list here including a sport court, home theater, wine room, bocce ball, full Crestron system, and more. An impressive home for families and entertaining offered at $4.8 million.
To see all of this week's listings, please click here.
To see everything on the MLS in Paradise Valley
please click here.
That's all for this week, I'll be back next week with all
the latest in Paradise Valley real estate.
Regards,
Alex
SearchParadiseValleyProperties.com
p.s. If you wish to chat, my direct line is (480) 442-7325.
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