Subject: Paradise Valley MarketWatch - 12 New Listings and Real Estate Bubble Analysis

Good morning Friend,

Real estate has been figuring very prominently in
the national and global news lately, with prices
jumping up quickly in many major markets:

* Banks are foreclosing at higher rates now
because they have confidence they'll be able to
sell quickly (click here for Bloomberg article).

* Vacation properties from Hilton Head to
Hawaii are now also rapidly appreciating,
where previously those markets had lagged
(click here for Bloomberg article).

* In many markets people cannot even use
financing anymore as cash buyers rule the day
(click here for New York Times coverage).

This begs the question: are we in another bubble?
The Economist recently ran a noteworthy article
investigating the subject, and their conclusion was
that we are not in a bubble.  They looked at prices
relative to income and rents, and found that despite
the recent increases real estate remains reasonably
valued.  As the charts they provided indicate, these
ratios were stratospheric in the 2005 market, while
now they are under the long term average, despite
the recent increases.  To read the article and review
the informative charts please click here.

Closings
Volume in Paradise Valley backed off from the record
breaking pace of the previous week, but remains
respectable at just over $8 million.  Sales ranged from
$290k to $2.3 million.

Price per square foot was down substantially from
$372 to $261.  This is due to the larger than usual
mix of short sales and fixer uppers last week.  One
short sale was particularly noteworthy -- the bids
came in so high on the property there was no need
to short sale it, and it became a traditional sale.  A
sign of the times with today's rapidly rising prices.

New Listings
Sellers remain aggressive with some eye-popping
asking prices for homes of so-so quality.  Prices are
rising, yes, but sellers who charge Champagne prices
for beer homes are just going to have their homes
linger on market and become stale.

So out of this week's 12 new listings, there are only
3 that I would highlight for quality and/or value:

Spanish Estate Exquisitely Remodeled
Featured in Phoenix Home & Garden magazine, this
impeccably finished home is within walking distance
of Sanctuary Resort.  5,300 square feet and 5
bedrooms, this home is well suited for both families
and seasonal residents.  This is an excellent home
and reasonably priced at the asking price just under
$2 million.

Family Home in Cheney Manor
This remodeled home located near Mockingbird and
Cheney is well suited for families, as it's located on a
cul de sac, has an open floor plan, and a lot large
enough to accommodate a sport court.  Amenities
include a steam shower, media room, and of course
a pool.  Offered at just under $1.8 million.

Bargain -- With a Catch
This house is the best you will find under a million
in Paradise Valley.  The catch is the location, it's
right on Tatum.  If you're used to living in a city
and don't mind the traffic, you’ve got a remodeled
home on the Paradise Valley Country Club golf
course for just under $1 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
(480) 442-7325

p.s. Would you like immediate notification of homes
that meet your needs, including those that never
hit the MLS? It's easy please click here.




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