Real estate never sleeps, even through Labor Day weekend. Here's the latest news:
1. Another off MLS deal will hit the market imminently. It's on a golf course, the seller was remodeling and ran out of money. Hence there should be some "meat on the bone" in a market where bargains are a needle in a haystack. It will be a cash deal that sells quickly, so quickly in fact I won't have a chance to write about it here once it can be shown. If you would like details, please reply to this email or call me at (480) 442-7325.
2. A giant mortgage disaster has been averted. The federal government in its infinite wisdom had been trying to "reform" the mortgage market to a point that would have shut out the majority of Americans from ever getting a mortgage. 2 years of lobbying from the National Association of Realtors and we finally have a sane version of the Qualified Residential Mortgage rule. For a summary,
3. Luxury home sales continue their strength, despite rising interest rates according to the Wall Street Journal. This national trend is certainly echoed here in Paradise Valley with substantial activity despite rising rates, despite rising prices per square foot even for older homes, and despite the heat which usually creates a seasonal slowdown. For the full story, please
Closings
There were almost $12 million in closed single family homes last week, at an average price of just under $1.5 million. The average sale price per square foot was $320, with one home changing hands at $528. Another strong week with little sign of the usual summer doldrums.
New Listings
15 new listings this week with a wide range from teardowns to brand new construction.
Below are two that are worth seeing sooner than later:
Remodeled Family Home on Large Lot
This home represents a value, as it's over 4,300 square feet of remodeled interior space on a lot almost 1.5 acres -- for under $1.7 million. 4 car garage, lovely kitchen, pool, large grassy area in yard and covered patios. I suspect this will sell quickly.
New Build in Guard Gated Community
Located in the prestigious Judson community, this superbly furnished new build has 6 bedrooms, a 4 car garage, pool, and sits on an oversize lot of about 1.25 acres. Offered at just under $4 million.
To see all of this week's listings in PV, please click here.To see everything on the MLS in Paradise Valleyplease click here.That's all for this week, I'll be back next week with allthe latest in Paradise Valley real estate.Regards,
Alex
SearchParadiseValleyProperties.com
(480) 442-7325p.s. Would you like to know about off MLS homes?
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