Hello Friend,

Fiscal cliff or not, the real estate market
is full of action from coast to coast.  Indeed,
the fiscal cliff may be helping to drive real
estate prices higher -- for an interesting
article on Real Estate Investment Trusts
(REITs) in the Wall Street Journal click here.

The big worry expressed by many people
is that Washington DC will take away the
mortgage interest deduction.  This seems
unlikely given the fact that it's already capped
at $1 million -- and $1 million doesn't buy
much anymore in places like San Francisco,
LA, NY, etc.  However, even if they do take
away the mortgage deduction, it will have no
effect on the cash buyers who are active
in this market.  As of August 2012, 38.5%
of all properties bought in Maricopa county
were bought with cash, no financing.  

Also, please note the MLS has permanently
changed listing categories, for the better.
The old AWC (Active with Contingencies)
has been replaced with UCB (Under Contract
- Backups).  This eliminates ambiguities
of AWC.  So, if you see UCB this means the
home is currently under contract, and the
seller is actively seeking backup offers.  You
are most likely to see this status associated
with bank foreclosures and short sales.

Closings Last Week
It was a healthy week with $10.8 million in
closings.  Among them was a $2.7 million
bank foreclosure that went under contract
in less than a week, and closed at full
asking price in under a month.  So, great
properties move quickly even as we
approach $3 million -- if the value is there.

The average closing last week was
$1.35 million and $254 per square foot.
5 of the 8 properties which closed last
week were on market 38 days or less.
The market really is clicking, despite the
fact that this time of year is historically
weak -- implying we should see fireworks
in real estate at the start of the year.

If you are in town, and can take the time
to look at real estate, it really would benefit
you to do so sooner than later.  January
will almost certainly see much greater
competition for properties, as our population
swells with visitors for Barrett-Jackson and
other events.

New Listings This Week
This week's 13 new listings range from $750k
to $15.9 million with quite a selection in between.  

The best of this week for quality and value:

Almost 20,000 Square Feet and 5 Acres
8 bedrooms on just under 5 acres and 19,500
square feet, this is an extraordinary property
with few peers.  Built in 2009, this home offers
amenities including a climate controlled horse
barn, two elevators, wine cellar, caretaker's
quarters, and more.  Offered at $15.9 million.
* Quick report click here
* Detailed report click here

View Home in Guard-Gated Community
Sweeping views of Camelback Mountain from
this 5 bedroom home built in 2009, located
in Clearwater Hills.  This is a superb home
for entertaining, with dramatic views from
virtually every indoor and outdoor area.
Offered at $2.95 miliion
* Quick report click here
* Detailed report click here

Very Large Home Priced to Move 
This 10,100 square foot home built in 1999
is priced to move at just $322 per square foot.
For a large home with quality finishes, this
is a solid price.  Lot is just under an acre, and
amenities include a 1200 s.f. guest house, 
large pool, 4 car garage, and more.  Listed
at $3.25 million.
* Quick report click here
* Detailed report click here

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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