Subject: Paradise Valley MarketWatch - A Tale of Two Homes

Good morning Friend,

This week I'm giving you a pop quiz!

The facts
Two homes were listed this week, both are
roughly the same size at 7,100-7,200 square
feet. Both are on similar size lots 42-45,000
square feet. The big difference between
them is one was built in 1993 and the other
was built in 2000. One has an asking price
of $365 per square foot, and the other has
an asking price of $608 per square foot (psf).

Which answer is correct?
(A) The older home is listed at $365 psf,
and the newer home is listed at $608 psf.

(B) The newer home is listed at $365 psf,
and the older home is listed at $608 psf.

Got your answer ready? Don't cheat...

If you answered A you are a reasonable
and rational person. You are also wrong.
That's right, the older home is listed at
almost $2 million more than the newer home.

Why do I bring this jaw-dropping insanity to
your attention? To remind you that sellers
can list their homes at any price they want.
There's no law that says you can't price a mud
shack at $1 billion. Is it smart? No. Does
it happen? Unfortunately, yes.

So remember when you look at homes to
pay attention to the quality of the home
above all else. If a home is mispriced, I
will negotiate like a tiger for you to get it
where it needs to be. I have absolutely
no problem writing an offer that's a
million dollars or more under listing price.
I've done it successfully, and I'm confident
I'll do it again.

***

Want VIP access to homes, including
off market, wholesale, and non-MLS?

You got it!  Just click here.

***

Closings Last Week
6 homes closed in the last week, for
a total sales volume of $7.6 million, and
an average price of $1.3 million.  The
average price per square foot was $299,
up from $240 the prior week, which is
noteworthy because the mix of homes sold
is actually older than the week before.
The era of the million+ fixer upper is upon
us, for better or worse.

New Listings This Week
We have 9 new listings this week including
the two I contrasted above in the pop quiz.
Prices range from $629k to $6 million.   

Soft Contemporary with Views
4 bedroom home on 50,000 square foot lot
provides plenty of room for expansion and for
the kids to play.  Superb location near Lincoln
and Tatum.  This is a solid value at $875k, and
will likely sell quickly.
-> Quick Report
-> Detailed Report 

Bank Foreclosure at $222 psf
Over 4,000 square feet the bank is listing this
at just over $900k.  For a quality home, this
is quite cheap and I suspect the final sale
price will be substantially greater than this.
If you're interested, call me soon, as this
will be gone in a flash for certain, all bank
foreclosures in PV don't last long.
-> Quick Report
-> Detailed Report 

Family Home on Large Lot under $1 million
4 bedroom home on 50,000 square foot lot
provides plenty of room for expansion and for
the kids to play.  Superb location near Lincoln
and Tatum.  This is a solid value at $875k, and
will likely sell quickly.
-> Quick Report
-> Detailed Report 

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

p.p.s.  Don't forget to click on "Detailed Report" above for
homes of interest, you'll get a lot more information.  If you
see ANY home on the MLS you'd like more detail, just
send me the MLS number or address and I'll send you
one of these enhanced reports promptly.



PLUS Here are Ways I Can Help You:

    This is an online snapshot of a newsletter created by the owner of Search Paradise Valley Properties (Realty One Group, 7975 N Hayden Road #101, 85258 Scottsdale, United States) and sent via GetResponse on 2013-01-11. Report abuse