Good morning Friend,

I would have thought the fiscal cliff drama
would make people pause before spending
millions on real estate.  Apparently I was
wrong.  In Paradise Valley, at least, people
aren't waiting to see what plan Obama and
Boehner come up with before locking down
homes.

For the first time in years, I am seeing real
competition for multi-million dollar properties.
I have had multiple clients who were planning
to arrive in January and pull the trigger on their
dream home, only to see pending on the MLS.
"But it it's millions!  And it's been sitting on
the market 8 months!"  There's nothing I can
say to console them.  The market changes
are finally hitting the super luxury market, and
of course buyers still have power, but they
don't have all the power anymore.

There is a silver lining to this cloud.  Sellers
are noticing these high dollar sales, and we
are seeing some terrific properties come on
market.  They know that now they stand a
chance of getting a reasonable price.  For
many, they will never, ever get out of their
homes what they put into them.  But getting
60 cents on the dollar is a lot better than
getting 40 cents on the dollar.

So, the bad news for buyers is they no
longer can demand the sun, the moon, and
the stars - even when writing a check for
millions - because there's someone else
who will buy a quality property in the not too
distant future.  But the good news for buyers
is that homes that really high quality homes
have come on market recently, and will
likely continue to do so as sellers cash out
after the multi-year drought in luxury homes.

***

A brief aside from real estate talk this week,
since it's the holiday season.  Those of you
who haven't met me may not know that I am
very serious about wine, having served on
the board of the International Wine & Food
Society since 2006, and collecting wines for
longer than I care to admit.  Anyway, picking
holiday wine can be a real challenge for
people and I am happy to offer my experience.
Call me and within 5 minutes I should be
able to direct you to the right wine and the
right merchant to suit your budget and your
taste.  Great wine always makes the holidays
even happier in my home :)

***

Closings Last Week
Another solid week with $12.4 million in
closed sales, 10 properties at an average
$1.24 million.  Interesting to note there were
many older properties in the mix, as bargain
hunters snatch up fixer uppers.  Homes
sold at an average of $274 per square foot.

New Listings This Week
This week's 10 new listings range equal the
numer sold so inventory remains flat.  Prices
range from $629k to $7.5 million, and include
2 bank foreclosures.  

The best of this week for quality and value:

Magnificent Views and 16,000+ Square Feet
43 foot glass wall retracts to frame Camelback
Mountain.  The fixtures and amenities in this
7 bedroom home are too numerous to list.
The lot is just under 1.5 acres of superbly
manicured grounds, and is flat - rare for a lot
offering such views.  This home was once
listed at $16.9 million, but now is offered at
$7.5 million.
* Quick report click here
* Detailed report click here

Golf Course Bank Foreclosure
This home sits right on the golf course in the
heart of Paradise Valley.  It offers a 4 car garage,
and 4,000 square feet of interior space.  A
fantastic seasonal home for snowbirds, with
room for guests to visit.  As is always the
case with bank foreclosures: call me right away
please if you are interested, as it will go quickly.
Offered at just under $1.8 million. 
* Quick report click here
* Detailed report click here

Lock and Leave Home
Located in the secluded Casa Blanca community,
this home offers about 2,300 square feet, a 2 car
garage, and is located on a corner lot.  There's
no pool to maintain, but there is a community pool
for you, so it's a terrific lock and leave home.
Offered at $865k
* Quick report click here
* Detailed report click here

Not in Paradise Valley but WOW
This North Scottsdale contemporary sits on
over 8 acres of land and is absolutely stunning.
From renowned architect Eddie Jones, this
home offers exceptional attention to detail both
inside and out.  It has 5 bedrooms and over
6,800 square feet of  interior space.  And if you
like toys, it has an 8 car garage to accommodate.
Offered at $4 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

Free Resources for You

• Daily Tour of Homes
• Updates of All New Listings in Any Price Range and Area
• Find Out How Much Your Home Is Worth