Paradise Valley Weekly 308th Edition - Apr 16, 2016
Real estate markets around the country are seeing more price drops in the luxury segment. The areas that have run up the fastest and highest, such as New York and San Francisco seem to be suffering the most.
Paradise Valley has experienced healthy growth in the past few years, but nothing like the meteoric rise in those cities. Over the $3 million mark we are seeing some slowing versus last year, but quality properties fairly priced still sell well.
Read full coverage of the luxury market in the Wall Street journal here.
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This newsletter has reported several times over the years about the inaccuracies of Zillow's valuation system. They've admitted to an average error rate of 8%, but as the Wall Street Journal has noted, entire cities such as New York and Denver are off by 15-20%.
Well, Zillow's got another problem: missing listings. On top of the inaccuracies of automated valuation, they're missing a lot of the listings on the MLS.
Realtor.Com did an amusing video poking Zillow in the eye - click here for a chuckle.
Note that iParadiseValley.com has the most current information, and any valuation we perform will not suffer from Zillow's inaccuracies. If you'd like a property valued, please reply with the address.
One area that Realtor.com and Zillow have not addressed are off market properties. Unlisted private sales are more signficant now than ever, here in PV and also in cities around the country. For unlisted properties please click here.
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Do you like to hike? Do you enjoy the views from the top of Camelback Mountain?
Check out this video of hiking on Camelback Mountain, right from this incredible home. Never fight the traffic and parking problems again, hike anytime on Camelback Mountain. |
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Looking for a great home under $1 million but don't want to deal with a fixer upper?
Or, are you a golfer?
If so, take a look at this 5 bedroom home -- almost 1/2 acre on a golf course -- for just $875k. It's a bit north of PV, and you get a lot more for your money there.
Terrific outdoor living with a sport court, pool, spa, dog run, gas BBQ, firepit, and deep patios for dining and entertaining. The home is in terrific shape (roof and A/C under warranty, new paint and carpet) and is move-in ready. Good value here, please reply to this email to see it.
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Ready to build your dream home?
Seller contacted me about a flat acre+ corner lot, with superb views of Camelback Mountain, in a prime neighborhood. This is NOT on the MLS, and will not be listed. Please call me at (480) 442-7325 for more info.
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Closings Slow week with just $5.4 million in single family home sales. A bank foreclosure I'd highlighted in a previous issue just closed, buyer getting a great deal under $200 psf. The average price per square foot of last week's sales was dragged down by that distressed sale, to just $298. The average selling price remained robust at $1.8 million. The average age of properties sold was 32 years old. Listings
This week brings 12 new listings, one of which is already under contract. Here's one to see sooner than later:
Remodel/Teardown on 1.42 Acres Tennis court and large pool on this oversize flat lot. Remodel the existing house, or tear it down and start fresh. There's value here at the asking price of $1.35 million.
This Week's UNLISTED Properties A lot with spectacular views of Camelback Mountain, huge estate in central Scottsdale near PV, a golf course home in Greyhawk, and more -- none of which are on the MLS. To learn more about these homes, please click here.
To see all of this week's new MLS 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.
Thank you,
Alex Goldstein(480) 442-7325
Disclaimer: All information is believed to be accurate, but should be verified by the reader and is provided without warranty. Please consult appropriate financial, tax, legal, and real estate advisors before making decisions.
(c) 2015 Alex Goldstein PLLC
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