Paradise Valley Weekly 298th Edition - Feb 6, 2016 Today ONLY 12-3pm is the VIP Open House at the remodeled house on top of Camelback Mountain. Readers of this newsletter are the first to know, as this home is not on MLS, and exclusively represented by yours truly. The home has 5 bedrooms - plus office and gym - with views like Sanctuary Resort for just under $3 million.  To attend, please RSVP by replying to this email. Address and directions will be sent. *** Remember the financial crash of 2008? Well apparently Wall Street does not. Liar Loans are back! Incredible but true, full coverage is here. If this doesn't get out of hand again, it could be a good thing for the real estate market. That's a big if... Right now there are a lot of people who can afford homes, but are shut out of financing. So a little bit of loosening is a good thing, particularly for business owners who don't fall into the cookie cutter mold that banks prefer. *** If you are not a US citizen - or buying from or selling to someone who is not a US citizen - the process just became 50% more onerous.  The Foreign Investment in Real Property Tax Act, aka FIRPTA, will increase withholding from 10% to 15% for all transactions closing on or after February 17. Bottom line: if the transaction involves a non US citizen, make sure your escrow officer knows from day one. Unexpected withholding can delay, or completely derail, a transaction. *** Closings Closings increased again last week, to $13.1 million. It was a newer mix of properties, with an average year of construction of 2002. Consequently the average price was higher than we've seen lately: $2.2 million and $401 per square foot. Listings This week brings 14 new listings ranging from $615k to $8.85 million. One new listing is already pending. There are two MLS listings that stand out this week: Probate Sale in Guard Gated Community The estate is offering at 6 bedroom house in Clearwater Hills - with views - for just $1.1 million. This house is begging for remodel and expansion. However, at this price you can put quite a bit into the home and be in at a terrific price.  --> Click here for details Old World Charm with Modern Construction Built in 2002, this 5 bedroom home is tastefully decorated in a Mediterranean style. Hardwood floors, panoramic windows, and high ceilings make this home easy to fall in love with. One of the better homes offered under $2 million. --> Click here for details To see all of this week's new 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 iParadiseValley.com (480) 442-7325 p.s. Unlisted homes are a growing trend, especially in the luxury market. The Wall Street Journal recently wrote about how in some major cities, off market sales represent over 15% of the market! I'm certainly seeing more unlisted activity in 2016 than ever before, and being approached by more sellers than ever to quietly sell their homes. If you haven't told me what you're looking for, then I cannot give you access to these rare properties.  Please click here and you'll receive unlisted homes that meet your specific needs. 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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