The banks are continuing to make lending standards more reasonable, with JP Morgan the latest to loosen the purse strings. Specifically, for loans up to $3 million, they will offer lower down payment options and less stringent credit score requirements. We're hardly going into "easy money" territory circa 2005, but the pendulum seems to finally be swinging back to the middle of the spectrum. Just a few of years ago, most banks wouldn't touch $3 million mortgages with a 10 foot pole. For the Wall Street Journal's coverage on JP Morgan's new standards, please click here.
Closings Last week in Paradise Valley, there were $8.5 million in single family home sales. Homes sold at a low average price per square foot of $295, reflecting an older mix -- the weighted average year of construction was 1982. Listings
There were 17 new listings this week, ranging from $429k to $6 million. The homes that standout:
Soft Contemporary in Prime Location
Sitting on a large flat lot near Invergordon and Mockingbird, there's substantial value here at the asking price of $2 million. Over 6,200 square feet including a large guesthouse. If you're looking for soft contemporary, this should be high on the list to see sooner than later.
--> Click here for details
Mediterranean Mansion on Golf Course
This is a very impressively scaled house, spacious enough to accommodate numerous guests and large parties. This has virtually every conceivable amenity: elevator, wine room, theater, wood paneled library, Crestron automation, and more. Offered at $6 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(480) 442-7325
(c) 2015 Alex Goldstein PLLC
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