There was a big jump in new Paradise Valley listings, but first some noteworthy news:
1. Warren Buffett still sees upside in US housing despite recent gains. The legendary investor advised that while housing starts are up, they are still not yet at a level to match housing formation. Hence, we are still at an inventory deficit, not yet in equilibrium. For more of his comments, please see this article in Bloomberg.
2. Apple is opening a plant in Mesa that will employ 2,000 people. Arizona has a strong tech community, and now that Apple is "joining the party" it affirms our stature as an important US technology hub. For full coverage, please click here.
3. The house on top of Camelback Mountain remains available as of the time I write this newsletter. By way of comparison, this home just listed on Mummy Mountain is less than half the size, it's older and in worse shape. For not much more than they're asking for this, you could have over double the home, a much better quality of construction, and be on top of Camelback Mountain.
The views are every bit as good as Sanctuary resort, and this is totally private. You would be literally, as high as one can get on Camelback with no property above yours.
If this doesn't sell as an off MLS deal quickly, it will be marketed at a much higher price for high season, and likely have work done so it will no longer be a "blank slate" for the new owner. If you'd like to know more, please call me at (480) 442-7325. Please be advised that due to the owner's desire for discretion, showings will only be available to pre-screened, qualified buyers.
Closings
Sales typically slow in November and December, and we're seeing that already with last week's closings down to $5.1 million from $9.7 the prior week. Averages were in line with past weeks, just overall volume was down. Specifically, the average sales prices was just under $1.3 million and $306 per square foot. The weighted average year of construction was 1990.
It will be interesting to see whether the seasonal slowdown persists. My expectation is that the first quarter of 2014 will be an extremely hot market, and there will be strong competition for properties. If others share this perception and try to get a jump on the market, we may see more activity in the typically slower months than usual. Indeed, this summer was stronger than usual so it stands to reason that secular trends may again overwhelm seasonal trends.
New Listings
There are 19 new listings this week, ranging from $849k to $3.5 million. 3 of this week's new listings have already been snatched up. Regrettably, there are quite a few homes that are undesirable, either the quality or the value makes most of them difficult to recommend.
Just 2 homes that deserve immediate attention, both are new builds:
Brand New Family Home A single level prairie style home located in the superb area near Doubletree and Invergordon. 6 bedrooms, guest house, open floor plan, 4 car garage, large flat lot, built in 2013 -- this has everything for a family. Offered at just under $2.7 million.
New Mediterranean Home This 6,200+ square foot home was recently completed, and is also well suited to families. The chef's kitchen is large and opens to the family room, which in turn opens to the patio. It's a great layout for entertaining, and has plenty of room to accommodate guests. Offered at $3 million.
To see all of this week's listings in PV, 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
(480) 442-7325p.s. My upcoming book with Brian Tracy will be released soon. To get the first chapter free before it hits the bookstores, along with updates and other bonuses, please click here.
(c) 2013 Alex Goldstein PLLC
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