Paradise Valley Weekly 297th Edition - Jan 30, 2016 Stock market making you nervous? A lot of people are looking at real estate as a safe haven. Fortunately, banks are helping cushion the blows of stock market losses with excellent terms on jumbo loans. Great update this week on who's lending and on what terms in the Wall Street Journal.  *** It's quite common in many luxury transactions to include some personal property in the transaction. Whether it's a table that perfectly fits the room, or a couch that just wouldn't go as well anywhere else, there's often at least some bit of personal property in a luxury home transaction. However, when the value of that property becomes significant, it can muck up a transaction involving a bank loan. To the bank, 100% of the value lies in the house -- that's their collateral, and they are not lending on personal property. So, when hundreds of thousands of dollars of art or furniture are thrown in the mix, they have to be accounted for. What the bank typically wants is to see personal property excluded from the purchase contract, on a separate bill of sale. While this sounds simple enough, it often leads to massive problems. Specifically, the buyer and seller then have to agree what the personal property is worth, and separate that out from the transaction. I have never met a seller who hasn't overestimated the value of their furniture. In reality, even furniture just a year old has a market value in the range of 25 cents on the dollar. That stings, and thus furniture with a market value of $50k can derail a $3 million real estate transaction. The advantage of cash deals is that this type of separation of personal from real property need not be spelled out. The buyer can simply offer on "the total package" as they please. Both buyers and sellers should be mindful of these issues if personal property is going to be involved in the transaction. Where there's a bank involved, the tail often wags the dog. Whether buying or selling a home that's furnished, keep in mind that this can be a point of contention. For more detail on this subject, please read this article. *** OWN THE TOP OF CAMELBACK MOUNTAIN Imagine having views like Sanctuary Resort every day. Imagine being the highest home on the mountain, and never having to worry about anything being built above you, or blocking your view. Imagine: From your kitchen - which was designed by Mark Tarbell - you have a panoramic view of the sky. From your master bedroom, you awake to see the sun shining over all of Paradise Valley. Low maintenance yard perfect for seasonal visitors. At sunset, 50 of your friends come over to enjoy the show Mother Nature puts on, and party the night away. A quiet, romantic night at home becomes an experience to remember against the backdrop of the entire valley. When you sip your morning coffee, you sit on a cozy patio, hear birds chirping, and see the wildlife of Camelback Mountain. This exceptional soft contemporary home sits on a huge lot at the top of Camelback Mountain. It is not listed on the MLS, only available here in this newsletter. The home has 5 bedrooms, a gym, library/office, guest quarters with separate entrance, and a 4 car garage. Totally remodeled in 2015 with great care by one of the leading businessmen in the United States.  You may wonder why this wonderful home is not on the MLS? Foremost, the owner sometimes works from home, when he's not traveling around the world. Also, the home has all new furnishings and valuable artwork. To preserve the owner's precious time, and protect the valuables inside, I have been charged with carefully coordinating showings for minimum disruption, and only for qualified buyers.  The owner is aware this quiet, discreet sales process means that not every buyer may become aware of this property. He only wants serious buyers to see the property to minimize disruptions. Hence, the owner has agreed to price it at an extraordinarily compelling price of just under $3 million. That's for a 5 bedroom remodeled home on the top of Camelback Mountain! So, there won't be negotiation -- this opportunity will be for the savvy buyer who sees the exceptional value, and is first to take action.  For those buyers who want move-in ready, the owner will sell the exquisite furnishings by a separate bill of sale. The new owners can simply turn the key, walk in, and start enjoying their new home. If you are interested in this home, please click here -- or reply to this email with the best phone number to reach you today. I will contact you to discuss a showing at a mutually convenient time. *** Closings Closings ticked up to $9.7 million last week. There were 3 teardowns in the mix, so the average price per square foot was down to $324. Even with those teardowns, the average selling price was over $1.6 million. Listings A robust 21 new listings ranging from $990k for a 3,560 square foot home that could use a remodel, to $8 million for an 10,000 square foot home (which looks, frankly, overpriced). One new listing is already pending. There are two MLS listings that stand out this week: Ultra Contemporary "Lock and Leave" Home This home is perfect for someone who doesn't want a massive home, and is totally focused on high end contemporary design. It's under 3,400 square feet, and every inch is immaculate. Words won't do justice, take a look at the pictures.  --> Click here for details The House that Makes Money Built in 2008, this 6 bedroom home boasts a guest house that's over 1,100 square feet. The seller claims to have netted over $40k in rental income from the guest house last year. That will offset quite a big chunk of the mortgage on this $2.625 million property. --> 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 in less than 5 minutes, you'll receive unlisted homes that meet your 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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