Phoenix's housing market had the worst February in 4 years, as reported in the Phoenix Buisiness Journal here. It's a combination of factors, and certainly our friendly politicians in Washington DC didn't help. The reduction in FHA loan amounts by about 25% did a huge amount of damage, most especially because they did it without advance warning.
The bottom line for the metro area is looking like a flat market in 2014. In my opinion, this is terrific news. We were moving up very quickly the past few years, and as we've learned the hard way that can't go on forever. So, a steady market is a stable market, and I'm more than content with that.
As for Paradise Valley, our market is certainly healthier than the whole metro area. FHA loans and institutional buyers were never a factor here, so their absence doesn't change our market. Indeed, there was another super luxury closing last week, $5.5 million, continuing the trend of record sales at this price level.
Quality properties in PV continue to sell briskly. Some sellers are putting their homes out at silly prices, though, expecting people to buy indiscriminately. Such sellers ultimately hurt themselves, losing time value of money, and getting less rather than more for their properties. This is a market finding its balance, and one where the art of negotiation is more rewarding than a market heavily skewed toward buyers or sellers.
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Scottsdale was named 6th safest city in the USA. Crimes in Scottsdale are at their lowest levels in 30 years, as reported here.
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Closings
Single family home closings in Paradise Valley remain quite healthy at $11.2 million last week. The average selling price was over $2.2 million and $329 per square foot, with a weighted average year of construction of 1999.
The top sale was $5.5 million, not far off from the asking price of $5.9 million. Furthermore it sold after just 4 months, which is quite good for a home priced at the highest tier of our market. Super luxury product continues to do extremely well this year.
New Listings
This week's 8 new listings range from $729k to $4 million. The homes that are especially noteworthy:
Soft Contemporary with Views Camelback Mountain and city light views from almost every room in this 5,000+ square foot home. Floor plan is ideal for entertaining with a great flow and open access to the patio and infinity-edge pool. Polished travertine floors, custom cabinetry, a gourmet SieMatic kitchen, Fleetwood glass doors and an easy-touch lighting system. Offered at $2.3 million.
3.5 Acre Parcel There's a lot of flexibility with this large, flat lot. Build a dream home with a large "buffer zone" or split the lot, sell off part and keep the rest for yourself. Plus, seller is willing to carry a note on the property, so you don't have to jump through bank hoops or pay all cash. Offered at just under $4 million.
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
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