Hope you had a fantastic New Year! Things are still slow in real estate, with many people on vacation through the weekend. Expect big increases in listings over the course of the month.
As this newsletter has been reporting for quite some time, the amount of banking regulation has been dramatically increasing, with major regulations set to take effect at the start of 2014. To illustrate the seriousness of this matter, a top US law firm has taken to creating a flowchart to explain the Volcker Rule -- their simplified chart is 27 pages. And that's just part 1! The Wall Street Journal Story on this matter is here.
Furthermore, the Mortgage Bankers Associated reported that the average US mortgage application is now 500 pages. For the story on this, please click here.
In sum, as these two stories illustrate, the banking industry will have their hands full tap dancing for Washington this year. If you are planning to buy a home using bank financing, you'll want to establish a relationship with a lender very early in the process, and get them what they need well before you start writing offers. People who wait until they've found the home they want to to start the process are bound to be disappointed.
Closings
There were over $11.8 million in closings last week ranging from $625k to $2.9 million, with an average just under $1.7 million.
The average price per square foot dipped down to $291 with a weighted average year of construction of 1985. The average was dragged down by a short sale, teardown, and distress sale -- smart buyers taking advantage of end of year pressures.
Despite the dip in per square foot pricing, a very solid week for the traditionally slow holiday period. Expect to see big numbers and lots of competition for properties in the coming weeks and months.
New Listings
8 new listings this week ranging from $959k to just under $2.9 million.
Just one new listing this week I'd recommend making an effort to see as soon as possible:
Bargain Under $1 Million This 4,188 square foot home sits on a 1.13 acre flat lot and was remodeled in 2009. It offers a lot of possibilities for expansion and is a great value at its asking price of $995k. It would also make a good rental, so you could buy time before expanding the home, or tearing it down and building something new. Difficult to find much better at this price point in the heart of Paradise Valley.
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
SearchParadiseValleyProperties.com iParadiseValley.com
(480) 442-7325p.s. To get on the VIP list, please click here.
(c) 2013 Alex Goldstein PLLC
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