Subject: Paradise Valley Weekly - 9 New Listings, Luxury Market Update

Never a dull week in Paradise Valley real estate, and this was no exception. There were two closings over $3 million, continuing 2014's record setting sales in the highest tier.

What's especially interesting is there's not a great selection of viable inventory in at the very top end. Many of the homes at the highest tier have been on market an excessively long time, reflecting unrealistic pricing.

Alternatively, some homes are on market but the sellers aren't real sellers. It's as if they've had their homes on market so long they've forgotten about them. Just recently a family I represent put in a solid offer on a $5 million home. The seller's response was to take the home off market!

If you've been contemplating the purchase of a trophy home, the options may not be as exceptional as one may think writing a check of such a size. If the sales trend continues through our high season, we may soon have only a handful of interesting homes for high end buyers. Especially with the concentration of wealth brought to our city with the Superbowl, these homes could be picked over.Take advantage of the relative lull of this time of year, and find something before our population swells.
Closings
There were just under $10 million in closings last week, including one over $3 million and another at $5 million. The average price per square foot was again strong at $396, following on the heels of the prior week's $408. These numbers are reflective of the high level of finish and lot premiums of the highest tier properties. The weighted average year of construction of this week's closings was 1992.

New Listings
There were 9 new listings in this past week, ranging from $640k to $3.75 million. The homes I recommend:

Hillside Contemporary Masterpiece
Frankly there is no other home currently on market that is comparable. If you are someone who appreciates contemporary design, and wants a turn-key home with views this is a must see. This home backs to the Preserve so no homes are above it. Located at the top of Biltmore Mountain Estates, it was meticulously finished to the very highest standards of interior design. No pictures can fully capture the attention to detail, it really must be seen. Get an advance look at this home before it goes on the MLS. Offered at just under $2.8 million.
 
Old World Style, 2011 Construction
Superb home sits on a flat lot just under an acre in Camelback Country Estates. Resort style backyard is ideal for entertaining. The home's interior is equally well suited for entertaining with high tech audio/video, a chef's kitchen, and butler's pantry. Offered at $3.4 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
SearchParadiseValleyProperties.com
iParadiseValley.com
(480) 442-7325

 


































(c) 2014 Alex Goldstein PLLC
Realty One Group, 7975 N Hayden Road #101, Scottsdale, AZ 85258, United States
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