Luxury Homes Weekly 357th Edition - April 29, 2017 |
| The "shadow market" of unlisted properties is huge. I've written in this newsletter in the past how over 15% of luxury properties may be transacted off the MLS. Well, now in LA, their luxury properties are over 30% off market according to this study.
The bottom line is that if you're not seeing off market properties, you are missing out. Click here to get access to off market properties, without any cost or obligation.
Speaking of LA, the Southern California real estate market is "insane" according to this LA Times article. Bidding $100k+ over asking price is common. Some savvy sellers cited in the article are taking money off the table.
What that article doesn't say is that Arizona benefits from the incredibly high cost of living in California. We have all the sunshine, with lower taxes and lower cost of living.
Furthermore, President Trump's tax plan proposes that state taxes will no longer be deductible from federal taxes. With California's top income tax rate over 13%, you can expect to see a huge wave of people leaving California. Our taxes in Arizona are about ⅓ of California.
On another note, Fannie Mae is making important changes to underwriting guidelines to help people with student loan debt qualify for a mortgage. This should bring quite a few Millenials into the market. However, since we are already suffering from a housing shortage, one must wonder why Fannie Mae is doing this now. If only they had done this in 2011. In any case, this will increase demand for housing, as Millenials seek to move out of their parents homes. |
| | | Over the past 30 days, the average sale price in Paradise Valley was $350 per square foot.
How would you like to buy a home for $235 per square foot?
AND GET SELLER FINANCING - SO YOU DON'T NEED TO HASSLE WITH A BANK
This house was extensively remodeled in 2011, well maintained, has mature landscaping, a fantastic pool, and is on a quiet street. It's also single-level open floor plan, with a guest house, a gym, and an office -- in addition to 5 bedrooms.
Here's the thesis in a nutshell: the home is 5,496 square feet and is offered for less than $1.5 million. The separate 5 car air-conditioned garage with workshop is huge -- appraiser put it at 866 square feet. Since it's already air-conditioned, that garage could easily be changed into a giant man cave, play room, or a second guest house.
Doing the math that's 5,496 + 866 sq ft = 6,362 sq ft. At the asking price, that equates to $235 per square foot.
Mind you, this bargain price is NOT for a house on a busy street, or some teardown. This is a quality home on a great lot.
If you may be interested in this gem, please reply and I'll get you the information promptly. |
| | Best Homes on Market
The best of the best in their respective categories, selected for quality and/or value.
Paradise Valley Solar powered estate with a giant guest house (almost 3,000 square feet). Dramatic outdoor living in this extensively remodeled estate property. Offered at just over $3.2 million
Arcadia/Biltmore Not many new listings this week, but this one stands out for the superb finishes and layout. The downside is there's only one property between it and Camelback Road. Priced under $300 per square foot, which is downright cheap in Arcadia these days for a home with quality finishes.
Scottsdale Waterfront condo with dramatic views for about $1.5 million
Deal of the Week Arizona Country Club fixer upper. This 4 bedroom homes is offered at $750k and is a probate sale. |
| | Active Buyer Needs
Perhaps you've been thinking of selling your home, or know someone who is?
Here's what some of my clients are looking for right now: - Hillside Contemporary Home with guest quarters in Paradise Valley or Biltmore. City views, high level of finish, and preferably in gated community or privately gated property - up to $4 million.
- Move-in ready Paradise Valley home under $1.6 million. Views would be preferred, willing to do very minor remodeling but nothing major.
If you know of anything, please reply to this email or call my direct line at (480) 442-7325.
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There are many thousands of listings on LuxeAZ.com. To help you find what you're looking for quickly: Please note that listings are sorted from newest to oldest. So you may bookmark these pages and return at any time to see the very latest listings. |
| | Thank you for reading this newsletter. Your comments and suggestions are always appreciated, and will be used to improve future editions.
I'll be back in next week with all the latest news and analysis.
Sincerely,
Alex
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| | | The bestselling book about real estate that's gotten rave reviews from readers all across the country. Topics include:- Selling your home for top dollar
- Demystifying housing statistics
- Critical elements of successful negotiating
- Closing and escrow explained in Plain English
- Financing, with or without a bank
Would you like a paperback copy with my compliments? Just reply to this email with your address and phone number. If you prefer Kindle, you may download from Amazon here. |
| | | A frank examination of real estate and business by Alex Goldstein and Brian Tracy.
Negotiating in good and bad markets, insider secrets from the real estate industry, and much more.
Would you like a paperback copy with my compliments?
Just reply to this email with your address and phone number.
If you prefer Kindle, you may download from Amazon here.
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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. This email is not intended to solicit people who are represented by another agent.
(c) 2017 Alex Goldstein PLLC
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