Well it's that time again and always grateful to have made it through another year!
I hope all my fellow bloggers had a great holiday season and hopefully 2008 will be a better year for the real estate market.
I will try to find some time and gaze into my and other pundits crystal balls and who knows maybe I will go out on a limb and make a forecast for the Scottsdale luxury marketplace. I do know that prices have been coming down and continue to see downward pressure especially in areas where there is excessive inventory.
Properties that are not the "best and brightest" are seeing even more pressure to adjust as Days on Market accumulate and sellers languish.
Homes in Scottsdale, of which there are 1484 currently on the market, priced over $1mm at current absorption rates results in a 32 month inventory.
www.PremierAZHomes.com
Sunday, December 30, 2007
Wednesday, December 12, 2007
Subprime bailout may be a band aid !
Coming to the rescue- subprime fiasco !
Prime adjustable-rate loans -- not covered in the industry's rescue plan -- accounted for 18.7% of mortgages starting foreclosure, the second-highest proportion behind subprime adjustable-rate loans. The overall delinquency rate is the highest since 1986, with some 2.64 million borrowers nationwide behind on payments for their first-lien mortgages for residences.
Makes you think, may be a longer and deeper recovery period than people think.
www.PremierAZhomes.com
Prime adjustable-rate loans -- not covered in the industry's rescue plan -- accounted for 18.7% of mortgages starting foreclosure, the second-highest proportion behind subprime adjustable-rate loans. The overall delinquency rate is the highest since 1986, with some 2.64 million borrowers nationwide behind on payments for their first-lien mortgages for residences.
Makes you think, may be a longer and deeper recovery period than people think.
www.PremierAZhomes.com
Thursday, November 8, 2007
Micro Climates in the Scottsdale Market
There are various markets in Scottsdale that have their own dynamics and perform based on their dynamics and less the general economic drivers. Across the board there are communities in Scottsdale that have increased value 5% , some that held their own and some that have seen median price decreases of from 5 - 10%. However statistics are often misleading and to more accurately assess a homes or communities value I like to look at price points and trends within the data base to give me a better feel for the subject. Additionally looking at outside macro trends and environmental issues can be a wise thing to do especially if you are concerned with hold periods of 5 years or more. I would welcome others comments on this matter also. Have to run, will readdress this issue soon. www.premierAZhomes.com
Have made several updates to my site.
Have made several updates to my site.
Wednesday, October 24, 2007
My company is becoming a Sotheby's affiliate
Wow!
Thursday Oct 25th the real estate company I am affiliated with - The Equitable Real Estate Company will switch their affiliation from Chritie'e Great Estates of the World (a London auction house affiliate) to Sotheby's International Realty ( a loose connection to London based Sotheby's auction house). I believe the name recognition will be greater and obviously there will be a lot to learn on how Sotheby's will help my efforts in the luxury market. Will post my thoughts on this as I learn more.
http://premierAZhomes.com
Thursday Oct 25th the real estate company I am affiliated with - The Equitable Real Estate Company will switch their affiliation from Chritie'e Great Estates of the World (a London auction house affiliate) to Sotheby's International Realty ( a loose connection to London based Sotheby's auction house). I believe the name recognition will be greater and obviously there will be a lot to learn on how Sotheby's will help my efforts in the luxury market. Will post my thoughts on this as I learn more.
http://premierAZhomes.com
Tuesday, October 16, 2007
My Website is http://premierAZhomes.com should you like to see additional data/ info. Wow almost the end of the day!
DC Ranch Market Analysis
While sitting open houses in the DC Ranch community of north Scottsdale I always get asked my opinion of the real estate marketplace. As I rarely trust others opinions, especially most Realtors, it seemed to me a logical thing to do would be to do some statistically sampling of the market activity in DC Ranch and see what the numbers tell us. At least that way you know what has happened over a period of time to very current and from there you can make some deductions. The results were interesting and show a fairly stable market overall however keep in mind that small sample bases and averages versus median values can yield different results and for this analysis averages were used. Well, here is what I found:
Market Analysis - D C Ranch, Scottsdale, Arizona first nine months 2006 compared to first nine months 2007
For homes priced from $500,000 to $1 million during the first nine months of 2007, 64 homes sold compared to sales of 45 homes in 2006. This represents a 42% increase in sales. The average days it took to sale a home in 2006 was 62 and in 2007 it increased to 134, a 116% increase.
The average list price was $825,023 in 2006 compared to $793,983 in 2007 which represented a decrease. The average sale price in 2006 was $794,136 compared to $753,151 which equated a 5% decrease in prices buyers were willing to pay.
Average square feet for a home in DC ranch was 2356 in 2006 versus 2313 in 2007.
For homes priced from $1,000,001 to $2 million during the first nine months of 2007, 36 homes sold compared to sales of 24 homes in 2006. This represents a 50% increase in sales. The average days it took to sale a home in 2006 was 105 and in 2007 it increased to 137, a 30% increase.
The average list price was $1,524,620 in 2006 compared to $1,507,121 in 2007 which represented a slight decrease. The average sale price in 2006 was $1,459,192 compared to $1,431,149 which equated to a 2% decrease in prices buyers were willing to pay.
Average square feet for a home in DC Ranch was 3817 in 2006 versus 3935 in 2007.
For homes priced from $2,000,001 to $3 million during the first nine months of 2007, 4 homes were sold compared to sales of 7 homes in 2007. This represented a 75% increase in sales. The average days on market in 2006 was 106 and in 2007 it increased to 237, a 123% increase.
The average list price was $2,573,750 compared to $2,641,428 which represented an increase. The average sale price in 2006 was $2,420,000 compared to $2,456,500 which was an increase of 1.5%.
Average square feet for a home in DC Ranch was 5346 in 2006 versus 4935 in 2007.
For homes in DC Ranch priced over $3 million 4 homes sold in 2006 while in 2007 4 homes also were sold. Sales were flat in this category. The average days on market was 428 in 2006 and 407 in 2007, relatively a slight decrease. The average list price in 2006 was $3,914,500 versus $4,081,250 in 2007, a 4% increase. The average sale price in 2006 was $3,832,500 versus $3,828,750 representing a very slight decrease or less than 1%.
All rights reserved-Rip MIller
Market Analysis - D C Ranch, Scottsdale, Arizona first nine months 2006 compared to first nine months 2007
For homes priced from $500,000 to $1 million during the first nine months of 2007, 64 homes sold compared to sales of 45 homes in 2006. This represents a 42% increase in sales. The average days it took to sale a home in 2006 was 62 and in 2007 it increased to 134, a 116% increase.
The average list price was $825,023 in 2006 compared to $793,983 in 2007 which represented a decrease. The average sale price in 2006 was $794,136 compared to $753,151 which equated a 5% decrease in prices buyers were willing to pay.
Average square feet for a home in DC ranch was 2356 in 2006 versus 2313 in 2007.
For homes priced from $1,000,001 to $2 million during the first nine months of 2007, 36 homes sold compared to sales of 24 homes in 2006. This represents a 50% increase in sales. The average days it took to sale a home in 2006 was 105 and in 2007 it increased to 137, a 30% increase.
The average list price was $1,524,620 in 2006 compared to $1,507,121 in 2007 which represented a slight decrease. The average sale price in 2006 was $1,459,192 compared to $1,431,149 which equated to a 2% decrease in prices buyers were willing to pay.
Average square feet for a home in DC Ranch was 3817 in 2006 versus 3935 in 2007.
For homes priced from $2,000,001 to $3 million during the first nine months of 2007, 4 homes were sold compared to sales of 7 homes in 2007. This represented a 75% increase in sales. The average days on market in 2006 was 106 and in 2007 it increased to 237, a 123% increase.
The average list price was $2,573,750 compared to $2,641,428 which represented an increase. The average sale price in 2006 was $2,420,000 compared to $2,456,500 which was an increase of 1.5%.
Average square feet for a home in DC Ranch was 5346 in 2006 versus 4935 in 2007.
For homes in DC Ranch priced over $3 million 4 homes sold in 2006 while in 2007 4 homes also were sold. Sales were flat in this category. The average days on market was 428 in 2006 and 407 in 2007, relatively a slight decrease. The average list price in 2006 was $3,914,500 versus $4,081,250 in 2007, a 4% increase. The average sale price in 2006 was $3,832,500 versus $3,828,750 representing a very slight decrease or less than 1%.
All rights reserved-Rip MIller
Wednesday, October 10, 2007
Scottsdale luxury market update
Under Construction at present time but check back in next day or two. Should have great information, thoughts on the market posted shortly.
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