As the numbers show inventory is decreasing significantly as buyers are snapping up great deals and we may be moving out of the bottom for inventory. Prices will continue to decrease or be flat in over $1 million while my guess is we are at the bottom or very close to the bottom for pricing of homes $400,000 to appx. $600,000.
This is a great time to buy and interest rates are at an all time low! Many clients tell me they think they may wait a few more months and while prices will still be great for buyers the best of breed inventory in some price points is dwindling (as the numbers above indicate).
This is the worst real estate market in the history of Phoenix and the greatest economic challenge America has faced in all of our lifetimes. In other words this may well be the best buy opportunity in a lifetime.
The economy is an unknown wild card in this equation.
http://www.premierazhomes.com/
Tuesday, April 14, 2009
Wednesday, February 25, 2009
My latest press release- tooting my own horn!
RIP MILLER, Scottsdale Realtor Represents Buyer of Unique Luxury Home
Scottsdale, Arizona, 25, February, 2009 - Rip Miller of Russ Lyon Sotheby's International Realty located in Scottsdale, Arizona recently represented the buyer of a $2.5 million dollar home located in North Scottsdale, Arizona.
The property was originally listed for $3.5 million and situated on 1.25 acres in the northeast Shea corridor.
This privately gated estate is an entertainer's dream and met the buyer's criteria of a place to entertain family and business guests. The backyard is one-of-a-kind and is the perfect place to gather family and friends. The fun begins with a swim-up bar, outdoor kitchen, rain curtain, fire rocks, 2 fireplaces, 2 flat screen TV's, outdoor stainless Viking and Turbo appliances, heaters, and sport court.
The guest residence is about 1150 sq. ft. and offers two bedrooms and baths, and a greatroom with kitchen conveniences.
Warm interiors of natural stone, fresco's and custom details welcome guests into the main residence with 5 bedrooms, 5 1/2 baths, greatroom, formal living and dining rooms and office.
Beds/Baths: 7 / 7.5
Square Feet: 6,650
Rip Miller specializes in representing Buyers and Sellers of unique luxury homes in Scottsdale, Carefree and Paradise Valley Arizona.
http://www.premierAZhomes.com
Scottsdale, Arizona, 25, February, 2009 - Rip Miller of Russ Lyon Sotheby's International Realty located in Scottsdale, Arizona recently represented the buyer of a $2.5 million dollar home located in North Scottsdale, Arizona.
The property was originally listed for $3.5 million and situated on 1.25 acres in the northeast Shea corridor.
This privately gated estate is an entertainer's dream and met the buyer's criteria of a place to entertain family and business guests. The backyard is one-of-a-kind and is the perfect place to gather family and friends. The fun begins with a swim-up bar, outdoor kitchen, rain curtain, fire rocks, 2 fireplaces, 2 flat screen TV's, outdoor stainless Viking and Turbo appliances, heaters, and sport court.
The guest residence is about 1150 sq. ft. and offers two bedrooms and baths, and a greatroom with kitchen conveniences.
Warm interiors of natural stone, fresco's and custom details welcome guests into the main residence with 5 bedrooms, 5 1/2 baths, greatroom, formal living and dining rooms and office.
Beds/Baths: 7 / 7.5
Square Feet: 6,650
Rip Miller specializes in representing Buyers and Sellers of unique luxury homes in Scottsdale, Carefree and Paradise Valley Arizona.
http://www.premierAZhomes.com
Scottsdale market report - February 2009
My February 2009 Scottsdale Arizona Real Estate Monthly Report:
Homes listed for sale: Homes Sold:
Last year This year Last year This year
6463 5939 195 124
Not quite sure how to interpret the above data. January inventory levels shrank as sales were brisk in December. January data shows inventory rising again but I suspect it is merely adjusting back to where it headed in November before the holiday season. I will watch the next couple of months to see where the data goes and if inventory rises, flat lines or shrinks.
Homes priced under $400,000 have been selling briskly as homes are now priced where buyers who were not able to afford a home before are now able to at today’s reduced prices. Inventory in that price range has reduced to 13.2 months.
Additionally homes priced $400,000 to $1mm has seen inventory shrink as well. However homes priced over $1 million continue to be a real drag on the market as that price segment has appx. 60 months of inventory based on latest sales and inventory data available.
The over $1mm homes will have to continue to aggressively reduce prices over the next year if they wish to sell and reduce time on market which has a cost associated with it.
Conclusion: Buyers market but many of the cheaper priced homes have been picked over.
Rip Miller
http://www.premierazhomes.com/
Homes listed for sale: Homes Sold:
Last year This year Last year This year
6463 5939 195 124
Not quite sure how to interpret the above data. January inventory levels shrank as sales were brisk in December. January data shows inventory rising again but I suspect it is merely adjusting back to where it headed in November before the holiday season. I will watch the next couple of months to see where the data goes and if inventory rises, flat lines or shrinks.
Homes priced under $400,000 have been selling briskly as homes are now priced where buyers who were not able to afford a home before are now able to at today’s reduced prices. Inventory in that price range has reduced to 13.2 months.
Additionally homes priced $400,000 to $1mm has seen inventory shrink as well. However homes priced over $1 million continue to be a real drag on the market as that price segment has appx. 60 months of inventory based on latest sales and inventory data available.
The over $1mm homes will have to continue to aggressively reduce prices over the next year if they wish to sell and reduce time on market which has a cost associated with it.
Conclusion: Buyers market but many of the cheaper priced homes have been picked over.
Rip Miller
http://www.premierazhomes.com/
Sunday, December 21, 2008
At the peak of the housing boom in 2006, the affordability index in Phoenix was 75, which means that a household earning the median income had only 75 percent of the income needed to buy a median-priced house.
In the third quarter of this year, the affordability index in Phoenix had climbed to 126, which means that a family with a median income now has 126 percent of the income needed to buy a median priced home.
While affordability is obviously positive for buyers, it also is good news for the market generally because it can lead to more sales and stronger prices.
I will post more very soon.
In the third quarter of this year, the affordability index in Phoenix had climbed to 126, which means that a family with a median income now has 126 percent of the income needed to buy a median priced home.
While affordability is obviously positive for buyers, it also is good news for the market generally because it can lead to more sales and stronger prices.
I will post more very soon.
Sunday, September 14, 2008
Where is The Bottom ?
The question hanging on everyone's lips is how much longer will Phoenix area homeowners have to wait before home prices stop falling?
The following is an excerpt from a professor at Arizona State University School of Real Estate who has been a favorite muse of mine.
I expect the median home price and actual Phoenix house price to intersect late in 2008 or early 2009, which, is approximately where house prices would have been without the big run-up in 2004 and 2005.
The drop in actual home prices won't necessarily stop when it hits the median home price trend line, but could overshoot it. Even if that happens, home prices would eventually get back close to the long-term trend.
If the economy is weak and if financing remains a problem that could cause actual home prices to fall below the median home price trend line, at least temporarily.
At that point, the difference between actual home prices and the median trend line is not so much a market imbalance as it is a problem caused by the broader economy and financial markets.
At some point, when home prices continue to go down, the fundamentals of supply and demand get into balance and the market is at bottom.
The following is an excerpt from a professor at Arizona State University School of Real Estate who has been a favorite muse of mine.
I expect the median home price and actual Phoenix house price to intersect late in 2008 or early 2009, which, is approximately where house prices would have been without the big run-up in 2004 and 2005.
The drop in actual home prices won't necessarily stop when it hits the median home price trend line, but could overshoot it. Even if that happens, home prices would eventually get back close to the long-term trend.
If the economy is weak and if financing remains a problem that could cause actual home prices to fall below the median home price trend line, at least temporarily.
At that point, the difference between actual home prices and the median trend line is not so much a market imbalance as it is a problem caused by the broader economy and financial markets.
At some point, when home prices continue to go down, the fundamentals of supply and demand get into balance and the market is at bottom.
Sunday, July 27, 2008
My company acquires Russ Lyon
The real estate company I am affiliated with has acquired 60 year old valley luxury realty firm, Russ Lyon. We have now renamed ourselves - Russ Lyon Sotheby's International. As a result we have become the luxury home powerhouse in the Valley with an estimated 78% market share of luxury home sales and listing activity.
Sunday, June 22, 2008
Continued price pressures
Interesting excerpt from an article :
Arizona's most severe real estate downturn began in the late 1980s and stretched deeply into the next decade. At the abyss, home prices in the state had declined (on a repeat-sale basis) for a record 17 straight months.
The -RSI report, which compares February 2008 home sales against the same month the year before, showed home prices fell by 9.3 percent.
"The Arizona housing market was deteriorating gradually last year," says Guntermann, "and then shifted to a higher plateau in December, and we have stayed at that higher rate of decline since then. About the only good news is that the rate of acceleration has eased, although the market is still going in the wrong direction and will continue to do so into the near future."
Arizona's most severe real estate downturn began in the late 1980s and stretched deeply into the next decade. At the abyss, home prices in the state had declined (on a repeat-sale basis) for a record 17 straight months.
The -RSI report, which compares February 2008 home sales against the same month the year before, showed home prices fell by 9.3 percent.
"The Arizona housing market was deteriorating gradually last year," says Guntermann, "and then shifted to a higher plateau in December, and we have stayed at that higher rate of decline since then. About the only good news is that the rate of acceleration has eased, although the market is still going in the wrong direction and will continue to do so into the near future."
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