Scottsdale Real Estate Review
The record amount of foreclosures in the United States has hit states like Michigan, Florida, and Ohio particularly hard. While you won’t find the same amount of foreclosures in Washington as you would in other parts of the country, banks are still making a record amount of foreclosures. When banks foreclose and the homes don’t sell, it costs a significant amount of money to maintain the properties each month. Banks end up hemorrhaging money keeping the properties, and their interest in keeping these foreclosed homes decreases each month. Though this is bad news for banks, it’s good news for qualified buyers, as you can find significant discounts on bank foreclosed properties.
Scottsdale homes for sale and other real estate in Arizona is available at historically low prices, and now is a great time to buy. It’s not essential to browse foreclosed properties only, because the sheer amount of competition from foreclosed properties also brings down the prices on seller owned properties.#in
Thanks to PhoenixHomes.com for the following information
Check out the charts below to see the single family home sale trends in the Scottsdale real estate market.
Single Family Homes Sales Trends in Scottsdale, July 2010
|
July 2009 |
June 2010 |
July 2010 |
Monthly Change |
Annual Change |
|
|
Asking Price |
$577,025 | $583,858 | $526,234 | -9.87% | -8.8% |
|
Sale Price |
$522,021 | $539,252 | $489,657 | -9.2% | -6.2% |
|
% of Asking Price |
90.47% | 92.36% | 93.05% | -0.75% |
2.85% |
|
Price/SqFt |
$180 | $189 | $178 | -5.82% |
-1.11% |
|
DOM* |
167 | 148 | 144 | -2.7% | -13.77% |
|
Total Transactions |
415 | 485 | 389 |
-19.79% |
-13.77% |
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Boulders Club Announces Reduced Membership Fees!
Of special interest to those interested in Scottsdale real estate, The Boulders Club has announced the following reduced membership fees unntil the end of the year:
Premier Golf Initiation Fee: $75,000 (80% refundable)
Premier Golf Initiation Fee: $55,000 (non-refundable)
Regular Golf Initiation Fee: $60,000 (80% refundable)
Regular Golf Initiation Fee: $45,000 (non-refundable)
Premier Social Membership Initiation Fee: $21,000 (80% refundable)
Premier Social Membership Initiation Fee: $15,750 (non-refundable)
Premier Clubhouse Membership Initiation Fee: $15,000 (80% refundable)
Premier Clubhouse Membership Initiation Fee: $11,250 (non-reundable)
The Premier Memberships include membership to the Golden Door Spa.
Big Building Proposal Irks Some Scottsdale Residents
SCOTTSDALE – Some nearby residents want plans for a big building near the Scottsdale Riverfront to float away.
The location: Scottsdale Road and Fashion Square – one of the hottest pieces of land in the Valley.
Residents say plans submitted by the developer would put in a building they believe is too big for the area and create higher density, reports ABC 15.
“It’s just too far out of proportion with buildings around it,” one resident told the TV station.
Brian Kearny, CFO for Gray Development disagrees. He says they plan to put in a mixed use apartment building:
“It’s absolutely not too big for an urban site in downtown Scottsdale.”
The proposed height of the building is lower than Scottsdale Waterfront Towers.
“We’ve taken great care the way we’ve designed and laid out the project,” Kearney said. “Trying to ensure we are not blocking the views, people have rights too.”
Watch ABC 15’s Story on the Controversy below:
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Terravita Golf Community in Scottsdale, AZ
Boasting breathtaking views from every hole and some of the finest bent grass greens in the region, Terravita’s championship golf course is a pleasure to play. Designed by PGA Hall of Famer Billy Casper and Greg Nash to capture the views of Black Mountain, The Boulders and other surrounding mountain ranges, it offers exhilarating rounds with five tee boxes accommodates any ability.
The member-owned and operated club since 1998 is financially sound with minimal debt. Significant infrastructure investments have been made since 2007, resulting in excellent playing conditions. It is no surprise that Terravita has garnered an impressive 1st place ranking in Ranking Arizona — The Best of Arizona Business Magazine’s listing of the state’s top 10 private golf courses in five of the past six years,
At the apex of the community you’ll find a grand Clubhouse with large picture windows and outdoor terraces to maximize views of Black Mountain, lush fairways and fiery sunsets. With 34,000 square feet, the Clubhouse has generous space for a long list of amenities, including four restaurants and food service, an outstanding health and fitness center, numerous tennis courts, and an Olympic sized swimming pool. Just another wonderful community to consider when exploring the Scottsdale real estate market.#in
The Boulders Resort and Golf Community in Scottsdale, AZ
Escape to a secluded haven amid the natural splendor of painted desert sand, towering cacti, and clear, blue sky – The Boulders Resort. This luxury retreat truly inhabits a unique location from other exclusive Scottsdale resorts. Nestled in the Sonoran Desert – just outside Scottsdale, Arizona – our award-winning accommodations, world-renowned Golden Door Spa, and stunning natural beauty, create the setting for an unparalleled getaway. Enjoy a round of golf with a choice of two Jay Moorish designed courses. Relax and repose in adobe casitas and houses expertly blended into the breathtaking landscape of ancient 12-million-year-old boulders. Discover a warm sense of renewal in a peaceful, stirring atmosphere within the stunning North Scottsdale hotel and resort. Experience unsurpassed recreation elegantly combined with robust indulgence, flawless service, and a breathtaking setting.
Located on 1,300 acres of pristine Sonoran desert
Ranked by Condé Nast Traveler as one of America’s “Top 15 Golf Resorts”
U.S Top 10 – 2008 Best Golf Resort by Travel + Leisure Golf
Golf Magazine’s 2008 Platinum Medal award winner and named among the nation’s Best Golf Resorts
World’s Best Awards 2002-2008 award winner by Travel + Leisure
Top 10 Best Spas In the World by Spa Finder #in
In a continuing effort to help real estate, including the Scottsdale real estate market, Mortgage rates fell in the past week to the latest in a series of record lows amid concerns about the state of the U.S. economy, according to a survey released on Thursday by Freddie Mac, the second-largest U.S. mortgage finance company.
Rock-bottom rates should continue to spur demand for home loan refinancing, putting extra cash into consumers’ hands that they can save, use to pay off existing debt or funnel into the economy through extra spending.
Interest rates on U.S. 30-year fixed-rate mortgages, the most widely used loan, averaged 4.42 percent for the week ended August 19, down from the previous week’s 4.44 percent and its year-ago level of 5.12 percent, according to the survey. Thirty-year mortgage rates have fallen to fresh lows for nine straight weeks. Freddie Mac started the survey in April 1971.
4.42% is the “average” rate for a 30 Year Fixed. Actual rates vary depending on occupancy status, credit scores, debt-to-income ratio, loan-to-value, property type, etc. “
Sales of Existing Scottsdale homes Up 36% in lst Half Of Year
From The Arizona Republic
Existing-home sales in Scottsdale jumped 36 percent in the first half of this year, and home construction picked up slightly from its glacial pace. Perhaps this is a good sign for a possible rebound of the Scottsdale real estate market.
Housing-industry observers remain cautious about where the market is headed because prices have not stabilized and foreclosures accounted for a quarter of the 3,215 homes sold in Scottsdale through June, according to Arizona State University Realty Studies reports. Foreclosures and short sales continue to put downward pressure on prices.
Scottsdale’s median-home price in June was $378,600, up less than 1 percent from a year earlier. But it was the first year-over-year monthly increase during the first half of 2010. The Valley median price in June was $147,500.
New homes are just a fraction of the Scottsdale housing market. The city has issued 100 single-family building permits from Jan. 1 through this week and is on pace for about 171 new homes in 2010. Last year, Scottsdale approved just 130 home permits, down from 3,100 a decade earlier.
Scottsdale Home Sales, Prices Dip in July
|
July 2010 |
July 2009 |
| Home Sales: 500 (down 6.5%) | Home Sales: 535 |
| Price: $350,000 (down 5.4%) | Price:$370,000 |
| Traditional Sales: 355 (down 11%) | Traditional Sales: 400 |
| Price: $371,000 (down 4.6%) | Price: $389,900 |
| Foreclosures: 145 (up 7.4%) | Foreclosures: 135 |
| Price: $319,960 (down 0.17%) | Price: $320,500 |
|
July 2010 |
July 2009 |
| Condo Sales:310 (up 3.3%) | Condo Sales: 300 |
| Price: $148,950 (down 6.9%) | Price: $160,000 |
| Traditional Sales:195 (down 2.5%) | Traditional Sales: 200 |
| Price: $144,900 (down 14.7%) | Price: $170,000 |
| Foreclosures: 115 (up 15%) | Foreclosures: 100 |
| Price: $155,000 (up 3.6%) | Median: $149,563 |
Scottsdale home sales and prices declined in July from a year ago as foreclosures continue to plague the Scottsdale real estate market, according to a monthly report from Arizona State University Realty Studies. Foreclosures accounted for 29% of the 500 homes sold and 37% of the 310 condominiums sold.
When I married my husband, together we planned to retire at forty and pursue the home of our dreams. With careful planning and saving, we achieved our goal, and though it was a little bit later (my husband was 42), we retired and soon were looking for our dream home. We started in Scottsdale, Arizona, and I much Scottsdale luxury property that I couldn’t even make a decision. Most of the homes in the area were gorgeous, and by the time we were done, I had about six that I really liked! The homes were exactly what I wanted; making me think I wasn’t being particular enough about my dream home!
We ended up choosing a delightful four-bedroom home located right off the fairway of a picturesque par four at a pristine golf course. I think it was the best decision I ever made. Even our kids love to come and visit, and sometimes don’t want to leave!
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