Bio Link
David E Smith is a REALTOR with Russ Lyon Sotheby's Intl' Realty.
He represents buyers and sellers in the luxury communities of Paradise Valley and Scottsdale.
602-617-7831 Direct david@azhome.us
Arizona Luxury home market (over $500K) bucking supply trend
Supply up AND sales volume up...
The Arizona luxury market (and much of the Northeast Valley) is doing the opposite of the rest of the Greater Phoenix area. In most parts of the valley, the supply of active listings is down and sales rates are well down. The higher prices are compensating somewhat for the low unit volumes. In the luxury market (over $500,000), supply of active listings is up to the highest level we have seen for 2 years. However sales volume is up to an even greater extent and so the extra supply does not have a dampening effect on the market. Dollar volume in the market for homes over $500,000 is up 48% comparing February 2012 and 2013.
Courtesy of The Cromford Report
Search All Arizona Luxury Homes for Sale HERE >>
David E Smith
Russ Lyon Sotheby's International Realty
david.smith@russlyon.com
www.DavidESmith.us
602-617-7831 Call or Text
NFL Legend Kurt Warner's Home Going to AUCTION
KURT WARNER'S PARADISE VALLEY ESTATE GOING TO AUCTION | Feb 27th, 2013
List Price of $4,999,950 | The Property Will Be SOLD WITHOUT RESERVE
6712 E Cheney Drive
Paradise Valley, Arizona 85283
Beds: 6
Baths: 6.5
SqFt: 11,300
Live in spacious comfort. Entertain in gracious style. Based on the philosophy of its renowned Phoenix Architect Edward Chavez, this one-of-a-kind home is designed to be a work of living art. Perfectly set in one of Paradise Valley’s most affluent neighborhoods, convenient to both the Camelback Country Club and Scottsdale Road, this gated, contemporary 11,300-square-foot showplace on over an acre is a perfect blend of stylish entertaining and family living. Dramatic living spaces are framed with unique geometric built-ins, gently sloping curves and architecturally-designed elements. The resulting playful combination highlights the spectacular surrounding landscape as natural works of art through the use of both panoramic and architectural windows. Expansive sunny balconies allow access to the home’s vibrant outdoor areas, including pool, fountains and large play area. A state-of-the-art kitchen with bar and casual breakfast area leading to a spacious great room fosters the ultimate in entertaining. Additional living spaces, game room, home gym and office complete this beautifully imagined estate. The home features six bedrooms, including a palatial master suite, five full and one half bathrooms and a separate one-bedroom, one-bathroom guest home.
Click Here or Call to Schedule a Private Estate Showing: 602-617-7831
Click Here to Request a Bidder Packet
David E Smith
Russ Lyon Sotheby's International Realty
david.smith@russlyon.com
www.DavidESmith.us
602-617-7831 Call or Text
Scottsdale Homes for Sale | 5212 E Windrose Dr. | Scottsdale AZ 85254 | Sunburst Farms East
Offered at: $729,000 MLS# 4818630 • More Info
5212 E Windrose Drive
Scottsdale, AZ 85254
Beds: 4
Baths: 3.75
SqFt: 4542
NEW PRICE 1/3/13. See DOCS tab for full upgrades. Well-known builders personal home situated on almost one full acre of mature trees and lush green grass. Tastefully remodeled to over 4500+ sq ft, the home combines intimate living areas with generously proportioned entertaining spaces. The center-piece of the home is a gourmet kitchen featuring Sub Zero and Wolf appliances, custom knotty-alder cabinets, Kohler sinks, two large pantries, and chiseled-edge granite countertops.
The home features four spacious bedrooms, 3.75 baths, as well as an abundance of amenities, including an home office, cathedral ceilings, hickory wood floors, travertine tile, Pella windows and doors, jacuzzi tub, and walk-in shower with travertine and double heads. Garage in back of property can hold 8+ cars.
For more information, to schedule a private showing, or to discuss selling your own home, please contact:
David E Smith | Realtor
Russ Lyon | Sotheby's International Realty
602-617-7831 call/text
david@azhome.us
www.DavidESmith.us
www.SunburstFarmsEastHomes.com
Search the Arizona MLS HERE>>
Arizona Biltmore Hotel Villas | Tips on Buying a Condotel As a Rental Residence
"Condotels," also known as "condo hotels," are typically condominiums in resort or downtown communities. A condotel looks and feels to visitors like a hotel or resort, but in these resorts, individuals have the opportunity to purchase individual units. Unlike a timeshare, where buyers pay for limited use of a resort, buyers of a condotel own their residence outright and can stay in it, rent it out, or sell it according to their own wishes. In these communities, in-house management companies rent out the units on behalf of their owners in exchange for a percentage of the rental income. Condotel owners and their renters often have use of the resort's amenities, such as concierge, fitness and spa services. Whether an owner can use the amenities while a renting guest is staying in the unit depends on the rules of the particular condotel development. These condos make up a relatively new investment category and account for less than 10% of all vacation homes and investment properties in the U.S., according to the National Association of Realtors.Owning a condotel differs from buying and managing a condo in several respects, says Joel Greene, president of Condo Hotel Center in Miami, a real-estate agency that specializes in the sale of condo hotels throughout the country.
Unlike typical condos built by multifamily housing developers, condotels are often developed by hotel and resort companies -- such as Starwood Hotels & Resorts Worldwide, Hilton Hotels Corp., The Ritz-Carlton Hotel Company, LLC, and Four Seasons Hotels and Resorts. The price you pay for a unit may be substantially higher than that for a "regular" condo.
For the extra cost, you have access to the services of an in-house management company, which will market and rent your unit out for long or short periods of time (even nightly). The management company's rental program will charge you a portion of your rental income (typically 50%), and will handle the maintenance of your unit, groundskeeping and the clean-up after your renters leave. It will also oversee guest amenities such as pools, tennis courts and golf courses. If you bought a "regular" condo and hired an outside management firm to market and lease your unit to renters, there may be less flexibility when it comes to placing your unit in and out of the rental program, and the firm may not market y
our unit nationally in the way that a large hotel company might, Mr. Greene says.When looking to invest in a condotel, research the local real-estate market (e.g., are prices on the rise, or has the real-estate market peaked?). Study regional tourist activity and hotel occupancy, since a condotel unit, especially if it is run by a hotel operator, may be marketed like a hotel room. The location of your unit has the potential of figuring prominently into how profitable an investment it is. Jerry Yeiter, past president of The National Real Estate Investors Association and president of Yeiter & Co., an accounting firm in Houston, says some investors have had success with condotels in Florida and Arizona because these destinations offer desirable tourist activities and because these buyers purchased at a time when area real-estate prices were appreciating...
If you buy before a condotel project is fully built, you may be able to purchase your unit at a lower cost, as developers tend to offer the lowest prices pre-construction. You may have to wait until the project is completed, though, before you can rent out your unit. Estimate how much you can fetch per night and how often you need to rent the unit out to bring in enough to cover your mortgage and other expenses. "It's all about the numbers," Mr. Yeiter says. "You'd have to look at the rules and make sure the property would be suitable for an investor." Some management companies, for example, stipulate how often you must make your place available and even how it should be decorated.
Article by Jane Hodges & Courtesy of the Wall Street Journal
Searching for Arizona Biltmore Hotel Villas for Sale? Click HERE for Active MLS listings
Search Arizona Biltmore Hotel Villas SOLD in 2011: Click HERE for all SOLD listings
Contact:
David E Smith | Realtor
Russ Lyon Sotheby's International Realty
602-617-7831 direct
david@azhome.us
www.DavidESmith.us
December inventory tightens in improving markets...
January 1 - A large number of listings expire on December 31 each year so it is normal to see the active listing counts drop suddenly on January 1. This year we see the active listing count excluding AWC/UCB across all areas and types drop 3.0% from 17,651 to 17,121. If we include AWC/UCB we saw a fall of 3.8%. These are larger falls than last year when we saw 2.3% and 2.1% respectively. This is to be expected as we have a higher proportion of normal listings and these more frequently expire on December 31 compared with short sales and REOs..
Some areas have seen a much larger fall in active listings than others over the last few weeks, and some have seen an increase. The areas with a steep decline in active single family listings - excluding AWC/UC - from December 1 to January 1 include:
- Phoenix 85003
- Phoenix 85006
- Phoenix 85008
- Phoenix 85014
- Phoenix 85015
- Phoenix 85016
- Phoenix 85018
- Phoenix 85020
- Phoenix 85022
- Phoenix 85024
- Phoenix 85027
- Phoenix 85028
- Phoenix 85032
- Phoenix 85044
- Phoenix 85045
- Phoenix 85048
- Phoenix 85050
- Phoenix 85085
- Apache Junction 85119
- Casa Grande 85122
- Mesa 85203
- Mesa 85207
- Mesa 85208
- Chandler 85224
- Gilbert 85233
- Gilbert 85234
- Scottsdale 85254
- Scottsdale 85255
- Scottsdale 85260
- Gilbert 85297
- Glendale 85302
- Glendale 85308
- Peoria 85345
- Surprise 85388
- Avondale 85392
We can assume that the market is improving in these areas.
Those ZIP codes where the number of active single family listings - excluding AWC/UC - has increased significantly from December 1 to January 1 include:
- Phoenix 85009
- Phoenix 85017
- Phoenix 85019
- Phoenix 85029
- Phoenix 85033
- Phoenix 85035
- Phoenix 85037
- Phoenix 85040
- Gold Canyon 85118
- Arizona City 85123
- Eloy 85131
- Casa Grande 85194
- Tempe 86282
- Tempe 85284
- Waddell 85355
- Sun City 85373
- Wickenburg 85390
The market is looking weaker in these areas.
More supply has been released in West Phoenix while supply in North and East Phoenix is getting tighter.
Courtesy of the Cromford Report
H/T - Mike Balzotti, Phd.
Frank Lloyd Wright Home SAVED!
Christmas came a little early this year. Culminating six months of intensive work and many ups and downs, we can finally announce that this unique and important Wright house is safe! The Conservancy has facilitated the purchase of the David and Gladys Wright House in Phoenix through an LLC owned by an anonymous benefactor.The transaction closed on December 20 for an undisclosed price. The property will be transferred to an Arizona not-for-profit organization responsible for the restoration, maintenance and operation of the David Wright House.
Courtesy of www.SaveWright.org
Search the Arizona MLS HERE >>
David E Smith | Realtor
Russ Lyon | Sotheby's International Realty
602-617-7831 call/text
david@azhome.us
www.davidesmith.us
Arizona Housing Market | Sustained recovery under way...
The media seems to be full of positive outlooks for the national housing market. Fannie Mae states that the housing market has turned the corner and a sustained recovery is under way. The CEO of JPMorgan Chase says that every single thing about housing is flashing green. As far as Greater Phoenix is concerned, our market has been flashing green for some 14 months. We have reached a point where the market is less frenetic but the outlook is still positive. At some point, higher prices tend to put a brake on buyer's enthusiasm. That is what they are supposed to do. If higher prices increase buyer enthusiasm then you have irrational exuberance taking over like it did from April 2003 through October 2005. That is your first clue that the market is entering a bubble phase. That is not happening now. Buyers are behaving rationally.
Courtesy: Cromford Daily Observations
Buying, Selling, or Investing in Arizona Real Estate? Email me for assistance david@azhome.us
David E Smith
REALTOR
Russ Lyon Sotheby's International Realty
602-617-7831 Call/Text
www.DavidESmith.us
Free Arizona MLS Search HERE >>
Kierland Plaza Lofts | Rare Top Floor Main St Unit | Offered at $785,000
Offered at: $785,000 Schedule a Private Showing HERE>>
15215 N KIERLAND Boulevard #408
Scottsdale, AZ 85254
Beds: 2, Baths: 2, SqFt: 1592
MLS# 4826867
LOWEST PRICED 2 BR PLAN NOW AVAILABLE FOR SALE!!! Stackable sliding walls of glass open to this RARELY AVAILABLE LOCATION on the top floor of the Main Street Building in the heart of Kierland Commons!!! Truly unique architecture is spacious and open with 13 foot plus Ceilings and exposed beams!! This Loft features 1,592 SF of spectacular living space; two bedrooms, two bathrooms; an oversized balcony and two parking spaces inside the communitys private gated garage. ONLY ONE LIKE THIS - UPGRADED THROUGHOUT!!!
See additional photos and schedule a private showing HERE>>
Search All Scottsdale Luxury Condos for Sale HERE>>
David E Smith | REALTOR
Russ Lyon | Sotheby's Intl' Realty
602-617-7831
david@azhome.us