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
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!!!
David E Smith | REALTOR
Russ Lyon | Sotheby’s Intl’ Realty
602-617-7831
david@azhome.us
America’s Most Romantic Home | Offered at $4,495,000 | Schedule a Private Showing with David E Smith
Article Coutesy of http://amazingdwellings.com/?p=383
Where is the most romantic home in America?
According to the editors at Amazing Dwellings,the most romantic home is not in
New York, California, or even Texas.America’s most romantic home is
right in the middle of the desert in Phoenix Arizona. The private
residence,named Villa Il Segreto or “The Secret”, has been named the
most romantic home in America,
According to the editors of Amazing Dwellings, Villa Il Segreto was
chosen because it is unlike anything they have ever seen before
in the Phoenix, Arizona home market.Il Segreto is a classic
1935 european style adobe villa located in the heart of
Phoenix Arizona’s Biltmore District.
This luxury compound was originally designed by famed architect
Robert T. Evans for his own private residence. Recently updated by
designer Kristin Austin-Jacob,it is no wonder that this Luxury Compound
has been named “The Most Romantic Home in America.
“Throughout its illustrious history, this Arizona home has
been the visited by the Hollywood Elite, Presidents, Athletes, Senators, and more.
According to the editors at Amazing Dwellings,
this European Country Estate is one of the most romantic,
appealing, and sensual homes they have covered. Il Segreto,
“The Secret”, is nestled inside a private gated compound,
and the home and its gardens have been featured in
numerous periodicals, including multiple books and magazines on
architectures, gardening, and design.
The Editors of Amazing Dwellings say,”Once you immerse yourself in
this 4-bedroom luxury home in Phoenix, you never want to leave.”
“Truly an amazing home in the middle of the desert”.
See More Photos and Schedule a Private Showing of this home
David E Smith | REALTOR
Russ Lyon | Sotheby’s International Realty
602-617-7831 direct
david.smith@russlyon.com
I Voted Today – Did You?
Trade your Ferrari or Lamborghini for this Luxury Scottsdale Condo Penthouse in the Hotel Valley Ho
$880,000
6850 E MAIN Street #7701
Scottsdale, AZ 85251
A Private Residence at the Hotel Valley Ho is much more than a place to live. This south-west corner Penthouse embodies all Hotel lifestyle privileges such as 24hr room service, maintenance, housekeeping, concierge, pool, spa, fitness, security and valet. This European design mid-Century Hotel is walking distance to Scottsdale’s Historic district, galleries, couture shops, restaurants, lounge and nightlife. Enjoy sweeping panoramic views of Camelback and Papago Mtn under a sophisticated urban setting. Hotels all time low inventory can make this opportunity available for one fortunate home owner. Seller will consider Lamborghini or Ferrari Trades. Also can trade a Luxury New Mexico home for AZ Property.
More about the Hotel Valley Ho:
Hotel Valley Ho was cool back in 1956 when it first opened its doors, before Downtown Scottsdale was downtown. It’s every bit as chic now, after a meticulous renovation.
This mid-century modern landmark offers posh, playful rooms and suites, fab fare at ZuZu, and VH Spa for Vitality + Health. Centrally located in Downtown Scottsdale, the hotel is just a short walk from shops, restaurants, and Old Town’s renowned art galleries.
The seven-story Tower is the artful hotel within a hotel. It offers spacious one- and two-bedroom Tower Suites with complete kitchens, as well as spacious Tower Signature Guest Rooms. Here, the rooms are distinctly designed as light, bright havens with sweeping panoramic views.
Hotel Valley Ho. The evolution of cool.
BofA & Fannie Mae holding inventory = More REOs & Less Auctions
h/t Mike Balzotti
In the last three weeks we have seen an interesting and potentially significant new trend. An unusually large number of trustee deeds are being recorded in Maricopa County in August that revert to the beneficiary. These are dominated by two beneficiary entities: Bank of America and Green Tree Servicing LLC (for Fannie Mae). All other lenders are continuing a pattern where most trustee deeds are issue to third parties. However Bank of America and Fannie Mae are taking most of their recent foreclosures back into REO inventory. They do this by setting high opening bids. Perhaps they feel they can get a higher realization by marketing the REO instead of by selling to the third parties at auction. If so, they are probably correct, because far more ordinary owner occupiers are happy to bid on an REO but would not be willing to participate in a trustee auction. As Bank of America and Fannie Mae are two of the largest and most significant foreclosing entities, this is resulting in REO inventory rising. We are also seeing a bump up in trustee deeds even while new notices remain lower than of late.
Arizona short-sales losing market share to normal listings
Courtesy of the Cromford Report | h/t Mike Balzotti
Although they are still 36.8% of all active listings in Greater Phoenix, short sales and pre-foreclosures are losing market share to normal listings. 36.8% is the lowest percentage share we have measured since September 2009. The peak share occurred in June 2010 and was 42.4%. Normal listings are now 56.7%, their highest percentage since 2008. REOs are still around but are only 6.5%. All these percentages include AWC listings.
Paradise Valley Estate for Sale | $5,900,000 | Offered by David E Smith of Russ Lyon Sotheby’s Intl’ Realty
Authentic French Chateaux on 2+ Acres in Exclusive Paradise Valley, AZ
8818 N Scottsdale Rd
Paradise Valley, AZ 85253 
MLS: 4763478
Beds/Baths: 6 / 5
Bedrooms Plus: 6
Approx SqFt: 11,459
Price/SqFt: $514.88
Year Built: 2012/2013
Pool: Private
Exterior Stories: 2
Interior Levels: 2
2+ acres in prestigious Paradise Valley embrace an 11,459 SF+/ authentic French Chateaux by Bedbrock Developers LLC. With the copious amenities, high end finishes and superlative quality that has become their unique signature, Bedbrock envisions a storybook compound that artfully entwines all that the distinctive buyer demands. The ultimate in fine living, compound options include a guest house, care takers house, pool house, and an additional 4 car garage. Home construction can start in as few as 3 months. GREEN Buyers? LEEDS PLATINUM home can also be designed and constructed by LEEDS certified builder.
Search the MLS for all Paradise Valley Arizona Homes for Sale HERE >>>
Arizona trustee sales nudge up, but still trending down to 2007 levels…
August 1 – Recorded trustee sales in Maricopa County for July 2012 totaled 1,999 for all property types (1,873 for residential). This is 8.9% higher than June 2012, but 60.6% less than July 2011. New notices of trustee sale totaled 3,388 for all property types (3,219 for residential). This is down 13.2% from June 2012 and down19.2% from July 2012. It is also the lowest monthly total for new notices of trustee sale since September 2007. The “ripple” of extra notices that followed the February settlement between the big 5 banks and the states appears to have subsided. Total residential REO inventory is 5,453, down by 7.7% from last month and down 65.6% from August 1, 2011. Active notices (i.e. pending foreclosures) total 16,018, down 2.6% from last month and down 31.3% from August 1, 2011. Apart from the monthly increase in trustee sales, all the numbers are still showing a foreclosure wave in decline.
Courtesy of the Cromford Report, h/t Mike Balzotti
Search the MLS for all Arizona Foreclosures and Short-Sales HERE >>>
Arizona is the number one state for start up businesses!
Coutesy of The Cromford Report – h/t Mike Balzotti
Arizona is the number one state for start up businesses according to the Kaufmann Index of Entrepreneurial Activity, During 2011 there were 520 new businesses for every 100,000 adults, benefitting from a stream of entrepreneurs migrating from less business-friendly states such as California. Business and commercial property taxes are relatively low, as are workers’ compensation costs. Our labor pool is recognized as highly educated, with Arizona State University and the University of Arizona providing a steady stream of science and technology grads. The state also encourages firms to upgrade employees’ skills, giving grants to those that offer in-house job training. Technology firms dominate Arizona’s new business landscape. Software and semiconductor makers are big here, as are solar, clean-tech and renewable energy technology firms. More traditional fields like retail and tourism also are hot. As employment in these industries grows it will create more demand for owner-occupied housing, adding to our supply shortage. Rental housing is not in short supply and it looks like it could become oversupplied unless landlords start to feed some of their properties back into the owner-occupied market over the next several years.