Phoenix Arizona


The Valley’s priciest home sales by quotes
August 21, 2007, 3:44 pm
Filed under: City of Phoenix, City of Phoenix News, Phoenix, US - AZ (Phoenix) | Tags: ,

A president of a supplement company, a plastic surgeon, a Colorado developer, a bottling CEO, a retired AT&T executive and a smart card inventor are among the buyers and sellers in this week’s priciest home sales.

$4,400,000

Bradley N. Grossman of Paradise Valley purchased a 9,300-square-foot home with pool built in 2003 at Mirador in Paradise Valley. The seven-bedroom, 8 1/2-bathroom home features 360-degree views through 15-foot-high glass walls, looking out on Paradise Valley Country Club to the north and Camelback Mountain canyons to the south. It includes a five-car garage and view deck upstairs with elevator and gourmet kitchen that opens to the breakfast nook, family room and patio. Grossman is president and CEO of American Supplement Technologies Inc in Tempe. The home was sold by Douglas Heinrich and his wife, Mary.
$4,175,000

Dr. Ali M. Mosharrafa and his wife, Susan, purchased a new five-bedroom, 5 1/2-bath, 7,137-square-foot Spanish hacienda estate designed by Clay Scrivner at Mockingbird Lane Estates in Paradise Valley west of the Camelback Golf Club. The home features his and her baths and an exercise room with private spa. The kitchen has furniture-quality cabinets, granite countertops, Viking appliances and a 6-foot subzero refrigerator and freezer. Ali Mosharrafa is the chairman of the department of  plastic surgery at Good Samaritan Hospital in Phoenix. The home was sold by Bjan Family Enterprises, an Arizona limited liability company.

More of The Valley’s priciest home sales.

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Phoenix Housing Market by quotes

Greater Phoenix resale home market continues steady trend

MESA, Ariz. — The local resale housing market appears to be fairly stable, with 4,910 recorded sales in June 2007. The activity of June closely followed May 2007 at 5,220 sales and was not far below last year’s 5,460 transactions. The month of June brought the second quarter activity to a close with 14,990 sales, in contrast to 14,185 sales for the first quarter and last year’s second quarter sales of 18,310.

The current level of activity brings much needed sustainability; however, the 2007 year-to-date total of 29,175 homes is well below the 36,290 for 2006 year to date and 58,030 sales for 2005 year to date.

While the resale market is following a very traditional pattern, there are increasing risks that the market could move lower, driven by geopolitical risks and tighter mortgage underwriting guidelines,” said Jay Q. Butler, director of Realty Studies in ASU’s Morrison School of Management and Agribusiness at the Polytechnic campus. Both of these factors could make it increasingly difficult for people who desire another home to be able to finance it.

The new home market continues to be a competitive and attractive alternative to the resale home in many areas of the market as new home builders have been aggressively pursuing buyers through incentives such as specially priced up-grades, free pools and gift cards. Even with these concerns, the general expectation is that the 2007 resale housing market should be a good year, but nowhere near the records.

Much like the ever-increasing sales activity of the last few years, the rapid improvement in prices has disappeared. The median home price in June was $263,145 in comparison to $262,000 for May and last year’s $267,000.  For June 2007, 17 percent of all recorded sales were for homes priced from $125,000 to $199,999, 41 percent for $200,000 to $299,999 and 40 percent for homes priced over $300,000.  Last year, the distribution was 14 percent of all recorded sales were for homes priced from $125,000 to $199,999, 44 percent for $200,000 to $299,999 and 39 percent for homes priced over $300,000. Since the greater Phoenix area is so large, the median price can range significantly from $692,750 ($711,000 in May) in North Scottsdale to $148,500 ($158,500 in May) in the Sky Harbor area of the city of Phoenix.

Because mortgage interest rates decline slightly from last year’s 6.2 percent to 5.9 percent and home prices remained fairly stable, the monthly payment decreased slightly from last year’s $1,390 to $1,330. Even though mortgage interest rates have been declining over the last year, they have been in an upward trend for the last few months creating mounting concerns about the ability of some homeowners to acquire or maintain their homes. In response to issues raised in the subprime market, underwriting guidelines have been tightening, making it more difficult for potential buyers to qualify for a mortgage.

Townhouse/condominium units have retained some popularity with seasonal visitors, investors and people seeking affordable housing, so this housing sector showed an improvement from last year’s 1,035 sales to 1,125 sales for June 2007 (1,245 sales in May). Even with popularity, the median home price decreased slightly from $184,990 in May to $181,250.

The median square footage for a single-family home recorded sold in June 2007 was 1,725 square feet, which is larger than the 1,640 square feet for a year ago. The larger size further demonstrates the role of the move-up sector in the local housing market. In the townhouse/condominium sector, the median square footage was 1,105 square feet, which is larger than the 1,090 square feet reported a year ago.

  1. In contrast to June 2006, recorded sales in the city of Phoenix decreased from 1,725 sales to 1,320 sales, while the median sales price increased to $227,390 from $225,000 for a year ago. Since Phoenix is a geographically large city, the median price can range significantly such as $148,500 in the Sky Harbor area to $343,000 ($313,495 in May) in the Union Hills area. The townhouse/condominium sector increased from 300 to 370 sales, while the median price increased from $150,000 to $166,500.
  2. The Scottsdale resale home market declined from 465 to 415 recorded sales, along with the median sales price decreasing from last year’s $640,000 to $612,750. The median resale home price is $692,750 ($711,000 in May) in North Scottsdale and $316,000 ($320,000 in May) in South Scottsdale. The townhouse/condominium sector in Scottsdale stayed at 250 sales, while the median sales price decreased from $264,750 to $249,900.
  3. The Mesa resale housing market declined from 585 to 520 sales, while the median price fell from $247,600 to $235,000 ($238,000 in May). The townhouse/condominium sector also fell from 160 to 135 sales, while the median home price decreased from $156,250 to $154,465.
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  5. Glendale decreased from 430 to 325 sales and the median sales price decreased from $253,000 a year ago to $243,480 ($243,000 in May). The townhouse/condominium sector decreased from 70 to 50 sales, while the median sales price remained at $145,000.

       

·       For the city of Peoria, the resale market declined from 250 to 230 sales, while the median price moved from $272,900 to $255,000 ($255,000 in May). The townhouse/condominium sector decreased from 35 to 20 sales and the median price increased from $163,500 to $182,000.

  1. In comparison to a year ago, the Sun City resale market improved from 75 to 115 sales, while the median sales price decreased to $185,000 from $215,000. Resale activity in Sun City West remained at 45 sales, the median sales price decreased from $258,950 to $217,500. The townhouse/condominium market in Sun City remained stable at 45 recorded sales, while the median home price decreased from $143,250 to $127,750. In Sun City West, activity fell from 15 to 10 sales and the median sales price decreased from $178,000 to $175,500.
  2. The resale market in Gilbert decreased from 330 to 315 sales and the median sales price decreased from $330,000 to $297,000 ($300,000 in May). The townhouse/condominium market improved from 10 to 15 sales as the median sales price decreased from $238,750 to $189,900.

  • For the city of Chandler, the resale market fell from 380 to 370 recorded sales, while the median sales price went from $295,000 to $288,000 ($297,750 in May). The townhouse/condominium market increased from 40 to 45 sales, and the median sales price declined from $176,450 to $175,000.

§       The resale market in Tempe decreased from 160 to 140 sales, with the median sales price decreasing from $298,500 to $289,000 ($270,780 in May). The townhouse/condominium sector moved up from 70 to 95 sales, with the median sales price decreased from $191,000 to $183,000.

  1. The highest median sales price was in Paradise Valley at $1,932,500 with a median square foot house of 3,965 square feet.

·       In the West Valley, the following communities represent 10 percent of the resale market.

o       Avondale fell from 120 to 90 sales with the median price moving from $259,050 to $239,000 ($223,000 in May).

o       El Mirage decreased from 80 to 60 sales, while the median home price went from $215,000 to $195,500 ($200,000 in May).

o       Goodyear went from 90 to 80 sales, while the median price increased from $290,000 to $299,000 ($250,000 in May).

o       Surprise increased from 175 sales to 255 sales, while the median price decreased from $254,900 for a year ago to $230,000 ($245,070 in May).

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REalty studies

Realty Studies is associated with the Morrison School of Management and Agribusiness at Arizona State University’s Polytechnic campus. Realty Studies collects and analyzes data concerning real estate in the greater Phoenix metropolitan area. Realty Studies is a comprehensive and objective source of real estate information for private, public and governmental agencies.  Its director, Dr. Jay Q. Butler, may be reached at (480) 727-1300 or e-mail him at Jay.Butler@asu.edu. To subscribe to RSS feed for Realty Studies news, visit http://www.poly.asu.edu/realty/rss.html.

ASU’s Polytechnic campus, located in southeast Mesa, offers bachelor and graduate degree programs, unparalleled by other Arizona state universities, through the Morrison School of Management and Agribusiness, the School of Applied Arts and Sciences, the School of Educational Innovation and Teacher Preparation, and the College of Technology and Innovation. Visit us online at http://www.east.asu.edu.



Greater Phoenix resale numbers tracking near historical norms by quotes

Greater Phoenix resale numbers tracking near historical norms

MESA, Arizona —February, like January, tends to be a poor indicator of the coming year.  In addition, it is a short month, so it is typically a low month for sales activity, frequently being the lowest month of the year. For February, 4,280 homes were recorded sold, in contrast to 4,520 for January, 5,460 for a year ago and 7,935 transactions in 2005. This was the lowest February since 4,090 homes were recorded sold in 2003, which was the lowest month for 2003. So far in 2007 a total of 8,800 homes have been recorded sold in contrast to 10,715 in 2006 and 17,290 in 2005 for the same time period.

While the resale market is tracking near historical norms, the overall health of the market will become more evident in the next few months, which are traditionally the strongest for the resale market, according Jay Q. Butler, director of Realty Studies at Arizona State University’s Polytechnic campus.

“If 2007 is to show some improvement, listings should be increasing with a corresponding improvement in buyer activity.  However, the activity levels should be well below those of the last few years, because the current market lacks the market frenzy to own and/or invest at almost any price and reasoning,” said Butler. 

If the international economy and political situation remains stable, the general expectation is that the 2007 resale housing market should be a good year, but no where near the records.

Much like the ever-increasing sales activity of the last few years, the rapid improvement in prices has disappeared. The median home price has been very stable at $260,000, which is the same as January, but down from last year’s $265,000.  For February 2007, 16 percent of all recorded sales were for homes priced from $125,000 to $199,999, 43 percent for $200,000 to $299,999 and 39 percent for homes priced more than $300,000.  Last year, the distribution was 19 percent of all recorded sales were for homes priced from $125,000 to $199,999, 40 percent for $200,000 to $299,999 and 37 percent for homes priced more than $300,000.

The increase in the higher price levels demonstrates the importance of the move-up market in a slowing market. Since the greater Phoenix area is so large, the median price can range significantly from $687,500 ($665,000 in January) in North Scottsdale to $139,500 ($148,000 in January) in the Sky Harbor area of the city of Phoenix.

Since home prices have declined slightly from a year ago, the monthly payment of $1,300 is down from last year’s $1,320. Even though mortgage interest rates have been declining for the last few months, limited home appreciation and household income continues to raise concern about the ability of some homeowners to maintain their homes. This may be especially evident for those that have used some of the more creative financing instruments, such as option payment plans and initially low-interest-rate adjustable mortgages. 

Because townhouse/condominium units are popular with seasonal visitors, it is not unusual to observe an improvement in February. Thus, February had 1,050 sales, in comparison to 850 for January and 1,260 sales for a year ago. The median home price has been very stable at $175,000, which is also the same as a year ago.

The median square footage for a single-family home recorded sold in February 2007 was 1,670 square feet, which is larger than the 1,620 square feet for a year ago. The larger size further demonstrates the role of the move-up sector in the local housing market. In the townhouse/condominium sector, the median square footage was 1,085 square feet, which is smaller than the 1,135 square feet reported a year ago.

  1. In contrast to February 2006, recorded sales in the city of Phoenix decreased from 1,645 sales to 1,215 sales, while the median sales price increased to $228,470 from $213,750 for a year ago. Since Phoenix is a geographically large city, the median prices can range significantly such as $139,500 in the Sky Harbor area to $305,000 ($353,500 in January) in the Union Hills area. The townhouse/condominium sector decreased from 425 to 355 sales while the median price decreased from $158,500 to $150,000.
  2. While the Scottsdale resale home market declined from 400 to 355 recorded sales, the median sales price increased from last year’s $575,000 to $600,000. The median resale home price is $687,500 ($665,000 in January) in North Scottsdale and $321,250 ($308,000 in January) in South Scottsdale. The townhouse/condominium sector in Scottsdale also decreased from 235 to 220 sales and the median sales price decreased from $285,000 to $254,950.
  3. The Mesa resale housing market declined from 655 to 460 sales, while the median price fell from $245,000 to $238,500 ($240,000 in January). The townhouse/condominium sector also fell from 190 to 140 sales, while the median home price increased from $155,000 to $161,400.
  4.                

  5. Glendale decreased from 435 to 300 sales and the median sales price decreased from $250,000 to $242,850 ($238,500 in January). The townhouse/condominium sector also slowed from 65 to 50 sales, while the median sales price decreased from $140,000 to $139,000.

       

·       For the city of Peoria, the resale market decreased from 275 sales to 235 sales, with the median price moving from $275,000 to $270,000 ($260,000 in January). The townhouse/condominium sector remained at 25 sales and the median price increased from $169,900 to $184,000.

  1. In comparison to a year ago, the Sun City resale market remained at 100 sales, while the median sales price decreased to $204,500 from $216,000. As resale activity in Sun City West stayed at 55 sales, the median sales price decreased from $243,500 to $230,000. The townhouse/condominium market in Sun City declined from 60 to 45 recorded sales, while the median home price decreased from $146,450 to $129,000. In Sun City West, activity improved from 15 to 30 sales and the median sales price decreased from $180,000 to $166,000.
  2. The resale market in Gilbert decreased from 290 to 230 sales, with the median sales price decreasing from $341,000 to $307,500 ($319,000 in January). The townhouse/condominium market fell from 20 to 15 sales as the median sales price decreased from $213,000 to $205,500.

  • For the city of Chandler, the resale market fell from 400 to 280 recorded sales, while the median sales price improved from $299,900 to $307,500 ($305,000 in January). The townhouse/condominium market declined from 65 to 50 sales and the median sales price declined from $183,600 to $170,830.

§       The resale market in Tempe increased from 120 to 135 sales, while the median sales price decreased from $300,000 to $280,000 ($282,950 in January). The townhouse/condominium sector slowed from 90 to 50 sales and the median sales price decreased from $185,000 to $182,500.

  1. The highest median sales price was in Paradise Valley at $1,740,000 with a median square foot house of 3,840 square feet.

·       In the West Valley, the following communities represent 9 percent of the resale market.

o       Avondale fell from 110 to 70 sales, with the median price moving from $261,000 to $242,080 ($243,950 in January).

o       El Mirage decreased from 60 to 45 sales, and the median home price went from $221,000 to $206,000 ($202,000 in January).

o       Goodyear declined from 80 to 65 sales, with the median price decreasing from $289,000 to $270,000 ($260,000 in January)

o       Surprise increased from 200 to 215 sales, while the median price decreased from $260,750 a year ago to $245,000 ($247,235 in January).

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Realty Studies

Realty Studies is associated with the Morrison School of Management and Agribusiness at Arizona State University’s Polytechnic campus. Realty Studies collects and analyzes data concerning real estate in the greater Phoenix metropolitan area. It is a comprehensive and objective source of real estate information for private, public and governmental agencies.  Its director, Dr. Jay Q. Butler, may be reached at (480) 727-1300 or e-mail him at Jay.Butler@asu.edu.

ASU’s Polytechnic campus, located in southeast Mesa, offers bachelor and graduate degree programs, unparalleled by other Arizona state universities, through the Morrison School of Management and Agribusiness, East College, the College of Science and Technology, and the School of Educational Innovation and Teacher Preparation. Visit us online at http://www.poly.asu.edu.



Free Phoenix Workshop on Homeowners Associations and Related Laws by quotes

 Free Phoenix Workshop on Homeowners Associations and Related Laws

Phoenix residents can learn what the most common legal issues facing homeowner associations are, and how federal and state laws impact their ability to govern, during a free workshop from 6 to 8 p.m. Tuesday, March 20, at Phoenix City Hall, assembly room A, first floor, 200 W. Washington St.

The workshop is one of a series of seminars sponsored by the city of Phoenix Neighborhood Services Department that focuses on neighborhood improvement.

Future workshops include how to create a neighborhood newsletter, graffiti training and tool lending program and how Phoenix residents can reduce blight and neighborhood preservation ordinance violations.

The workshops are free, but registration is required. A complete listing of the workshops can be found at phoenix.gov/NSD.

For more information or to register for the classes, call 602-534-8444.