Jon Mirmelli | April 2021 | Digital Newsletter

JON MIRMELLI REAL ESTATE GROUP

FEATURED LISTINGS

April 2021

PENDING

NOW PENDING BILTMORE HEIGHTS

3318 E Georgia Ave, Phoenix, AZ 85018 4 Beds | 3.5 Baths | 2,659 SQFT | $1,395,000

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Jon Mirmelli 602.300.1900

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PRESENTED BY

JON M MELLI IR

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FEATURED

LISTINGS

3318 E. GEORGIA AVENUE PHOENIX, AZ 85018 4 Beds | 3.5 Baths | 2,659 SQFT $1,395,000

R BILTMORE HEIGHTS

ARE OPPORTUNITY - semi custom home fully remodeled in 2019 with more updating / improvements done in 2020. 4bd/3.5ba split floor plan with resort style backyard. European style gourmet kitchen perfect for the home chef features built in pizza oven, grill, 6 burner gas range with 2 ovens and grill top and pot filler. Upgraded cabinets and quartz counters and center island. Professional details everywhere, vaulted ceilings, wood floors, wanescoating,dual pane windows. Fireplace with heat feature in living and master bedroom. Look out the French doors from the bedrooms to the beautiful landscaped yard with pool & water feature. Large patios off the master, living & bedroom/den with outdoor kitchen with grill and eating area + new outdoor spa, fireplace, etc.

8671 E. EAGLE CLAW DRIVE SCOTTSDALE, AZ 85266 4 Beds | 4.5 Baths | 3,879 SQFT $1,495,000

PENDING

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xquisite custom home with detached casita in the privately gated community of Cantada at Hawknest Trail. 3,879 total sq.ft. (501 sq.ft. casita included), 4 bd / 4.5ba, 3 car garage, courtyard private pool, 600+ refrigerated wine cellar, Home has full solar system (owned), conveys with Control 4 / audio equipment + custom installed exterior BBQ unit. Home also has water softener & custom filtration system. Home has lots of upgrades (travertine flooring, granite countertops, lots of custom built-ins and upgrades throughout). Sub Zero fridge, Dacor appliances, This custom home has been a primary residence and has been maintained throughout ownership. Recent roof, & pool updates.

HAWKNEST TRAIL

12474 N. 82ND STREET SCOTTSDALE, AZ 85260 3 Beds | 2 Baths | 3,024 SQFT $995,000

R STONERIDGE ESTATES

are opportunity in the Cactus corridor-private estate lot (.84 + acres) that has horse privileges with lots of available land to expand home and add exterior improvements. Stoneridge Estates is a highly sought after neighborhood with large private lots, convenient access to HWY 101, top Scottsdale schools and minutes drive to top retail / restaurants. Home has been well maintained and has new HVAC units 2019 and a new roof in 2016. Plantation shutters throughout and Luxury Vinyl Plank (LVP) flooring throughout. This lot has no road noise as it is an interior lot in between Hayden and 84th St that is two blocks North of Cactus.

HOMES RECENTLY SOLD

APRIL 2021 02/22/21 – 03/22/21

ZIP CODE

# OF CLOSED LISTINGS

SCOTTSDALE 85266 85262 85255 85254 85260 85259 85258 85251

53 123 162 116 94 64 125 177

AVERAGE SOLD PRICE $ 1,031,822 $1,576,777 $1,506,910 $754,759 $702,703 $1,129,539 $670,522 $497,534

AVERAGE SALE/LIST PRICE 99% 99% 100% 100.1% 100.1% 100% 100% 100%

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Jon Mirmelli Real Estate Group

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CLOSED

PRESENTED BY

JON M MELLI IR

MARKET WATCH

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AVERAGE $/SQFT

AVERAGE DOM

$310.37 $384.39 $378.22 $343.56 $297.82 $309.50 $319.17 $324.75

63 102 58 47 32 65 39 62

FOUNTAIN HILLS 85268 103 $648,137 100% $262.61 69 PARADISE VALLEY 85253 77 $2,527,643 97% $497.06 85250 69 $565,686 100% $295.07 ARCADIA/BILTMORE 85016 134 $546,031 98% 85018 89 $929,614 100%

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rojecting forward to April 2021: As I write this (3/20), there are 3,700+ homes listed as active in the MLS for Maricopa County - last month on 2/22 there were 3,100+ active listings. One big difference is 3/20 is a Saturday and most agents don’t change status to under contract until earnest money is deposited when they already have an agreed contract in place. We typically see the lowest point in active listings on Tuesdays each week.

The rise in listings is a good sign for buyers, but properties are still being sold in days when priced properly. There currently are 10,000+ homes under contract that are not yet closed.

Last month there were 10,800+ so a slight decline. To have more of a balanced market we should have closer to 20,000+ active listings with a Metro area of 5mm+ people.

Just this past week, I listed two Scottsdale homes for $1mm & $1.5mm and both properties sold first day, over asking, and got the terms the sellers were looking for – primarily the date they wanted to be moved out by. Both homes were purchased from out-of-state buyers (CA and MT) and both of the sales had initial showings done via Facetime/Zoom showings. There were many inquiries on both of these homes and I had to dig in to make sure the buyers were legit (not just tying up the home as an option) and the buyer’s agents were seasoned and just overall good parties to work with. There are many interested buyers out-of-state that are doing very thorough review of the homes digitally and with live video showings. Out-of-state buyers are frustrated with not having good

homes to buy without being here and after several trips to AZ missing out on homes they are more prepared than they were the last quarter. There has been a slight increase in mortgage rates (about .25%) over last month, but still seeing buyers flush with cash. If a buyer is bothered by 3% vs. 2.75% +/- then they probably shouldn’t be buying a home.

My first home purchase in 1995 was at 7 1/8% (7 yr balloon loan) and the decades before that had interest rates in the 10% to 15% range. Overall, even if rates “soared” to 5% in the coming years it is historically very low!

The chart below, released by The Cromford Report, really tells the story – current inventory under contract and not yet closed has a pretty large spread in $ per sq.ft. over recently closed sales (i.e. prices are rising). When negotiating a sale on behalf of my seller’s we are looking

90 38

$283.84 57 $362.92 54

to mitigate appraisal risk in the terms we are taking from buyers, but over time the comps are rising and so long as seller’s don’t get too greedy we should be able to navigate thru the next quarter without losing buyers by asking for non-refundable earnest money, waiving appraisal contingencies, etc.

Please reach-out to me if you are looking to buy or sell. For sellers, I’m following my best practices with full marketing, not cutting any corners and making sure each showing is attended by myself or team member Julianna to get best feedback as possible and represent the properties so buyer’s understand the benefits of the home and nearby amenities.

For my buyers I’m diligently monitoring new inventory and working to leverage my relationships to see homes that are not yet on the market so good homes can be purchased before others have time to react.

Whatever your needs are with real estate, I promise to you that I will treat your investment like it is my own.

This month we are doing a volunteer shift at St. Mary’s Food Bank (4/9 from 1 to 3:30 PM) and also seeking $ donations. Please call me to learn more about this opportunity to help our state and those in need.

Thank you, Jon Mirmelli

The properties on this list have been listed/sold by various members of the MLS. If your home is currently listed, this is not a solicitation for that listing.

Data reported is based upon sales information provided by the MLS as of March 22, 2021. Data deemed to be reliable but not guaranteed. Each office is independently owned and operated.

MARKET

WATCH

MIRM

LISTED

PRESENTED BY

Jon Mirmelli Real Estate Group

Jon Mirmelli Real Estate Group - Active, Pending, Closed

Need help selling your existing home or looking to buy? Please call Jon today! Referrals always appreciated.

CLOSED

PENDING

PENDING

Windgate Ranch 9978 E Desert Beauty Drive Scottsdale, AZ 85255 5 Beds | 4 Baths | 4,960 SQFT $2,100,000

PENDING

Ancala 12475 N 119th Street Scottsdale, AZ 85259 5 Beds | 5.5 Baths | 4,929 SQFT $1,800,000

Hawknest Trail

Builtmore Heights

8671 E Eagle Claw Drive Scottsdale, AZ 85266 4 Beds | 4.5 Baths | 3,879 SQFT $1,495,000

3318 E Georgia Avenue Phoenix, AZ 85018 4 Beds | 3.5 Baths | 2,659 SQFT $1,395,000

COMING

CLOSED

CLOSED

SOON

Island at Scottsdale Ranch 7365 E Dale Lane Scottsdale, AZ 85266 4 Beds | 3.5 Baths | 3,500 SQFT $1,200,000

PENDING

10105 E Bayview Drive Scottsdale, AZ 85258 3 Beds | 2.5 Baths | 2,848 SQFT $1,056,000

Stoneridge Estates

AZ Biltmore Hotel Villas

12474 N 82nd Street Scottsdale, AZ 85260 3 Beds | 2 Baths | 3,024 SQFT $995,000

CLOSED

2802 E Camino Acequia Dr. 78 Phoenix, AZ 85016 2 Beds | 2 Baths | 1,628 SQFT $835,000

CLOSED

Desert Bloom

If your home is currently listed, this is not a solicitation for that listing.

P

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Julianna Kinkade | 602.570.9171

Jon Mirmelli | 602.300.1900 JonMirmelli@gmail.com | JonMirmelli.com JON M

JM

MELLI IR

Jon Mirmelli Real Estate Group

8245 E Bell Road #230 Scottsdale, AZ 85260 2 Beds | 2 Baths | 1,487 SQFT $450,000

AL ES T RE

12379 W Bent Tree Drive Peoria, AZ 85383 2 Beds | 2 Baths | 2,194 SQFT $467,500

Montana Del Sol

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