Biltmore Aug. 10

August 2010

Featured Property

THE PHIL TIBI GROUP My goal is to inform you and to be of service should you have any questions about our neighborhood real estate.

As a 25 year resident of the Biltmore area and a real estate professional, I am well-versed in its unique neighborhoods and exclusive communities. I keep my clients informed about all aspects of the market including crucial statistics, the pros and cons of each property, and small but important details often overlooked by other agents. My personal goal is to not only meet - but to exceed - your expectations.

Enjoy this issue of Biltmore Estates Lifestyle – it’s packed with practical articles on living in the Valley of the Sun and includes an exceptionally useful real estate market update.

Are you considering selling, moving up, downsizing or investing? We will market your property and/or find the ideal new home that fits your needs - quickly and efficiently. Contact the Phil Tibi Group today for a private consultation and experience true customer satisfaction!

Biltmore Hillside Villas 3008 Sq. Ft.| 3 Bed | 3 Bath $889,000 Come experience this exceptionally beautiful three-bedroom home with a separate Casita within one of the best locations in the Valley. The single-story property features a gorgeous and inviting open floor plan.

Travertine and granite throughout the home. Great backyard with heated pebble-tech pool and spa, built-in gas BBQ and fire pit. Enjoy the spacious three-car garage, and cul de sac lot backing to Phoenix Mountain Preserve. Fantastic views of Piestawa Peak and downtown Phoenix round out this special home. Call David Reimold at 602.571.0680 or Phil Tibi at 602.692.0780 to schedule a private showing or to obtain more info.

YEAR-TO-DATE SALES IN THE BILTMORE Subdivision

Total Average Sold List Price

Days On Total Sold Market Volume

Average Sold Price

Sales/ List

Alta Vista Park

2

$1,685,000

398

$2,830,000

$1,415,000

84%

Biltmore Estates

1

$2,485,000

399

$2,170,000

$2,170,000

87%

PHIL TIBI

Biltmore Greens

5

$707,780

123

$3,315,000

$663,000

94%

Biltmore Square

1

$599,000

163

$560,000

$560,000

93%

CAMBRIDGE PROPERTIES

Colony Biltmore

4

$424,750

129

$1,558,900

$389,725

92%

Taliverde

2

$533,500

76

$1,026,000

$513,000

96%

Village on the Lakes

4

$557,475

216

$2,058,000

$514,500

92%

Associate Broker / Director of Resale

602.692.0780 Phil@CambridgeProperties.com

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

All information is deemed reliable but not guaranteed.

Statistics represent single-family and patio homes. Information gathered from ARMLS.

Produced by Desert Lifestyle Publishing • 480.460.0996 • www.DesertLifestyle.net

Cool Kitchens

Bigger, Better & Beautiful

Local Real Estate Rain or Shine?

Eddie V’s

Luscious Tuna Tartar The Biltmore Area’s

Real Estate Report

motion in the veining that creates interest,” says Marsha Madres, a kitchen interior designer. She adds, “Medium to darker tones such as deep chocolate are popular, as are clean lines and soft contrasts in off-white and greens.” New options, however, include stained and sealed concrete, rustic limestone and stainless steel which works well with matching appliances.

Backsplashes get a lift with glass mosaics, bamboo, pounded copper and even cork. Flooring made of reclaimed wood, natural stone and decorative insignias are especially beautiful when combined together in pleasing patterns. Stainless steel appliances continue to be popular and now you can have smudge-proof stainless steel to keep those annoying fingerprints from marring your look. Some kitchens have a refrigerator door designed of chalkboard – perfect for keeping track of busy family activities or a clever way to display “today’s specials”!

With more than just cooking happening in the kitchen, stand-alone furnishings, restful alcoves, homework stations, crafting areas and dedicated hobby spaces are often incorporated. The National Kitchen and Bath Association (www.nkba.org) touts natural stone fireplaces as a hot trend.

Featuring Eddie V’s Edgewater Grille 480.538.8468 • eddiev.com

TUNA TARTAR INGREDIENTS: 4 oz. tuna, uniformly diced into 1/4” squares 1 tsp. curry oil 1 tsp. sesame oil 1 tsp. sambal chile sauce sea salt to taste 6 each toasted baguettes 3 each sliced avocado and orange filets cilantro for garnish METHOD: Mix tuna with curry oil, sesame oil, sambal chile sauce and sea salt. Shape tartar in 2” diameter by 2” high ring and place on the center of the plate. Garnish with toast and cilantro. Drizzle with more curry and sesame oils. Garnish with avocados and oranges.

Kitchens have always been the heart of the home. Now, in today’s economy with more people dining at home than ever before, homeowners are searching for ways to make their kitchen even more comforting and convenient. So, what’s cookin’ in today’s kitchens?

A Place For Everyone Now more than ever, families continue to congregate in the kitchen. So highly personalized and larger kitchens – with comfy sitting areas, media and computer stations, and family-oriented amenities – are a top priority. Plus, with the increasingly popular Food Channel and cooking shows, more and more people are spending time actually cooking in those kitchens. So function and convenience are equally important.

Dressed For Success Ready for a bit of an update? Simply incorporate some of the newest trends in kitchen color and finishes. 2010 brings us soft and neutral tones with shades of gray, subtle blue, and green-gray as the newest hues. Black and white is always timeless. A trend from the past couple of years that remains popular is multiple wood stain/colors for cabinetry. Task lighting that is functional but also aesthetically pleasing is key.

For countertops, granite is still king. “Granite works with many styles. It is a natural product with

The Best Laid Plans If you’re planning a remodel, consider your cooking style. If you are the sole cook, the traditional triangle (stove, sink, refrigerator) is functional. With more cooks in the kitchen, workstations such as vegetable prep, baking centers, and sauce/spice stations add functionality. Your dream kitchen might also contain a dedicated coffee bar, wine nook; even a wood-burning pizza oven.

Islands create informal seating, extra workspace and storage. Today’s islands feature different levels and special amenities such as a second prep sink, an extra dishwasher, convenient shelves, built-in wine storage, refrigerated drawers for drink dispensing, and warming drawers.

Here Come The Jetsons George and Jane are on their way. Appliances will soon allow you to do things you never thought possible while watching those space-age cartoons. Not only will you get instant news and weather reports through controls on your microwave or refrigerator, but you’ll also be able to start cooking from your office.

The modern kitchen (only a few years away) will have connected appliances allowing you to remotely dial up appliances and preheat the oven. If you’re not sure about dinner, download recipes using only items the computer knows you have in your refrigerator. When you put food away, you’ll scan a barcode reader on the front of the fridge and scan again when you throw away the container. Don’t want to shop? Just have the list of depleted items sent to an online grocery store for home delivery. Although the kitchen can’t cook for you yet, your appliances will make it more foolproof. Once your refrigerator recommends a recipe, it will tell the oven the correct cooking temp to preheat to. By swiping the barcode on a food container over the microwave’s computerized reader, your food cooks to perfection.

Ease, comfort and technology seem to be the mainstays in modern kitchen design. With new innovations created constantly, there are more and more ways to customize the heart of your home to the room your heart longs for: Your dream kitchen.

Foreclosures Falling • Luxury Stabilizing For the past 12-18 months, we couldn’t discuss our local housing market without the topic of bank-owned or foreclosure properties. These distressed properties have become an unwelcome, stable part of our housing landscape and have had an impact on supply & demand, and home values in every part of the Valley and in every price point.

We’ve seen properties under $200,000 selling robustly, particularly the bank-owned listings. In fact, the inventory of those properties has decreased so dramatically that we now often see multiple offers and sales above the list price. All of that activity leads to price appreciation.

The luxury market has lagged behind the lower-end market.

While the lower-end homes have experienced bidding wars and vigorous sales, homes in the higher price points have continued to struggle with a high amount of days on the market and depreciating values.

There is good news on both fronts: foreclosures and luxury.

The amount of sales we’re seeing from foreclosures is falling at a steady rate. The banks have more successfully steered distressed homeowners away from foreclosure with the alternatives of either a short sale or a loan modification.

The percentage of closings from bank-owned properties is dropping while short sale closings and “normal” (defined as neither a foreclosure nor short sale) closings are rising. That’s great news for home values, as any property owner knows that a home sold in foreclosure down the street has just set the bar for a new low in comparable home value.

The luxury market is now showing small signs of improvement. With higher consumer confidence, progress with our national economy and high-net worth individuals unaffected by unemployment steadily moving off the sidelines, the luxury market is beginning to see a change for the better.

Homes in the $1M - $1.5M market now sit at a 22-month supply vs. a 52-month supply in April 2009 and a 93-month supply in December 2008.

The Arizona State University Repeat Sales Index has been tracking year-over-year changes in home price since 1990.

For the past year, it’s been showing price declines for higher-end homes but that decline has begun to taper off – another clear sign of stabilization.

Most analysts agree that while the improvements to our market are positive, additional

AUGUST 2010 Movies at the Museum Phoenix Art Museum, Aug. 1st, 15th, 18th, 29th 602.257.1222 or phxart.org There may not be any popcorn or Red Vines, but movies at the museum are just as enjoyable.

The films are followed by a group discussion as each film pertains to current exhibitions and collections. This month’s movies incorporate a wide variety of genres including Funny Girl and a documentary entitled Women without Men. Summer ROQ Concert Series Intercontinental Montelucia, Aug. 6th, 13th, 20th, 27th 480.627.3200 or icmontelucia.com What better way to cool off and enjoy some great live tunes than with the Montelucia’s summer concert series? Some of your favorite local bands will be rocking out poolside including Chris Parker Project and Daisy Train. Concerts are free to guests and the public.

Scottsdale ArtWalk Downtown Scottsdale, Aug. 13th scottsdalegalleries.com As you enjoy meeting local artists and fraternizing with gallery owners, check out over 100 art galleries in Downtown Scottsdale during these Thursday events. Whether you are an art connoisseur or just out for people watching, come find out why locals and visitors alike love the ArtWalk.

Arizona Cardinals vs. Houston Texans University of Phoenix Stadium, Aug. 14th 623.433.7100 or azcardinals.com Football season already? Get a sneak peak at the 2010-2011 team during this pre-season game.

Check out the newcomers and the veterans and see if they have what it takes to make it all the way to the Super Bowl again! Go Cards!

John Mayer Cricket Wireless Pavilion, Aug. 18th 602.254.7200 or livenation.com John Mayer brings you his acoustic rock and bluesy sounds on this tour promoting his most recent album Battle Studies. As a Grammy-Award winner for Best Male Pop Vocal Performance, Mayer has many hits under his belt to keep the crowd happy. Joining Mayer on tour is Owl City, best known for their ever-popular hit Fireflies.

gains will most likely be modest in the foreseeable future.

Many expect the index to remain fairly flat for the rest of this year, while some predict a slight increase.

With what experts call the official “bottoming out” of our market in April of 2009, every gain and each success since then is building confidence among consumers – which is exactly what our economy needs to get back on track.

Siduri Wine Dinner BLT Steak, Aug. 19th 480.905.7979 or camelbackinn.com Join winemaker Adam Lee at BLT Steak for a spectacular evening. Mix, mingle and learn everything you wanted to know about wine.

Later, get a chance to pair up a Siduri Pinot Noir with the fabulous five-course dinner prepared by Chef de Cuisine Marc Hennessy. Make sure to reserve your spot ahead, seating is limited.

motion in the veining that creates interest,” says Marsha Madres, a kitchen interior designer. She adds, “Medium to darker tones such as deep chocolate are popular, as are clean lines and soft contrasts in off-white and greens.” New options, however, include stained and sealed concrete, rustic limestone and stainless steel which works well with matching appliances.

Backsplashes get a lift with glass mosaics, bamboo, pounded copper and even cork. Flooring made of reclaimed wood, natural stone and decorative insignias are especially beautiful when combined together in pleasing patterns. Stainless steel appliances continue to be popular and now you can have smudge-proof stainless steel to keep those annoying fingerprints from marring your look. Some kitchens have a refrigerator door designed of chalkboard – perfect for keeping track of busy family activities or a clever way to display “today’s specials”!

With more than just cooking happening in the kitchen, stand-alone furnishings, restful alcoves, homework stations, crafting areas and dedicated hobby spaces are often incorporated. The National Kitchen and Bath Association (www.nkba.org) touts natural stone fireplaces as a hot trend.

Featuring Eddie V’s Edgewater Grille 480.538.8468 • eddiev.com

TUNA TARTAR INGREDIENTS: 4 oz. tuna, uniformly diced into 1/4” squares 1 tsp. curry oil 1 tsp. sesame oil 1 tsp. sambal chile sauce sea salt to taste 6 each toasted baguettes 3 each sliced avocado and orange filets cilantro for garnish METHOD: Mix tuna with curry oil, sesame oil, sambal chile sauce and sea salt. Shape tartar in 2” diameter by 2” high ring and place on the center of the plate. Garnish with toast and cilantro. Drizzle with more curry and sesame oils. Garnish with avocados and oranges.

Kitchens have always been the heart of the home. Now, in today’s economy with more people dining at home than ever before, homeowners are searching for ways to make their kitchen even more comforting and convenient. So, what’s cookin’ in today’s kitchens?

A Place For Everyone Now more than ever, families continue to congregate in the kitchen. So highly personalized and larger kitchens – with comfy sitting areas, media and computer stations, and family-oriented amenities – are a top priority. Plus, with the increasingly popular Food Channel and cooking shows, more and more people are spending time actually cooking in those kitchens. So function and convenience are equally important.

Dressed For Success Ready for a bit of an update? Simply incorporate some of the newest trends in kitchen color and finishes. 2010 brings us soft and neutral tones with shades of gray, subtle blue, and green-gray as the newest hues. Black and white is always timeless. A trend from the past couple of years that remains popular is multiple wood stain/colors for cabinetry. Task lighting that is functional but also aesthetically pleasing is key.

For countertops, granite is still king. “Granite works with many styles. It is a natural product with

The Best Laid Plans If you’re planning a remodel, consider your cooking style. If you are the sole cook, the traditional triangle (stove, sink, refrigerator) is functional. With more cooks in the kitchen, workstations such as vegetable prep, baking centers, and sauce/spice stations add functionality. Your dream kitchen might also contain a dedicated coffee bar, wine nook; even a wood-burning pizza oven.

Islands create informal seating, extra workspace and storage. Today’s islands feature different levels and special amenities such as a second prep sink, an extra dishwasher, convenient shelves, built-in wine storage, refrigerated drawers for drink dispensing, and warming drawers.

Here Come The Jetsons George and Jane are on their way. Appliances will soon allow you to do things you never thought possible while watching those space-age cartoons. Not only will you get instant news and weather reports through controls on your microwave or refrigerator, but you’ll also be able to start cooking from your office.

The modern kitchen (only a few years away) will have connected appliances allowing you to remotely dial up appliances and preheat the oven. If you’re not sure about dinner, download recipes using only items the computer knows you have in your refrigerator. When you put food away, you’ll scan a barcode reader on the front of the fridge and scan again when you throw away the container. Don’t want to shop? Just have the list of depleted items sent to an online grocery store for home delivery. Although the kitchen can’t cook for you yet, your appliances will make it more foolproof. Once your refrigerator recommends a recipe, it will tell the oven the correct cooking temp to preheat to. By swiping the barcode on a food container over the microwave’s computerized reader, your food cooks to perfection.

Ease, comfort and technology seem to be the mainstays in modern kitchen design. With new innovations created constantly, there are more and more ways to customize the heart of your home to the room your heart longs for: Your dream kitchen.

Foreclosures Falling • Luxury Stabilizing For the past 12-18 months, we couldn’t discuss our local housing market without the topic of bank-owned or foreclosure properties. These distressed properties have become an unwelcome, stable part of our housing landscape and have had an impact on supply & demand, and home values in every part of the Valley and in every price point.

We’ve seen properties under $200,000 selling robustly, particularly the bank-owned listings. In fact, the inventory of those properties has decreased so dramatically that we now often see multiple offers and sales above the list price. All of that activity leads to price appreciation.

The luxury market has lagged behind the lower-end market.

While the lower-end homes have experienced bidding wars and vigorous sales, homes in the higher price points have continued to struggle with a high amount of days on the market and depreciating values.

There is good news on both fronts: foreclosures and luxury.

The amount of sales we’re seeing from foreclosures is falling at a steady rate. The banks have more successfully steered distressed homeowners away from foreclosure with the alternatives of either a short sale or a loan modification.

The percentage of closings from bank-owned properties is dropping while short sale closings and “normal” (defined as neither a foreclosure nor short sale) closings are rising. That’s great news for home values, as any property owner knows that a home sold in foreclosure down the street has just set the bar for a new low in comparable home value.

The luxury market is now showing small signs of improvement. With higher consumer confidence, progress with our national economy and high-net worth individuals unaffected by unemployment steadily moving off the sidelines, the luxury market is beginning to see a change for the better.

Homes in the $1M - $1.5M market now sit at a 22-month supply vs. a 52-month supply in April 2009 and a 93-month supply in December 2008.

The Arizona State University Repeat Sales Index has been tracking year-over-year changes in home price since 1990.

For the past year, it’s been showing price declines for higher-end homes but that decline has begun to taper off – another clear sign of stabilization.

Most analysts agree that while the improvements to our market are positive, additional

AUGUST 2010 Movies at the Museum Phoenix Art Museum, Aug. 1st, 15th, 18th, 29th 602.257.1222 or phxart.org There may not be any popcorn or Red Vines, but movies at the museum are just as enjoyable.

The films are followed by a group discussion as each film pertains to current exhibitions and collections. This month’s movies incorporate a wide variety of genres including Funny Girl and a documentary entitled Women without Men. Summer ROQ Concert Series Intercontinental Montelucia, Aug. 6th, 13th, 20th, 27th 480.627.3200 or icmontelucia.com What better way to cool off and enjoy some great live tunes than with the Montelucia’s summer concert series? Some of your favorite local bands will be rocking out poolside including Chris Parker Project and Daisy Train. Concerts are free to guests and the public.

Scottsdale ArtWalk Downtown Scottsdale, Aug. 13th scottsdalegalleries.com As you enjoy meeting local artists and fraternizing with gallery owners, check out over 100 art galleries in Downtown Scottsdale during these Thursday events. Whether you are an art connoisseur or just out for people watching, come find out why locals and visitors alike love the ArtWalk.

Arizona Cardinals vs. Houston Texans University of Phoenix Stadium, Aug. 14th 623.433.7100 or azcardinals.com Football season already? Get a sneak peak at the 2010-2011 team during this pre-season game.

Check out the newcomers and the veterans and see if they have what it takes to make it all the way to the Super Bowl again! Go Cards!

John Mayer Cricket Wireless Pavilion, Aug. 18th 602.254.7200 or livenation.com John Mayer brings you his acoustic rock and bluesy sounds on this tour promoting his most recent album Battle Studies. As a Grammy-Award winner for Best Male Pop Vocal Performance, Mayer has many hits under his belt to keep the crowd happy. Joining Mayer on tour is Owl City, best known for their ever-popular hit Fireflies.

gains will most likely be modest in the foreseeable future.

Many expect the index to remain fairly flat for the rest of this year, while some predict a slight increase.

With what experts call the official “bottoming out” of our market in April of 2009, every gain and each success since then is building confidence among consumers – which is exactly what our economy needs to get back on track.

Siduri Wine Dinner BLT Steak, Aug. 19th 480.905.7979 or camelbackinn.com Join winemaker Adam Lee at BLT Steak for a spectacular evening. Mix, mingle and learn everything you wanted to know about wine.

Later, get a chance to pair up a Siduri Pinot Noir with the fabulous five-course dinner prepared by Chef de Cuisine Marc Hennessy. Make sure to reserve your spot ahead, seating is limited.

August 2010

Featured Property

THE PHIL TIBI GROUP My goal is to inform you and to be of service should you have any questions about our neighborhood real estate.

As a 25 year resident of the Biltmore area and a real estate professional, I am well-versed in its unique neighborhoods and exclusive communities. I keep my clients informed about all aspects of the market including crucial statistics, the pros and cons of each property, and small but important details often overlooked by other agents. My personal goal is to not only meet - but to exceed - your expectations.

Enjoy this issue of Biltmore Estates Lifestyle – it’s packed with practical articles on living in the Valley of the Sun and includes an exceptionally useful real estate market update.

Are you considering selling, moving up, downsizing or investing? We will market your property and/or find the ideal new home that fits your needs - quickly and efficiently. Contact the Phil Tibi Group today for a private consultation and experience true customer satisfaction!

Biltmore Hillside Villas 3008 Sq. Ft.| 3 Bed | 3 Bath $889,000 Come experience this exceptionally beautiful three-bedroom home with a separate Casita within one of the best locations in the Valley. The single-story property features a gorgeous and inviting open floor plan.

Travertine and granite throughout the home. Great backyard with heated pebble-tech pool and spa, built-in gas BBQ and fire pit. Enjoy the spacious three-car garage, and cul de sac lot backing to Phoenix Mountain Preserve. Fantastic views of Piestawa Peak and downtown Phoenix round out this special home. Call David Reimold at 602.571.0680 or Phil Tibi at 602.692.0780 to schedule a private showing or to obtain more info.

YEAR-TO-DATE SALES IN THE BILTMORE Subdivision

Total Average Sold List Price

Days On Total Sold Market Volume

Average Sold Price

Sales/ List

Alta Vista Park

2

$1,685,000

398

$2,830,000

$1,415,000

84%

Biltmore Estates

1

$2,485,000

399

$2,170,000

$2,170,000

87%

PHIL TIBI

Biltmore Greens

5

$707,780

123

$3,315,000

$663,000

94%

Biltmore Square

1

$599,000

163

$560,000

$560,000

93%

CAMBRIDGE PROPERTIES

Colony Biltmore

4

$424,750

129

$1,558,900

$389,725

92%

Taliverde

2

$533,500

76

$1,026,000

$513,000

96%

Village on the Lakes

4

$557,475

216

$2,058,000

$514,500

92%

Associate Broker / Director of Resale

602.692.0780 Phil@CambridgeProperties.com

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

All information is deemed reliable but not guaranteed.

Statistics represent single-family and patio homes. Information gathered from ARMLS.

Produced by Desert Lifestyle Publishing • 480.460.0996 • www.DesertLifestyle.net

Cool Kitchens

Bigger, Better & Beautiful

Local Real Estate Rain or Shine?

Eddie V’s

Luscious Tuna Tartar The Biltmore Area’s

Real Estate Report