Bob Lomas | Mirabel Phoenix Lifestyle

MIRAB

The Broker’s Corner

Mirabel Featured Custom Home

A s I mentioned in my last newsletter article, there has been over $28,000,000 of real estate sold in Mirabel for the fiscal year

Lot 111 | 4 Beds | 4.5 Baths | 4 Car Garage | 5,663 Sq. Ft. $ 2,795,000

MIRABEL LIFESTYLE

OCTOBER 2018

2018 being October 1 – September 30. That outpaces the 2017 sales but what is most interesting to me is the timing of this year’s sales. Included here is a chart that will show you total sales per month in the Mirabel Club.

As you can see, for the most part the sales were spread out prettyevenly over the course of the year.

This is far different than what we used to experience in the past with the vast majority of sales occurring in the “season” which is thought to be November – May. In fact, the heart of the season sales this year were not as good as the rest of the months with only $165,000 closing in January, $855,000 in April and $0 in March.

$ October 2,577,880 $ November 4,889,000 $ December 2,419,500 $ January 165,000 $ February 2,675,000 $ 0 March $ April 855,000 $ May 2,470,000 $ June 5,275,000 $ 2,220,000 July $ August 2,300,000 Sept. (Pending) $2,645,000

Total $28,491,380

Mirabel Properties was the

It is too early to tell if this is a listing agent on 75% of the trend or an anomaly, but it will be homes that sold shown here. interesting to watch the sales over the next 12 months to see if it continues. If so, we may need to rethink the timing of some of our marketing campaigns, etc.

As always, if you have any questions or just want to catch up, feel free to give me a call anytime. Or better yet, stop by the gatehouse and say hi.

Until next time …

Bob Lomax

Owner/Designated Broker | Mirabel Properties

TIMELESS CONTEMPORARY DESIGN by Terry Kilbane and built by Manship Builders. Exceptional attention to detail with an extensive use of stone, copper and hand-hewn woods. Interior details include travertine and walnut and oak plank flooring, Venetian plaster, hand-carved alder cabinetry, stone and granite slab counter surfaces and custom lighting fixtures. Fully automated lighting and A/V by Crestron with iPad control. Split floor plan with exercise room and office off master bedroom. Outdoor entertaining includes a large covered patio with built-in radiant heaters, fireplace, heated pool, two spas and a gas fire pit. South-facing golf course lot with sunset and city light views. One of the finest homes in Mirabel. All major systems recently replaced include AC units and pool heaters.

Contact us today for more information and to set up a showing!

BOB LOMAX

OWNER/DESIGNATED BROKER MIRABEL PROPERTIES

480.595.2545 OFFICE 480.595.9503 FAX 602.920.7192 MOBILE

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

Contentment Clues

Produced by DLP Marketing • (480)460-0996 • DLPmarketing.com

Cromford Report Residental Real Estate

Breakfast Burro

Ladera Taverna y Cocina

Presented By Bob Lomax

EVENT CALENDAR SEPTEMBER | OCTOBER 2018

Happiness THE SECRET TO

Fall Arizona Restaurant Week Phoenix | September 21-30 ArizonaRestaurentWeek.com

Arizona State Fair Fair Grounds, Phoenix |October 5-28 AZStateFair.com The Arizona State Fair is the state’s largest festival, attracting over 1 million guests annually. Featuring professional midway rides and games, unique fair food, livestock and animal attractions, national headline and local entertainment, the Arizona State Fair has something for everyone! The fair is a showcase of Arizona talent, community and spirit all in one location.

5k Race for PHX Children’s Hospital Downtown Phoenix | October 5 | 6:30AM Action.PhoenixChildrens.com Go the distance, make a difference! The Phoenix Children’s Hospital 5K is a family-friendly 3.1 mile run/walk for devoted runners, weekend joggers, families looking to do something fun, or simply those who want to make a difference. All proceeds from the event support more than 60 of the hospital’s programs and services funded solely or significantly through philanthropy.

Salt River Fields Balloon Spooktacular Salt Rive Fields |October 27 & 28 SRFBalloonFestivals.com Over 20 hot air balloons on display and passing out 4,000 pounds of candy for trick-or-treaters, live music, food and beverage, free kid zone, tethered balloon rides, haunted trail and much more! Experience the Balloon Spooktacular for a safe, fun filled Trick-or-Treating Halloween Festival. $15 for adults, $10 for children 3-12 years old.

Experience Fall at Arizona Snowbowl Flagstaff | Fall 2018 SnowBowl.com Stunning golden hues begin to shine their light on the mountain in October. Experience the autumn scenery by taking the Scenic Chairlift up to 11,500 feet—where aspen groves steal the show with their quaking leaves for as far as the eye can see.

RESIDENTAL REAL ESTATE

T

he residential resale market in Greater Phoenix has continued to favor sellers in 2018 and overall price trends have continued rising. For the overall market across Greater Phoenix, annual price trends since June 2017 are as follows according to Arizona Regional MLS sales:

• • •

The annual average price per square foot rose 7.7% from $145.79 to $157.06 The annual average sales price increased 8.8% from $287,093 to $312,390 The monthly median sales price gained 7.9% from $231,749 to $250,000

Sales volume has increased 2.6% from an annual rate of 94,537 to 96,965. The first half of 2018 is up 2.1% from the first half of 2017, however the second quarter of 2018 was only up 0.7% from the second quarter of 2017. At this rate, it doesn’t look promising for 2018 to outperform 2017 in transactional volume. Total dollar volume has increased 12% from $14.5B in the first half of 2017 to $16.2B in the first half of 2018, reflecting a significant increase in sales for all price ranges over $200,000. At this point 2018 has even outperformed the first half of 2005 in total dollar volume by $1.1B and could be positioned to outperform the 2005 record of $30.9B. Hearing cries for more affordable housing supply, developers have sold more new homes in the low $200s this year; selling 35% more than they did last year within the same time frame.

However, the under $200,000 market remains neglected for additional supply. As of May 2018, only 6% of new homes sold were under $200,000 while 78% were between $200,000 and $500,000.

Current events surrounding trade tariffs on construction materials such as lumber, steel and aluminum will make it more difficult for builders to keep home prices down going forward. Despite absorbing a good portion of building cost increases over the years, a large jump in material costs mean something will have to give to keep new housing products affordable. That may be reflected in more high-density neighborhoods, fewer amenities, and smaller models.

Flip sales, defined as homes purchased and re-sold within a 6-month period, are up 29% so far this year through May 2018. The growth in this segment is largely attributed to iBuyers more than doubling their output compared to last year.

Tariffs will influence investors’ acquisition and renovation decisions as the costs for improvements such as new appliances, water heaters and HVAC units are affected.

Overall, sellers remain in good position going into the second half of 2018 as potential homebuyers struggle with low supply and increasing rents. The cost of rent per square foot rose 4.7% in the last 12 months on properties leased through the Arizona Regional MLS, pushing the median lease price to $1,450 in the second quarter of 2018. Going forward, home prices are projected to continue rising through the end of 2018. (Source: Michael Orr, Principal of The Cromford Report)

REAL ESTATE

corner

E

ver wondered how some people seem to be happy no matter what—while others seem to always be, well, kind of down in the dumps? Why do some of us always see the glass as half full, and others, half empty? Turns out, there are secrets to being happy, content, and yes even joyful later in life.

One groundbreaking 80-year-long study conducted at Harvard University aimed to discover exactly what traits led to happiness and, in turn, good health. The Harvard Study of Adult Development followed men from their college days into their mid-90s, making it one of the longest studies about adult life and aging. One of the biggest takeaways from this monumental study—which also tracked the health and wellbeing of the offspring of the original 268 Harvard men—was that one of the biggest indicators of happiness later in life was the men’s relationships.

Being in a happy marriage led to better health later in life, even more so than diet or exercise. Close relationships within your community and with friends seemed to provide happiness, more so than financial success or fame. The takeaway? Work on strengthening your relationships with your spouse, children, and friends to help lead a happy and healthier life later on.

IN GOOD TASTE

Over 200 participating restaurants will offer threecourse prix-fixe menu for between $33-$44 per person. This statewide affair offers foodies a wealth of dining opportunities and the chance to try something new. From sizzling Southwestern and soothing comfort foods to five-star dining and international fare – it’s all on the table during Arizona Restaurant Week.

There are other secrets that many mental health experts agree on: Focusing on being friendly to those you come in contact with every day. (See above for the importance of building strong relationships to stay happy!) A simple way to do this is by smiling when you meet people to encourage others to smile, too. It really is contagious and encourages yourself and those around you to be happy.

Another clue to contentment? Don’t judge yourself or others.

It’s important to remember that everyone you know and come in contact with is really just doing the best that they can do in life and doing what is right for them, as are you. Experts agree to be happy, one cannot compare oneself to others but simply acknowledge we are each on our own unique and individual path in life.

One more tip to keep close to our heart? Be grateful.

Psychologists agree that recognizing everything you have to be grateful for in life—no matter how large or how small—helps put life in perspective and generates happiness. So take time to grow your relationships, don’t judge others, and be thankful for your unique and wonderful life!

Breakfast Burro INGREDIENTS 1 ea 2 oz 2 ea ½ cup ¼ cup ¼ cup 4 ea

¼ cup TT

Flour Tortilla Chorizo Bacon (pre-cooked and chopped) Poached Potatoes (small diced) Green Chile (small diced) Red Bell Peppers (small diced) Whipped Eggs Queso Menonita Salt and Pepper

DIRECTIONS Warm tortilla on a comal or any heated surface. Do not overcook, just soften it and set aside.

In a sauté pan over medium heat add chorizo, bacon, potatoes, chile, peppers and cook until chorizo is cooked all the way through and vegetables are caramelized.

Add eggs and cook with all other ingredients. When eggs are done, turn the heat off and add cheese. Toss all ingredients well and set aside.

Lay tortilla out flat and pour out the burrito mix into the middle. Add more cheese if desired and fold ends in first, then roll and fold. Place burro onto heated surface to crisp the tortilla on both sides. Serve with any salsa you like and some avocado!

Source: Ladera Taverna y Cocina

EVENT CALENDAR SEPTEMBER | OCTOBER 2018

Happiness THE SECRET TO

Fall Arizona Restaurant Week Phoenix | September 21-30 ArizonaRestaurentWeek.com

Arizona State Fair Fair Grounds, Phoenix |October 5-28 AZStateFair.com The Arizona State Fair is the state’s largest festival, attracting over 1 million guests annually. Featuring professional midway rides and games, unique fair food, livestock and animal attractions, national headline and local entertainment, the Arizona State Fair has something for everyone! The fair is a showcase of Arizona talent, community and spirit all in one location.

5k Race for PHX Children’s Hospital Downtown Phoenix | October 5 | 6:30AM Action.PhoenixChildrens.com Go the distance, make a difference! The Phoenix Children’s Hospital 5K is a family-friendly 3.1 mile run/walk for devoted runners, weekend joggers, families looking to do something fun, or simply those who want to make a difference. All proceeds from the event support more than 60 of the hospital’s programs and services funded solely or significantly through philanthropy.

Salt River Fields Balloon Spooktacular Salt Rive Fields |October 27 & 28 SRFBalloonFestivals.com Over 20 hot air balloons on display and passing out 4,000 pounds of candy for trick-or-treaters, live music, food and beverage, free kid zone, tethered balloon rides, haunted trail and much more! Experience the Balloon Spooktacular for a safe, fun filled Trick-or-Treating Halloween Festival. $15 for adults, $10 for children 3-12 years old.

Experience Fall at Arizona Snowbowl Flagstaff | Fall 2018 SnowBowl.com Stunning golden hues begin to shine their light on the mountain in October. Experience the autumn scenery by taking the Scenic Chairlift up to 11,500 feet—where aspen groves steal the show with their quaking leaves for as far as the eye can see.

RESIDENTAL REAL ESTATE

T

he residential resale market in Greater Phoenix has continued to favor sellers in 2018 and overall price trends have continued rising. For the overall market across Greater Phoenix, annual price trends since June 2017 are as follows according to Arizona Regional MLS sales:

• • •

The annual average price per square foot rose 7.7% from $145.79 to $157.06 The annual average sales price increased 8.8% from $287,093 to $312,390 The monthly median sales price gained 7.9% from $231,749 to $250,000

Sales volume has increased 2.6% from an annual rate of 94,537 to 96,965. The first half of 2018 is up 2.1% from the first half of 2017, however the second quarter of 2018 was only up 0.7% from the second quarter of 2017. At this rate, it doesn’t look promising for 2018 to outperform 2017 in transactional volume. Total dollar volume has increased 12% from $14.5B in the first half of 2017 to $16.2B in the first half of 2018, reflecting a significant increase in sales for all price ranges over $200,000. At this point 2018 has even outperformed the first half of 2005 in total dollar volume by $1.1B and could be positioned to outperform the 2005 record of $30.9B. Hearing cries for more affordable housing supply, developers have sold more new homes in the low $200s this year; selling 35% more than they did last year within the same time frame.

However, the under $200,000 market remains neglected for additional supply. As of May 2018, only 6% of new homes sold were under $200,000 while 78% were between $200,000 and $500,000.

Current events surrounding trade tariffs on construction materials such as lumber, steel and aluminum will make it more difficult for builders to keep home prices down going forward. Despite absorbing a good portion of building cost increases over the years, a large jump in material costs mean something will have to give to keep new housing products affordable. That may be reflected in more high-density neighborhoods, fewer amenities, and smaller models.

Flip sales, defined as homes purchased and re-sold within a 6-month period, are up 29% so far this year through May 2018. The growth in this segment is largely attributed to iBuyers more than doubling their output compared to last year.

Tariffs will influence investors’ acquisition and renovation decisions as the costs for improvements such as new appliances, water heaters and HVAC units are affected.

Overall, sellers remain in good position going into the second half of 2018 as potential homebuyers struggle with low supply and increasing rents. The cost of rent per square foot rose 4.7% in the last 12 months on properties leased through the Arizona Regional MLS, pushing the median lease price to $1,450 in the second quarter of 2018. Going forward, home prices are projected to continue rising through the end of 2018. (Source: Michael Orr, Principal of The Cromford Report)

REAL ESTATE

corner

E

ver wondered how some people seem to be happy no matter what—while others seem to always be, well, kind of down in the dumps? Why do some of us always see the glass as half full, and others, half empty? Turns out, there are secrets to being happy, content, and yes even joyful later in life.

One groundbreaking 80-year-long study conducted at Harvard University aimed to discover exactly what traits led to happiness and, in turn, good health. The Harvard Study of Adult Development followed men from their college days into their mid-90s, making it one of the longest studies about adult life and aging. One of the biggest takeaways from this monumental study—which also tracked the health and wellbeing of the offspring of the original 268 Harvard men—was that one of the biggest indicators of happiness later in life was the men’s relationships.

Being in a happy marriage led to better health later in life, even more so than diet or exercise. Close relationships within your community and with friends seemed to provide happiness, more so than financial success or fame. The takeaway? Work on strengthening your relationships with your spouse, children, and friends to help lead a happy and healthier life later on.

IN GOOD TASTE

Over 200 participating restaurants will offer threecourse prix-fixe menu for between $33-$44 per person. This statewide affair offers foodies a wealth of dining opportunities and the chance to try something new. From sizzling Southwestern and soothing comfort foods to five-star dining and international fare – it’s all on the table during Arizona Restaurant Week.

There are other secrets that many mental health experts agree on: Focusing on being friendly to those you come in contact with every day. (See above for the importance of building strong relationships to stay happy!) A simple way to do this is by smiling when you meet people to encourage others to smile, too. It really is contagious and encourages yourself and those around you to be happy.

Another clue to contentment? Don’t judge yourself or others.

It’s important to remember that everyone you know and come in contact with is really just doing the best that they can do in life and doing what is right for them, as are you. Experts agree to be happy, one cannot compare oneself to others but simply acknowledge we are each on our own unique and individual path in life.

One more tip to keep close to our heart? Be grateful.

Psychologists agree that recognizing everything you have to be grateful for in life—no matter how large or how small—helps put life in perspective and generates happiness. So take time to grow your relationships, don’t judge others, and be thankful for your unique and wonderful life!

Breakfast Burro INGREDIENTS 1 ea 2 oz 2 ea ½ cup ¼ cup ¼ cup 4 ea

¼ cup TT

Flour Tortilla Chorizo Bacon (pre-cooked and chopped) Poached Potatoes (small diced) Green Chile (small diced) Red Bell Peppers (small diced) Whipped Eggs Queso Menonita Salt and Pepper

DIRECTIONS Warm tortilla on a comal or any heated surface. Do not overcook, just soften it and set aside.

In a sauté pan over medium heat add chorizo, bacon, potatoes, chile, peppers and cook until chorizo is cooked all the way through and vegetables are caramelized.

Add eggs and cook with all other ingredients. When eggs are done, turn the heat off and add cheese. Toss all ingredients well and set aside.

Lay tortilla out flat and pour out the burrito mix into the middle. Add more cheese if desired and fold ends in first, then roll and fold. Place burro onto heated surface to crisp the tortilla on both sides. Serve with any salsa you like and some avocado!

Source: Ladera Taverna y Cocina

MIRAB

The Broker’s Corner

Mirabel Featured Custom Home

A s I mentioned in my last newsletter article, there has been over $28,000,000 of real estate sold in Mirabel for the fiscal year

Lot 111 | 4 Beds | 4.5 Baths | 4 Car Garage | 5,663 Sq. Ft. $ 2,795,000

MIRABEL LIFESTYLE

OCTOBER 2018

2018 being October 1 – September 30. That outpaces the 2017 sales but what is most interesting to me is the timing of this year’s sales. Included here is a chart that will show you total sales per month in the Mirabel Club.

As you can see, for the most part the sales were spread out prettyevenly over the course of the year.

This is far different than what we used to experience in the past with the vast majority of sales occurring in the “season” which is thought to be November – May. In fact, the heart of the season sales this year were not as good as the rest of the months with only $165,000 closing in January, $855,000 in April and $0 in March.

$ October 2,577,880 $ November 4,889,000 $ December 2,419,500 $ January 165,000 $ February 2,675,000 $ 0 March $ April 855,000 $ May 2,470,000 $ June 5,275,000 $ 2,220,000 July $ August 2,300,000 Sept. (Pending) $2,645,000

Total $28,491,380

Mirabel Properties was the

It is too early to tell if this is a listing agent on 75% of the trend or an anomaly, but it will be homes that sold shown here. interesting to watch the sales over the next 12 months to see if it continues. If so, we may need to rethink the timing of some of our marketing campaigns, etc.

As always, if you have any questions or just want to catch up, feel free to give me a call anytime. Or better yet, stop by the gatehouse and say hi.

Until next time …

Bob Lomax

Owner/Designated Broker | Mirabel Properties

TIMELESS CONTEMPORARY DESIGN by Terry Kilbane and built by Manship Builders. Exceptional attention to detail with an extensive use of stone, copper and hand-hewn woods. Interior details include travertine and walnut and oak plank flooring, Venetian plaster, hand-carved alder cabinetry, stone and granite slab counter surfaces and custom lighting fixtures. Fully automated lighting and A/V by Crestron with iPad control. Split floor plan with exercise room and office off master bedroom. Outdoor entertaining includes a large covered patio with built-in radiant heaters, fireplace, heated pool, two spas and a gas fire pit. South-facing golf course lot with sunset and city light views. One of the finest homes in Mirabel. All major systems recently replaced include AC units and pool heaters.

Contact us today for more information and to set up a showing!

BOB LOMAX

OWNER/DESIGNATED BROKER MIRABEL PROPERTIES

480.595.2545 OFFICE 480.595.9503 FAX 602.920.7192 MOBILE

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

Contentment Clues

Produced by DLP Marketing • (480)460-0996 • DLPmarketing.com

Cromford Report Residental Real Estate

Breakfast Burro

Ladera Taverna y Cocina

Presented By Bob Lomax