AZ Real Estate 05-27-2018

Arizona Republic

❚ SUNDAY, MAY 27, 2018 ❚ 1R

Real Estate

On the rebound Metro Phoenix home prices near 2006 record costs and may reach that figure in June, analysis reveals Could June be the month metro Phoenix home prices rebound to the record they hit in 2006?

A new analysis of pending sales in the Valley shows prices are nearly there.

In May 2006, metro Phoenix’s median home price hit $259,900. Then in June, it set a record at $264,800, according to Arizona Regional Multiple Listing Service data.

Then the recession hit, and prices tumbled. We’ve been watching them

slowly work their way back up since 2011.

The forecast is for the area’s median to reach $260,000 in May, according to housing analyst Tom Ruff ’s latest report for ARMLS. And then it’s only a few more thousand dollars to bust the record.

That would be a heavy climb from $254,000 in April, just like in 2006. But May is often a peak month for home See REAGOR, Page 3R

SCOTTSDALE | 10715 East Whitethorn Drive | Open Today 1–4PM

PINNACLE CANYON AT TROON NORTH. Gated golf MLS# - 5707021 community. Surrounded by mountain views, the almost ¾ Bedrooms - 5 ACRE property is awash in Sonoran desert hues. Sumptuous finishes blend with masterful architecture to create an opulent, Bathrooms - 5 Pool - Yes yet comforting, ambiance. A pocket glass wall disappears with a single touch to reveal alfresco amenities. The enticing split plan Sq. Ft. - 6,147 impresses with a grand foyer, resplendent great room, chef’s Parking - 3-car island kitchen, stately dining room, sunlit atrium, professional Lot Size - 27,801 sq. ft. media room, wine room and luxurious master suite. An ZIP Code - 85262 entertainer’s dream, the resort yard features a pebble-finish pool/spa, waterfalls, BBQ kitchen & expansive patios. Savor Online Pics - ThoseCallaways.com sunsets from the rooftop deck w/fireplace. – Joseph Callaway Price - $2,199,000

Brought to you by Those Callaways Luxury Circle International, (480) 596-5751

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Catherine Reagor Columnist Arizona Republic USA TODAY NETWORK

Home prices in some Valley neighborhoods have already rebounded to 2006 record levels. FILE PHOTO

PARADISE VALLEY| 6310 North Yucca Road | By Appointment Only

MAJOR PRICE REDUCTION; NOW PRICED AT MLS# - 5529604 $4,250,000 ($398/SQ. FT.). Shown by appointment only, Bedrooms -5 this magnificent manse has been exquisitely remodeled with phenomenal finishes and fixtures designed to meet the approval Bathrooms - 8 of the most discerning buyer. Sweeping circular drive, dramatic Pool - Yes portico entry. Opulent entry hall w/marble flooring. GrandSq. Ft. - 10,671 scale great room. First-class kitchen. Family room w/sheer ZIP Code - 85253 glass retractable doors. Lavish master retreat. Swank wine cellar. Executive office. Beautiful guest house. Villa-like rear Online Pics - BaldwinTeam.com grounds w/towering shade trees, swaying palms, lush lawns, Price - $4,250,000 elegant pool, expansive dining/dancing patios. Very private w/ own gated entry inside guard-gated Finisterre. Visit tourfactory. com/1685059. More info inside.

Brought to you by Sandra Baldwin and Beth Thompson, Launch Real Estate

see more inside AR-0008777433-01

2R ❚ SUNDAY, MAY 27, 2018 ❚ THE ARIZONA REPUBLIC

Valley Home Values LUXURY HOMES TOP DOLLAR Glass walls, game rooms and mountain views are among the luxurious features in this week’s most expensive home sales in metropolitan Phoenix.

$4,600,000 David Mortensen, president of Self Esteem Brands LLC, and his wife, Nicolle, paid cash for this mansion in Scottsdale’s Desert Mountain community. The 10,000-square-foot modern house has five bedrooms and seven bathrooms and overlooks the 15th fairway of Chiricahua Golf Course. The home has 270-degree views of mountains, sunsets and city lights. The home features an open floor plan and patios accessible from all areas of the house, as well as an indoor/outdoor walk-up bar and billiard room. The house also has three large guest suites in a separate wing. Edward Mueller and his wife, Susan, sold the house through their trust.

$4,150,000 Robert Pulver, president of All-State Industries Inc., an Iowa manufacturing company, purchased through his trust this house in Scottsdale’s gated community of Estancia. The 5,652-squarefoot house has four bedrooms and 4 and a half bathrooms and is a brand new construction. The house boasts views of Pinnacle Peak. E-75 LLC, an Arizona limited-liability company, sold the house.

$3,700,000

Robert Pulver, president of All-State Industries Inc., an Iowa manufacturing company, purchased through his trust this 5,652-square-foot house in Scottsdale’s Estancia area. COURTESY OF DEBORAH NEGRIN/RUSS LYON SOTHEBY’S INTERNATIONAL REALTY

Jason and Peggy Daskalos, co-owners of Daskalos Development and Investments, purchased this house in Paradise Valley’s Tatum Canyon. The 10,198square-foot house has six bedrooms and nine bathrooms and rests on one of Paradise Valley’s highest lots, offering views of the city below. The Mediterranean-style house has an entertainment wing, complete with a versatile living space, a two-bedroom guest suite, and an expansive multi-use space that could accommodate a 16-car garage, indoor children’s play area, full gymnasium, indoor sports court and more.

Christine Baum sold the house through her trust.

$3,500,000 Ruth Asper paid cash through her trust for this four-bedroom, five-bathroom house in Phoenix’s Royal View community. The 5,005-square-foot house is a brand new contemporary-style compound at the foot of Camelback Mountain. The home has walls of glass and an open floor plan. Glass sliders tuck into

walls and open to wide patios and Camelback Mountain views. True Craft Residential Inc., a California corporation, sold the home.

$3,290,000 Randy Wilcox and his wife, Lisa, paid cash for this house in Paradise Valley.

The 5,824-square-foot custom house has four bedrooms, 4 and a half bathrooms and will be completed in August 2018. The house is a modern hacienda

farmhouse and comes with a 837square-foot guest house. The main house has a game room, private office, a four-car garage and an auto court. It has massive sliding-glass doors, a gourmet kitchen with custom cabinetry and an oversized island. The house has 16-foot bi-fold windows from the kitchen to outside bar. TruVista Marketing LLC, an Arizona limited liability company, sold the house.

Researched by Lorraine Longhi and the Information Market.

SCOTTSDALE 85262 PARADISE VALLEY 85253

Romantic Old World Ambiance in North Scottsdale

Exquisitely Remodeled Manse in Exclusive Finisterre

10715 E. Whitethorn Drive

6310 N. Yucca Road

OPEN TODAY 1-4PM. Flattered by a romantic Old World ambiance, this dramatic estate is nestled on nearly three-quarters of an ACRE inside the North Scottsdale community of Pinnacle Canyon.

An expansive pavered drive leads to a stunning portico-porch, offering a hint of the architectural adventures found within.

Cross the threshold and behold the soaring foyer with its stone columns and clerestory bell-tower windows; beyond, the gorgeous great room shows off with a coffered beamed ceiling, massive Canterra fireplace and telescoping glass doors that seamlessly blur the line between indoor/outdoor living and entertaining.

A chef’s dream, the kitchen wows with a professional-quality Wolf double oven gas

range, golden-hued granite counters and two islands, one of which is a butcher-block prep island. Nearby, the dining room boasts a breathtaking barrel-bricked ceiling and receding glass doors that open to the home’s atrium-style fireplaced courtyard. Perfect for storing/retrieving your treasured vintages, the wine cellar is not far away, as is the plush theater, an ideal place for hosting intimate get-togethers. Meanwhile, the opposite wing is home to the master suite’s sun-kissed boudoir and luxurious bath.

Alfresco amenities include a lagoon-like pool, trim of tropical foliage, magnificent mountain views, generous dining/dancing patios, a barbeque island and a spiral staircase that ascends to a rooftop stargazing view-deck. (5BD; 5BA; 6147SF)

MAJOR PRICE REDUCTION; NOW PRICED AT $4,250,000 ($398/SQUARE FOOT). Shown by appointment only, this magnificent manse has been exquisitely remodeled with phenomenal finishes and fixtures designed to meet the approval of the most discerning buyer. From the front, prepare to be impressed by this gem’s sweeping circular drive and dramatic portico entry. A step across the threshold reveals an opulent entry hall dressed with rich marble flooring, while the grand-scale great room amazes with high white paneled ceilings that offer a visual wow.

Sure to please a first-class chef and/or caterer, the dream kitchen boasts superb accoutrements including gorgeous cabinetry and a walk-in butler’s pantry. Perfect for seamless indoor/outdoor living and

OPEN TODAY 1-4PM AREA HIGHLIGHTS

DIRECTIONS

NEARBY SCHOOLS: Desert Sun Academy; Sonoran Trails Middle School; Cactus Shadows High.

NEARBY HOSPITALS: HonorHealth Scottsdale Thompson Peak; Mayo Clinic.

NEARBY SHOPPING: Desert Ridge Marketplace; Scottsdale Quarter.

CROSS-STREETS: Happy Valley Road and Alma School Road.

DIRECTIONS: From Happy Valley Road, go north on Alma School Road to 108th Place. Look for Those Callaways Open House signs.

Offered at $2,199,000.

AR-0008782219-02

entertaining, the family room features sheer glass retractable doors that discreetly recede into the walls.

Exuding a serene villa-like ambience, alfresco treasures include towering shade trees, lush lawns, swaying palm trees, an elegant pool and expansive dining/dancing patios accented with gracefully cascading arches. A sampling of additional amenities includes a lavish master retreat, swank wine cellar, handsomely paneled executive office and a beautiful guest house with its own entrance.

The bottom line: a very private estate with its own gated entry inside Finisterre, one of Paradise Valley’s exclusive guard-gated communities. Visit tourfactory.com/1685059.

Offered at $4,250,000. (5BD; 8BA; 10,671SF)

BY APPOINTMENT ONLY CONTACT Joseph and JoAnn Callaway, Those Callaways Luxury Circle International 480-596-5751 www.ThoseCallaways.com

MLS# 5707021

AREA HIGHLIGHTS

DIRECTIONS

NEARBY SCHOOLS: Kiva Elementary; Mohave Middle School; Saguaro High.

NEARBY HOSPITALS: HonorHealth Scottsdale Shea; Mayo Clinic.

NEARBY SHOPPING: Kierland Commons; Scottsdale Quarter; Scottsdale Fashion Square.

CROSS-STREETS: Located in guard- Sandra Baldwin gated Finisterre, near Lincoln Drive and and Beth Thompson, Invergordon in Paradise Valley.

Launch Real Estate

AR-0008777433-02

CONTACT

602-397-4300 www.BaldwinTeam.com

MLS# 5529604

AZCENTRAL.COM ❚ SUNDAY, MAY 27, 2018 ❚ 3R

Reagor Continued from Page 1R

sales and prices.

Many Metro Phoenix home buyers who start seriously shopping in January and February like to close and move before summer. If more buyers are willing to brave the heat, June could be the month for a price rebound.

The Valley’s housing boom, fueled by subprime mortgages and speculators, started in 2004 and peaked in the summer of 2006.

Metro Phoenix’s housing market hit bottom in 2011, and investors snatched up a record number of bargain foreclosure homes that year. The Valleys’ median price then plummeted to $110,000.

So home values had a long way to rebound in metro Phoenix.

“In 2011, some government reports were forecasting it would take 50 years before prices returned to 2006 levels,” Ruff said.

Thankfully, it has only taken 12 years.

Home prices in some Valley neighborhoods, particularly affordable ones closer in, have already rebounded to 2006 record levels.

In nearly 30 Phoenix-area ZIP codes neighborhoods, prices have climbed back to 2006 levels or even higher, according to The Arizona Republic/azcentral Street Scout Home Values report.

Many of those areas still have median home prices below $300,000.

Values in another 40 Valley neighborhoods are within 10 percent of recovering.

2017 was the Valley’s best healthy year for home sales so far, and sales through April are up 4 percent from last year’s pace.

Home sales were higher in 2005 in the midst of the housing bubble, and in 2011 when investors snatched up bargain foreclosures at a record rate.

But those weren’t normal or healthy years.

Stephanie Silva and Billy Horner stand in the driveway of their new house with real estate agents Tia and Matthew Coates in Mesa on April 6. PATRICK BREEN/THE REPUBLIC

Home sales do typically slow during the summer in metro Phoenix as fewer buyers want to check out houses when the temperatures climb above 100.

A summer slowdown in sales could lead to the same for price jumps. Maybe that’s not such a bad thing.

While we Valley homeowners are happily watching our values rebound from the crash, many buyers trying to purchase their first Valley house are having a hard time.

Metro Phoenix is still a very affordable housing market compared to the East and West coasts. But the number of houses priced near the area’s median in popular neighborhoods closer in are

dwindling.

The number of Valley homes for sale for $350,000 is down 20 percent from last year, according to the Cromford Report.

Phoenix-area houses that aren’t on the fringes or complete wrecks in that price range are sparking bidding wars among buyers and can sell the day they’re listed.

And first-time buyers must compete with investors paying cash who either want to flip houses or turn them in into rentals.

If home prices climb too fast or high, demand will slump, and so will our values.

Metro Phoenix is still a very affordable housing market compared to the East and West coasts. But the number of houses priced near the area’s median in popular neighborhoods closer in are dwindling.

Lawyers do not have fair housing protection Christopher Combs Columnist

Question: My wife and I recently moved to the Phoenix area from New York. We are both lawyers, and we have credit scores in the 800s. We wanted to rent a nice home in Paradise Valley for a year, until we decided where we want to

live permanently. We signed a lease for this home and our real estate agent presented the lease to the landlord for his signature. The landlord was pleased with the terms of the lease, but when he did a credit check and learned that we were lawyers, he refused to sign the lease. We can’t believe that the landlord can refuse to rent to us just because we

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are lawyers. Is that allowed in Arizona?

Answer: Yes. Under federal and state fair housing laws, including Arizona, unless a buyer or a tenant is a member of a protected class, e.g., race or disability, a homeowner can refuse to sell or rent to that buyer or tenant. Although some people may think that the practice of law is evidence of a disability, lawyers

are not within a protected class. Therefore, the Paradise Valley homeowner can refuse to rent to you.

Note: In a California Court of Appeals decision the developer of a new home project in the Bakersfield area was allowed to advertise and enforce a prohibition against selling a new home to a lawyer.

4R ❚ SUNDAY, MAY 27, 2018 ❚ THE ARIZONA REPUBLIC

Grill safely at apartments for holiday Rent Smart Courtney Gilstrap LeVinus Guest Columnist

Memorial Day is fast approaching and you might be planning to hang out with family and friends or grilling up some delicious food in your apartment community. But before you do, make sure you know if your apartment allows you to have a personal grill on your patio or balcony. If you are allowed a personal grill, make sure you place it at least 10 feet away from the building. Most apartments do not allow residents to have these personal grills as they are a fire hazard. If you cannot have a personal grill in your apartment home, take advantage of the community grills. While your guests hang out by the pool, you may want use one of the community 3052

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grills to make a delicious dinner.

As a resident, it is important to take care of the community grills as if they were your own, to insure the safety of yourself and others. The first thing you should do is clean the grill. Taking a few minutes to clean the grill and wipe down the grates will help keep your work station clean and make your food taste better too.

Once your grill is clean, read the instructions on the grill to light the fire safely. While the grills might be placed far enough away from the apartment buildings, be sure to watch your heat source. After your grill is lit, keep an eye on your food while it’s cooking. Never leave your grill unattended. Keep all of your cooking tools nearby so you don’t have to walk away from your food.

Once all your food is cooked, make

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WASHINGTON – Sales of new U.S. homes fell 1.5 percent in April, held down by a shortage of affordable houses in the most desirable areas and pullback in purchases in the Western United States.

The Commerce Department said Wednesday that new homes sold last month at a seasonally adjusted annual rate of 662,000. Despite the setback, new-home sales so far this year are 8.4 percent higher than in 2017.

A solid job market and a shortage of existing homes for sale have led more people into the new-home market, even though they are generally more expensive than existing homes. Sales last month occurred disproportionately at the higher end, where profit margins are often greater for builders.

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sure you extinguish the fire or turn off the gas depending on your grill. If we forget to turn off the gas, or we do not close the propane valve all the way it can be very dangerous. With a charcoal barbecue, be sure the flames are completely extinguished. Be thorough, and triple check and make sure you have safely turned off any gas and/or extinguished any burning coals.

Lastly, clean up your work space for the next person. Clean the grill and grates with a grill brush or tin foil and tongs. By being respectful and careful when using community grills, you will be sure to have a great Memorial Day! The Arizona Multihousing Association is the statewide trade association for the apartment industry, representing more than 2,000 members in legislative, legal and regulatory matters.

Sales of new homes slipped 1.5% in April

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$

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1 Bedrooms from $599 2 Bedrooms from $709 2 Bedroom/2 Bath from $769

Phoenix-West Apartments

1Brs from $719 2Brs from $789 $

249 MOVE-IN* oac

FREE RENT

3865

Room Without Board

7002 W. Indian School Phoenix, AZ 85033

623-792-9117

Suite for rent in great N. Phoenix area. Incl shower, tub, washer, dryer. $390/mo.+$50/util., $150/dep. 602-517-5218

3868

Resort and Vacation Rentals 2br 2ba, OCEANFRONT RESERVE FOR SUMMER Furnished monthly, Imperial Bch/ San Diego 1514 So Seacoast Dr..

Questions 949 673 7793

3569

Phoenix-West Apartments

3569

Tempe Apartments

Sonoma Sol (623) 209-7423

Tempe Apartments

$399 Move-In Special! oac.

Free Water, Sewer, Trash.

Full-Size W/D in Every Apt.

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Seasonal Rentals

55+ Living

Chandler Residential Rentals

Tempe Apartments

Close to 101 & I-17!

One and Two Bedrooms From $725/month.

Avalon Hills 602-682-9674

3875

3787

3724

3569

Scottsdale Apartments

Gilbert Apartments

Prime McCormick Ranch location. Stroll to the Vig, Starbucks, & more. Easy access to Old Town or N. Scottsdale and 101. A ‘to the studs’ remodel removing walls, updating kitchen, baths, and expanding master suite. Private corner lot with lush walled back yard has pool and spa. The Great room has high ceilings, and opens to office and family room with fireplace and chefs kitchen. High ceilings and stone floors accent this 1-level beauty, thoughtfully redone with high end finishes. 3+bd/2.5ba/3166 sf w/2-car garage. 8320 E Via $750 1 BD FOR $699! de la Luna, Scottsdale 85258 2 BDS from $799. W/D hkup.

Muffie Scanlan HomeSmart Some utilities incl. $865,000 503-260-3662 Monte Vista 623-385-0134

3527

2 BED $725!!

$0 Deposit. Nice. Quiet Canyon Point (602) 266-7221

Great Move-In Specials!

1Bd $1000, 2Bd $1100, 3Bd $1395. Townhomes Avail.

1st Month 1/2 Price! Vista Pillar Bella Vista - 623-385-0096 Del Prado (602) 242-0237

3524

3299

$0 Deposit! oac

2Br $725*, 1Br $625*. Nice, Gated, balcony 602-246-4330

3560

Phoenix-North Apartments

Phoenix-Central Apartments

AR-0008781820-01

Mountain Property

3548

3542

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SOME UTILITIES INCLUDED! 1 BR’s from $690, 2 BR’s from $850 Dartmoor Apts 480-516-0431

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6231 W. McDowell Road, Phoenix Se Habla Español. *Prices subject to change

Arbour Park 1901 E. Apache Blvd., Tempe, AZ

480-682-1990 Free Utilities!

For more real estate news, go to streetscout.com RENTER’S Legal Q & A ARIZONA SMOKE-FREE LIVING

Ready to Go Smoke-Free?

It has been three years since the AMA partnered with Maricopa County to launch its statewide smoke-free program for the apartment industry.

The AMA offers: • Education to apartment owners, developers and managers regarding the dangers and health risks of smoking and the cost savings of going smoke-free • Assistance to help properties become smoke-free

Not Sure Where to Start?

Checkout our website for more information: www.azmultihousing.org Attention residents, be sure to checkout Arizona Smoke-Free Living’s Housing Directory to find your next Smoke-Free community: http://www.azsmokefreeliving.org/ AR-0008791683-01

Question: My landlord does not fix anything in my apartment. A faucet is broken and the hot water heater doesn’t even work. I am not going to pay my rent until the landlord takes care of these problems. Is that okay?

Answer: No.

Pay the rent. Serve a written 5-Day Notice to the landlord explaining exactly what the problems are. The landlord will then have 5 days to actually fix the problems, if the problems are related to health or safety.

If the landlord does not fix the problems within 5 days, then you may terminate the lease agreement, vacate the property and seek damages from the landlord or deliver (1) a 10-Day Notice outlining repairs needed, (2) provide a lien waiver for the landlord, and (3) hire a licensed contractor to do the work and then you can deduct from rent the actual reasonable cost of the work up to one-half months rent. You may also recover damages for the breech by the landlord. Remember, that this remedy is only available if the repairs that are needed are not the result of the tenants deliberate and negligent actions or omissions.

Therefore, you have some hoops to jump through, but if you follow the steps properly pursuant to A.R.S. 33-1324, 1361, 1363 and 1364, you have statutory rights.

Editor’s note: Readers who have non-emergency, general landlord-tenant, fair housing or multi-housing real estate questions can mail them to: The Arizona Republic c/o Rental Team, 200 E. Van Buren Street, Second Floor, Phoenix, AZ 85004. While all cannot be answered in this weekly column, we will attempt to publish those questions that would be of interest to most readers. For specific or urgent advice, consult your own legal advisors before making a decision. Legal Q&A participating attorneys: Scott Clark (602) 957-7877

Matt Koglmeier (480) 962-5353

Andy Hull (602) 230-0088

Mark Zinman (480) 994-4732