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CATHERINE REAGOR REAL ESTATE
Home decor starts with the floor
Housing market back to normal
DAVID M. BROWN | SPECIAL FOR THE REPUBLIC
C
oncrete is back, reclaimed wood remains strong and porcelain tile is surging. Floors are basic in homes, but their beauty and functionality are the paths to a joyful experience for you, your family and your guests. “The floor is where it all starts, grounding the room and connecting with your energy, your relationship, your family,� said Esther Boivin of Esther Boivin Interiors in Scottsdale. “I love to set the tone for all of my designed spaces starting with flooring.� Floors, she said, shouldn’t be a practical decision based solely on utilitarian considerations. “They should be fun and a reflection of what makes you tick,� she said. See FLOORING, Page 3R
It’s now safe to say metro Phoenix’s housing market has rebounded from last year’s lull. New data released last week shows both home sales and building are up again. The key indicators have been climbing since the spring. And real estate analyst Mike Orr, of Arizona State University’s W.P. Carey School of Business, recently told me the Valley’s housing market is finally back to normal. Normal is very good for the area’s housing market after the boom and devastating crash. So what what does “normalâ€? mean? Âť Almost 88 percent of all home sales in June were for regular sales and not tied to foreclosure. Only three years ago, nearly half of all Valley home sales were foreclosures, short sales and houses taken back by lenders and resold at bargain prices. Âť The median price of a house is up about 6 percent from a year ago. That’s similar to housing appreciation in the region before the boom/bust and is considered healthy. Âť About half of all houses sold in June were priced from $200,000 to $500,000. Too many bargain-priced houses will pull down prices as they did in 2011. Âť Condominium sales jumped 28 percent from June 2014. This is an indicator of more people moving closer in, and more younger buyers. Âť Cash buyers accounted for 20 percent of June’s home sales, half as many as in 2011-12. Most investors pay cash and turn houses into rentals. Fewer cash buyers means more regular buyers who plan to live in the homes they’ve bought. What’s not normal or quite in balance for our housing market is the supply of homes for sale. There aren’t enough. Listings are down 5 percent from a year ago, and houses priced below $250,000 in popular areas of Tempe, south Scottsdale and central Phoenix are sparking bidding wars. Of course, a drop in the number of houses for sale as buyer demand increases isn’t bad news for homeowners, who are likely to see their values climb as a result. Metro Phoenix home prices aren’t yet back to where they were before the crash. The area’s current median price of $221,000 is still $40,000 below the peak in 2006. It’s going to take a few more normal years for home prices to fully recover.
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Home Value Hotline
6HH LQVLGH IRU PRUH GHWDLOV SCOTTSDALE | 6802 East Evans Drive | Open Today 1-4PM
THE ENVY OF THE NEIGHBORHOOD. Exquisitely finished MLS# with beautiful entry, elegant curved staircase, designer paints, Bedrooms chic lighting, rich hardwood floors, fireplace, skylights, plantation Bath shutters and vaulted ceilings. Gorgeous granite island kitchen has Pool stainless appliances, refinished cabinetry and glass-tile backsplash. Lots of natural light. Total custom master closet! Downstairs Sq. Ft. bedroom could be an office. Big bonus room. Pool with impressive Parking boulder waterfall and synthetic grass. Roller shields. Brand new Lot Size roof, new ACâ&#x20AC;&#x2122;s and newer hot water heater. Notable paver drive. ZIP Code Three car garage has a painted floor and cabinetry. RV gate. Corner cul-de-sac lot in the Magic 85254 Zip Code.â&#x20AC;&#x201C; Joseph Callaway Online Pics Price
Brought to you by Those Callaways, (480) 596-5751
- 5314699 -4 -3 - Yes - 3,655 - 3-Car Garage - 9,239 Sq. Ft. - 85254 - ThoseCallaways.com - $625,000
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PARADISE VALLEY | 6101 East Naumann Drive | Open Today 1-5PM
ULTRA-RARE OPPORTUNITY IN FINISTERRE. Priced MLS# pre-construction for maximum flexibility, this is a truly amazing Bedrooms limited-time opportunity to purchase one of Paradise Valleyâ&#x20AC;&#x2122;s most Bath iconic properties before it undergoes major renovation. Renowned Pool builder Greg Hunt prepared plans for complete reconstruction/ enhancement of the property. Generously sized rooms w/soaring Sq. Ft. ceilings, tall windows. Classic English office w/top to bottom ZIP Code wood. Den w/wealth of wood accents. Perfect time for new owner to put their stamp on the estate, select finishes/fixtures, Online Pics Price design dream culinary spaces. Lush front lawn w/towering palms. Huge rear grounds offer opportunity to create private oasis. Visit tourfactory.com/1307822. Inside: details, directions.
Brought to you by Sandra Baldwin, Russ Lyon Sothebyâ&#x20AC;&#x2122;s International Realty
- 5228312 -4 -5 - No - 10,764 - 85253 - BaldwinTeam.com - $3,650,000
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