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SECTION RE SUNDAY, 03.09.14 THE ARIZONA REPUBLIC MONEY.AZCENTRAL.COM
SHIFTING Shifting market MARKET Buyers are starting to get the upper hand in the Valley BUYERS ARE STARTING TO GET THE UPPER HAND IN THE VALLEY By Dolores Tropiano Special for The Republic | azcentral.com
K
im Scott had been hunting for a new home for nearly two years. In February, she finally purchased one in Scottsdale for her family of four. Now, she faces the real challenge: Selling her former home in what realestate experts say has recently become a buyer’s market. “I don’t feel as good about selling my home right now as I do about buying one, because it’s a buyer’s market,” said Scott, who has already had two open houses and several private showings. “When I bought it in 2005, everything was selling so fast,” she continued. “Now, I think buyers are more particular, and it’s harder to sell a home. People are more cautious about what they spend their money on, and they are looking for a bargain. And See BUYERS, Page RE3
catherine reagor REAL ESTATE
Another crash isn’t expected
M
ost market watchers are talking about the housing market cooling off a bit this year. Prices and the number of sales were down in metro Phoenix in January, according to the latest figures. But homeowners and potential buyers shouldn’t think that means there’s a bubble and that prices are going to plummet and foreclosures soar again. Foreclosures in the Phoenix market fell to 521 in February, according to a new report from the Information Market. That’s the lowest level since April 2007, before the crash. Also, the number of houses in the Valley held by lenders has plummeted to about 3,000 last month from 20,000 in 2011. Banks are not holding a bunch of properties to sell for bargain prices, a move that could drive down home values again. Metro Phoenix’s median home price has climbed more than 70 percent since bottoming out in 2011. That’s several months of double-digit gains. Mike Orr, real-estate analyst with Arizona State University’s W.P. Carey School of Business, said prices in the Valley have recovered to the level where they would have been if the crash and recovery had not happened. Whether home prices continue to climb depends on demand this year, he said. Fewer buyers and more houses for sale won’t translate to higher prices.
$17.99 million listing The largest estate now for sale in Arizona is the 173-acre El Rojo Grande Ranch in Sedona, backing up to the Coconino National Forest. The equestrian property with a 6,000-square-foot main house accessed by solar-paneled entry gates is on the market for $17.99 million. The home, with a library and a master bedroom with two bathrooms, was built to take advantage of views of the area’s
THINKSTOCK
See REAGOR, Page RE3
REACH US:
Deb Van Tassel, AZ Real Estate editor, 602-444-NEWS or deb.vantassel@arizonarepublic.com
Palms at Glendale
6112 N. 67th Ave. • Glendale, AZ 85301
Algarve
950 W. Main St. • Mesa, AZ 85201
Vineyard Estates
915 W. Alta Vista • Phoenix, AZ 85041
623-792-9130
Glendale@celticpropertymanagement.com
480-385-0224 Cove@celticpropertymanagement.com
602-748-1699
UP TO 4 WEEKS FREE!* ASK US HOW!
Vineyards@celticpropertymanagement.com
SCOTTSDALE | 15818 North 61st Street | Open Today 1-4PM
HONEY STOP THE CAR! A slate patio welcomes you through MLS# a stained glass entry door into an inspiring groin vault entryway. Bedrooms Beautifully updated. Venetian plaster, custom wrought iron, new Bath carpet, gas fireplace, Travertine, Walnut floors, skylights, vaulted Pool ceilings and upgraded designer lighting. Gorgeous granite island kitchen. Stainless appliances and rich cabinetry. Inviting family Sq. Ft. room with custom entertainment center complete with home Parking theater. King-sized master has an impressive striking lighted Lot Size dome ceiling. Resort yard -PebbleTec pool, boulder waterfall, ZIP Code professional landscape lighting, mature trees, citrus, BBQ and gazebo. Completely finished attic. In the Magic 85254 Zip Code. Online Pics - Joseph Callaway Price
Brought to you by Those Callaways, (480) 596-5751
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- 5077316 -5 -3 - Yes - 3,297 - 3-Car Garage - 9,591 sq. ft. - 85254 - ThoseCallaways.com - $625,000
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*On select units. AR-0008178680-01
SCOTTSDALE | 20542 North 108th Place | Open Today 12-4PM
FABULOUS FIRST-CHOICE GOLF COURSE LOT IN MLS# SILVERLEAF. Nance-built and Candeleria-designed, this view- Bedrooms rich Santa Barbara-style jewel is graced with a salon-like foyer, Bath multi-story living room and a superb kitchen that wows with a Pool wealth of golden-hued granite. Family room w/dramatic trestlebeamed ceiling motif, walls of exits to alfresco treasures. Master Sq. Ft. retreat w/exercise room, room-size dressing closet, lavish bath. ZIP Code Also: walk-in wine room, wood-filled office, fairytale staircase Online Pics to bedrooms, balconies, verandas. Fresh-air kitchen. Guest house. Price Courtyards, lawns, gardens and beam-ceilinged patios overlook sensational golf course, mountains and city lights views. Visit tourfactory.com/973409. See inside for full details, directions.
- 5022919 -4 -5 - Yes - 6,813 -85255 - BaldwinTeam.com - $5,350,000
Brought to you by Sandra Baldwin, Russ Lyon Sotheby’s International Realty see more inside AR-0008179813-01