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CATHERINE REAGOR REAL ESTATE
Renovation loans tie together mortgage, cost of home projects
Market booming for luxury housing
M
etro Phoenix’s uberluxury home market is bucking the area’s slowdown in sales. Sales of houses priced above $2 million were up 63 percent in August compared with a year ago, according to the latest monthly report on the northeast Valley from Walt Danley Realty and real-estate analyst Mike Orr’s Cromford Report. The increase in the sale of pricier homes has come as some well-known Valley residents have listed multimillion-dollar mansions for sale. Future Baseball Hall of Famer Randy Johnson is selling his Paradise Valley mansion. The left-handed pitching legend is asking $25 million for the 25,000-squarefoot Tuscan-style home near Mummy Mountain. And jazz musician George Benson is selling his 21⠄2-acre Paradise Valley estate for $2.995 million. Last week, the price dropped from $10.79 million to $7.9 million on a 10,000square-foot estate near the Camelback Golf Club. Personal-injury attorney Glen Lerner is selling the house he purchased for $2.7 million during the housing crash in 2010. Bobby Romero of Realty ONE Group has the listing. In August, 18 Phoenix-area houses sold for more than $2 million, up from 11 during August 2013. Overall, high-end home sales in the northeast Valley spanning from Phoenix’s Biltmore area to Carefree are down. In August, 238 houses priced above $500,000 sold in the northeast. That’s down 17 percent from July and down 9 percent from August
PACKAGE DEAL M
DOLORES TROPIANO • SPECIAL FOR THE REPUBLIC
ost people can picture renovations that will improve their homes. They just can’t imagine how to pay for them. But one national mortgage company has a product that can help people do both. Prospect Mortgage is offering what it calls the HomeStyle Renovation Mortgage. The loan is specifically designed for improvements on anything attached to a property that will add value to that property. The company is one of the few nationwide offering this type of loan. The mortgage can be used by someone who wants to purchase a fixer-upper and needs the
funds to do just that, or for someone who has been in a home for a while and is searching for a way to do significant improvements. “It is for homeowners and homebuyers to be able to take their existing property and look at it as a blank canvas to upgrade or add renovations through landscaping, a pool, a deck or any other general upgrades,� said Anthony Rodarte, a mortgage-planning consultant with Prospect Mortgage who specializes in renovation loans. Here’s how it works. The owner or prospective buyer makes a See LOANS, Page R3
See REAGOR, Page R3
Legacy On Main
950 W. Main St. • Mesa, AZ 85201
480-385-0224
For more information, see our ad inside! *On select units.
Legacy@celticpropertymanagement.com
$299 MOVE-IN!*
Paradise Palms I 304 W. Southern Ave. • Phoenix, AZ 85041
602-385-0971 PPalms1@celticpropertymanagement.com
UP TO 3 WEEKS FREE!*
Palms at Glendale 6112 N. 67th Ave. • Glendale, AZ 85301
623-792-9130
Glendale@celticpropertymanagement.com $5
ARIZONA BILTMORE ESTATES | 3106 East Vermont Avenue | Open Today 1-4PM
ARIZONA BILTMORE ESTATES. This incredible gated waterfront MLS# estate has breathtaking lake and mountain views. A lush courtyard Bedrooms invites you inside. Dramatic staircase entry, Rolladen shutters, rich Bath hardwood floors and art niches. Picture windows frame the island Pool kitchen. Extended dining room with seating for 14. Kiva fireplace, striking planked and beamed ceiling and wet bar. Sitting room master Sq. Ft. with fireplace, two walk-in closets, a Jacuzzi tub surrounded by Parking Roman columns and magnificent lake views from a private terrace. Lot Size The second suite is equally special. Majestic outdoor living spaces. ZIP Code Multiple patios, fountain and pool. Wrought iron fencing overlooks the lake and lush greenery beyond. – Joseph Callaway Online Pics Price
Brought to you by Those Callaways, (480) 596-5751
- 5179958 -4 -4 - Yes - 4,069 - 2-Car Garage - 7,061 Sq. Ft. - 85016 - ThoseCallaways.com - $925,000
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PARADISE VALLEY | 8620 North 58th Place | Open Today 12-4PM
FRESHLY UPDATED HOME, AMAZING RESORT-STYLE MLS# BACKYARD. Warm and welcoming, this lovely home boasts a Bedrooms park-like front lawn graced with lush green grass, towering trees, Bath colorful flowers and a secluded sunset courtyard. Formal rooms Pool with hardwood flooring. Kitchen with granite counters/backsplash, serving/prep island with sit-at breakfast bar. Master bedroom with Sq. Ft. mountain and pool views. Bedroom wing with flex-room for game ZIP Code room/billiards parlor, play room, second family room. Amazing rear grounds with entertaining patios, lagoon-style beach-entry Online Pics Price pool, spillover spa, waterfall, barbecue island, putting green, ramada, sport court, fire-pit. Two-bedroom guest house. Visit tourfactory.com/1153658. See inside for full details, directions.
Brought to you by Sandra Baldwin, Russ Lyon Sotheby’s International Realty
- 5106419 -7 -7 - Yes - 6,872 - 85253 - BaldwinTeam.com - $2,450,000
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