MARKET DATA & PHILANTHROPY          |          TESTIMONIALS


Wednesday, October 18, 2017

Just Listed - Paradise Valley Home for $2.85M - amazing property, amazing views!!!



Formerly owned by Grammy winning recording artist George Benson, this amazing home boasts unique features not found in other PV listings:

  • Air conditioned indoor sport court
  • Finished basement
  • Attached casita with attached 2-car garage
  • A 2nd 2-car garage
  • An amazing amount of storage!
This hillside home provides 360-degree views from interior & exterior. 

A backyard oasis includes:

  • Sauna
  • Heated saltwater pool
  • Spa with waterfall
  • Outdoor bar
  • Built-in BBQ
  • Gazebo with banco seating
  • Lighted tennis court.
Updates include but are not limited to:

  • The master suite (bedroom & bathroom) fully remodeled in 2016 & each bedroom has its own bath.
  • New flooring in 2016 that includes bamboo & tile that resembles hardwood but is easier to maintain
  • New pool heater in 2017
  • Master bedroom roof sealed in 2016, entire roof was inspected at that time and no repairs were needed
  • 2 new HVACs in 2017
Windows & skylights throughout make the space feel open & bright. Previous owner stated square footage at 7,405. Buyer to confirm.

Click here to check out the full listing and photos. 

Monday, September 25, 2017

Active Listings Between $150K-$175K rise 17% since June

Has the Phoenix Real Estate Market Recovered?

For Buyers:
Supply between $150K-$200k continued rising in August.  However the $150K-$175K range had a more dramatic rise.  While still 26% below last year, it rose 17% since the beginning of June, a strong departure from the weekly decline this market experienced in the first half of 2017.  For buyers in the rest of the market over $200K, nearly all price ranges are running lower than last year with the exception of the top tiers.  For those buyers who have seen every listing available and still haven’t found a match, late September usually sees an increase in new listings across the board.  This makes the 4th quarter a good time to be a buyer.
For Sellers:
When do we know the Phoenix residential real estate market has “recovered”?  Many people assume when prices have returned to 2006 peak levels then the market has recovered.  However understandable, especially for those who purchased during that time frame, that’s not necessarily the case.  Average sale prices per square foot are still 27% away from the peak of 2006.  However, the market could arguably be considered recovered once prices reach the range that corresponds to the long term average rate of inflation, which from 2000-2016 in the United States is 2%.  In 2000, the average sales price per square foot for MLS resales was $96. Had the bubble and crash never happened, and annual appreciation stayed between 2-3% per year as normal, then prices would land between $134-$158 per square foot today.  Currently they’re running at $149, which equates to averaging nearly 2.6% annually and a 55% total gain since the year 2000. .



Commentary written by Tina Tamboer, Senior Real Estate Analyst with The Cromford Report
©2017 Cromford Associates LLC and Tamboer Consulting LLC

Friday, September 1, 2017

Real Estate Market Update - August 2017

Active Listings Between $150K -$200K Rise 10% in 4 Weeks


First-Time Home Buyers Get a Boost
For Buyers:
We have good news for first-time homebuyers!  A 10% rise in active single family homes between $150K-$200K over the last 4 weeks caught our eye.  Seasonally we expect supply to begin rising in late September, so a turn this early in the year is unusual. This price point has been decreasing nearly every week since November 2016 and is highly competitive amongst buyers and investors alike.  Listings appear to be growing the strongest in Pinal County and the West Valley, particularly noted within the freeway loop of I-17, I-10 and the 101.  This provides some slight relief for buyers, but put it in perspective.  Today we counted 1,361 single family homes listed for sale between $150K-$200K and there were 1,311 sold last July.  Listings under $200K make up 17% of inventory and 35% of sales so far this year.  The market is still very tight.
For Sellers:
The 10% rise in competition for the single family market between $150K-$200K equates to an extra 137 listings for buyers to view. Glendale, Peoria, Avondale and West Phoenix accounted for 60% of the increase while the City of Maricopa and San Tan Valley accounted for another 38%.  Weekly price reductions in this price range have risen 60% in the month of July and 40% of the sales over the last 4 weeks have involved seller-assisted closing costs.  Supply in this segment is still 23% below where it was last year, providing sellers a large negotiating advantage.  However, the gap between 2016 and 2017 supply has closed 8% in 4 weeks, indicating a slight softening.
Commentary written by Tina Tamboer, Senior Real Estate Analyst with The Cromford Report
©2017 Cromford Associates LLC and Tamboer Consulting LLC

Friday, July 21, 2017

Congratulations to our 2nd Quarter Buyers & Sellers!


Rosemary & Steve Stralser

The eternal real estate question: do I buy first or sell first? Rosemary and Steve decided to buy first once they found their perfect downtown bungalow but then had to deal with the pressure of selling quickly. Two buyers and three months later their patio home was sold and the pressure was off! They now walk to the Phoenix Art Museum, BE Coffee, Food & Stuff, and are loving their new digs and urban life!


Max Magee & Michaela Agey

Max and Michaela wrote an offer on a home sight unseen and ended up cancelling during inspection. Time was short so a quick trip to Phoenix brought another home and an inspection within one day of the accepted offer! Now they have a fabulous home in the Desert Ridge area that they are remodeling while working as an OBGYN resident at Banner University Medical Center and a dental hygienist at a north Phoenix dental practice. Max, Michaela and their two dogs are happy living in Phoenix, AZ!


Cullen Taylor & Megan Fields

Cullen and Megan just arrived in Phoenix from Indianapolis for Cullen to begin his residency at Mayo Hospital and Megan her residency at Phoenix Children’s Hospital.  They came in for just a few days and found a great home in North Phoenix. They are excited about their wrap-around patio (that they will use when it is not so hot) and the pool that they can enjoy now! Congratulations Cullen and Megan.


Jason & Ashley Santiago

Jason, Ashley, their daughter, Eve came to Phoenix, from Denver to buy their first home here. Jason has started his residency at Phoenix Children’s Hospital and Ashley is a stay-at-home mom with Eve. They have a great home in Litchfield Park so that Ashley and Eve have access to parks and lots of fun nearby. Congratulations to Jason, Ashely and Eve.


Matt Bean & Alicia Ogram

Matt and Alicia moved here several years ago to do their medical residencies and three babies later they have outgrown their home. Torn between moving to Idaho to be near family and staying in Phoenix, family won and Matt and Alicia sold their home and are now have help with the kids! We sold their home within two days, watched it fall out of escrow and then sold it again just a few hours later.  We will miss them in Phoenix!




Shannon Wallace Knell & John Knell

Shannon and John contacted us several years ago about selling their home in Cave Creek and possibly buying a home or finding land on which to build. It took almost a full year to sell their home as we dealt with many interested buyers.  Shannon and John bought an amazing lot in Stagecoach Pass and are working with an architect to build their dream home. I thank them for their patience, trust and friendship!





Tuesday, July 11, 2017

July 2017 Real Estate Market Update

Metro Phoenix Lease Rates Decline 11% For Certain Types of Rentals
Supply Stops Declining Between $150K-$300K

For Buyers:
Good news for buyers, listings for sale between $150K and $300K stopped declining over the past 4 weeks.  This is good news because as the summer progresses, there are fewer buyers to compete with in the marketplace which offers a seasonal relief for those still willing to brave high temperatures and scalding door knobs to view homes.  Supply is still extremely low, but this slight improvement gives as much relief as a hot breeze on a July afternoon.  It’s not much, but it’s something.  Meanwhile, luxury buyers may notice fewer properties to look at this summer as demand was higher during the Spring season and overall inventory has been dropping due to a higher number of closings and seasonal cancellations/expirations.  Expect inventory in price ranges above $500K to continue declining seasonally until settling into a stagnant level in August and early-September.
For Sellers:
There has been a lot of talk about the increased production of luxury apartments and what impact they will have on the residential real estate market.  One segment that is starting to see their influence is apartment-style condominium rentals leased through the Arizona Regional MLS.  While rents on single family homes and townhouses continue to rise, successful leases of apartment-style condominiums have dropped 11% in average rates from a high of $1.26/sf in January 2017 to $1.12/sf by June. The drop is consistent across all lease price ranges for this type of rental and is not seasonal.  Areas that have been particularly affected are Tempe, Old Town Scottsdale and the Central Corridor including Downtown Phoenix.  Considering the lack of supply for sale in affordable price ranges and the added competition from brand new apartment complexes, this may be a good time for landlords of apartment-style rentals to consider selling if they’re unwilling or unable to reduce their rental rate.

Commentary written by Tina Tamboer, Senior Real Estate Analyst with The Cromford Report
©2017 Cromford Associates LLC and Tamboer Consulting LLC

Wednesday, May 10, 2017

May 2017 Real Estate Market Update

Phoenix is Hot, but a Bubble it’s Not
For Buyers:
Multiple offer situations and homes selling for more than list price have been making home buyers nervous over the past month.  Returning boomerang buyers, having already suffered a short sale or foreclosure during the recession, are especially sensitive to memories of the infamous 2005 “bubble” where multiple offers over list price were a common everyday occurrence.  Flash sales, properties sold within a day or less on the MLS, saw the highest volume last March since August 2013.  However, a measure of 210 does not come remotely close to the 1,032 flash sales measured in March 2005.  There is a growing number of properties selling over list price as well.  But again, April 2017 only saw 16% of sales fit this category while April 2005 saw 37%.  So while our real estate environment is indeed competitive for buyers right now, thankfully it doesn’t resemble the same level of insanity experienced during the 2005 bubble.
For Sellers:
Annual appreciation rates* have been consistently averaging close to 5% for nearly 2 years.  Compare this to the two years between August 2003 and August 2005 where the annual appreciation rate rose from 5% to a ridiculous 45%.  Between January and July 2005, unprecedented appreciation ranged between 4-7% PER MONTH compared to an average of 1% per month thus far in 2017.  Current prices are the highest they’ve been since  January 2008, over 9 years ago, and they’re comparable to April 2005, over 12 years ago.  However at an average of $152 per square foot, sale prices would need to appreciate another 25% to compare to the highest peak achieved in May 2006.  At the current rate, that could take another 4 years to reach.
*Comparing the average sales price per square foot for the most recent 12-month period to the prior 12-month period


Monday, April 24, 2017

Congratulations 1st Quarter Buyers & Sellers

Congratulations to my 1st Quarter buyers and sellers. 
It was such a pleasure to work with each and every one of you!
Thank you for trusting me!


I met Gary Topp at Gammage Theater when I began to attend the Broadway series. We became theater friends and to my delight, Gary approached me to sell his home in Peoria when he decided to move out of Arizona.  Gary worked hard to make it a quick sale and a smooth transaction. Now he splits his time between NYC and Denver. Gary, I love using your fifth row tickets although I miss seeing you at Gammage!


Justin Spencer is a very special client.  I showed Justin my home so that he could see a beautiful example of an updated property in a solid neighborhood. I never thought that he would say, “I want your home!” He also leased it back to me until I could close on my new house, thereby allowing me the opportunity to begin my new life with my children and fiancé. Thank you, Justin, and it is nice to hear that you are enjoying 37th Way as much as I did. It is a great first home!


Congratulations to Brent Bingham for purchasing an investment property in the Biltmore Area. The inspection was a little scary but he persevered and the seller provided a credit to help with the necessary repairs.  It was a pleasure to work this one through to closing. And now I hope to be able to find the perfect tenant when the home is ready!


Congratulations to the Metzler Family on their new home! It’s always so meaningful to work with friends, especially someone I have known since first grade. It has taken several years as we waited for the market to recover and looked for the perfect home for this growing family.  By the time Jack, Kate and Matthew had been added to the clan, they were bursting at the seams!  The small home on Everett sold quickly and the Metzlers found the perfect property not far away. This wasn’t the easiest of escrows with a buyer threatening to back out close to the closing date, but we stayed in contract compliance throughout and made it to the end successfully! Here’s to many wonderful years for them in their new home.

Tuesday, April 11, 2017

April Real Estate Market

Seller Concessions Have Risen Despite Buyer Frenzy

For Buyers:
Buyers continue to find themselves in a frenzy of competition for homes as March recorded the highest number of non-distressed sales through the MLS since September 2005.  While supply has dropped a significant 12.7% overall compared to this time last year, it’s dropped a whopping 22% in the Southeast Valley and 27% in Pinal County! Despite the extreme lack of supply under $300K, 30% of closings in this price range are showing some form of seller-paid concession at close.  Compare this to 27% in March of last year and it indicates that even as demand and prices are on the rise, a larger percentage of sellers are contributing financially to closing costs, home warranties and repairs in order to get top dollar for their home.

For Sellers:
March 2017 recorded the highest Listing Success Rate for normal listings since July 2005 at 81.8%, which means more homes are coming off the market because they successfully sold and not because they cancelled or expired. In a balanced market, the Listing Success Rate ranges between 60-65% for this time of year.  To compare, the lowest Listing Success Rate was recorded in December 2008 at 21% and the highest was in May 2005 at 87%.
Normal listings between $100K and $200K currently have the highest success rate at 90%, followed closely by the $200K-$300K range at 87% and $300K-$500K at an impressive 79%.  It’s a good time to be a seller!
If you have questions and are interested in a free market analysis of your home or are seeking advice on buying a home in the Phoenix Market, call us today!