ResalesNorth Scottsdale Housing Offers Value To Buyers, Say Realtors
The North Scottsdale, Arizona area, including Pinnacle Peak, is showing a slight slowdown in certain price ranges, but homes under $300,000 are still moving briskly, say local Realtors.
"The North Scottsdale housing market continues to represent a great value for buyers," says Realtor Sheila Strunk. "Home prices are adjusting slightly downward as a result of longer times on the market. Homes priced under $300,000 are still selling quickly, while homes priced from $300,000 to $900,000 are staying on the market longer and sellers have become more flexible on price and terms. Homes over $1,000,000 have seen some major price reductions, and the difference between list price and sales price can be significant. Many buyers have delayed their purchase decisions as the war in Iraq has played out, but with low interest rates, a high inventory and more seller flexibility, now is the time to make a move."
Cave Creek
Cave Creek, she says, offers a small-town feel with easy access to big city amenities. "Cave Creek offers many advantages for the homebuyer, from great schools to great views!" says Strunk. "There is a healthy inventory of homes for sale, and prices have dropped slightly during recent months. For those buyers who have delayed making a purchase decision due to the economy and the recent war with Iraq, now is the time to move forward! Sellers have become more flexible on price and terms, and interest rates are likely to go up as the economy recovers through the remainder of this year."
Pinnacle Peak
"The time is ripe for those buyers looking for a great price on a home in this area," says Strunk. "There is a healthy inventory of homes for sale, but buying activity slowed during the recent war in Iraq. Now that the fighting is essentially over, and as the major selling season winds down, sellers are reducing prices to spur activity. Interest rates are still extremely low, and many loan options are available, so it"s a great time to buy and acquire some built-in equity immediately!"
Says Realtor Lynn Coleman, "Pinnacle Peak is located in North Scottsdale and is an area of residential growth typified by luxury homes and world-class golf courses. At an elevation approximately 1200" above Phoenix, this area is usually a little cooler and even has an occasional snow flurry during the winter. Located at the North end of the Mcdowell Mountain range, High Sonoran desert beauty and spectacular views are the order of the day. The completion of the Pima Freeway (101 Loop) will significantly decrease the commute time to downtown Phoenix and the Sky Harbor airport, making this area even more desirable."
He explains, "There were 138 residential resale properties (including condos) that closed escrow during the period, ranging in price from $127,500 to 3,500,000. The average listing price for all properties sold was $487,412 and the average sales price was $468,418. Property in the area is currently bringing about 96 percent of the actual asking price. The average property sold for $169 per Sq.Ft. and was on the market for 80 days. During the period, 178 new listings were put on the market in the Pinnacle Peak area with an average price of $763,710. The average price per square foot of these new listings is $225."
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