Trulia states that the average Scottsdale listing price is now around $725,000 with the median sales price at $217,000. There are over 3500 homes for sale in Scottsdale as August 31, 2011. Over 2000 of these can be classified as distressed.
Some luxury Scottsdale homes and condos have seen a 30 per cent price decrease in price since 2009. This is especially true in the luxury condo market where many times, a second owner now markets a previously foreclosed property. One does need to be careful with these, however, since a condo property that is currently only 35 per cent occupied, for example, can be a source of problems in the future. Be sure to consult legal counsel before any risky decisions are made.
Michael Castleman is the CEO of Metrostudy. That firm researches the new homes market every quarter. In a recent article in the Austin American-Statesman, Scott Burns explained that Castleman thoroughly believes that there is extreme pent up demand for new homes. If there is ever a true increase in consumer demand for housing, Castleman feels that the housing market will take off. The problem now, however, is that mortgages are difficult to obtain. Lenders are demanding higher credit scores, while consumer credit ratings have plunged. If this situation ever evens out, Castleman is looking for a big rebound.
Those interested in luxury homes in Scottsdale would be wise to heed Castleman’s prediction and move into the market now. Those who don’t may miss a great buying opportunity.
According to Carmen Brodeur, these are the hot trends in Scottsdale luxury homes today:
Luxury buyers are looking for separate offices for both the husband and wife.
They need four to six car garages.
They prefer separate bathrooms in the master suite.
Luxury buyers want two separate family rooms–one for kids and one for adults.
They also want a bathroom attached to every bedroom.
Things that are no longer on the priority list are sports courts, home theaters, and excessive square footage.
Scottsdale is highly desirable and those who wish to relocate there can now take advantage of the historic housing price implosion that began in 2007. Even in the luxury market, foreclosures, short sales and bank owned properties lead the way. Look for a 30 to 35 percent price decrease from the peak years and begin there.
