Although Scottsdale was homesteaded in 1888 by Chaplain Winfield Scott, Scottsdale’s population did not begin it’s growth spurt until the 1950’s. The oldest house in Scottsdale is affectionately called The Titus House.
The brick home, built by architect, James Miller Creighton is not only the oldest home in Scottsdale, but the only Victorian style home. Built in 1892 for Frank Titus, a Californian railroad investor, the home remains in use as a owner occupied residence. The last time it sold was in August 2005 sale for $397,000. It was listed as a 2 bedroom, 2.5 bath home of 2150 square feet on a 31,183 square foot lot with a pool.The home is located at 1310 N Hayden Road (just south of McDowell Rd).
I was fortunate enough to visit the home during a home tour many years ago. To read more about the historic significance and integrity of the Titus House, view the listing on the Scottsdale Historic Register.
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January 2019 – January 7
Is Phoenix/Scottsdale transitioning to a Buyer’s Market?
We have become accustomed to a hot, growing market that strongly favors sellers. Now that it is cooler, contracting in volume and moderately favoring buyers, there is some talk that we are entering a Buyer’s market. But this perspective is not agreed upon by all because a decline in demand does not necessarily constitute a Buyer’s market.
A Buyer’s market is indicated by supply that is higher than demand and decreasing closed sales prices. In Phoenix and Scottsdale, the supply is still very low, and there is little indication that the supply will increase.
Most indicators that impact the housing market are in normal to good ranges. Compared with California and other west coast metro areas, Phoenix/Scottsdale is still very affordable. There has been no decrease in loan approval rates and population growth is increasing faster than the number of homes. Owning a home still makes better financial sense than renting (unless you expect to own the home for less than 3 years). None of the conditions for closed prices to fall are currently in effect.
The numbers are more reliable than emotion, and the numbers indicate more of a cooling down rather than a downturn – perhaps a return to a balanced market.
*Every Tuesday, we participate in a conference call with our broker and fellow colleagues to discuss the local real estate market, the current real estate news and the latest statistics. Our market update is based on this group discussion and information provided by The Cromford Report, a company dedicated to local real estate market statistics.
Per our agreement with The Cromford Report, you may only view the charts if you are subscribed to our bi-monthly market updates.
Phoenix Market Update – December 2018 – Week 2
Phoenix Real Estate Market Update
December 2018 – Week 2
Negative news about the real estate market is becoming a common occurrence. Continue reading for insight into the Phoenix Metro real estate market and why our local market is different.The real estate outlook for 2019 is not as grim as the national media might imply.
New Listings – 3268
- 6% lower than 2017 (3478)
- Second lowest since 2014
Closed Listings – 2949
- Slightly higher than 2017 (2937)
Accepted Offers – 3340
- 7% lower than 2017 (3607)
At 6% the drop in new listings is not as severe as for the first week of December which was down 11%. However, it indicates we still see subdued flows of new supply in December, well below the average over the past 18 years.
Closings are running at a good pace, but new contracts are now down 7%, having been down 4% after the first week. Buyer enthusiasm is low partly because of higher cost of ownership, but also because there is a shortage of attractive inventory for them to choose from.
- In 2018, home loan delinquencies are at an extremely low level while home equity is at a high level.
- Consequently, the fall in demand is merely causing sales rates to drop and allowing buyers a little more negotiation.
- Keep in mind that Phoenix is the second fastest growing city in the nation. Buckeye comes in third.
- Also, Phoenix Metro Area has not had astronomical home price increases like many coastal cities.
Real Estate Statistics Released for Scottsdale and Phoenix Real Estate Markets – August 2018
ARMLS (Arizona Regional Multiple Listing Service) releases two monthly reports that are released mid month for the previous month. These reports were released on Sept 18 2018.
- STAT – a market wide residential report released mid-month with data from the previous month. Hence this September report is for the August 2018 real estate statistics.
- Rent Check – monthly publication showcasing the Valley’s residential single family leasing market.
- Median Sales Price – This means exactly half the homes are listed above this price and exactly half are listed below this price.
- Average Sales Price – The average sales price is arrived at by dividing the sales volume by the number of sales. The difficulty with this figure is that it is easily skewed by exorbitantly high or low prices. This is evidenced by the lowest single family sale in Phoenix for the month of August which was $195 – clearly a typo.
Takeaways From The Commentary
In spite of the negative national headlines, Phoenix Metro real estate market is faring better than the rest of the nation. Here are the real estate takeaway gems for August:
- Sales volume has increased year over year since January 2015.
- The decrease in sales is SEASONAL and happens every year.
- 2018 sales are 2.53% ahead of 2017.
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City Permit Information for Scottsdale Neighborhoods
Clients often ask, “What is being built on that vacant lot down the street?”. Many people do not know this information is readily available. The City of Scottsdale makes it easy to find out what is happening in your Scottsdale neighborhood and I am a huge Scottsdale fan after living in Scottsdale neighborhoods for 24 years.
Click on this map of Scottsdale and look for the search box in the upper right of the page.
Find your neighborhood
You can enter an address, intersection, or a parcel number. If you can’t see the legend icons, zoom in more. Click on the legend icons and the details will post to the right. Available information includes:
- Building permits
- Plan Reviews
- Encroachment Permits
- Public Hearings
- Code Enforcement Complaints
You will be in the best position to sell your home fast and get the highest price if you make your home stand out uniquely from all the other homes for sale in your neighborhood which is why preparation is so important. Buyers are emotional. Think back to when you were last shopping for a house. Most of us recall walking into a model home and the emotional appeal is makes to move right in. Although there aren’t many new subdivisions in Scottsdale, there are enough remodeled and staged homes that up the competition. List your home the smart way by being prepared.
Here are a few things to get you started in the right direction.
1. Pre-Sale Home Inspection
Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you’ll be able to make repairs before the buyers arrive and avoid the stress during the inspection period. Buyers are easily overwhelmed by lists of deferred maintenance. Get rid of the objections early in the game and keep your list of repairs from turning away buyers.
2. Organize And Clean
Buyers love to see half empty closets and cabinets that are clean and well organized. Moving your personal items out of your home frees up the space and allows buyers to visualize themselves living in your home. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, seasonal decorations, personal photographs and trinkets, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage. Clean and organize your cabinets and closets. You will be doing this eventually, and sometimes the time between offer and closing can be as little as 40 days.
3. Spruce Up Your Home’s Curb Appeal
Stand outside of your home and look with the eyes of a Buyer. As you approach the front door, what is your impression of the property? Is the landscaping neatly manicured? Is the door clean? Here are some suggestions to make the best first impression:
- Hose out the entry that may still show reminders of that last dust storm
- Clean the front door and repaint or stain if necessary.
- Clean the exterior light fixture
- Clean the door bell and replace if broken
- Buy a new door mat
- Plant fresh flowers in the pots or planters.
4. Get Estimates for Large Items
Do you have big-ticket items that are worn out or will need to be replaced soon (such your air conditioner/heating, roof or flooring)? A smart seller will get estimates in advance because knowing these figures will be handy and beneficial when negotiations begin.
5. Find Your Warranties
Gather up the warranties, guarantees, and user manuals for the heat pump, security system, garage door opener, washer and dryer, refrigerator, dishwasher, and any other items that will remain with the house. These can then be put into a special folder to give to the buyer at the close of escrow.
Clean the things that are sometimes overlooked. Clean the little things such as light switches, ceiling fans, door handles, and wood surrounds. Clean the big things too such as windows, carpets, walls, and baseboards to make the house shine. And don’t forget the appliances.
Obviously, there are many other things to do prior to listing your home for sale, but these suggestions offer a good starting point.