Sedona:Any chance home sale prices lower now due to low sales? (Phoenix: real estate)

[hapi]

Ok, looking online, most nice Sedona homes are a bit above our price, but do see a few that look possibly good that are a little older, around and below $400,000. Locals...what do ya know? It looks like the actual sale prices end up much lower than the advertised prices if you look at the real estate stats. Really really want to live in Sedona and not Cottonwood if possible. Are there any bad neighborhoods there? We're planning a trip there soon.
Thanks...want local residents opinions.

[JennySquirrel]

Well I am not from Sedona but I travel there a couple times a year for many years. This last trip we took we spoke with a lady who said she just bought a house and he had been watching it for a year. She said she ended up getting it for 1/2 of what the original asking price.

I'm not saying you'll be able to get any house for that price but there has been a surplus of inventory on the market for along time and that effects the prices. Do you look in the Red Rock News paper for homes for sale by the owners?

My guess is that the homes will continue to drop there. People aren't really flocking to buy second homes and with this economy so unstable I think even retirees are sitting back and waiting to see what happens.

Good luck! I hope you find a great deal.

[GoodbyeCalifornia]

Hapi:

I am a current Sedona resident and I can give you some information about the local real estate market, though please keep in mind I am neither a realtor or a market expert.

From 1996 to 2006, the median average price of a single family home in Sedona rose about 12% a year. In 2007, the median actually dropped by 9%. As it stands now, the median price for a home is $525,000.

For the moment, it is a buyer's market. There are 3 times as many homes on the market today as there were in 2005. Homes have been staying unsold for much longer periods of time, and sales are down overall by 35%. Many sellers have had to back way off their asking prices in order to unload their property. However, the consensus among real estate professionals here is that the "bargain" window is closing fast. Unlike the rest of the U.S., the feeling is that the market in Sedona has bottomed out.

Keep in mind that retiring baby boomers make up the majority of those purchasing second homes here, and they recognize that purchasing real estate in Sedona is an excellent investment. The reason being, there is very limited vacant land left, some expect it to be pretty much all sold off within 10 years. Once it's gone, prices for homes and condos will go through the roof.

As to whether there are any bad neighborhoods, I can't say that there really are. The Uptown area contains homes built primarily in the 1950's and 1960's with the odd newer home mixed in. While it is convenient to restaurants and the trinket stores, you do end up having to deal with the tourists and resulting traffic. West Sedona has some homes of the same vintage but more dating from the 1970's up to today. Personally, I prefer West Sedona because all the amenities like banks, grocery stores, and such are all right there. The Chapel area is also very nice, but again, you do have tourist traffic issues there.

Not sure if any of this answers your question. If there is anything else you might like to know, just post it and I will do my best to provide you with additional information.

[Austinman]

I too live in Sedona and I too believe it is a buyer's market.
As far as neighborhoods go, the only place I wouldn't live is around Andante and 89A in West Sedona.
I much prefer living in VOC.

[dantucci]

I know a really great Realtor in Sedona if you are interested. I use to live there about 5 years ago. I am a Realtor in Mass now but i would love to refer them to you send me an e-mail with your name if you are interested. They will answer all of your questions. =)
Dan
TucciRealEstate@gmail.com

[markas214]

So where do all the people who work in Sedona live? If the median is over $500,000 who can afford to live there other than people of means? Where do cops, nurses, teachers, civil sevents live because they obviously can't buy half million dollar homes?

[hollywoodaz]

Originally Posted by markas214

So where do all the people who work in Sedona live? If the median is over $500,000 who can afford to live there other than people of means? Where do cops, nurses, teachers, civil sevents live because they obviously can't buy half million dollar homes?

Many people commute from surrounding communities, and many live there. There are some AMAZING bargains in Sedona right now. I have seen properties sell for 80% of the current asking price...and that is likely a price that has been steadily reduced over a year or more depending on the sellers particular situation. Sedona's "average price" is really a bit of a misnomer. We have many properties here that will sell for a few million...and condo's and manufactured home which sell in the high 190's and up. But bargains can be had, and they are EVERYWHERE. This will be THE year to buy real estate in Sedona, as buyers are beginning to move in the market again and we have so little land left for development. Feel free to drop a line if you wish for more info on the area!

[Austinman]

Originally Posted by markas214

So where do all the people who work in Sedona live? If the median is over $500,000 who can afford to live there other than people of means? Where do cops, nurses, teachers, civil sevents live because they obviously can't buy half million dollar homes?

Cottonwood...

[drwnorth]

The correction in vastly over inflated, over valued middle markets just really got going! These things; #1, don't turn around overnight so plan on living with it, whether for better or worse, for longer than a lot of people wish to believe & #2, anyone who doubts we are just seeing the tip of the iceberg regarding this needs to look closely at just how huge the sub-prime mess is and how this will continue to influence lowering value trends well beyond '08.

Then next we're going to see a rise in personal bankruptcies, fueling continuing lower housing price trends and/or devaluation in the real estate markets.

[hapi]

Thank you all for your helpful replies! We feel at least a little more hopeful now. Going to look around Sedona a bit before contacting realtors (but will). And will check the newspapers as well. So far just been checking online. Will be there in very near future! Please...readers, keep offering info./opinions. It's REALLY appreciated.

More Questions: Apologies for stretching this subject a bit
1. Medical care, hospitals.
If you live "in" Sedona where do you get most of your care? (Cottonwood?)
If you have anything major/serious requiring specialists is that available there or do you have to go to Flagstaff/Phoenix? Or?

2. Motels/Hotels
They are expensive there for our fairly long visit, so may stay in Cottonwood. BUT...do you know if the lower priced "few" in Sedona are ok, meaning clean/decent etc.