Biggest Real Estate Deals in Phoenix Metro Last Week

[mistygrl092]

Thanks, Captain Bill. Your numbers made me happy, relatively speaking.

I mean, I could be happier if the year were 2006 and I had a for sale sign in my yard, but thanks!

[khuntrevor]

Phoenix real estate news, data and statistics, home sales and real estate listings | BlockShopper Phoenix

All this stuff about who is buying "high end" homes can be found at Blockshopper. Sometimes this site is better than the assessor's office for determining how much the current owner paid, and when. I used it to buy my condo in Summerlin.

[Captain Bill]

Originally Posted by khuntrevor

Phoenix real estate news, data and statistics, home sales and real estate listings | BlockShopper Phoenix

All this stuff about who is buying "high end" homes can be found at Blockshopper. Sometimes this site is better than the assessor's office for determining how much the current owner paid, and when. I used it to buy my condo in Summerlin.

For finding out what the current owner paid for any home that is either Active or AWC, on my web site search on the property Detail tab, next to Report, click on Tax Info and there is the complete tax info for the property, including previous sales, prices, names, size, tax, trustee sale date, etc.

It's direct from the ARMLS MLS and is current.

It's basically the same search as the ARMLS Realtors use, with a few items held back that we get and the public doesn't. Pending listings and Sold listings don't show to the public.

However, in the video instructions I show how to use the Nosy Neighbor tool on the Map (which will find Sold listings). Click on a property that you know has sold, and it will give you the MLS number. Click on that and the Sold MLS sheet will come up for you. It should save you a lot of time. Searches can also be saved.

[Captain Bill]

In my opinion, if one wishes to understand what is happening with the entire valley real estate market, it's important to look at what's happening in all price ranges, and then try to figure out why it's happening, so they can make an educated guess as to the future.

That's why I feel it's important to look at the luxury home market; how much is selling; and the inventory. Things have been changing pretty fast in this market during the past few months.

I don't know how the future will shape up, however, I am seeing first hand in the field, and in the statistics, that things are moving in the upper price ranges.


LISTING SUCCESS RATE (percentage of listings Sold rather than expiring or canceled.) for Normal Sales, not REO's or Short Sales

• $400k to $800k
• 36% Sep 2010
• 53% Today

• $800k plus
• 21% Oct 2010
• 44% today

INVENTORY

• $600k-$800k
• 15 months supply Dec 2010
• 6.8 months today

• $800k - 1 mil
• 24 months supply Oct 2010
• 9 months today

• $1-1.5 mil
• 29 months supply Oct 2010
• 9.8 months supply today

• $1.5 - 2 mil
• 38 months supply Oct 2010
• 17 months supply today

If one just looks at today's stats for the lower priced properties, thinking that the luxury market is remaining stagnant, then they are not seeing the whole picture of what's happening in the market today.

[MN-Born-n-Raised]

Just look at the stock market and you can see one of the reasons why the luxury market is coming back. I'm glad to see that the highend stuff is moving again.

[MN-Born-n-Raised]

Originally Posted by Captain Bill

THE BOTTOM

• On April 6, 2009 Cromford called the bottom.

• Now they are calling a second bottom on January 22, 2011.

:

I have posted several times that I didn't want to be in a bidding war on a home. Therefore it was my goal to buy at or below the official "bottom" so I had my best selection. Additionally, my cash offer would put me in the driver seat to get the best deal because the banks would fear the market could turn some more. While others were calling for further falls, my gut told me that the momentum was changing. If January 22nd is the 2nd bottom, (there really is only ONE bottom IMHO), then it looks as though I timed things as well as I could have.

There have been people circling around the new foreclosures in my area. Soon, I expect the banks will be up to their old tricks by pricing things low and watching the bidding war begin. I assume the super deals are the ones people are talking about the multiple heated bids. The banks won't try that sense of urgency sell without the market being heated up to a certain level.