by Dru Bloomfield on December 26, 2009
One of the questions I commonly get when I’m showing homes in Scottsdale is:
Why are all these subdivisions call “Ranch”?
For starters, we have McCormick Ranch, Gainey Ranch, Scottsdale Ranch, McDowell Mountain Ranch, DC Ranch, and more….
… and yes, they were really ranches.
Today, I stumbled across the post, The Stories Behind Scottsdale’s McCormick Ranch, Gainey Ranch …, from the Arizona Oddities blog (which now in my must-read list). Fun stuff for anyone who likes a little bit of history, odd observations, as well as a bit of life and culture from around the state of Arizona.
For example, I learned:
Not all of these spreads were exactly hardscrabble kinds of places. McCormick Ranch in Scottsdale, before it turned into a residential development, was the home of Fowler and Anne McCormick. Fowler McCormick’s two grandfathers were Cyrus McCormick, the inventor of the grain reaper, and John D. Rockefeller, so he wasn’t exactly hurting for cash. He later became president and chairman of the board of International Harvester.
To get the rest of the McCormick Ranch story and learn the history of Gainey Ranch, wander over to Arizona Oddities.
by Dru Bloomfield on October 26, 2009
I haven’t done a market report on Scottsdale 85258, home to the “Ranches”…. McCormick, Gainey, and Scottsdale. In January, I posted this same chart in the post: McCormick Ranch Real Estate – Least Distressed Area of Scottsdale.
A few changes have occurred in past ten months, while some metrics stayed the same.
What you will see when you compare now and then:
- The percentage of homes on the market that are foreclosures or short sales remain under 25% and in approximately the same ratio, with more short sales than foreclosures.
- The percentage of sold properties that are short sales or foreclosures are about the same, approaching 33%. However, foreclosures now make up a greater portion of those sales. Even more importantly, 67% of the homes sold today in this part of Scottsdale are traditional sale, with no bank involvement.
- The biggest differences you will see are in price.
- Homes were being listed at an average of $200-300 per square foot at the beginning of the year. Now, that range is $175-250/sf.
- Sold prices are averaging in the $150-200 per square foot range, while earlier this year, they were $175-275. The biggest change has been in the short sales.
What is missing here are the number of sales that are being used to calculate these statistics. I’ll be taking a look at those figures in the future.
For now, know that the McCormick Ranch is fairly stable, even though average home prices have dropped considerably.
by Dru Bloomfield on January 10, 2009
I have had two condos listed for sale in the Villages 5 complex, just south of Mountain View Road, between 92nd and 96th. One closed several weeks ago, and the other ground level unit is still available. The condo has a prime Scottsdale location, close to shopping, medical office, the hospital, and the freeway. Walking paths connect the community, and offer quiet spaces for dog walking and the like. Tennis courts and community swimming pools are also strategically located.
For more information on this condo and its surrounding location, please visit www.9420Purdue.com.
A view of this move-in ready condo:
And photos of the beautiful green grounds:
by Dru Bloomfield on November 3, 2008
This morning, the updated Scottsdale real estate reports from Altos Research showed a nice surprise. Sustained improvement in the Scottsdale 85258 market, for single family homes. Looks like a true supply and demand curve. Inventory decreases – prices increase.
The condo market in the same zip code has a totally different look. The median list price for condos is increasing, as inventory increases.
This is one of those trends to keep an eye on. With the significant commercial development going on to the east of this zip code, homes in this area should maintain their values better than many other areas.
Major subdivisions in Scottsdale 85258 include: McCormick Ranch, Gainey Ranch, and Scottsdale Ranch.
