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.

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:

1. 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.
2. 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.
3. 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.

Real Estate Market Distress for Scottdale, Arizona 85258, including McCormick Ranch (Click chart for a larger view)

In reviewing the Cromford Report this morning, I stumbled on the fact that the Scottsdale zip code, 85258, is experiencing the least stress in today’s real estate market. While it’s still in the Caution zone, compared to other areas of Scottsdale and the Phoenix metropolitan area, the area that’s home to McCormick Ranch and also, Gainey Ranch is doing reasonably well.

Approximately 15% of the homes on the market in this area, which is roughly between Indian Bend and Shea, Scottsdale Road and East 106th Street, are either bank-owned or advertised short sales.  These homes are selling at a faster rate and during December 2008, accounted for 36% of the sales.

One very interesting and very unusual aspect I’m seeing in this chart is the price per square foot of short sales.  Typically, normal sale will have a noticeably higher price per square foot, when compared to short and bank-owned sale.  Not so, here.  Even more interesting is that the price per square for solds is higher than those listed, and you will see for normal and bank-owned sales, that the sales price is quite a bit lower than listing price.

Good news is that McCormick Ranch and Gainey Ranch seem to be doing better than most in this tumultuous real estate market.  At the same time, you can see that it’s still a tough market to sell a house in.

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:

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.

Call or email if you’d like to take a look at it.

I posted a quick look at the Scottsdale zip code 85258 earlier this week on my McCormick Ranch blog.  In this part of Scottsdale, we are still in a buyer’s market, but there are fewer homes for sale, and homes are selling faster.  All good news, so stay tuned.

• Median home list prices are rising.
• The number of houses on the market is decreasing.
• The time to sell is also decreasing.

Still a buyer’s market, but for how long, as we head into the prime time season of great weather and winter visitors.

Click on the chart to get the Executive Summary.  Call or email me if you’d like the compete report.

• Scottsdale Hyatt Regency at Gainey Ranch – 7500 E. Doubletree Ranch Road
  I called and talked to the front desk and they confirmed they will have a fireworks show.  For a front row seat, you will need to be a guest of the hotel or have a reservation at one of their restaurants.  From experience, I know that this show is visible from the surrounding neighborhoods.

If you want to get an encore, here’s a great way to wrap up the three day weekend with live music and more fireworks:

• The McCormick-Ranch Train Park will have fireworks on Sunday night (July 6th), presumably right after the weekly free concert ends.  This week’s band is CC Rider Express, a retro 80’s band.

Willing to drive a little (or a lot) to see some fireworks?  Artur and Joanna have compiled an extensive list of fireworks displays around Phoenix.

As you watch the fireworks, you may be reminded of what we are celebrating today as our founding fathers crafted the Declaration of Independence.  We have a lot to be thankful for.  Brave men.