I also heard that McCormick Parkway is closed this morning, east of the Scottsdale Resort and Conference Center. (UPDATE: McCormick was opened up at 9:50 a.m.)
One of the roads missing from this list is Indian Bend! The new bridge is open, so traffic is flowing freely here connecting Scottsdale Road to the 101.
What changed Scottsdale home listing prices in the last 90 days?
Not much, although it appears that prices, on a per square foot basis, in the least expensive end of the market are still on the decline. That would explain one of the reasons that lower priced homes in Scottsdale are selling at a faster pace than the upper end.
Bob Bemis, CEO of the Arizona Regional MLS, shared the latest sales figures, including foreclosures and short sales for the Phoenix real estate market on the Channel 12 news this morning.
A real quick overview for you in just about three minutes.
Which areas of Scottsdale will appreciate the most?
I totally understand where they are coming from. I like getting a great deal, too. The challenge is that you often don’t know you got a great deal until after you made the purchase.
Value comes in many forms.
I woke up thinking about a running jacket I bought for myself last week. I was cruising Zappos.com looking for gear, and stumbled upon this most-beautiful technical running jacket.
I mean, I was instantly attracted to the photo. And, then I started reading about the jacket and all the features it had. And, I zoomed in on the design and loved the details and craftsmanship. I was hooked.
But….
My mind started playing games. “It costs too much.” “You aren’t a good enough runner to wear such a professional-looking jacket”. “The season for jackets in Scottsdale is too short, you’ll never get the value out of it.”
And, then I reminded myself that my birthday was coming up, and that this would be the perfect splurge!
So, you say, what does this have to real estate?
Many of us have been operating from the perspective that our homes are investments, that they appreciate, we sell them, make a profit, and then buy something bigger and better.
Well, what if our homes were not an investment (like the Rich Dad, Poor Dad School of Real Estate reads), and they, in fact, depreciated, just like our cars and my brand-new running jacket?
Any investor will tell you that in the classic rules of real estate, you make your profit when you buy the house, based on the price paid, but I can tell you that the rules have been turned up-side down over the past several years, so….
What if a home buyer started looking for the home that best fit:
The location they liked
The neighborhood they preferred
The style of home that made their heart sing
The floor plan that worked for their life style
And a price that fit their budget.
Would that be a good deal?
I’m not saying to overpay for a home, nor am I saying that homes will not appreciate in the future. What I’m really saying is that a good deal is more than just price. Does your purchase meet your needs and desires? Do you feel good about it? Would buying the home that made you feel good, deep down inside, be the one that might be the very best deal for YOU.
Ask me while I’m running down the street in my new jacket that keeps me warm, breathes with me, and looks stylin’, and I tell you “Yes!”
This coming Sunday (1/17/2010) is going to be a big day for the 30,000 runners who descend on the Phoenix landscape for one of the biggest parties in Arizona. My son couldn’t resist volunteering at one of the water stations with a bunch of his high schools friends. I’m thinking that I’ll be somewhere along the route with my camera in tow, being very glad that I prefer to run much shorter races!
If you aren’t running in the race, you will want to know a few things about getting around town.
The City of Scottsdale has provided the following traffic update:
Traffic restrictions on several major streets in Scottsdale will be in effect beginning at 6:30 a.m. and will last until early afternoon. Drivers are strongly encouraged to use the freeway system to maneuver around the marathon route.
Major streets affected include:
Eastbound closure of Indian School Road from Scottsdale’s western boundary to Goldwater Boulevard
Southbound closure of Goldwater south to its intersection with Scottsdale Road
Complete closure of Main Street from Goldwater Boulevard to Marshall Way
Complete closure of Marshall Way between Main Street and Goldwater Boulevard
Southbound closure of Scottsdale Road from its intersection with Goldwater Boulevard (near Osborn Road) south to McDowell Road
Eastbound closure of McDowell from Scottsdale Road east to Hayden Road
Southbound closure of Hayden Road from McDowell south to the Tempe city line
On Sunday, you will also be able to get updates on current traffic condition via the state’s “511″ phone system. Dial “511″, press the key for this event and hear the update. You can also get information on the current Scottsdale traffic and parking conditions by calling the city’s information phone line: (480) 312-CITY.
For more details on the race course that travel from Phoenix to Scottsdale to Tempe, you can visit arizona.competitor.com, and check out the race course map.
Here’s a quick look at what Scottsdale home prices have done over the past three years (2007-2009):
In 2007, prices started at $300 per square foot, and slowly dropped to about $275 by the end of the year.
2008 was pretty much a freefall, with the monthly average sales price ending up at $200/sf.
The beginning of 2009 started with a freaky price increase through the month of February, and a quick decent back to the $200 range, with a gradual decent $175/sf range where the average home price has pretty much remained for the rest of the year.
This past six months is the longest period of pricing stability that we’ve seen in quite a while. And, hopefully an indication that we may see more of the same for the beginning of 2010.
