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.

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.

• 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.

You can start your Independence Day at the:

• Freedom Parade to be held July 4th at 8:30 a.m. at Mescal Park, located 11015 N 68th St.  Decorate yourself, your bike, your wagon, your dog, or just come watch the fun.

Then, spend some time at the pool or someplace cool, like the movies – the weather forecast shows a high of 112.

Next, you can head to the:

• Grand Ol’ Fashioned Picnic will be held at the Scottsdale Stadium, located at 7408 E. Osborn Road.  5-7:30 pm.  Scottsdale Parks and Recreation is sponsoring this FREE fun family celebration. “Music, pie eating contests, old fashioned family games…. Hot dogs provided, or bring your own meat or veggies to grill…… grills provided.”  In contacting the city yesterday, I was told that while there are no fireworks at the stadium (too close to the local hospital), they will be handing out maps to area fireworks displays. 

What I did discover was that you can watch a local fireworks show at the:

• 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, so parking on one of the side streets in the area is a possibility. 

If you are ready to try something different, here are a few of the other options you have around Phoenix and northern Arizona:

• Jon Griffith has shared about biking from Scottsdale to Tempe Town Lake for the fireworks display. 
• Artur and Joanna have compiled a very extensive list of events around the Phoenix metropolitan area.
• Steve Belt has a list of northern Arizona displays.

And then as a special treat on the long 3-day weekend, 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.

Have a great 4th – we’re having chicken and ribs, how about you?

The number of days houses are staying on the market continues to increase. 

 The number of days it is taking to sell a home continues to increase.

Although there is a slight downturn from the first to the second half of the year, prices have held pretty steady throughout the year.