I’ve got a couple of bits of info here for you today:
1. Montecito Properties is doing another condo conversion. They are the same company that handled both the Montage sale (of which I have done some extensive blogging about) and Biltmore Square. Both of these condo conversions sold out in hours and have been a hotbed of interest for investors and those want to live the high life in a great location. Sale day is April 1st (or maybe this is all just a big April Fool’s Day Trick! Nah…) and if you have an interest at all in purchasing a condo in the Biltmore area, it is worth your while to get an appointment. The earlier your appointment, the better. You will have to be preapproved through one of their preferred lenders (Wells Fargo, Country Wide, Chase and Washington Mutual) in order to reserve a time slot, so call or email me and I will walk you through the process. You can purchase these without an agent, but it doesn’t cost you anything to use one, and it’s a sticky situation I wouldn’t step into without adequate representation. The condos range in price from $216,000 up to $388,000 and have garages.
2. The number of houses currently on the market in the Metro Phoenix area is currently at a 3-year high: 32,000+. This is up from about 5,000 last May. It’s a significant softening of the seller’s market. Buyers have way more choice and prices are even starting to drop a bit. We still have lots of activity, but it’s something to keep in mind when you’re getting ready to sell your house. Average days on market are up at 46 (this is from about 7 last year). That’s still a very low number if you look at stats around the country, but it’s definitely higher than what people have been used to here in the last year or so.
The market is an ever changing animal. If you want to understand it, you’ve got to keep an eye on it’s every move. I’m just here to help.