Connect with us

Real Estate

Five Reasons To Buy Your Next Home In Scottsdale, Arizona

Published

on

Downtown Scottsdale and suburbs of Phoenix

Dave Panozzo is the co-founding owner of The Panozzo Team-HomeSmart, a real estate team in Phoenix, Arizona.

Arizona is known for many things — namely its desert climate and stunning natural features. As a top travel destination, it’s not surprising that many tourists ultimately decide to make Arizona their home. Having lived in Scottsdale, located just outside of Phoenix, since 1994 and being a licensed real estate agent, I’ve seen all the city has to offer home buyers. The Scottsdale real estate market has been blessed enough to continue to thrive during the chaos of Covid, and it looks like the market is going to continue to stay strong in the near future. If you’re considering a move to the area, here are the top five reasons to move to Scottsdale, Arizona. 

1. Cost Of Living

As a real estate agent in Scottsdale, I speak firsthand when I say many people are flocking to the area from all over the country. Maricopa County consists of 43 cities, including Scottsdale, and the average sales price for homes is approximately $530,000 making it relatively more affordable compared to coastal areas. In fact, at the time of this writing, the total supply of properties is not enough to meet the demand.

As the demand for Arizona homes increases, people are moving here really to experience the lifestyle. What this means for home buyers is home value in Scottsdale right now is as low as it will ever be and will continue to rise in value every year. If you are looking for a home in the area, now would be the best time to get in contact with a local real estate agent who can find you a home that will exceed your expectations without stretching your wallet.

2. Activities For Everyone

It’s no wonder why Scottsdale was voted the No. 1 city for raising a family in America in 2014 because of its safety and outdoor activities. There are tons of public parks and recreational areas to hike, bike and swim. Scottsdale is home to many lakes known for great waterskiing, fishing and family fun at nearby gazebos. If you’re looking for a high-end place to hang out and catch some sunshine there are amazing resorts with luxury pools and spas. After taking a dip on a sunny day, catch a bite to eat during sunset at one of the many outdoor restaurants. If you are the outdoorsy type, Scottsdale is a great place to make your move so you can have more fun under the sun, but keep in mind that home prices and buying could fall after the summer.

3. The Weather

In Arizona, it gets really hot for only about three months out of the year. However, for six or seven months out of the year, it’s sunny and warm — like heaven on earth. The temperature in Scottsdale can range from as low as 44 degrees in the winter to as high as 97 degrees in the summer. And, believe it or not, it has even lightly snowed a couple of times in the winter. During this spring/summer buying season where the market is as hot as the weather, more listings and higher mortgage rates could slow down the pace of home price appreciation.

4. Events And Sports 

Throughout the spring, the hotels are flooded with athletes, families and sports fans from all around the nation who attend many of the local events. The most popular in the baseball world is spring training, where 15 major league baseball teams use all ten baseball stadiums located in the greater Phoenix metropolitan area. For golf fans, we have the annual Phoenix Waste Management Open, which is the largest zero-waste sporting event in the world.

At the time of this writing, Governor Ducey has granted businesses and event organizers the option to continue requiring masks, social distancing and other preventive measures if they choose to do so, but it is no longer a requirement. Now that Arizona is back open for events with more relaxed protocols in place, the local economy is back and ready for business.

5. Near Top Travel Destinations

Living in Scottsdale, you are in a prime location to easily visit tons of travel destinations. Whether it’s for a romantic getaway or for a family trip, you don’t have to go the distance to have a vacation. Scottsdale is near the U.S.-Mexico border where you can dine, go horseback riding and wine tasting. The surrounding border states of New Mexico, Utah, Nevada and California are all a similarly short distance. If you are looking for a local place to snow ski, only three hours away from Scottsdale, in Flagstaff, is a gem called Arizona Nordic Village. And only three and a half hours away is, of course, one of the seven wonders of the world — the Grand Canyon.

With so many things to do in the area, it’s no wonder why so many people from out of state come to visit and end up never leaving. Even with the low housing inventory and sales prices beginning to rise due to the high demand, the new construction in the area will continue to keep growing so that the housing costs will stay down for you and your family.


Forbes Real Estate Council is an invitation-only community for executives in the real estate industry. Do I qualify?


Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Real Estate

Mid-Century Perfection Reimagined In Los Angeles

Published

on

living room restored Rex Lotery AIA designed house in beverly hills trousdale 1060 loma

Decades before the “starchitects” and their mega-mansion projects in Beverly Hills and Bel-Air, iconic Mid-Century Modern architects such as  Richard Neutra, John Lautner, A. Quincy Jones, Craig Ellwood, and Edward Fickett were designing timeless homes around Southern California. Their Modernism styles, noted for walls of glass, open floor plans, and post and beam construction, captured the essence of the indoor-outdoor California lifestyle.

The linear and sleek designs many built as custom commissions in the fifties and sixties are perfect in their simplicity. Today, Mid-Century homes that have aged gracefully can boast eight-figure price tags after restoration and expansion. For example, a 4,200-square-foot Malibu property designed by noted Mid-Century architect Edward Fickett is currently listed at $10,000,000. No doubt, Fickett and his contemporaries would gasp at the prices these prized properties are selling for around Los Angeles. If these homes don’t sell before hitting the market (well-kept Mid-Century homes often have a line of patient buyers waiting in the wings), they receive multiple offers resulting in bidding wars.

Meet Philippe Naouri, the sought-after designer and creative director of the Malibu-based Maison d’Artise, who purchased and restored the Fickett home.  A true preservationist, Naouri reimagines and redesigns Mid-Century gems from Malibu to Trousdale to the Hollywood Hills for today’s lifestyle while maintaining the integrity of the architect of record.

“Many people buy these homes and do teardowns since land is so expensive and the existing homes are often under 2,000 square feet.  Developers want the largest house possible on the property, so it pencils out for today’s market,” explained Naouri, who previously made his mark in fashion as a designer of vintage denim apparel for LA Antik Denim before turning his talents and vision to Mid-Century architecture.  

“My way of thinking is to site them keeping the views and make it larger to justify the price point when we put them back on the market. Buyers love Mid-Century, but they do want them with all of today’s amenities,” Naouri said.  Those amenities include everything from state-of-the-art kitchens to the ultimate smart home systems.

A longtime Modernism enthusiast, Naouri, born and raised in France, bought his first Mid-Century home at the age of 18 in Dallas. Part of Naouri’s restoration and redesign process includes restoring or replacing travertine flooring, walnut wood paneling and designing new kitchens and baths. As a steward of these homes, Naouri replaces clerestory windows with double-paned energy-efficient ones while expanding the home’s original footprint yet retaining inherent design integrity.

Mick Partridge of Beverly Hills-based Hilton & Hyland partners with Naouri to market the properties.  Locating and securing architecturally significant properties for Naouri to buy, Partridge, the son of a well-known Los Angeles architect, understands the increasingly competitive niche of the Mid-Century market. As a successful real estate broker, Partridge works with Nouri to reimagine the homes that can be marketed and sold at price points to attract the right buyers who appreciate Naouri’s expertise.  Partridge exclusively markets and sells all of Nouri’s projects. “My office is helping build Philippe’s Mid-Century portfolio as we are doing a lot of architectural sales,” Partridge said.

Naouri is a prolific designer with five projects in Malibu soon coming to market and a Trousdale estate on Loma Vista offered at $20,000,000. In addition, the Kuderna House, an authentically restored Craig Ellwood case study home in the Hollywood Hills, is also on the market at $2,945,000.

Naouri’s next passion project is the famed Chuey House on Sunset Plaza Drive, designed by Richard Neutra, one of the most iconic Mid-Century architects. “I will extend yet keep the original design while building around it and adding a second story and a guest house,” Naouri said, adding, “we will make it alive again.” To reimagine the Chuey House, Naouri worked with the Los Angeles Conservancy, with whom he has close ties. The project is expected to take over two years.

When looking at how a potential project pencils out, Naouri says he is often caught “between my love of the home and the practical financial side.”

“Sometimes, I see an amazing house, and it’s priced too high for what I do, so I pass it on to friends to buy for themselves,” he said. “You must have an exit strategy.”

Assisting with evaluating the financial viability of a project is Partridge with his pulse on the market. “Philippe is considered one of the areas most gifted restoration and builder/developer. His homes are sought after and never stay on the market,” Partridge said.  

As the demand for prime Mid-Century properties continues, expect to see more of Naouri’s inspiring designs the original architects would be most pleased with.


Hilton & Hyland is a founding member of Forbes Global Properties, a consumer marketplace and membership network of elite brokerages selling the world’s most luxurious homes.

Continue Reading

Real Estate

Landmark La Jolla Estate Surfaces For Sale At $8.9 Million

Published

on

english tudor landmark estate  7231 Monte Vista Avenue

A landmark English Tudor-style home in the La Jolla neighborhood of San Diego has come on the market for $8.85 million.

The storybook home, dating to nearly 100 years ago, was designed and built by noted San Diego architect Edgar V. Ullrich as his personal residence, according to Regin Daniels Rubin of Willis Allen Real Estate, who is co-listing the property with Linda Daniels and Marta Schrimpf. In the late 1920s, it was later owned by Philip Barber, the pioneering New Jersey developer who created the area’s charming Beach-Barber Tract, where the house is located.

Although development of the tract was slowed in the 1930s by the Great Depression, Rubin says the area remains an idyllic area filled with architectural treasures. English, French Normandy and Spanish-style homes designed by celebrated architects such as Ullrich are found throughout the quiet neighborhood, which stretches west of La Jolla Boulevard to Windansea Beach. The combination of pedigree and location has made the Beach-Barber Tract one of the most sought-after neighborhoods in all of San Diego.

“The neighborhood is highly coveted for its historic charm and its proximity to both the ocean and the amenities of La Jolla’s beloved Village area,” Rubin said.

Approached by a brick-lined walkway, the three-story residence has all the trappings of a timeless classic: A steep shingle roof, half-timbering, leaded windows and a whimsical rotunda with a Juliet balcony. Ornate details around the front door create both interest and fodder for local lore.

“Many original details can be found throughout the home, most notably being the sculpture on the home’s front gable showing two monkeys holding the Ullrich family crest,” Rubin said. “It’s said that Edgar Ullrich was commissioned to build many Catholic churches throughout San Diego County, and he often argued with the archbishop about the ‘Scopes Trial’ of that time. These monkeys are said to be a tongue-in-cheek detail that he added to his home’s design as a symbol of his Darwinist beliefs.”

Inside, the main house has seven bedrooms, 6.5 bathrooms and a dedicated office within about 5,250 square feet of space. A vaulted-ceiling living room with stenciled ceilings, a formal dining room and a large family room area among the common areas. The cozy eat-in kitchen charms with its original brickwork. A 400-square-foot guest studio above the detached garage provides additional living space.

According to Rubin, the home has twice been renovated and taken to new heights since being built in 1924.

“The first addition took place in 1928 when Barber hired Ullrich to design a second level to the then single-story, three-bedroom cottage,” she said. “The second (and largest) addition took place in the mid-1970s when the current owners added a third level to the home and three additional bedrooms as well as a sprawling family room with a showpiece fireplace inspired by Yosemite’s Ahwahnee Lodge.”

The property is the latest trophy offering in a La Jolla market that has remained red-hot since mid-2020. According to Rubin, inventory levels at or near five-year lows have kept the market “incredibly competitive” through the first quarter of 2021. Single-family home inventory, in particular, fell 37% year-over-year in Q1 2020, while pending sales and sold homes increased 49% and 22% year-over-year, respectively.

Intense demand for La Jolla real estate resulted in a 26% increase in average price month-over-month (from $2.84 million to $3.51 million) and a 41% increase year-over-year (from $2.534 million to $3.51 million).

“La Jolla’s seller’s market is showing no sign of cooling off as we finished April with record monthly growth,” Rubin said. “These numbers are unprecedented in our luxury market and are making the purchasing process increasingly competitive among active buyers.”


Willis Allen Real Estate is a founding member of Forbes Global Properties, a consumer marketplace and membership network of elite brokerages selling the world’s most luxurious homes.

Continue Reading

Real Estate

Yes. America Still Has Affordable Homes (Gasp!). Here’s Where They Are

Published

on

The beauty of patterns of Washington streets

America’s torrid housing market isn’t showing any signs of slowing down—at least for now.

In April, every home sold in the U.S. had at least 5 offers on average according to the National Association of Realtors, while three-quarters of offers for homes represented by Redfin agents resulted in bidding wars. In some markets like Westchester, NY, homes are for up to 30% over ask with no contingencies and 48% of houses nationwide last month sold for more than their original list price.

One suburban Washington, D.C. 4-bedroom home reportedly recently had 76 all-cash offers within 72 hours of being listed and eventually sold for 70% over asking price.

The current hyper-caffeinated housing market isn’t just isolated to the U.S.

Home prices in 37 of the world’s wealthiest countries comprising the Organization for Economic Cooperation and Development (a.k.a. the OECD), including the U.S., Canada, Mexico, Colombia, Australia, New Zealand, Japan, Israel, Turkey, Korea, and virtually all of Europe, rose 7% year-over-year between 2019 and 2020, the fastest pace of international housing inflation in two decades since before the Great Recession.

For Millennial first-home buyers in the U.S., current homeowners and Baby Boomers looking to downsize or pull new-found equity out of their homes, or growing families needing to trade up, all of the panic buying raises two essential questions. How long will the current boom last? And, more importantly for buyers who don’t have the time to wait around to find out, are there any affordable houses in America left?

On the former question, there are mixed opinions on how long the current froth can sustain itself against persistently high unemployment and low wage growth on the backside of the pandemic. But most real estate economists and experts largely agree that the fundamentals of the present housing upswing are strong—unlike the glass house that was 2008 and despite predictions that the pandemically-induced economic contraction last year could force tens of millions of Americans into foreclosure and eviction, triggering another national housing crisis.

The reality is that the opposite happened.

For an American economy that’s still recovering, this is all great news for current homeowners, recent buyers, and investors who’ve gotten in early enough to get a piece of the action on one of the hottest asset classes right now outside of the stock market.

But the panic homebuying has driven up prices beyond most current buyers’ financial capabilities, which in turn is exacerbating an affordability and housing supply crisis that’s been building in the U.S. for years since the Great Recession, particularly among the approximately 5 million Millennials turning 30 every year and entering prime first-time homebuying years.

As to the more important second question: Where are affordable homes in vibrant, stable American cities still available?

It turns out a lot of places—if you know where to look and don’t have to commute every day to a top ten U.S. metropolitan area like New York, Chicago, San Francisco, Seattle, or Washington, D.C., which fortunately tens of millions of Americans don’t have to any longer in the new remote work normal.

Against most buyers expectations, most of these affordable cities right now are also in some of America’s hottest destinations currently when it comes to everything Millennials and first-time homebuyers want according to real estate experts, including thriving local hubs for food (Louisville), music (Memphis), sports (Pittsburgh), tech (Indianapolis), and jobs (Birmingham).  

What’s ultimately driving affordability in America’s last attainable housing markets are prices that already were reasonable priced in the first place before the pandemic hit, say most experts. As a result, compared with currently super-charged markets like South Florida and Austin that just got tighter and more irrational over the past twelve months, many homes in these cities already were within most first-time homebuyers’ financial limits in the first place despite nationwide housing supply constraints.

“These affordable markets are not necessarily any less competitive than many others around the country. The crucial difference is price point,” says Arpita Chakravorty, a Zillow Economist. “In some of these cities home values are up almost 20% from a year ago, which are some of the highest growth rates in the country and not far off from what we’re seeing in places like Phoenix or Austin. But even with the strong appreciation in the markets on this list, they remain among the least expensive large U.S. metros in terms of home prices overall.”

The new remote work normal is also empowering millions of potential homebuyers to look at cities and neighborhoods that were never on the map before because they needed to commute to jobs in major metropolitan areas. That’s making homes in formerly lesser know cities in the Midwest and South that always had thriving downtowns and sustainable economies before the pandemic some of the best places to invest in real estate after it based on year-over-year appreciation.

“The explosion of remote work has caused many to reimagine what and where they want their home to be,” continues Chakravorty. “So more affordable areas of the country are in high demand as buyers look for homes that offer more room to spread out. That could mean moving farther from a downtown core into nearby suburbs, or from a more-expensive metro to a less-expensive one which is in part what’s driving price appreciation in these smaller, Midwestern and Southern cities. The bottom line is that we are still in the early stages of what we call the Great Reshuffling as many are taking advantage of more flexible remote work policies to rethink where and how they want to live. Some who have been working remotely during the pandemic may be called back to the office. But others will receive firm guidance from their employer of a permanent ability to work remotely and take advantage of that freedom for years.”

As for the future of America’s housing affordability crisis, few are bold enough to predict what comes next. But everyone agrees on the most obvious solution: more supply—particularly when it comes to first-time, women, minority, and immigrant homebuyers.

“More housing is the clearest path to a more balanced market between buyers and sellers,” says Chakravorty. “Ideas like down payment assistance can help, especially for younger generations who are competing in today’s incredibly competitive market with long-time homeowners who have built up equity from the home price gains in recent years. But demand shows no signs of meaningfully slowing any time soon, so without more supply to meet that demand it’s likely that prices will continue to grow at a fast pace and make down payments a bigger and bigger challenge for first-time buyers. Builders are doing their part, but it will take years, if not decades, to catch up from the underbuilding that took place following the Great Recession.”

In the meantime here are fifteen of America’s most affordable cities where home prices still are attainable with some of the most, vibrant up-and-coming cultural, entertainment, hospitality, and tech scenes in the country.

[NOTES: Cities are ranked from high to low based on mortgage affordability as determined by Zillow and based on the share of a metro’s median income that would be needed to pay a mortgage on the median house in that metro area. A negative number in mortgage affordability Y-O-Y means that city got more affordable between Jan. 2020 and Jan. 2021. All data courtesy of Zillow]

Scranton, PA

·     Mortgage Affordability: 11.1%

·     Mortgage Affordability Y-O-Y Change: -2.2%

·     Median Home Price: $139,985

·     Y-O-Y Price Appreciation: 14.2%

Jackson, MS

·     Mortgage Affordability: 11.1%

·     Mortgage Affordability Y-O-Y Change: -6.9%

·     Median Home Price: $157,611

·     Y-O-Y Price Appreciation: 8.8%

Little Rock, AR

·     Mortgage Affordability: 11.3%

·     Mortgage Affordability Y-O-Y Change: -7.2%

·     Median Home Price: $166,580

·     Y-O-Y Price Appreciation: 7.6%

Baton Rouge, LA

·     Mortgage Affordability: 12.6%

·     Mortgage Affordability Y-O-Y Change: -5.4%

·     Median Home Price: $198,547

·     Y-O-Y Price Appreciation: 3.3%

Birmingham, AL

·     Mortgage Affordability: 12.6%

·     Mortgage Affordability Y-O-Y Change: -2.9%

·     Median Home Price: $195,643

·     Y-O-Y Price Appreciation: 10.7%

Oklahoma City, OK

·     Mortgage Affordability: 12.7%

·     Mortgage Affordability Y-O-Y Change: 0.8%

·     Median Home Price: $179,922

·     Y-O-Y Price Appreciation: 8.9%

Indianapolis, IN

·     Mortgage Affordability: 12.8%

·     Mortgage Affordability Y-O-Y Change: -1.2%

·     Median Home Price: $212,334

·     Y-O-Y Price Appreciation: $13.7%

Columbia, SC

·     Mortgage Affordability: 12.8%

·     Mortgage Affordability Y-O-Y Change: 2.1%

·     Median Home Price: $179,785

·     Y-O-Y Price Appreciation: $10.3%

Augusta, GA

·     Mortgage Affordability: 12.9%

·     Mortgage Affordability Y-O-Y Change: 1.4%

·     Median Home Price: $177,614

·     Y-O-Y Price Appreciation: 12.2%

Louisville, KY

·     Mortgage Affordability: 13%

·     Mortgage Affordability Y-O-Y Change: -6.8%

·     Median Home Price: $205,647

·     Y-O-Y Price Appreciation: 10.6%

Memphis, TN

·     Mortgage Affordability: 13.3%

·     Mortgage Affordability Y-O-Y Change: -0.7%

·     Median Home Price: $182,914

·     Y-O-Y Price Appreciation: 13.2%

Pittsburgh, PA

·     Mortgage Affordability: 13.4%

·     Mortgage Affordability Y-O-Y Change: -0.1%

·     Median Home Price: $185,063

·     Y-O-Y Price Appreciation: 13%

Winston-Salem, NC

·     Mortgage Affordability: 13.4%

·     Mortgage Affordability Y-O-Y Change: 0.5%

·     Median Home Price: $184,526

·     Y-O-Y Price Appreciation: 15.1%

St. Louis, MO

·     Mortgage Affordability: 13.7%

·     Mortgage Affordability Y-O-Y Change: 0.4%

·     Median Home Price: $205,604

·     Y-O-Y Price Appreciation: 11.5%

Cleveland, OH

·     Mortgage Affordability: 14%

·     Mortgage Affordability Y-O-Y Change: 0.8%

·     Median Home Price: $184,224

·     Y-O-Y Price Appreciation: 13.5%

Continue Reading

Trending