April 29, 2013

Sedona’s First Architect Honored with “Howard Madole Day”

Architect Howard Madole is honored by the the city of Sedona with the "Howard Madole Day". He is turning 90 years old, and the Sedona Heritage Museum and the Madole family are honoring his life and architectural legacy with a tour of one of his Sedona homes and an open house reception on Sunday, May 5th. The celebration will begin with the first public peek inside one of Madole’s earliest Sedona homes from 1 p.m.-2 p.m.
The house is at 55 Kachina Dr., just off Dry Creek Road in West Sedona (follow the signs). Read full article in Sedona.biz

And here is some of Howard Madole beautiful work for sale for $610,000 right in the heart of Sedona.
This fabulous Sedona AZ mid-century modern home has been extensively remodeled. It was designed by local award-winning architect Howard Madole & has his signature ceilings constructed of face-laminated 2 x 4's, extra-wide front door, large exposed roof beams & stacked schist fireplace wall. The home sits on 2 lots with a great view of Coffee Pot Rock & it offers a 2,867 SF main house built in 1968 with an addition by the Design Group in 1983 & a 1,100 SF guest house/studio built in 2003 totaling 3,967 SF. The main house has 3 bedrooms, 2 baths, an office, Arizona room & music room/library. It features exotic doussie wood floors in the great room, hall & bedrooms. The guest house/studio has a bedroom, bath, kitchenette, large studio and work areas. View property details here

April 28, 2013

Home for sale in Sedona's Oak Creek Canyon

This coming Tue, April 30th a one of a kind opportunity to see this home for sale in Oak Creek Canyon, in Sedona. The home is offered at $425,000 and is 3Bed/3Ba, on 3 levels with these spectacular views of the famous red rocks. Showings are for this day only. Call me to make an appointment. 928 274 1521. More Details
And here is the virtual tour of this home.

April 24, 2013

Recently Sold in Sedona

Another great sale for this home in Sedona at Devil's Kitchen in the Village of Oak Creek. The home sold for $317,000. It sits in an exquisite setting right up against the red rocks and in a quiet neighborhood. The home is completely remodeled and is walking distance to the Sedona Golf Resort.
See what sold recently in Sedona

April 20, 2013

Nationwide Open House Happening This Weekend April 20-21

The Aerie in Sedona will be open today, Saturday April 20 and tomorrow Sunday April 21. Opening hours are 11-4. 
Directions: From Sedona's Hwy89A take Dry Creek Rd, at Boynton Canyon Pass rd turn Left, Left again on Boynton Canyon Rd, Left on Aerie Rd through community gate. 
This is a rare opportunity to see one of Sedona's most beautiful communities. 41 homesites available for sale in prices ranging from $300,000 to $1,000,000. Typically only viewable by appointment, this gated community will be open for the nationwide open house event this weekend.
Come and enjoy this unique place with magnificent red rock views.

April 17, 2013

Lets talk about Foreclosures and REOs in the Sedona real estate market

Just published a new dedicated section in my real estate website about foreclosures, short sales and REOs in the Sedona market. A lot of my clients, both buyers and sellers ask me about the foreclosures trends in Sedona and how REOs have affected our market in the last 5 years. Before the real estate bubble burst in 2006 we didn't even know what a foreclosure was in Sedona. It was a foreign concept. After the burst Sedona got hit heavily with a wave of foreclosures and short sales to the point where in 2008-2009 the sales of foreclosures counted for almost 40% of our overall sales in the entire Sedona area, a really high number. Since 2010 though that the number of foreclosures has been consistently decreasing. Today at the end of the first 2013 quarter the amount of sold foreclosures in the Sedona area is less than 18% of the total sales. In the inventory we have less than a dozen distressed property listings out of an average of 400 listings. That is a significant change and a sign that our market has stabilized and is heading toward much healthier trends.
There are several charts showing the progress of foreclosures in our market: a volume relative to overall market,  a ratio of solds to overall market and many others. Click to see the foreclosure charts

April 13, 2013

Days on Market

Today we take a look at the number of days it takes to sell residential properties in Sedona.

Days on Market or DOM is a useful indicator for Sedona sellers as it helps them align their expectations when listing a property with current market conditions.

When DOM trends lower, it means properties are selling at a faster pace and buyers may perceive from this information that their negotiating power is somewhat diminished as they know that if they don't come to an agreement on buying a property today, it is only a matter of time before another buyer does.

However, it must be noted that there is no direct correlation between DOM and price levels. The graph below shows a net decrease in DOM in 2010 while Sedona home prices continued their steady decline during the same period. Ultimately, buyers always control the process.

The graph also shows that while DOM remained historically elevated in 2011 and 2012,to date 2013 has seen a 26% decrease in the number of days it takes to sell a home. For sellers, relief may be in sight...

April 11, 2013

OPEN HOUSE today April 11th, 9:00-11:30am in Sedona at this fabulous new listing offered at $1,895,000

This Sedona home for sale has it all.
Immerse yourself in tradition and charm. This Sedona private retreat sits on .9 acre in a quiet cul-de-sac. The circular driveway leads to a grand entrance and into a great room with floor to ceiling windows with dramatic red rock views. 4 bedrooms plus study and gym. All living areas on main floor with downstairs TV room and gym. Commercial grade kitchen with Dacor appliances. The master suite has dramatic red rock views on 2 sides, a fireplace, 2 separate closets and steam room. Infloor heating, flagstone and marble floors throughout the house. Gracious outdoor living spaces with multiple terraced patios, built in BBQ, sweeping vistas, swimming pool, spa and water feature, as well as fenced in backyard, lawn and mature landscaping.
Offered at $1,895,000 MLS#134770
Click here to view property details
Call me at  (928)274 1521  to see this home

April 07, 2013

Overseas Buyers go bargain hunting to Sedona

In a recent interview I gave to the UK The Sunday Times overseas buyers snatch up great real estate deals in Sedona, AZ. Two of my listings are featured: a $1.8M house and 2 acre parcels listed in the $300k. Europeans are starting to look at Western communities in the US to buy vacation homes, and not just in the East coast.  British, French and Italians buyers and investors alike pick up good bargains as their second homes. Until recently it was pretty much a Canadian investors supremacy, whereas now the charm and beauty of Sedona reach far away buyers.
[...] "Buyers are also looking at other parts of the state. “A lot of Europeans buy properties in Arizona,” says Elisa Andreis, an estate agent at Russ Lyon Sotheby’s International Realty. “Our sunny climate plays an important role, as does the incredible landscape."[...]

Read full article

April 05, 2013

Sedona real estate Absorption Rate

Sedona 4/5/2013 Absorption Rate is calculated by dividing the total number of available homes by the average number of sales per month.

The result gives the number of months it would take to exhaust the supply and does not take into account additional homes that enter the market.

As absorption rate increases, the supply of available homes shrinks, increasing the odds that a homeowner will sell a piece of property in a shorter period of time.

April 03, 2013

Sedona Market Watch - Trading Range

This graph shows the trading range on a monthly basis as a ratio between list price and sale price since 2003 in the Sedona residential real estate market. 

The trend line since the peak in 2008 has declined gradually and today the spread indicates the market is in equilibrium.

April 02, 2013

Sedona Market Watch - March Home Inventory

At the end of March 2013, the Sedona Home inventory was 324 units, a level not seen since June 2005. In September of 2008, residential inventory reached its peak of 760 units. Today’s level (348 units) represents a 46% drop since the top. 

More significantly, in the past three months alone (since the end of November 2012), inventory has fallen by 22% compared to 30% from a year ago.

April 01, 2013

Another great review from Yelp

Elisa Andreis has been my Sedona real estate agent for several years and I am always in awe with her ability to solve challenges and make every transaction a truly enjoyable experience.  Elisa naturally displays an intuitive understanding of our needs and an in-depth knowledge of the local market, combined with a keen attention to details and great communication skills. I highly recommend Elisa to anyone looking to buy or sell a home especially if you are not familiar with the area.