Real Estate Market A Mid-Year Update

Chic & DramaticOcean Prime’s

Champagne CocktailPinnacle PeakReal Estate Report

Today’s Tech Takes Home Automation Beyond The Jetsons

Get Smart!

If your home is currently listed, this is not a solicitation for that listing. Produced by Desert Lifestyle Publishing • 480.460.0996 • www.DesertLifestyle.net

July | August 2013

Pinnacle PeakCurrent Real Estate Activity In Pinnacle Peak

Joel Payne is your Pinnacle Peak neighborhood expert and is a real estate agent with diverse skills and experiences that make him uniquely qualified:

· Knowledge of Home Construction · Property Acquisition · Negotiations · Analytics · Solutions Oriented

Engel and Völkers company has over 490 brokerages in 36 countries and 35 brokerages in premium markets around the USA. It means that Arizona’s most prestigious luxury, golf course communities and high-end condo-miniums in the Paradise Valley, Scottsdale, Biltmore and Arcadia areas of Phoenix will continue to be served by the most successful and respected name in this area’s luxury market. Call Joel now if you would like your home to be the next featured cover photo, 480.980.1316.

Address SqFt Bed Bath List Price List Price/SqFt

CURRENTLY FOR SALE 8307 E Vista De Valle 2,146 3 3 $425,000   $198.04 / NA 8112 E Via De Luna Dr 3,042 4 2.5 $697,900   $229.42 / NA 8002 E Conquistadores Dr 3,019 4 3 $799,000   $264.66 / NA 8624 E Clubhouse Way 2,785 3 3 $800,000   $287.25 / NA 8233 E Foothill Cir 3,541 3 4 $979,000   $276.48 / NA 8304 E Sands Dr 3,717 4 3 $987,000   $265.54 / NA 8514 E Country Club Trl 3,778 3 3 $1,050,000   $277.92 / NA 8134 E Foothills Dr 4,359 4 4.5 $1,050,000   $240.88 / NA 22602 N La Senda Dr 4,196 5 5 $1,195,000   $284.80 / NA 8146 E Foothills Dr 5,178 5 4.5 $1,150,000   $222.09 / NA

SALE PENDING 23407 N 82nd St 3,625 5 3.5 $451,100   $124.44 / NA 8632 E Clubhouse Way 2,747 3 2.5 $649,000   $236.26 / NA 8608 E Clubhouse Way 3,060 3 2.5 $700,000   $228.76 / NA 8405 E Vista Del Lago St 3,309 3 2.5 $870,000   $262.92 / NA

Address SqFt Bed Bath List Sold Sold Price/ COE Price Price SqFt RECENTLY SOLD 8002 E Paraiso Dr 2,014 3 2 $489,900 $440,000 $218.47 5/24/20138205 E Via Del Sol Dr 3,491 4 3.5 $749,000 $600,000 $171.87 5/03/20138402 E Calle Buena Vis 2,477 4 3 $675,000 $615,000 $248.28 5/29/20138028 E Via De Luna Dr 3,466 5 3 $649,900 $622,000 $179.46 5/15/20138215 E Sands Dr 3,877 3 4 $775,000 $755,000 $194.74 5/28/20138236 E Sands Dr 3,286 3 3 $808,550 $785,000 $238.89 5/03/20138131 E Foothill Dr 3,946 4 4 $799,950 $793,000 $200.96 6/03/201322218 N La Senda Dr 3,673 3 3.5 $899,000 $800,000 $217.81 5/28/20138225 E Via Del Sol Dr 4,093 4 3.5 $879,900 $825,000 $201.56 6/03/201322610 N 80th Pl 3,424 4 4 $850,000 $850,000 $248.25 4/30/2013

©2013 Engel & Völkers. All rights reserved. Each brokerage is independently owned and operated. All information provided is deemed reliable but is not guaranteed and should be independently verified. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principles of the Fair Housing Act.

Engel & Völkers Scottsdale8777 N Gainey Center Drive · Suite 178Scottsdale · AZ 85258 · USAPhone +1 480-596-0001scottsdale@evusa.comscottsdale.evusa.com

Joel PayneReal Estate Advisor

P: 480 980 1316F: 480 596 7981joel.payne@evusa.com

Did I turn the thermostat down? Is the security alarm set? Did I forget to close the garage door? Just a few of the questions that will soon be moot once you make the jump and your get home fully wired. That’s right ... your home can soon be smarter than you! So just what can today’s super-tech homes do for you and your family? One of the coolest new capabilities is the remote access to your home’s climate control. If you like to come home to a nice cool abode but don’t like the bill that comes from running the AC all day while you’re at work, you can turn on the AC right from your smart phone or computer. This saves on your electric bill in spades. Some experts estimate you can save up to 10 percent on your bill from using these new systems. And just imagine never again walking into a closed-up, stifling home upon returning from vacation or a long weekend! Where do we sign up? Security is another highlight of today’s high-tech homes. With the touch of a button on your smart phone or computer, you can set the security system in your home to any desired level of protection.

If the system gets tripped while you’re away, you’ll automatically know via email or texts telling you exactly what has occurred in your absence. Many systems can automatically detect fire, water damage, or broken glass, and instantly let the homeowner and authorities know. Carbon monoxide detection can also be added. And in

case of one of these emergencies, you’ll have direct contact to fire and police for a quick response. An added bonus? You could save up to 20 percent on your homeowner’s insurance when this type of security system is installed. Many of today’s suppliers can also install indoor and outdoor cameras so

you can see what’s going on in your home while you’re away or at work. Have kids? Talk about having eyes in the back of your head! With installed cameras strategically placed throughout your home, you can remotely keep an eye on them in the yard, as they come in the front door from school, or just see what they’re doing in the kitchen with their friends while you run errands. And in the event that the security system is tripped, your home’s system can instantly send you photos or videos of the point of entry so you can be apprised of the situation. Another great feature which enhances security and makes your life easier is the remote control of your home’s lighting. Out later than you thought you’d be? Turn on the front lights with the touch of a button on your smart phone. Want to make it appear as if someone is home while you’re away? Set up the system to have lights go on and off in different rooms at specific times throughout the night. Sounds like a smart home installation may be the smartest thing you can do for your family this year! And since the systems are wireless, installation is usually easy and quick!

1.25 oz. Belvedere Cytrus Vodka

1.5 oz. Sour Mix

.75 oz. Crème Di Cassis

Combine in chilled shaker filled

with chipped ice. Shake gently

and pour over dry ice in

a martini glass. Top with a float

of Champagne and berries that

have been soaked in Grand Marnier

and sugar. Serve immediately.

The Greater Phoenix housing market was the first in the country to recover. Hitting its lowest point of $117,000 in April 2011, the monthly median sales price for single family homes in Maricopa County has rebounded explosively reaching $190,000 two years later in April 2013. That 62% jump indicates just how much the market has changed, but gives a misleading impression of increases in normal home values. Back in April 2011 the majority of the market consisted of bank owned properties and short sales. In the summer of 2013, these have declined by two thirds and the majority of transactions are now between normal sellers and buyers. Distressed properties often sell at discounts of 25% or more, so we have to allow for the change in the mix as well as the change in home values. If we look exclusively at normal transactions, median sales prices have increased by a more modest 13% from $180,000 to $204,000. Now that we no longer have a large number of foreclosures, we have far fewer homes available for purchase. New home builders are ramping up production in areas such as the Southeast and Northwest Valleys, but are still at production levels that are down by 70% or more from the heights of 2005. Many existing homeowners are still trapped by negative equity and unwilling to consider selling until they can do so without having to bring cash to the close of escrow. The widely held myth that banks are hiding

large numbers of homes in a so-called “shadow inventory” has proven to be unfounded. As a result, buyers are facing many challenges mainly caused by the fact that they heavily outnumber sellers and therefore have to compete with each other. Multiple bid situations are commonplace especially at the lower-end of the market. Here first-time home buyers compete with investors for anything that might work for them. It is no good being too choosy because that will likely result in potential buyers getting nothing at all. At the top end of the market, luxury sales are now at their highest volume since 2007. For homes over $1,000,000, prices dropped between 2007 and 2011 but much less than the rest of the housing market. Since the middle of 2011, the recovery of the luxury market has been much less spectacular, but no less welcome. The strongest upwards movements have been for the most affordable homes within the luxury areas. The price range between $500,000 and $1,500,000 is seeing strong demand, especially in areas that are close to shops and transportation. Arcadia, Paradise Valley and the southern parts of North Scottsdale are especially popular. The market slows down a little as we move up in price, but even the market above $3,000,000 has had a busy spring season. There is little chance of supply increasing significantly in the near time but market pricing continually adjusts to move

the market towards a balance between supply and demand. With prices increasing, too much competition, strict underwriting and appraisal difficulties, buyers are facing many obstacles. Now the prospect of rising interest rates is adding to their worries. This is likely to mean that the market will become less frenetic and price rises will slow down compared with the last two years.

Author and statistician Michael Orr is the Director of Real Estate Studies at ASU’s W.P. Carey School of Business, and Principal of The Cromford Report.

Birds ‘n BeerRio Salado Audubon Center, July 18th & August 15th602.468.6470 | RioSalado.Audubon.orgEvery 3rd Thursday of the month, stop by the Audubon Center for a happy-hour-type event and learn a thing or two about birds and other wildlife while enjoying a cold Four Peaks brew and other snacks and beverages. Topics range from strange animal behaviors to natural oddities and often include live wildlife. Meet other professionals who care about Arizona’s natural space, or just find a new way to spend a summer evening with friends.

Bruno Mars in ConcertUS Airways Center, July 31st866.976.9142 | USAirways.BoxOfficeTicketSales.comThe Bruno Mars tour 2013 is finally here and you can see it live this summer. You’ll love the unique sound, incredible vocals, and the unbelievable energy that make Mars’ live music one-of-a-kind. The concert sets show off incredible stage design making the show more like an intimate event than an enormous concert.

Winter in JulyPhoenix Zoo, July 20th 602.273.1341 | PhoenixZoo.orgTake a break from sweltering temps and enjoy a Saturday cooling down with over 20 tons of snow! Besides the fun of watching your favorite zoo animals devour their frozen treats and romping in some snow, you’ll get to throw snowballs, cool off in the water play areas and even enjoy dancing, games and prizes with Radio Disney. A kid’s paradise for sure!

Easy Summer Dinner PartyKierland Commons Sur La Table, August 1st 800.243.0852 | SurLaTable.comLearn everything you need to pull off the perfect gathering from start to finish, from an amazing salad, all the way to a memorable dessert. They’ll walk you through simple entertaining tips and tricks that will have you throwing the backyard fete of the summer with confidence. With this very easy and amazing menu, plus some do-ahead secrets, you’ll host an enjoyable and memorable intimate dinner or all-out party!

Movies at the MuseumPhoenix Art Museum, August 4th 602.257.1222 | PhxArt.orgCome for independent and classic cinema and documentaries relating to art, artists, and works on view in the Museum, usually followed by discussion. In August, catch Second Skin. This documentary showcases how computer games’ virtual worlds are transforming the lives of ordinary people, profiling a couple who fall in love online, a man addicted to playing games for hours on end and a tight-knit Indiana gaming community.

JULY | AUGUST 2013

BERRIES AND BUBBLES

Featuring Ocean Prime480.347.1313

OceanPrimePhoenix.com

In Good Taste Event Calendar

MID-YEAR HOUSING REPORTBY MICHAEL ORR

IS YOUR HOME WIRED UP?

the future is now.

Did I turn the thermostat down? Is the security alarm set? Did I forget to close the garage door? Just a few of the questions that will soon be moot once you make the jump and your get home fully wired. That’s right ... your home can soon be smarter than you! So just what can today’s super-tech homes do for you and your family? One of the coolest new capabilities is the remote access to your home’s climate control. If you like to come home to a nice cool abode but don’t like the bill that comes from running the AC all day while you’re at work, you can turn on the AC right from your smart phone or computer. This saves on your electric bill in spades. Some experts estimate you can save up to 10 percent on your bill from using these new systems. And just imagine never again walking into a closed-up, stifling home upon returning from vacation or a long weekend! Where do we sign up? Security is another highlight of today’s high-tech homes. With the touch of a button on your smart phone or computer, you can set the security system in your home to any desired level of protection.

If the system gets tripped while you’re away, you’ll automatically know via email or texts telling you exactly what has occurred in your absence. Many systems can automatically detect fire, water damage, or broken glass, and instantly let the homeowner and authorities know. Carbon monoxide detection can also be added. And in

case of one of these emergencies, you’ll have direct contact to fire and police for a quick response. An added bonus? You could save up to 20 percent on your homeowner’s insurance when this type of security system is installed. Many of today’s suppliers can also install indoor and outdoor cameras so

you can see what’s going on in your home while you’re away or at work. Have kids? Talk about having eyes in the back of your head! With installed cameras strategically placed throughout your home, you can remotely keep an eye on them in the yard, as they come in the front door from school, or just see what they’re doing in the kitchen with their friends while you run errands. And in the event that the security system is tripped, your home’s system can instantly send you photos or videos of the point of entry so you can be apprised of the situation. Another great feature which enhances security and makes your life easier is the remote control of your home’s lighting. Out later than you thought you’d be? Turn on the front lights with the touch of a button on your smart phone. Want to make it appear as if someone is home while you’re away? Set up the system to have lights go on and off in different rooms at specific times throughout the night. Sounds like a smart home installation may be the smartest thing you can do for your family this year! And since the systems are wireless, installation is usually easy and quick!

1.25 oz. Belvedere Cytrus Vodka

1.5 oz. Sour Mix

.75 oz. Crème Di Cassis

Combine in chilled shaker filled

with chipped ice. Shake gently

and pour over dry ice in

a martini glass. Top with a float

of Champagne and berries that

have been soaked in Grand Marnier

and sugar. Serve immediately.

The Greater Phoenix housing market was the first in the country to recover. Hitting its lowest point of $117,000 in April 2011, the monthly median sales price for single family homes in Maricopa County has rebounded explosively reaching $190,000 two years later in April 2013. That 62% jump indicates just how much the market has changed, but gives a misleading impression of increases in normal home values. Back in April 2011 the majority of the market consisted of bank owned properties and short sales. In the summer of 2013, these have declined by two thirds and the majority of transactions are now between normal sellers and buyers. Distressed properties often sell at discounts of 25% or more, so we have to allow for the change in the mix as well as the change in home values. If we look exclusively at normal transactions, median sales prices have increased by a more modest 13% from $180,000 to $204,000. Now that we no longer have a large number of foreclosures, we have far fewer homes available for purchase. New home builders are ramping up production in areas such as the Southeast and Northwest Valleys, but are still at production levels that are down by 70% or more from the heights of 2005. Many existing homeowners are still trapped by negative equity and unwilling to consider selling until they can do so without having to bring cash to the close of escrow. The widely held myth that banks are hiding

large numbers of homes in a so-called “shadow inventory” has proven to be unfounded. As a result, buyers are facing many challenges mainly caused by the fact that they heavily outnumber sellers and therefore have to compete with each other. Multiple bid situations are commonplace especially at the lower-end of the market. Here first-time home buyers compete with investors for anything that might work for them. It is no good being too choosy because that will likely result in potential buyers getting nothing at all. At the top end of the market, luxury sales are now at their highest volume since 2007. For homes over $1,000,000, prices dropped between 2007 and 2011 but much less than the rest of the housing market. Since the middle of 2011, the recovery of the luxury market has been much less spectacular, but no less welcome. The strongest upwards movements have been for the most affordable homes within the luxury areas. The price range between $500,000 and $1,500,000 is seeing strong demand, especially in areas that are close to shops and transportation. Arcadia, Paradise Valley and the southern parts of North Scottsdale are especially popular. The market slows down a little as we move up in price, but even the market above $3,000,000 has had a busy spring season. There is little chance of supply increasing significantly in the near time but market pricing continually adjusts to move

the market towards a balance between supply and demand. With prices increasing, too much competition, strict underwriting and appraisal difficulties, buyers are facing many obstacles. Now the prospect of rising interest rates is adding to their worries. This is likely to mean that the market will become less frenetic and price rises will slow down compared with the last two years.

Author and statistician Michael Orr is the Director of Real Estate Studies at ASU’s W.P. Carey School of Business, and Principal of The Cromford Report.

Birds ‘n BeerRio Salado Audubon Center, July 18th & August 15th602.468.6470 | RioSalado.Audubon.orgEvery 3rd Thursday of the month, stop by the Audubon Center for a happy-hour-type event and learn a thing or two about birds and other wildlife while enjoying a cold Four Peaks brew and other snacks and beverages. Topics range from strange animal behaviors to natural oddities and often include live wildlife. Meet other professionals who care about Arizona’s natural space, or just find a new way to spend a summer evening with friends.

Bruno Mars in ConcertUS Airways Center, July 31st866.976.9142 | USAirways.BoxOfficeTicketSales.comThe Bruno Mars tour 2013 is finally here and you can see it live this summer. You’ll love the unique sound, incredible vocals, and the unbelievable energy that make Mars’ live music one-of-a-kind. The concert sets show off incredible stage design making the show more like an intimate event than an enormous concert.

Winter in JulyPhoenix Zoo, July 20th 602.273.1341 | PhoenixZoo.orgTake a break from sweltering temps and enjoy a Saturday cooling down with over 20 tons of snow! Besides the fun of watching your favorite zoo animals devour their frozen treats and romping in some snow, you’ll get to throw snowballs, cool off in the water play areas and even enjoy dancing, games and prizes with Radio Disney. A kid’s paradise for sure!

Easy Summer Dinner PartyKierland Commons Sur La Table, August 1st 800.243.0852 | SurLaTable.comLearn everything you need to pull off the perfect gathering from start to finish, from an amazing salad, all the way to a memorable dessert. They’ll walk you through simple entertaining tips and tricks that will have you throwing the backyard fete of the summer with confidence. With this very easy and amazing menu, plus some do-ahead secrets, you’ll host an enjoyable and memorable intimate dinner or all-out party!

Movies at the MuseumPhoenix Art Museum, August 4th 602.257.1222 | PhxArt.orgCome for independent and classic cinema and documentaries relating to art, artists, and works on view in the Museum, usually followed by discussion. In August, catch Second Skin. This documentary showcases how computer games’ virtual worlds are transforming the lives of ordinary people, profiling a couple who fall in love online, a man addicted to playing games for hours on end and a tight-knit Indiana gaming community.

JULY | AUGUST 2013

BERRIES AND BUBBLES

Featuring Ocean Prime480.347.1313

OceanPrimePhoenix.com

In Good Taste Event Calendar

MID-YEAR HOUSING REPORTBY MICHAEL ORR

IS YOUR HOME WIRED UP?

the future is now.

Real Estate Market A Mid-Year Update

Chic & DramaticOcean Prime’s

Champagne CocktailPinnacle PeakReal Estate Report

Today’s Tech Takes Home Automation Beyond The Jetsons

Get Smart!

If your home is currently listed, this is not a solicitation for that listing. Produced by Desert Lifestyle Publishing • 480.460.0996 • www.DesertLifestyle.net

July | August 2013

Pinnacle PeakCurrent Real Estate Activity In Pinnacle Peak

Joel Payne is your Pinnacle Peak neighborhood expert and is a real estate agent with diverse skills and experiences that make him uniquely qualified:

· Knowledge of Home Construction · Property Acquisition · Negotiations · Analytics · Solutions Oriented

Engel and Völkers company has over 490 brokerages in 36 countries and 35 brokerages in premium markets around the USA. It means that Arizona’s most prestigious luxury, golf course communities and high-end condo-miniums in the Paradise Valley, Scottsdale, Biltmore and Arcadia areas of Phoenix will continue to be served by the most successful and respected name in this area’s luxury market. Call Joel now if you would like your home to be the next featured cover photo, 480.980.1316.

Address SqFt Bed Bath List Price List Price/SqFt

CURRENTLY FOR SALE 8307 E Vista De Valle 2,146 3 3 $425,000   $198.04 / NA 8112 E Via De Luna Dr 3,042 4 2.5 $697,900   $229.42 / NA 8002 E Conquistadores Dr 3,019 4 3 $799,000   $264.66 / NA 8624 E Clubhouse Way 2,785 3 3 $800,000   $287.25 / NA 8233 E Foothill Cir 3,541 3 4 $979,000   $276.48 / NA 8304 E Sands Dr 3,717 4 3 $987,000   $265.54 / NA 8514 E Country Club Trl 3,778 3 3 $1,050,000   $277.92 / NA 8134 E Foothills Dr 4,359 4 4.5 $1,050,000   $240.88 / NA 22602 N La Senda Dr 4,196 5 5 $1,195,000   $284.80 / NA 8146 E Foothills Dr 5,178 5 4.5 $1,150,000   $222.09 / NA

SALE PENDING 23407 N 82nd St 3,625 5 3.5 $451,100   $124.44 / NA 8632 E Clubhouse Way 2,747 3 2.5 $649,000   $236.26 / NA 8608 E Clubhouse Way 3,060 3 2.5 $700,000   $228.76 / NA 8405 E Vista Del Lago St 3,309 3 2.5 $870,000   $262.92 / NA

Address SqFt Bed Bath List Sold Sold Price/ COE Price Price SqFt RECENTLY SOLD 8002 E Paraiso Dr 2,014 3 2 $489,900 $440,000 $218.47 5/24/20138205 E Via Del Sol Dr 3,491 4 3.5 $749,000 $600,000 $171.87 5/03/20138402 E Calle Buena Vis 2,477 4 3 $675,000 $615,000 $248.28 5/29/20138028 E Via De Luna Dr 3,466 5 3 $649,900 $622,000 $179.46 5/15/20138215 E Sands Dr 3,877 3 4 $775,000 $755,000 $194.74 5/28/20138236 E Sands Dr 3,286 3 3 $808,550 $785,000 $238.89 5/03/20138131 E Foothill Dr 3,946 4 4 $799,950 $793,000 $200.96 6/03/201322218 N La Senda Dr 3,673 3 3.5 $899,000 $800,000 $217.81 5/28/20138225 E Via Del Sol Dr 4,093 4 3.5 $879,900 $825,000 $201.56 6/03/201322610 N 80th Pl 3,424 4 4 $850,000 $850,000 $248.25 4/30/2013

©2013 Engel & Völkers. All rights reserved. Each brokerage is independently owned and operated. All information provided is deemed reliable but is not guaranteed and should be independently verified. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principles of the Fair Housing Act.

Engel & Völkers Scottsdale8777 N Gainey Center Drive · Suite 178Scottsdale · AZ 85258 · USAPhone +1 480-596-0001scottsdale@evusa.comscottsdale.evusa.com

Joel PayneReal Estate Advisor

P: 480 980 1316F: 480 596 7981joel.payne@evusa.com