Pinnacle Peak May 09

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Pinnacle Peak Real Estate

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  • Pinnacle PeaksHot Real Estate Listings

    Have a Home in Escrow?Tackling Termite Trouble

    Bold & Inventive Cowboy Ciaos Famous Stetson Salad

    The Finishing TouchChoosing Artwork for Your Home

    All information is deemed reliable but not guaranteed.

    May 2009

    Your Trusted Advisors In Real Estate

    FACTS TO DEAL WITH IN TODAYS MARKETZIP code 85255 single family homes: InMarch2009,49homessold,whichisan18% decreasefromMarch2008.2009year-to-dateunitsalesareup6%tothesame periodlastyear.Inventoryisdown8%tolastMarch,andinventoryhas comedownforthelastthreeconsecutivemonths.Homescurrentlyundercontractareup23%and representthehighestnumberofhomesundercontract foranymonthinthelast24months.Withsalesupandinventorydown,themonthsofsupply hasdroppedto12months.Oneyearagosupplywas 16.7months,andlastmonthitwas14.3months.Distressedpropertiesin85255represent14%ofthe listings,38%ofhomessoldYTDand58%ofthoseunder contract.

    Ready,willingandablebuyerswhoaresittingonthesidelinesandwaitingforthebesttimetomakeamovemaybeignoringtheopportunitiesthatmaynevercomeagaingenuinebargains,greatfinancingtermsandlittlecompetitionfromthosewillingtomakethedecisiontopurchase.Inturn,prospectivesellers,unwillingtoacceptthebestofferobtainablefromthebestbuyeravailable,arefailingtorecognizethatsuchanofferisthetruepresentmarketvalueoftheirproperty,regardlessofhowunpalatableitmayappear.The pessimist sees difficulty in every opportunity. The optimist sees the opportunity in every difficulty. Winston Churchill

    MARY LYNN STENZELCell: 602.418.8537

    MaryLynn.Stenzel@SothebysRealty.com

    KIM BAKERCell: 480.205.1345

    Kim.Baker@SothebysRealty.com

    RussLyon|SothebysInternationalRealty23733N.ScottsdaleRoad,Suite200Scottsdale,AZ85255

    REAL ESTATE ACTIVITY IN

    Would you like to receive automatic updates regarding your real estate neighborhood activity?

    Have a question about real estate? Email your questions to us at the email addresses below.

    If your home is currently listed, this is not a solicitation for that listing. ProducedbyDesertLifestylePublishing480.460.0996 ISSN-1939-9650

    SUBDIVISION # SS/ AVG AVG AVG $/ AVG DAYS HOMES LO* PRICE SQ. FT. SQ. FT. ON MKTMarch 2009 Sales 6 3 $853,483 4,153 $206 190LosGatos 1 1 $1,500,000 5,300 $283 251PinnaclePeakCountryClub 1 0 $700,000 3,178 $220 363PinnaclePeakEstates1-3 1 0 $500,000 3,592 $139 260PinnaclePeakShadows 1 0 $485,000 2,733 $177 363PinnaclePeakVistas1-4 2 2 $811,967 4,569 $178 171

    Jan-Mar YTD 2009 Sales 15 8 $1,373,860 5,072 $271 274CanyonHeights 1 1 $2,300,000 13,000 $177 348LosGatos 1 1 $1,500,000 5,300 $283 251PinnaclePeakCountyClub 3 1 $853,333 3,981 $214 171PinnaclePeakEstates1-3 2 1 $459,000 3,095 $148 260PinnaclePeakShadows 1 0 $485,000 2,733 $177 363PinnaclePeakVistas1-4 5 4 $938,980 4,471 $210 149PradoEstates 1 0 $6,450,000 9,330 $691 1395SonoranHighlands 1 0 $1,700,000 5,241 $324 328

    Currently Under Contract 9 7 $983,589 4,305 $228 155LosGatos 1 1 $399,900 2,552 $157 65PinnaclePeakEstates1-3 4 4 $719,475 4,127 $174 105PinnaclePeakHeights1-4 1 0 $2,995,000 9,143 $328 667PinnacleParadise 1 0 $1,695,000 4,669 $363 62PinnaclePeakShadows 1 1 $419,000 3,001 $140 421Tamarron 1 1 $465,000 2,871 $162 113

    Currently For Sale 113 19 $1,978,606 4,858 $407 288CanyonHeights 4 1 $3,535,000 7,510 $471 510LaderaVista 1 0 $3,695,000 5,685 $510 483LegendCanyon 0 0 - - - -LosGatos 8 0 $1,613,862 4,603 $351 246LostCanyon 2 0 $6,447,500 8,784 $734 409MontanadelTesoro 1 0 $1,900,000 5,800 $328 329 ThePeak 4 0 $4,421,250 7,004 $631 304 PeakoftheVikings 1 0 $3,500,000 7,104 $493 1200 ThePinnacle 7 0 $813,141 2,813 $289 263 PinnacleParadise 7 5 $947,114 3,898 $243 149 PinnaclePeakCountyClub 10 2 $931,900 3,150 $296 190 PinnaclePeakEstates1-3 21 6 $875,909 3,744 $234 206 PinnaclePeakHeights1-4 13 2 $3,061,992 6,823 $449 326 PinnaclePeakShadows 4 1 $520,725 2,592 $201 174PinnaclePeakVistas1-4 17 1 $1,545,223 4,777 $323 268 PradoEstates 1 0 $6,495,000 10,204 $637 1616 SonoranHighlands 9 0 $2,086,000 5,227 $399 231 Tamarron 3 1 $898,333 3,518 $255 138

    *Short Sale (pre-foreclosure) or Lender Owned

  • StompASU Gammage, May 5th-10th480.965.3434 or asugammage.comThis unique, explosive musical performance will keep the whole family entertained. The eight-member troupe uses just about anything as their percussion instruments. Well, anything but actual instruments. Performers will use wooden poles, garbage cans, hub caps and recently added paint cans to create their amazing rhythms. You wont look at your pots and pans the same way after seeing this performance!

    9th Annual Golf 2 Save the FamilyThe Phoenician Resort & Spa, May 9th480.898.0228 or savethefamily.orgEstablished in 1989, Save the Family was created to help homeless families with transitional housing, case management and supportive services. Take part in their annual golf event to raise proceeds to fund all of those programs. Each registration includes a round of golf, breakfast and lunch, and range balls. There will also be a silent auction.

    Jimmy Buffett and the Coral Reefer BandCricket Wireless Pavilion, May 14th602.254.7200 or livenation.comIf you have never been to a Jimmy Buffett concert, you are in for a treat. The always easy-going, island-loving singer brings his Summerzcool 2009 tour to town. Fans can expect to hear favorites such as Margaritaville, Come Monday and Cheeseburger in Paradise. Parrotheads unite!

    Peach Festival Schnepf Farms, May 15th-17th480.987.3100 or peachfestival.netIts that time of the year again: Peach-picking season! Come out and enjoy a peachy-keen day with all things peach. You can partake of juicy peach sampling or even a wonderful peach-pancake breakfast. The festival will also have live entertainment and fun rides for the entire family to enjoy. Although the event is only for this one weekend, peach picking will be available every weekend during the month of May.

    International Museum DayHeard Museum and Phoenix Art Museum, May 18th602.252.8848 or heard.orgIn celebration of International Museum Day, the Heard Museum and the Phoenix Art Museum are both offering two-for-one admission. Explore all the great history the Heard Museum has to offer then take a short stroll to the Phoenix Art Museum where you can enjoy some of the new exhibits such as Charting the Canyon a collection of photographs of the Grand Canyon.

    Arizona Diamondbacks Chase Field, May 30th602.514.8400 or arizona.diamondbacks.mlb.comRoot, root, root for our home team as they battle it out against the Atlanta Braves. If you have not yet taken in a game at Chase Field, you will be amazed at how baseball fields have evolved. From the signature swimming pool to the retractable roof, Chase Field is sure to impress you. Arrive early, as the first 25,000 fans will receive a Stephen Drew bobble head.

    MAY 2009

    Its been said that there are two types of homes in Arizona homes that have termites, and homes that will. Surprisingly, despite our states exceedingly dry conditions, those pesky wood-gorging creatures have made a permanent home here, primarily living below the earth and venturing out to sometimes do serious damage. In fact, some areas of the Valley have jokingly been referred to as termite alley. Should buyers with a home in escrow be concerned if there is evidence of termites? Not necessarily. Termites are very common here and also very treatable. The presence of termites or the indication of a past infestation isnt always a reason to cancel the purchase. The important thing is to treat the problem and maintain a warranty. So, how does a homebuyer whose new home is in escrow protect against infestation, or proceed with the sale upon learning they may be sharing their new space with unwanted guests? Typically, when a buyer is purchasing a home, says Sharon Wolf-Furman, co-owner of AJF Engineering, a residential and commercial termite inspection company in the Valley, 99.9 percent of the time, they first have a termite inspection which covers wood destroying insects only. In most cases, its up to the buyer to pay for the inspection, although there are cases where the buyer may request credit at the close of escrow or have the seller pay for the treatment. If the home is purchased through an FHA mortgage, it may be required that the house be treated and the bank provide credit. Termite inspectors are required to look for several things including evidence of termite infestation and conducive conditions. Conducive conditions are those such as moisture around the foundation of the home that would be termite-friendly. Searching for evidence of termites does not actually mean seeing the critters. What it does mean, Furman explains, is finding their shelter tubes or damage to baseboard moldings or door frames, although coming across that is less common. Inspectors are also required to look for previous termite treatment such as drill holes or a bait station system. Drill holes would typically be on the floor slab in a garage or

    on the outside patio. For this treatment, holes are drilled then filled with a termacide which can eliminate infestation. Bait systems involve filling hollow plastic tubes with a wood product soaked with termacide. Termites eat the chemical, bring it back to their colony and eventually wipe it out. If the house does have evidence of prior treatment, Furman says, we tell the buyer to find out from the seller if there is a warranty on the treatment. If there is, that same company could spot treat the areas. If theres no warranty, its recommended the buyer treat the home and maintain a warranty for as long as they own the home. Fortunately, Arizona regulates the inspection for termites, mandating a report from inspectors; however, the state is also very clear that the inspection is only a visual one for the day of the inspection. It wi