SEPTEMBER | OCTOBER 2019
ESTA
Did you know that Luxury Property Group sells real estate throughout Scottsdale? Check out the table below showing our sales outside of Estancia:
Lifestyle E S TA N C I A
MIKE HOLDER
602.432.3273 c DEBBIE NEGRIN
480.734.3498 c JAY PENNYPACKER
602.570.3962 c WILL FOOTE
480.242.2483 c
LPG-3.com Luxury | Defined
Luxury Property Group is a consistent top-producer in the luxury market and possesses an intimate knowledge of North Scottsdale. Whether you are looking to purchase a lot or home or want to sell a property you currently own, our team provides complete sales and marketing services. Call or email us at LPG@RussLyon.com for more information. If your home is currently listed, this is not a solicitation for that listing.
Produced by DLP Marketing • (480)460-0996 • DLPmarketing.com
Mid-Summer Real Estate Snapshot
Exclusively Presented By Luxury Property Group
not yet on the market so if you have interest, please contact us and we can provide details.
purchased at prices where they can be remodeled and brought up to current finish standards. Also, the scarcity of available lots to build a custom home in the community has contributed to the influx in overall home sales and we will discuss this more in the Estancia Lot Market discussion below. Finally, there were 5 LaScala sales over the last 12 months, which is consistent with the 5 sales during the previous 12 months.
Estancia Mid-Summer Real Estate Snapshot
W
e're pleased to provide our annual "Mid-Summer Real Estate Update" and hope that you are all happy, healthy and enjoying the summer. First, we want to share with you the success of your on-site real estate team. Debbie Negrin, Jay Pennypacker and Will Foote (Luxury Property Group) have sold over $125 million in real estate during the last year. Our production places us as the #1 producing team in Scottsdale and the #2 overall producing team for Russ Lyon | Sotheby's International Realty which is the largest Sotheby's Realty affiliate in the world. Our team continues to outperform all other real estate groups with the highest volume of sales in Estancia and as the leading real estate team for sales in all of North Scottsdale. Over the past 10+ years our team members have been involved in 215 transactions behind the gates of Estancia after completing 28 transactions during the last 12 months!
Estancia Market – HOMES
Overall there have been a total of 25 homes sold in the community during the last 12 months compared to 16 during the previous year when we include both CUSTOM homes and LaScalas. During the last 12 months there have been a total of 20 CUSTOM home sales compared to 11 the previous year; a 82% increase from last year’s total and a new record for community sales in one year. The average sale price for CUSTOM homes in Estancia during the last 12 months is $2,797,500, which is down 5% from the previous year. With a record number of homes selling during the last year, the average sales price has dropped slightly based on the quantity of older homes sold that were built in the late 1990’s and early 2000’s. These properties that are now around 20 years old were
25
Homes
LUXURY | DEFINED
$1,100,000 - $7,500,000
Listed below are the detailed statistics for Estancia sales this year:
There have been some unique sales that have also affected value in the community with a foreclosure sale and an auction sale during the last year. Luxury Property Group has been strategically working to generate sales that avoid both of these scenarios by selling homes that are off market, selling homes that are under construction and creatively trading homes for buyers looking to downsize or move up in size. We have also been instrumental in building the speculative home business in Estancia selling land to quality builders who have been building and selling homes in the community for prices between $3,675,000 - $7,500,000 during the last year. The speculative home business has generated tremendous momentum for overall home sales by building values and establishing price records in the community.
During the last 12 months there have been 7 lot sales, which is consistent with the previous year. The average sale price has increased by 6% finishing at $830,714 this year versus $784,667 last year. With limited lot inventory remaining in the community we expect that lot sale prices will continue to increase as the community nears complete build-out. The lot market is going to be interesting over the next few years with such a limited supply of land available in the community and we believe that this will have a positive effect on both lot and home values going forward. We are already beginning to see buyers that cannot find a suitable lot to build a custom home begin to buy existing homes and investing in a complete remodel. This is the beginning of a ‘renaissance’ of sorts for the homes constructed in the late 1990’s and the homes on the best homesites are selling more quickly to buyers willing to take on a remodel project.
Lots
# SOLD
When we review the luxury HOME market in North Scottsdale we utilize the 85262 and 85266 zip codes and include homes that closed at $1,000,000 or greater. In this market overall pricing has continued to improve with an 8% increase in sales volume, while the average sales price has remained level during the last 12 months. Overall, 294 homes have sold in the last 12 months compared to 273 sales during the previous 12 months. Average sales price is $1,829,055 this year compared to $1,865,684 last year. Furthermore, the average sale price per square foot has decreased by 4% averaging $360 this year compared to $363 last year. As it relates to the ultra luxury market that includes sales over $3,000,000, there were 27 sales this year compared to 17 during the previous 12 months. Buyers continue to pay a premium for new homes that are consistently smaller than older resale homes and buying more expensive homes overall, which has maintained the average sale price and the price per square foot established last year. The luxury LOT market in North Scottsdale is measured again using the 85262 and 85266 zip codes and includes lots that have closed at $300,000 or greater. After robust growth recently, overall pricing and volume of lots sold has dropped for he first time in the last few years. 69 lots have sold in the last 12 months compared to 83 sales during the previous 12 months; a 17% decrease. Average sales price has dropped slightly averaging $551,407 this year versus $583,573 last year. As it relates to days on market for luxury lots selling over $300,000, the average this year is 522 days versus 455 days to sell last year.
Estancia Market – LOTS
Overall Luxury Market in North Scottsdale
In closing, thank you for your business and your time reading this update. Please feel free contacting any member of our team for assistance in evaluating your real estate needs. You will continue to receive the very best real estate services from our group and we will always go the extra mile for you.
[ SAVE THE DATE ] Mark your calendars and we'll see you at our Annual Welcome Back Party on October 30, 2019!
AVERAGE PRICE
7 $830,714
Warm regards,
The statistics in Estancia point toward a stable and healthy market for both homes and land. With a total of 206 completed homes in the Estancia the community is nearing complete build-out and while there may be 27 buildable lots remaining in the community, the majority of these lots will be owned by neighbors to protect view corridors and privacy. A consistent theme during the last few years is that newer homes continue to sell at a premium as it relates to price per square foot, while older homes are selling at a lesser price per square foot so that the buyer can remodel and bring the home in-line with current trends. With the limited lot inventory the remodel projects will continue to grow, particularly for homes that are sited on the best lots. Currently there are 16 on-going remodel projects in Estancia, which is a record figure.
Debbie, Jay and Will Luxury Property Group Enjoy the resort-style patio of our featured cover property at Estancia Lot 171 in Scottsdale.
Market stability is further supported by the amount of building activity within the community. Currently, there are 10 homes under construction with another 4 homes in design review that will break ground during the next year. There are 3 spec homes under construction and 7 build-to-suit homes under construction. Many of the spec homes are very near completion or just completed and
ESTANCIA
not yet on the market so if you have interest, please contact us and we can provide details.
purchased at prices where they can be remodeled and brought up to current finish standards. Also, the scarcity of available lots to build a custom home in the community has contributed to the influx in overall home sales and we will discuss this more in the Estancia Lot Market discussion below. Finally, there were 5 LaScala sales over the last 12 months, which is consistent with the 5 sales during the previous 12 months.
Estancia Mid-Summer Real Estate Snapshot
W
e're pleased to provide our annual "Mid-Summer Real Estate Update" and hope that you are all happy, healthy and enjoying the summer. First, we want to share with you the success of your on-site real estate team. Debbie Negrin, Jay Pennypacker and Will Foote (Luxury Property Group) have sold over $125 million in real estate during the last year. Our production places us as the #1 producing team in Scottsdale and the #2 overall producing team for Russ Lyon | Sotheby's International Realty which is the largest Sotheby's Realty affiliate in the world. Our team continues to outperform all other real estate groups with the highest volume of sales in Estancia and as the leading real estate team for sales in all of North Scottsdale. Over the past 10+ years our team members have been involved in 215 transactions behind the gates of Estancia after completing 28 transactions during the last 12 months!
Estancia Market – HOMES
Overall there have been a total of 25 homes sold in the community during the last 12 months compared to 16 during the previous year when we include both CUSTOM homes and LaScalas. During the last 12 months there have been a total of 20 CUSTOM home sales compared to 11 the previous year; a 82% increase from last year’s total and a new record for community sales in one year. The average sale price for CUSTOM homes in Estancia during the last 12 months is $2,797,500, which is down 5% from the previous year. With a record number of homes selling during the last year, the average sales price has dropped slightly based on the quantity of older homes sold that were built in the late 1990’s and early 2000’s. These properties that are now around 20 years old were
25
Homes
LUXURY | DEFINED
$1,100,000 - $7,500,000
Listed below are the detailed statistics for Estancia sales this year:
There have been some unique sales that have also affected value in the community with a foreclosure sale and an auction sale during the last year. Luxury Property Group has been strategically working to generate sales that avoid both of these scenarios by selling homes that are off market, selling homes that are under construction and creatively trading homes for buyers looking to downsize or move up in size. We have also been instrumental in building the speculative home business in Estancia selling land to quality builders who have been building and selling homes in the community for prices between $3,675,000 - $7,500,000 during the last year. The speculative home business has generated tremendous momentum for overall home sales by building values and establishing price records in the community.
During the last 12 months there have been 7 lot sales, which is consistent with the previous year. The average sale price has increased by 6% finishing at $830,714 this year versus $784,667 last year. With limited lot inventory remaining in the community we expect that lot sale prices will continue to increase as the community nears complete build-out. The lot market is going to be interesting over the next few years with such a limited supply of land available in the community and we believe that this will have a positive effect on both lot and home values going forward. We are already beginning to see buyers that cannot find a suitable lot to build a custom home begin to buy existing homes and investing in a complete remodel. This is the beginning of a ‘renaissance’ of sorts for the homes constructed in the late 1990’s and the homes on the best homesites are selling more quickly to buyers willing to take on a remodel project.
Lots
# SOLD
When we review the luxury HOME market in North Scottsdale we utilize the 85262 and 85266 zip codes and include homes that closed at $1,000,000 or greater. In this market overall pricing has continued to improve with an 8% increase in sales volume, while the average sales price has remained level during the last 12 months. Overall, 294 homes have sold in the last 12 months compared to 273 sales during the previous 12 months. Average sales price is $1,829,055 this year compared to $1,865,684 last year. Furthermore, the average sale price per square foot has decreased by 4% averaging $360 this year compared to $363 last year. As it relates to the ultra luxury market that includes sales over $3,000,000, there were 27 sales this year compared to 17 during the previous 12 months. Buyers continue to pay a premium for new homes that are consistently smaller than older resale homes and buying more expensive homes overall, which has maintained the average sale price and the price per square foot established last year. The luxury LOT market in North Scottsdale is measured again using the 85262 and 85266 zip codes and includes lots that have closed at $300,000 or greater. After robust growth recently, overall pricing and volume of lots sold has dropped for he first time in the last few years. 69 lots have sold in the last 12 months compared to 83 sales during the previous 12 months; a 17% decrease. Average sales price has dropped slightly averaging $551,407 this year versus $583,573 last year. As it relates to days on market for luxury lots selling over $300,000, the average this year is 522 days versus 455 days to sell last year.
Estancia Market – LOTS
Overall Luxury Market in North Scottsdale
In closing, thank you for your business and your time reading this update. Please feel free contacting any member of our team for assistance in evaluating your real estate needs. You will continue to receive the very best real estate services from our group and we will always go the extra mile for you.
[ SAVE THE DATE ] Mark your calendars and we'll see you at our Annual Welcome Back Party on October 30, 2019!
AVERAGE PRICE
7 $830,714
Warm regards,
The statistics in Estancia point toward a stable and healthy market for both homes and land. With a total of 206 completed homes in the Estancia the community is nearing complete build-out and while there may be 27 buildable lots remaining in the community, the majority of these lots will be owned by neighbors to protect view corridors and privacy. A consistent theme during the last few years is that newer homes continue to sell at a premium as it relates to price per square foot, while older homes are selling at a lesser price per square foot so that the buyer can remodel and bring the home in-line with current trends. With the limited lot inventory the remodel projects will continue to grow, particularly for homes that are sited on the best lots. Currently there are 16 on-going remodel projects in Estancia, which is a record figure.
Debbie, Jay and Will Luxury Property Group Enjoy the resort-style patio of our featured cover property at Estancia Lot 171 in Scottsdale.
Market stability is further supported by the amount of building activity within the community. Currently, there are 10 homes under construction with another 4 homes in design review that will break ground during the next year. There are 3 spec homes under construction and 7 build-to-suit homes under construction. Many of the spec homes are very near completion or just completed and
ESTANCIA
SEPTEMBER | OCTOBER 2019
ESTA
Did you know that Luxury Property Group sells real estate throughout Scottsdale? Check out the table below showing our sales outside of Estancia:
Lifestyle E S TA N C I A
MIKE HOLDER
602.432.3273 c DEBBIE NEGRIN
480.734.3498 c JAY PENNYPACKER
602.570.3962 c WILL FOOTE
480.242.2483 c
LPG-3.com Luxury | Defined
Luxury Property Group is a consistent top-producer in the luxury market and possesses an intimate knowledge of North Scottsdale. Whether you are looking to purchase a lot or home or want to sell a property you currently own, our team provides complete sales and marketing services. Call or email us at LPG@RussLyon.com for more information. If your home is currently listed, this is not a solicitation for that listing.
Produced by DLP Marketing • (480)460-0996 • DLPmarketing.com
Mid-Summer Real Estate Snapshot
Exclusively Presented By Luxury Property Group