Realty Times Feature Article by Blanche Evans

Northern Scottsdale is one of the fastest growing areas of the Phoenix Valley due to a wide variety of reasons -- from its slightly cooler weather, custom homes, recognized schools and year-round sports to its beautiful mountain views.

In the area north of Happy Valley and east of Pima, there are breathtaking surrounding views. "Some say it could be the next Paradise Valley," says Realtor Victoria Felice. "Others say it is the horse Mecca of our country."

There are good buys still available, says Felice. "Prices are quivering at the 'status quo' line - as buyers are taking advantage of last year's leftovers and picking up some very good buys before the loan rates and property prices start hedging up and go over the peak, literally speaking."

"It has been a long run of great loan rates, and now that the public has gained some confidence back in the economy, buyers in the higher price range have been coming out of the woodwork. Sellers thinking they will have to wait a half a year or more before they sell are being surprised by buyers when they priced their home smartly," advises Felice. "These financially smart buyers are appearing, almost sneaking up on the sellers with respectable offers."

Felice also advises also looking into the Rio Verde area. "There is talk that this area will be annexed into Scottsdale over the next 5 years," says Felice. "Possibly sooner. There are good and not so good aspects that potential buyers and investors will want to know before they purchase property."

She provides the following comparison:

• January 2000 produced a total of 7 Pending Contracts and 2 Sold Properties - Average List Price: $435K - Average Sale Price: $198K - percent sales price to list - 96 percent
• January 2001 produced a total of 0 Pending Contracts and 7 Sold Properties - Average List Price: $374K - Average Sale Price: $427K - percent sales price to list - 94 percent
• January 2002 produced a total of 0 Pending Contracts and 9 Sold Properties - Average List Price: $443K - Average Sale Price: $351K - percent sales price to list- 97 percent

Pinnacle Peak is located in North Scottsdale and is an area of residential growth typified by luxury homes and world-class golf courses, explains Realtor Lynn Coleman. "Pinnacle Peak is at an elevation approximately 1200' above Phoenix," she says. "This area is usually a little cooler and even has an occasional snow flurry during the winter. Located at the North end of the McDowell Mountain range, high Sonoran desert beauty and spectacular views are the order of the day."

"There were 80 residential resale properties that closed escrow during April, ranging in price from $125,000 to $1,420,000," says Coleman. "The average listing price for all properties was $472,564 (down 7% from March) and the average sales price was $454,998 - also down 7% from March. Property in the area is bringing about 96% of the actual asking price. The average property sold for $151 per square foot and was on the market for 79 days."

The completion of the Pima Freeway (101 Loop) is looked forward to with anticipation by North Scottsdale residents who will find a decreased commute time to downtown Phoenix and the Sky Harbor airport. Says Realtor Delores Thain, "North Scottsdale boasts one of the best school districts in the Valley as well. Many new shopping malls have been built to add to the convenience of residents."

Don't wait long. "The average home price in the Scottsdale area is around $300K," says Realtor Donald Cunningham. "Luxury properties $400K and above are experiencing price reductions and longer market time. Properties between $150K-$400 are staying strong with minimal market changes."

"Homes continue to sell at a steady pace," says Realtor Laurinda Cumming. "Average days on the market are between 60-120 days. The supply is slightly higher than the demand, making it a great opportunity to purchase property at this time. Interest rates remain low, however they won't stay this low forever -- so don't miss this opportunity."

Blanche Evans is the publisher of Agent News and the associate editor of Realty Times, the Internet's largest independent real estate news service. She is the author of two best-selling real estate books: The Hottest e-Careers In Real Estate, Real Estate Education Company, an Internet marketing primer for real estate professionals, and homesurfing.net: The Insider's Guide To Buying And Selling Your Home Using The Internet, Dearborn, a consumer homebuying and selling guide. In 2000, she was recognized by the editors of REALTOR(r) Magazines as one of the 25 Most Influential People In Real Estate.

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