By Mike Bodeen · 26 March 2018
Low End Goes Pretty Low!
The last few months have seen the Valley set new sales price highs, and by a lot too!
Back in mid-December, a home in Paradise Valley on Mummy Mountain sold for $15,650,000. That home had set a new price record ever for Valley real estate. Previous to that sale, the highest price paid this past year was for a home in Desert Mountain which fetched $9.2 Million.
Then just five weeks ago 20450 N. 108th Place at Silverleaf in DC Ranch sold for $17.5 Million cash to a Canadian buyer. And it was a second home! (See home with pics, below) The home on 108th place has 6 bedrooms, 14 baths, and 20,000 SqFt on 4 acres at the 6th hole of Silverleaf Golf Course. It sold for $875 per square foot! It did take a while to sell, however, as in 2,261 days! Ouch.
To us Phoenicians, $17.5 mil for a home is amazing, but it’s chump change in many parts of Canada. Our West Coast might not feel that amount sufficient for even a down payment. More Canadian buyers may be coming back into our market as well as they’ve made recent gains with the Canada to U.S. exchange rate. Canadians invested heavily in our local real estate market back in 2008-2010 at or near the market bottom. They began cashing out a few years back.
On the other side of the spectrum, the lowest price paid for a home in the Valley this year was a 2 BR 1 Bath mobile home in Mesa which sold for $10,000.00. That was $11.90 per square foot. (See pic below). Now before you start to foam at the mouth at how wonderful it would be to rent that out for an investment, you need to know that the property is personal property on leased land. There’s no HOA but there is a $614 per month land lease fee. Correct, you don’t own your land. Oh, and it’s an over 55 community. In contrast to the listing above, this home sold in less than 10 days.