May 2023 Terravita Market Update

1. Terravita Market Update
2. The Road Ahead
3. Scott’s June Article in The Scottsdale North Newspaper
4. Sneak Peek at the first edition of our New Podcast
5. Brief Park Update
6. Another Miss On Scottsdale North
7. More News You Can Use

1. Terravita Market Update

We have been alluding for months that the Terravita market would have an exceptional May, and it did not disappoint. May had record-breaking figures to make your head spin. We saw the priciest per-square-foot sale ever at a whopping $692. Sounds like a lot? That’s because it is! We also observed the highest monthly average per square foot at a mind-boggling $519. Now, if that doesn’t say ‘peak market performance,’ I don’t know what does.

Yet, as astonishing as these numbers are, what really gets me is the enormous gap between the highest and lowest per-square-foot sales – a jaw-dropping $339! You could drive a Cadillac through that gap. We have never seen that kind of delta between the high and the low. Possibly more remarkable – the least expensive per-square-foot sale came from the most popular floor plan, located on a golf course lot! Isn’t that crazy!

Brief brag from your sponsor: The Scott G group had 4 of this month’s closings with an average of $555 and included the highest price per foot sale. We don’t brag often but we were very proud of these. Some of these sellers came to us last fall and trusted us that waiting until late spring would mean higher prices.

But hold your horses! It’s not all sunshine and roses. Despite all the records broken this month, there’s been an unusual slowdown. Also, that large gap between the high and low could signal a problem. How could that home sell so much lower? Demand seems to be dropping a tad and only five homes went under contract. That is well below the May average for recent years. And, at 13 active listings there are more homes on the market than we’ve seen in a while. So there is that…

Below is a good article, but the real reason I included here is that it has a map of north Scottsdale that leaves Scottsdale North out of it!

I called the reporter personally to discuss it. He has only been in the valley a year but he did not know that Scottsdale went further north than the map he included in the article!! I tell you Johnny, we get no respect…

In other news, the Brady Bunch home is up for grabs at $5.5M, and AI is getting so sneaky that it could trick you into handing over your cash.

In case you missed it, 60 Minutes did a very scary story on how crooks will use AI to fool you. Honestly, this is worth your time. Please watch it: Digital Theft Demonstration.

On a lighter note, check out how much real estate you can score for $375,000 in Arizona cities. Hint: You’d have to rewind to August 2019 to find a $375k single-family home sale in Scottsdale North.

We have a title insurance policy for our house. Do we need more protection? There are some convincing ads out there trying to scare people into this. This article is written by and old friend of mine who who was the Arizona Association of Realtors corporate counsel for 3 years. You can trust him.

Luxurious Paradise Valley estate originally listed for $20M will be sold at auction Scott Note: This home sold in 2019 for $12 million

That’s the end of our monthly recap, folks! A quick reminder: our team is unmatched in selling homes in Scottsdale North – it’s where we shine. If you’re aware of anyone looking to buy or sell, suggest they give us a ring. We’re here to make the magic happen!

Thought For The Day

Stay curious. Learning is what makes life better and better.

– Scott Gaertner, in his rule book for his kids

Thank you all for reading and supporting our updates. We know there are a lot of things out there pulling for your attention these days. Please let us know anything we can do better.

Disclaimer disclaimer! Please don’t skip over this one, folks. It’s not your typical boring legal jargon. Just a friendly reminder that our lawyers made us include this so they don’t lose their minds. Read on, if you dare!