Terravita Market Update
September 2nd, 2024
1. Terravita Market Update
September is Here—And So Are Better Days!
Hey gang! We’ve finally reached September, and I don’t know about you, but I’m ready for it. The monsoons did their part to cool things down a bit, but it’s September 15th that I’m really looking forward to—that’s when you can actually feel the cooler weather. And cooler weather means one thing: a stronger real estate market. Happy Days are on their way!
Terravita Market Update: The Slowest Month is Behind Us
Yes, the Terravita Market was slow this month—only three homes went under contract, we had just two closings, and the monthly PPF average is lower than the annual. But don’t worry; this was very predictably the slowest month, and likely the slowest we’ll see for a while. We’ve been advising our clients since last spring to hold off until fall if they could. Why? Because waiting until now will likely make you more money, with less hassle, and keep our sales stats at the top of Scottsdale North. And that’s exactly where we like them to be!
The Cromford Market Index: The Best Leading Indicator
These predictions weren’t just based on my 30+ years of experience; they’re also backed by data. An easy example is The Cromford Market Index (CMI), which is our best leading indicator of market conditions. You might remember that a score of 100 signals a balanced market.
While the 130 score for Scottsdale in the chart above isn’t in an aggressive seller’s market, the trend is heading in the right direction.
And Remember… that CMI score reflects all of Scottsdale, including areas 30 miles to the south, where sales are more influenced by school schedules than our outdoor temperatures. Here in Scottsdale North, we’re less about school cycles and more about enjoying that perfect outdoor lifestyle.
For Sellers: We are heading into a better market, but this fall will be challenging. Pricing and marketing will be critical, and mistakes will be costly. Let us help guide you to real success.
For Buyers: See below
Rates Are Coming Down—And So Should Your Caution
Good news for buyers: rates are starting to come down. The Fed has hinted at it, and we’re beginning to see the impact. Now, Scottsdale North buyers are mostly all cash, so the rates don’t really affect them. But they do watch economic trends and are not immune to the normal market ebbs and flows. We still have an enormous shortage of homes in the Valley, and when the market picks up, the price increases could be quick and significant. If you’re considering buying for yourself or as an investment, this looks like a fabulous window for you. Don’t be one of those saying, “Oh man, why didn’t we then!”
Growth Stories: The Valley is More Than Just Sunshine
In my Real Estate Review section below, every month, I share stories about how the Valley is growing—not just in population or business, but in the kinds of industries that are taking root here. Historically, our economy has leaned almost exclusively on hospitality and construction, but that’s changing fast. New industries are planting their flags here, and it’s making a big impact.
The most obvious example is the semiconductor boom—nearly $100 billion in investments pledged over the past five years—but it doesn’t stop there. We’re also emerging as a tech hub, especially in BioTech fields. Personally, I believe the water issue is being managed well, and buying now could be like buying in California in the 1950s. Opportunities like this don’t come around often.
Check out the stories in the real estate section below. They might give you a glimpse of what I see. Now is the time to invest in the Valley, specifically in Scottsdale North. And we are the team to get you to your goals. Give us a call when you are ready!!
Remember, in uncertain markets like this, whether you’re buying or selling, experience isn’t expensive—it’s priceless.
Here’s a Sneak Peek at Our Coming Soon and Off-Market Inventory:
2. Scott’s Scottsdale North Newspaper Article
From Memories to New Beginnings: The Emotional Path of Downsizing
3. Connecting Scottsdale North
Coming Soon to CSN
Exciting news! In case you missed it, we finally have a new tenant moving into the former Albertsons spot in Terravita Marketplace—and we think you’re going to love them! To help you get acquainted, we’ve recorded a podcast. Stay tuned for its release!
The Park Is Taking Shape!
Next month, we will have another podcast with Nick Molinari from the City of Scottsdale on the park’s progress. As you will see below, it looks like it will be ready soon, but his best guess is after the first of the year. Stay tuned!!!
⬆️Park Rendering⬆️
4. Real Estate Review
Phoenix’s population has grown by nearly 200K since 2020
New $70 million hospital to be built on Mayo Clinic Phoenix campus
New Rehab Hospital minutes away from Scottsdale North!
Phoenix still tops the nation in industrial construction
Three Valley hospitals were among five Arizona hospitals that received the highest five star scores
HonorHealth Scottsdale Thompson Peak Medical Center And Mayo Clinic Hospital in Phoenix!
$17M sale of Scottsdale home sets record for price per square foot
We look cheap compared to this! For photos: 10323 E Robs Camp RD, Scottsdale, AZ
The best (and worst) US cities for getting outside in 2024
Phoenix is number 1!
21,000 Acres Purchased for $20 Billion Master Planned Data Center
World’s largest 3D-printed neighborhood, coming soon to Texas.
5. Just For Fun
If you knew you only had X years left, how would you live differently? Take a look at the chart below to see your statistical timeline. Charting how long you have left to live (statistically speaking).
Home Run Dugout takes big swing in growing entertainment corridor near Talking Stick
Visualizing the most common four-digit PIN codes.
A statistical analysis of the greatest actors ever.
… and world’s priciest supercars debut in California. (w/video)
Lake house once owned by Titanic survivor goes up for sale
Thought For The Day
“Getting old is like climbing a mountain; you get a little out of breath, but the view is much better!”
-Ingrid Bergman
