B I LT M O R E Q U A R T E R LY M A R K E T
REPORT
THEKARASGROUP.COM | THIRD QUARTER REVIEW 2015
CURRENT BILTMORE MARKET STATISTICS PAGES 3 & 4
Exclusive Luxury Real Estate
TRANSFORMING THE MARKET ONE HOME AT A TIME
Statistics are one of the most valuable items we consider when selling your home. The
statistic s in 2015 is the strongest the Biltmore has seen in a long time. We are consistently
selling more home than every before month after month. As a result, the Biltmore is
currently a seller’s market. There is a strong, consistent demand from Buyers .
Christopher
KARAS
Ranked as one of the top luxury
agents in the Valley, Chris Karas,
Owner/President of The Karas
Group is changing the way real estate
is managed. His local, national and
international experience provides
the highest quality exposure and top
market expertise. Chris and his
team provide unparalleled
personalized client services.
With that said, the demand can change over night. The biggest mistake Sellers make
in this type of a market is over pricing their property. The one consistent statistic
over the years is that properties sell at approximately 95% of their offering price.
The Karas Group is having an incredibly successful year and attributes a majority
of this to knowing the market and pricing homes accurately. Pricing your property accurately is the strongest thing you can do. (Aside from hiring
the right realtor☺) At The Karas Group , we dig deep into the comparable properties
to make sure we are accurately evaluating your property. We see every home that has
sold or is available - on and off the market, to provide the competitive edge to you, our
clients. Along with all the homes we have sold over the years, we have a deep database of
Buyers and Realtors looking for properties at every price point. It is important to us that
our clients have a good pulse on the market and understand what the Buyers are looking
for in a property.
Time and time again we have sold properties that are not on the market – More this|
year than ever before. These are the best properties to sell. By keeping the process
confidential and efficient, it results in a win for both the Buyer and Seller. At The Karas
Group we enjoy “thinking outside of the box” and encourage you to give us a call to discuss
how we can help you sell or buy your next property. Let us develop a marketing strategy
for you today!
Your Realtor,
Chris Karas
Chris Karas
www.TheKarasGroup.com
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(602) 919-6511
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[email protected]
PROUD
to be in the
TOP 0.1%
of ALL
Realtors
Nationwide.
F EAT U RED H OM E THIRD QUA RTER 2 0 1 5
PARADISE VALLEY FARMS
NEW BUILD
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by Eagle Luxury Properties, located in the highly coveted neighborhood
of Paradise Valley Farms. Upon entering the spacious open floor plan you
are greeted with the open great room complete with a 30 foot multi-slide
glass wall system that brings the outdoors in. This incredibly well thought
out home boasts a large commercial kitchen, chef ’’s pantry and kitchen
office, private dining room with butler pantry, breathtaking glass wine
cellar & a private office including a full bathroom and closet (or a 6th
bedroom). There is a great lounge area or children’’s lounge adjacent to
the 3 bedrooms all with en-suite bathroom. The master retreat offers a
large sitting room, spacious bathroom and his & her walk-in closets...
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Offered at $3,450,000 | 7,182 SF | 5 Bedrooms | 7 Bathrooms
www.TheKarasGroup.com
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(602) 919-6511
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THE KARAS GROUP MONTHLY MARKET REPORT
{
B I LT M O R E
AVERAGE PRICE UP 6% FROM LAST YEAR
Quarterly Sales up 59%
P R ES ENT ED B Y TH E KARAS G ROU P
}
For the Biltmore District, the three months, May through
July, were quieter than February through April, with a
total of 51 sales, but this was still an increase of 59% over
the same period a year ago. The average price moved 6%
higher than last year but average living space also grew
by 11% so the average price per square foot dropped
by 5%. More than half of the homes were sold for under
$500,000 with condos and townhomes in locations
such as Cloisters, Biltmore Terrace and, Meridian
Condominiums represented strongly.
Among the non-distressed sales we saw strong
growth except in new homes.
• normal re-sales up from 29 to 48
• investor flips up from 1 to 3
• new construction down from 1 to 0
The number of active listings increased slightly from
79 to801 between August 1, 2014 and August 1, 2015.
However with the large increase in the sales rate, the
average months of supply has dropped from 7.4 to a
low 4.7 months. All of these figures include single family
detached, townhomes and condominiums. For May
through July, spending on homes in the Biltmore District
rose from just over $18 million to slightly under $31
million. The average number of days on market for sold
Biltmore properties has fallen 14% over the last twelve
months from 121 to 104 days.
As in most areas, the average price per square foot in
the Biltmore District tends to increase as we move up
the price scale.
.7 months of supply is low for the Biltmore District and
indicates that buyers have less negotiation power than
they had in 2014 despite the slight increase in supply.
However they will welcome the apparent weakening in
price per square foot for homes over $750,000.
2015
PRICE
RANGE
There has been little change in the amount of distress
over the past 15 months. Between May and July 2014 we
saw one Fannie Mae owned home, and no trustee sales,
pre-foreclosures or short sales. Twelve months later we
saw one trustee sale but no other distressed sales.
Up to $500K
$500K to $750K
$750K to $1M
$1M to $2M
Over $2M
2014
QUARTERLY QUARTERLY ANNUAL
AVG $/SF
AVG $/SF CHANGE
$176.89
$274.79
$350.64
$397.86
n/a
$196.58
$283.98
$281.30
$332.35
$350.37
+11.1%
+3.3%
-19.8%
-16.5%
n/a
Last year there were no homes over $2 million that sold between May and July
but we counted 2 in the same period this year. There were 5 sales between
$1 million and $2 million in both years. The biggest change between the years
was the growth in sales below $500,000 which more than doubled from 13 to
27. This range also saw the strongest move in average price per square foot.
BILTMORE SINGLE FAMILY HOMES, CONDO & TOWNHOMES - MAY TO JULY 2015
2014
CHANGE
2015
AVERAGE
SALES PRICE
AVERAGE
PRICE / SQ FT
NUMBER
OF SALES
AVERAGE
SQ FT
AVG DAYS
ON MARKET
ACTIVE
LISTINGS
MONTHS
OF SUPPLY
$572,711
+6%
$605,021
$287.25
-5%
$273.85
32
+59%
51
1,994
+11%
2,209
121
-14%
104
79
+1%
80
7.4
-36%
4.7
www.TheKarasGroup.com
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(602) 919-6511
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THEKARASGROUP.COM | THIRD QUARTER REVIEW 2015
THERE WERE SEVERAL SIGNIFICANT SALES THAT CLOSED BETWEEN MAY & JULY 2015 INCLUDING:
SUBDIVISION
ADDRESS
BILTMORE ESTATES
BILTMORE CIRCLE ESTATES
TWO BILTMORE ESTATES
LINCOLN HILLS
BILTMORE GREENS
36 BILTMORE ESTATES
69 BILTMORE ESTATES
2 BILTMORE ESTATES UNIT 205
3500 E LINCOLN DR #19
6240 N 31ST ST
SALES PRICE
SQ FT
$ / SQ FT
BUILT
LOT SIZE
$3,000,000
$2,577,500
$1,620,000
$1,415,000
$1,125,000
7,498
8,421
3,658
4,688
2,884
$400
$306
$443
$302
$390
1952
1997
2008
1985
1989
42,649
57,064
CONDO
21,845
9,392
BILTMORE LONG TERM REVIEW
Looking back over the long term annual average price per square foot we can see that prices in the Biltmore District peaked in April
2008 and fell by 52% before recovering. The annual average $/SF has increased by 32% since the low point of October 2012.
Over the last two years, jumbo loans have become
increasingly popular with lenders and therefore widely
available to well qualified borrowers. For the first time in
living memory, the interest rates on these jumbo loans are
often lower than for conventional loans and the interest rate
decreases as the loan amount increases. With interest rates
still at historically low levels, it is an excellent time to be a
borrower but with demand higher than last year, sellers are
now experiencing more negotiating power than buyers. In
the Biltmore Area demand has changed its emphasis over
the last few months, favoring the smaller and less expensive
condominiums. However, if the stock market continues to do
well in 2015, the higher end of the Biltmore market appears
likely to continue its winning streak once the summer is over.
ANNUAL AVERAGE SALES PRICE PER SQUARE FOOT
Biltmore 2002 - 2015
Data prepared by Mike Orr, Founder of the Cromford Report and Director of the Center for Real Estate Theory and Practice, W.P. Carey School of Business, ASU.
Information contained in this report has been prepared exclusively for The Karas Group. All other use is expressly forbidden. The Karas Group © 2015
www.TheKarasGroup.com
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(602) 919-6511
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[email protected]
F E AT U R E D H O M E S
SANTA BARBARA INSPIRED ESTATE • $1,600,000
PARADISE VALLEY ESTATE • $2,095,000
4 Bedrooms • 4.5 Baths • 5,542 SQ FT • 1.06 Acre
5 Bedrooms • 6 Baths • 6,825 SQ FT
tourfactory.com/1299415
tourfactory.com/1359429
PARADISE VALLEY ESTATE • $2,000,000
FINE LIVING IN PARADISE VALLEY • $4,400,000
4 Bedrooms • 5 Baths • 4,873 SQ FT • 1.00 Acre
5 Bedrooms • 5.5 Baths • 8,634 SQ FT • 1.13 Acre
tourfactory.com/1419712
tourfactory.com/1397413
CROWN CANYON
EXCLUSIVITY. PRIVACY. TRANQUILITY. YOU DESERVE NOTHING BUT THE BEST.
Purchase Your Homesite Today. • Priced starting from $1,525,000 • Only 10 Homesites remaining.
www.CrownCanyon.com • (602) 919-6511
FOR MORE INFORMATION CONTACT CHRIS AT (602) 919-6511 or [email protected]
www.TheKarasGroup.com
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(602) 919-6511
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[email protected]
Tom
ross
Market Alert
First, interest rates are climbing and my hope is you have worked
tirelessly with your mortgage advisor to take advantage of the market
lows in 2015 before the recent trend higher. If not, fear not.
There is still opportunity to review your existing mortgage with your
trusted advisor. Obviously we are happy to apply for the job!
Second, NOVA® Home Loans and the Ross Team are thrilled to offer
you our Mortgages for DoctorsTM Program, serving doctors and dentists!
Here are a few program highlights:
• 5% down payment to $1,000,000 with no Mortgage Insurance
• 10% down payment to $1,250,000 with no Mortgage Insurance
• Primary and Second Homes permitted
• Purchase and Refinances are eligible
• 30 and 15 Year Fixed Rates, or 5/1 ARM
• 720 FICO needed for 5% down payment
MORTGAGES for DOCTORS
• Available in Maricopa & Pima Counties
Call us with questions! Of course and as always, we at the Ross Team
MORTGAGES
would love to apply for the job of being your trusted
mortgagefor DOCTORS
advisor for life. We’re here to help, let us know how.
MORTGAGES for DOCTORS
Tom Ross
Greyscale (1 color only)
MORTGAGES for DOCTORS
Meet Our teaM
Tom Ross
Senior Loan Officer
Direct: 602.791.5861
[email protected]
Danny Hewlett
Loan Officer, The Ross Team
Direct: 602.501.1027
[email protected]
tOp 20 LOaN Officer
ChAirMAn’s Club 2011-2014
Mark Morrell
Loan Officer, The Ross Team
Direct: 602.391.9993
[email protected]
NOvaHOMeLOaNs.cOM/tOM.rOss
2850 E. Camelback Rd., Suite 270 • Phoenix, Arizona 85016
NMLS#179446 I NMLS#834229 I NMLS#275787 I BK 0902429 I NOVA NMLS#3087 I EQUAL HOUSING OPPORTUNITY
NOVA® Home Loans has
served Arizona families for
more than three decades.
Tom Ross joined Nova in
September of 2009 and
has 15 years of professional
experience in residential
finance.
Prior to joining NOVA®,
Tom owned two separate
mortgage brokerages and
held licenses in 17 states.
The Ross Team philosophy is
summed up in three words;
Integrity, Knowledge and
Communication.
The Ross Team is a regular
supporter of veteran and
children’s charities.
*
23.6%
www.TheKarasGroup.com
THE NUMBERS COULDN’T BE CLEARER
Highest Luxur y Mar ket Share in The Valley
PLEASE MEET OUR TEAM OF PROFESSIONALS AT THE KARAS GROUP
Jeni
Agha
8.6%
Lindsay
Baumhefner
Jennifer
Cohen
Erika
Dickey
David
Griffin
3.5%
3.5%
Marissa
Kline
Josh
Wein
8.1%
6.3%
5.4%
5.1%
Russ Lyon
Sotheby’s
International
Realty
BHHS
Arizona
Properties
Realty
Executives
Homesmart
Realty
One
Group
Coldwell
Banker
Residential
Walt
Danley
Realty
RE/MAX
Fine
Properties
2.8%
2.3%
DMB
Realty
RE/MAX
Excaliber
Realty
*Chart source: All ARMLS by dollar volume; sales $800K plus 9/1/2014 - 8/31/2015.
B I LT M O R E Q U A R T E R LY M A R K E T
REPORT
Never before has one company reached such heights. Perhaps it’s the locally-owned heritage since 1947.
Or the impressive, civic-minded men and women who make it what it is today. Or the iconic, blue signs
that have become status symbols for front yards across Arizona. Not just because they will soon mean sold,
THEKARASGROUP.COM | THIRD QUARTER REVIEW 2015
but because these signs now mean something else.
Class.KARAS
Profit. Promise. Without question, the sign of the times.
CHRIS
(602) 919- 6511
[email protected]
www.TheKar asGroup.com
|RussLyon.com
480.287.5200
Your exclusive luxury real estate
specialists
All information deemed reliable but not guaranteed. If your property is currently listed with another agency, this is not an attempt of solicitation.
Local
Postal Customer