Breaking News:

Close

Interactive Poll

Who should pay for engraving veterans' name on memorial?
 
Sponsored By:
November 2012 Sedona Real Estate Update
Written by Rick Wesselhoff   
Thursday, 15 November 2012 11:46

Our first fall/winter storm this past weekend seems to coincide with the slowdown of our local real estate market.  There are currently 409 residential units on the market, with69 of these already tied up with other buyers.  If you trim out the condos/patio homes/manufactured homes, there are only 256 single family homes that are truly available in the Sedona area. 

I'd say that the biggest news for our marketplace has to be the dropoff of foreclosed homes hitting the market.  There are currently 18 foreclosed homes available in today's market and only 3 short sales.  Short sales show that the homeowner is in financial straits - and could potentially turn into a foreclosure.  Only three homes with short sale status indicates a future dropoff of foreclosures as well. 

Home sales in 2012 show a small increase in price per square foot for most price categories under $1 Million. I would expect prices to stay steady or tick upwards very slowly over the next year or so.  We're still at historic lows for mortgage rates, so although many buyers are buying homes for cash, savvy buyers are borrowing money at low rates (some under 3.5%) and taking the mortgage interest deduction as a writeoff on taxes. 

The only other news is that the former Cor d'Amor subdivision - near the Sedona Medical Center has resurfaced under another name - Rimstone.  The prior developer lost the property to the bank and it's been sitting fallow for years after the streets and infrastructure were put in - and a new owner has purchased the land and has launched the lots on the open market for $125k-$300k.  I'd heard a rumor that a local builder put in an offer on several lots to cash in on the developer financing special - but none of these show as pending on our local MLS system - so they appear to be all available at this time. 

 

Comments  

 
0 #2 jaym 2012-12-11 02:33
very interesting and informative blog. thanks for sharing useful blog.
Quote
 
 
+1 #1 GD Mialocq 2012-12-09 06:34
The lending industry has destroyed the local market through its planned theft of equity and property nationwide. It's no different here. I just looked on Zillow at VOC property. Zillow shows all those for sale with red arrows. The local map is filled with them, mostly all foreclosures owned by Banks and sitting vacant. They won't rent them out so they sit there. Fewer rentals = higher rent. Yes, there are plenty of homes for sale by thieves with a trail of broken hearts and dreams in their wake...
Quote
 

Add comment

Email address will be verified before a comment is posted. Larson Newspapers reserves the right to publish only comments that are appropriate and pertain to website content. Comments that can be viewed as attacks, harassing or don't address the story the user posts a comment to will not be published. The feature is intended to enhance reader participation in a positive way by allowing constructive comments to be shared.


Security code
Refresh

About Rick Wesselhoff

RickWesselhoff
Our Sedona Real Estate Blog is writtent by local agent Rick Wesselhoff. Rick is a successful Sedona Realtor® that strives to educate his clients so that they can make informed decisions. Sedona is the right town for him due to the outdoors lifestyle, great people, and sense of community. Visit his website here

Featured Classifieds

Garage Sales
Jobs
Rentals
Services

Sedona Gas Prices

Lowest Gas Prices in Sedona
Sedona Gas Prices provided by GasBuddy.com