Busy fall buying season coming to a close

by Rick Wesselhoff on 30. Oct, 2007 in Sedona Market Trends, Selling Your Home

Well, the changing of the leaves signifies a changing of the market.  We’re losing a little bit of steam – but the buyers are still in town.  Granted they’re not always buying, but they’re noticing that there are deals to be had all over town and they’re having a look and naming their price.  I can’t remember if I said this in a previous post – but there’s still nothing in escrow in the $1M – $2M range.  This is pretty telling… it shows that the upper part of the market is starting to fall off – but the lower end of the market <$450k is starting to move…

2 Responses to “Busy fall buying season coming to a close”

  1. seadelbert 02. Nov, 2007 at 6:51 pm #

    Will you please comment about building lot trends.
    -# of building lots on the market
    -escalation of prices from say 2001 to 2006
    -best 3 or 4 developments in the area with significant building parcels for sale
    -how flexible you perceive pricing might be right now. i.e. do owners really need to sell?

  2. Rick 05. Nov, 2007 at 4:49 pm #

    Wow… only my second comment ever on this site, so I guess both of my readers wrote… so I might not ever get comments again.

    Currently we have 463 parcels of vacant land on the market in the Sedona area (inlcudes the VOC and Red Rock Loop area). This number is definitely much higher than 2002, but our recordkeeping isn’t good enough to tell me what the inventory was then – I’d guess in the mid 200’s.

    Prices have escalated greatly – I just pulled a hard copy of some sale records in 2002 – for instance – a lot in North Slopes (off Dry Creek Rd.) sold for 250k in 2002. This was a 2 acre lot in a gated, prime view area in town. That same lot would have sold for $850k in the heat of the market (end of 2005)… and might sell for somewhere in the low to mid 700’s today.

    “The best 3 or 4 developments with significant building parcels”… that’s a tough one. I suppose that it sepends on how you define significant. With the opening of a few new subdivisions like Aerie, La Marea (or however you spell it?!?) with lot prices in the $1M+ range – I think one of the best deals is still Cross Creek Ranch. Those lots just seem like a great deal when you compare to similar products. Also, if you’re looking at Cross Creek, you should see CR Ranch (if you’re ok with the VOC) – and existing subdivisions that compare might be North Slopes, Estates at North Slopes, Jordan Park. All these are large lots (1.5 ac +) in gated subdivisions – except Jordan Park – these are building envelopes.

    Flexible pricing??? I think that it would be deceiving to say that everyone is fine or they’re all hurting, I think it depends on the person. Generally, luxury lots are held by people that can afford to hold them, so there might be more flexibility in the mid to lower end for lots. That’s my take on it at least. Because the lot market is slow – if you’re a real buyer, you’re going to be able to negotiate a great deal… for now at least.

    I hope this helps answer your questions!!!

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