We are upfront about our intentions. And that is to earn your business. What’s the best way to do that in our eyes? To inform you. And then to earn your trust. Let’s face it, buying real estate is a big deal. Not to mention, if you’re going to work with a Realtor, you want to like them. Right? It’s hard not to like someone who cares about sharing good content with you. Knowledge is power. Here is a summary of each of our last 10 posts here on LUXE BLOG.
We outline our plans for the month. July promises an exciting array of content on the LUXE BLOG. Despite the rising temperatures, our team is set to outshine even the Phoenix sun with a series of posts. From human-interest stories and insightful real estate discussions to high-definition photos of Greater Phoenix. As our team leader, William, spends six weeks overseas, the dedicated squad at Williams Luxury Homes is committed to creating quality content. This month we also started a revamp of our website, aimed at enhancing your experience with a dynamic design, extremely detailed city pages, and a new IDX feature. The spirit of summer is evident in our upcoming content, filled with original photos and informative articles. We look forward to welcoming you back for more throughout the month.
PropTech & Luxury Real Estate: Postulating The Digital Future
Exploring the potential impacts of artificial intelligence on the real estate industry. We discuss the delayed disruption of PropTech and the opportunities AI presents for innovation. We went into potential changes, such as augmented reality, smart contracts, and tokenization. All of which could revolutionize how people interact with real estate. As a forward-thinking team at Williams Luxury Homes, we emphasize our embrace of technology, while maintaining our human-centric approach. We underscore our readiness to adapt to these technological shifts. All while remaining committed to providing a luxury experience for all our clients
We discuss the highly anticipated smart development project set to transform Scottsdale’s tech sector. This venture, led by tech innovation leader George Kurtz, plans to establish a functional, sustainable area. The Parque envisions blending residential, commercial, and recreational spaces, with the centerpiece being a large open space dubbed the ‘Central Park’. While still awaiting official approval, the project highlights our excitement for innovation in our local industry.
Taking a look into the emerging influence of Generation Z. Despite facing challenges like the COVID-19 pandemic and student loan debt, Gen Z’s keen interest in homeownership is evident. With 17.6% of mortgage requests in Phoenix coming from Gen Z, they’re undeniably reshaping the local and national real estate landscape. Their adaptability and resilience to navigate high home prices, slow construction, and other hurdles demonstrate the ongoing evolution of the real estate industry.
We outline potential challenges involved in purchasing luxury condos during pre-construction. While exciting, this type of purchase carries substantial risks. Hard contract deposits, for instance, are a non-refundable commitment that tie buyers to the project until escrow closes, irrespective of personal circumstances or market conditions. The 2008 real estate crash also demonstrated that pre-construction investments can face significant delays and depreciation in property value. Moreover, construction risks can lead to quality issues and structural faults. Changing urban landscapes can also impact the project’s feasibility and your condo’s views.
We discuss Scottsdale’s recent significant stride in sustainable construction with the implementation of the 2023 International Green Construction Code (IgCC). This step represents Scottsdale’s commitment to green initiatives and serves as a model for Arizona and the nation. We highlight innovative green projects like ‘The Parque’ and discuss how Scottsdale is leading the way in sustainability. The enforcement of the IgCC, a first in the state, cements Scottsdale’s commitment to building a sustainable future.
The latest real estate trends using fresh data from Redfin. The data shows a slight downward trend in median sale prices of homes and a marked decrease in pending home sales and new listings. Meanwhile, median asking prices for new listings and home sale prices in some areas have experienced slight increases. These trends indicate a stabilizing housing market, despite the large drop in new listings since the pandemic started. The blog also discusses the dynamics of supply and demand in the context of high mortgage rates and provides insights into current homebuying activities.
Exciting news about the Optima McDowell Mountain Village (OMMV) project, set to commence construction in the summer of 2023. The confirmation comes from a recent interview with developer Dave Hovey Jr., who revealed that the final tower at Optima Kierland is due to be completed by September, with over 60% of its three-bedroom units already leased. The upcoming OMMV project has received significant support from Phoenix’s local authorities and will consist of approximately 1,330 units, with one-third condos and two-thirds rental apartments. Notably, the development will also feature a rainwater harvesting site to reduce overall water usage. The OMMV project is a significant step forward for North Scottsdale, promising luxurious living experiences for residents.
Examining the current real estate market trends in Phoenix. The median home sales price is highlighted, sitting around $443,000, reflecting a 6% decrease from last year but a 7% increase since January. Phoenix’s position on the Case-Schiller Home Price Index has declined, though the average month-over-month increase of home prices remains positive. The article also points to decreasing list prices potentially indicating a cooling market due to seasonal effects and high rates. Active listings are also decreasing, potentially pressuring prices upward. Lastly, average sales prices offer a holistic view, showing a minor decrease compared to last year but an overall increasing trend from the start of the year.
Analyzing the current market conditions in Scottsdale, noting that active listings have dropped by 9.3% compared to last year, but sold listings have risen by 6.1%. The median sale price per square foot is down by 6.2% year-over-year, currently sitting at $399. Despite this drop, Scottsdale remains a robust seller’s market. Our analysis of supply across different price ranges and the notable rise in median days on market further underscored the strong demand. We discussed the key reasons behind the healthy market condition, such as homeowners’ good equity positions, cautious developers, changes in permit guidelines by the Greater Phoenix area, and the fact that Scottsdale is experiencing growth with more people moving in. We highlighted that Scottsdale’s vibrant culture, pleasant climate, and thriving job market make it an attractive location. As we look forward, it is important to stay updated on the market’s evolution, as it remains in seller’s market territory due to strong demand outpacing supply.
As may be obvious, we’ve been VERY active on LUXE BLOG this month. It’s hard writing these many blogs. We have NUMEROUS sources we follow to get the latest info to digest and then share. And we enjoy it. Want to know what else we enjoy? Selling real estate. more importantly, selling real estate in a way that HELPS others. It’s true. the best path to success is one where you help others find success. We look forward to experiencing success with YOU in the future. Thanks for reading.