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This patio home is absolutely gorgeous! It has more upgrades than any other unit in Nepenthe, and the price just came down $10,000. The only other home in Nepenthe with this floor plan that is presently listed for sale is priced higher, and does not have the upgrades.

104 Pine Leaf
Sedona, AZ

MLS# 505461 - Residential

Situated in the heart of West Sedona this Nepenthe townhome is within walking distance of shopping, hiking and Sedona's other amenities. Quality upgrades include Knotty alder built-ins, hand railings and doors, granite countertops, rough Italian marble fireplace, bathrooms tiled from floor to ceiling, enlarged master shower and cedar closets are just some of the upg...

We in Sedona are starting to get spoiled with all of the recognition that we get from the press and private travel organizations. Well, it just happened again. Last week Trivago.com released its list of the top ten cities for quality hotels and Sedona came out on top. To learn more about it go to this Sedona Red Rock News Article.

I first learned about Howard Madole's work when I was new to the real estate business in Sedona. When one came on the market, the other agents would be excited that a "Madole" was available for showing. He was known by many as Sedona's First Architect. I have shown several of them over the years and have always found them to be very special. He passed away peacefully on January 29 at the ripe old age of 91. Further evidence that when you spend your life doing work that you're passionate about, it's likely that you will live a long and rewarding life. 

Today I read an article by Bernice Ross in Inman.com, looking at how lower oil prices can affect the real estate market. The bottom line was that it depends on which segment of the market you're talking about. For Millenials it's good news because they have more cash available to pay down student loans and save for a down payment on a new home. For mom and pop investors it will probably be good because they will not be competing as much with institutional or foreign investors. And for the luxury market, a stronger dollar will put a damper on sales in that sector. To read the whole article go to Inman.com

A friend recently shared a couple of articles that express concern over the state of the real estate market, and its ability, or lack thereof, to grow. The fundamental basis for concern was that the growth expected from the millennial generation, based on lower down payments and relaxed underwriting standards, just hasn’t happened.  And while that’s true, how does it really affect our local Sedona market.

To begin with, nationally, millennials (age 20-35) were the largest generational group to purchase homes last year. They bought 31% of all the homes sold in 2014. That’s just slightly ahead of Generation X (age 35-50) at 30% and Baby Boomers at 30%, with the final 9% going to the silent...

Sedona receives a lot of recognition for its natural beauty. A few years ago USA Today named it the most beautiful place in America. Well, it's happened again. This time it's the Bustle List of top small cities to visit. Look at the picture below. Our office is about a block and a half down the street, on the left. It's tough! To read the whole Bustle article click here, after you've made your reservations to visit us here in Sedona.

Beginning in February there will be a new disclosure required for new listings of homes that are governed by Home Owner Associations. Apparently there have been too many instances when buyers were surprised by large transfer fees or other related charges at Close of Escrow. Going forward, the disclosure must be made available to a buyer before the offer is made, and that acknowledged disclosure is then included with the purchase contract. Our files continue to get thicker!

Last week the Sedona City Council gave final approval for the conversion of an apartment complex in West Sedona to condominiums. They will be very affordable, and would be good for investors as well as people who would like to make one their home. The one bedroom units will  have a base price of $165,000 and the two bedroom units will start at $195,000. To read the full Red Rock News article, click here. There is a need for this kind of affordable housing in Sedona, so we expect they will all be sold soon. If you ave any questions about them, please contact us.

The year end real estate sales numbers for Sedona are in. After a very active 2013, we took a little breather in 2014. The first half of the year slowed significantly, but we picked up steam as the year went along, and finished strong. For reasons I've discussed in previous blogs, we expect 2015 sales to continue to grow, with home prices increasing moderately. To see a comparison of 2014 to 2013 by category, click here.

Sedona is renowned for its natural beauty, and one of the benefits of that is that it attracts a lot of interesting and successful people. What a perfect venue to host the Sedona World Wisdom Days. This promises to be an amazing event, featuring outstanding speakers from all walks of life. Headliners include Norman Lear, India.Arie and Greg Louganis, but that's just the beginning. This event runs from January 15 -19. For more information, or to register, go to Sedona World Wisdom Days.

The FHA just announced that the rate for mortgage insurance will go down from 1.35% of the loan balance to about .85%. For the average FHA home buyer this move will reduce the monthly payment by $75. It is estimated that this move will allow 250,000 more buyers to enter the market.

The Sedona Marathon is right around the corner, and if you're planning to run or walk, great! If not, but you'd still like to get involved, consider volunteering some time at the event. There are plenty of opportunities. For more information visit their website by clicking here.

According a a recent article in CNN Money, experts are predicting an increase in the number of first time home buyers this year. They feel this will happen because of looser lending standards, low interest rates, increased inventory and the fact that rents are going up faster than home prices. View the full article on first time home buyers. There are still many very well priced homes available in the Verde Valley, so please give us a call if you are in the market.

In another sign that the Sedona commercial real estate market is rebounding, Sedona Planning and Zoning approved a zoning change to allow a 12000 square foot CVS Pharmacy to be built on the corner of Airport Road and State Route 89A. The final project must yet be approved by the City Council.

The commercial market has been turning around, and it's nice to see plans for some new construction after a long hiatus. The proposed development will be a 10,000 square foot office building at the intersection of State Route 89A and Roadrunner. The developers said that it is 75% rented, but declined to reveal the new tenants. Final approval by the city is still necessary.

I just read an interesting article stating that many potential first time home buyers are deciding to continue to rent because home appreciation is less than 10% per year. The author included the following chart, which shows very clearly that even with 4% appreciation over 5 years, the home owner would end up with a nice chunk of equity, especially compared to the goose egg with renting.

In an effort to bring more first time home buyers into the market, Fannie Mae and Freddie Mac have announced that they will start offering loans with as little as 3% down. Strict underwriting will apply. For a full account see this Article in CNN Money.

Sedona officially puts on its holiday face on Saturday, December 12, with something festive going on every day for the rest of the year. For a schedule of events visit www.holidaycentralsedona.com

Many of our clients have purchased homes, or are looking for them, to retire to in Sedona. While most have already retired, several do not plan to retire for another 5 - 10 years. But they recognize that the home they want to enjoy in their golden years may never be more affordable. So they're renting it out in the meantime. That's good planning! But with that in mind, today I recently read an article in USA Today Money about how most Americans are woefully unprepared to even plan for retirement, let alone retire. I am sharing that article here in case you know someone who may benefit form reading it.

According to Freddie Mac, home appreciation in 2013 was 9.3%, in 2014 it will be 4.5%, and in 2015 it is projected to be 3%. In Sedona, as of the end of the third quarter of this year, the median price of a home sold was 5.6% above the prior year, which is pretty close to the national average. One of the reason for the slowdown over 2013 is the increase in inventory. And in fact, active listings in the Sedona Verde Valley MLS in January were 805, compared to 935 in November. With new construction, and more existing homes coming on the market, that trend is expected to continue.