{"id":460,"date":"2012-11-15T16:28:49","date_gmt":"2012-11-15T16:28:49","guid":{"rendered":"http:\/\/174.36.202.1\/~sedonaho\/?p=460"},"modified":"2012-11-15T16:28:49","modified_gmt":"2012-11-15T16:28:49","slug":"november-2012-sedona-real-estate-update","status":"publish","type":"post","link":"https:\/\/sedonahomesandland.com\/november-2012-sedona-real-estate-update\/","title":{"rendered":"November 2012 Sedona Real Estate Update"},"content":{"rendered":"<p>Our first fall\/winter storm this past weekend seems to coincide with the slowdown of our local real estate market.\u00a0 There are currently 409 residential units on the market, with69 of these already tied up with other buyers.\u00a0 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.<\/p>\n<p>I\u2019d say that the biggest news for our marketplace has to be the\u00a0<a href=\"http:\/\/www.businessweek.com\/ap\/2012-11-15\/arizona-foreclosures-keep-on-dropping\" target=\"_top\" rel=\"noopener\">dropoff of foreclosed homes hitting the market<\/a>.\u00a0 There are\u00a0<a href=\"http:\/\/public6.superlativestudio.com\/IDXMini.aspx?pb=Y&amp;uid=74143&amp;segmentid=3537804&amp;mlstableid=SVVARMLSRES&amp;htmlfile=shell_idxsearch.html&amp;page=0&amp;psize=24&amp;sorting=listprice&amp;view=0\" target=\"_blank\" rel=\"noopener\">currently 18 foreclosed homes available<\/a>\u00a0in today\u2019s market and only 3 short sales.\u00a0 Short sales show that the homeowner is in financial straits \u2013 and could potentially turn into a foreclosure.\u00a0 Only three homes with short sale status indicates a future dropoff of foreclosures as well.<\/p>\n<p>Home sales in 2012 show a\u00a0<a href=\"http:\/\/www.sedonaforsale.com\/MLS_Stats\/Price_per_square_foot.html\" target=\"_blank\" rel=\"noopener\">small increase in price per square foo<\/a>t 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.\u00a0 We\u2019re 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.<\/p>\n<p>The only other news is that the former Cor d\u2019Amor subdivision \u2013 near the Sedona Medical Center has resurfaced under another name \u2013 Rimstone.\u00a0 The prior developer lost the property to the bank and it\u2019s been sitting fallow for years after the streets and infrastructure were put in \u2013 and a new owner has purchased the land and has launched the lots on the open market for $125k-$300k.\u00a0 I\u2019d heard a rumor that a local builder put in an offer on several lots to cash in on the developer financing special \u2013 but none of these show as pending on our local MLS system \u2013 so they appear to be all available at this time.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Our first fall\/winter storm this past weekend seems to coincide with the slowdown of our local real estate market.\u00a0 There are currently 409 residential units on the market, with69 of these already tied up with other buyers.\u00a0 If you trim out the condos\/patio homes\/manufactured homes, there are only 256 single family homes that are truly&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3936],"tags":[3937],"_links":{"self":[{"href":"https:\/\/sedonahomesandland.com\/wp-json\/wp\/v2\/posts\/460"}],"collection":[{"href":"https:\/\/sedonahomesandland.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sedonahomesandland.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sedonahomesandland.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sedonahomesandland.com\/wp-json\/wp\/v2\/comments?post=460"}],"version-history":[{"count":0,"href":"https:\/\/sedonahomesandland.com\/wp-json\/wp\/v2\/posts\/460\/revisions"}],"wp:attachment":[{"href":"https:\/\/sedonahomesandland.com\/wp-json\/wp\/v2\/media?parent=460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sedonahomesandland.com\/wp-json\/wp\/v2\/categories?post=460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sedonahomesandland.com\/wp-json\/wp\/v2\/tags?post=460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}