It isn’t too often we get to write about home sales in Whisper Rock so I better take advantage while it’s still fresh. Two milestones to talk about really: 1) A Whisper Rock home sold on November 22, and 2) It was the only bank owned home in the community for sale. Let’s talk price per square foot.
The luxury real estate market has seen less demand than normal homes for sale in North Scottsdale. Once you get above a million your supply is up and demand is low, therefore we are typically seeing prices come down. Of course as the lower priced sellers get “unlocked” from their mortgage, they’ll be taking advantage of the softening prices above them… causing the luxury real estate prices to rise. However, we’re still 8-12 months (or a change in lending guidelines) away from that. Now for the data on the Whisper Rock home that sold.
This month’s closing was a 5,426 sqft bank owned homes and closed for $1,150,000 which is $211/sqft. The last 9 homes that sold in Whisper Rock came in at a higher price per square foot than that. We haven’t seen a lower price per square foot since April 2011 – which was also a lender owned home. The good news? This months’ sale was the last lender real estate listing in Whisper Rock. Also, the average for the 8 homes that have sold this year is $307/sqft. With the removal of distressed properties comes increases in averages.