Scottsdale Ranch Oct 09

Scottsdale Ranch’sHot Real Estate Listings

Performing Arts PreviewSeason Highlights

Duck Three WaysWright’s at the Biltmore’s Signature Dish

Selling Your Home? Getting an Accurate Appraisal

October 2009

If your home is currently listed, this is not a solicitation for that listing. Produced by Desert Lifestyle Publishing • 480.460.0996

Each issue we will report on the previous two month’s activity. This issue reflects activity for July and August of 2009.

• There are currently 64 Active Listings in Scottsdale Ranch – down from 80 in last month’s report and 79 in the previous report.

• For July/August the average square footage price for Active Listings was $240.71 which is up from the June/July period of $236.59 per square foot for Active Listings.

• The average square footage price for Closed Sales for July/August was $202.51 which is up from the $175.91 for the June/July period and the $186.21 average for the May/June period.

In July/August we had 11 Closed Sales and 13 went Pending. This is down from the June/July period of 12 Closed Sales and 15 Pending. For the second two-month period, there is a slight reduction.

For the first time this year we are seeing both list and actual closing prices rising. Additionally, we are seeing the average sales at $533,000 finally move above $500,000. This indicates that we are finally beginning to see home sales in the higher price ranges.

The market is not moving evenly. It is moving in unpredictable fits and starts, but at the close of the day, we can see home sales and home prices moving up.

If you are thinking of selling remember that fall is just around the corner and you should get your house in show-ready shape and listed in the MLS. Remember, if you need a market analysis or help in buying or selling real estate, give us a call. For over 23 years we have helped our clients achieve their real estate goals in residential, land, commercial and investment properties.

Scottsdale Ranch Market Report

PENDING SALESAddress Sq. Ft. / Bed / Bath Price/Sq. Ft. List Price10554 E. Cinnabar Ave. 2104 / 3 / 3 $149 $313,00010545 E. Bella Vista Dr. 2106 / 4 / 2 $157 $330,00010167 E. San Salvador Dr. 2139 / 3 / 2.5 $154 $330,00010780 E. Bella Vista Dr. 1777 / 2 / 2 $202 $359,0009460 N. 106th Pl. 1544 / 2 / 2 $240 $370,00010552 E. Bella Vista Dr. 1900 / 3 / 2 $210 $399,00010251 N. 101st St. 1584 / 2 / 2 $268 $425,0009868 E. Topaz Dr. 2354 / 3 / 2 $191 $449,9999179 N. 107th Way 2093 / 3 / 2 $222 $465,0009665 E. Cochise Dr. 2917 / 3 / 3 $182 $529,9009922 E. Doubletree Ranch Rd. 3873 / 4 / 3 $180 $699,00010192 E. Bayview Dr. 2136 / 2 / 2 $410 $875,00010119 E. Topaz Dr. 3426 / 4 / 4 $262 $899,000 CLOSED SALESAddress Sq. Ft. / Bed / Bath Price/Sq. Ft. Sold Price COE10593 E. Gold Dust Cir. 1592 / 2 / 2 $195 $310,000 7/31/0910497 E. Topaz Cir. 2041 / 3 / 2.5 $152 $310,000 8/20/0910513 E. Cinnabar Ave. 2104 / 3 / 2.5 $149 $313,000 7/29/099676 E. Turquoise Ave. 2403 / 3 / 2 $187 $450,000 8/06/099846 E. Topaz Dr. 2495 / 3 / 2.5 $190 $475,000 7/31/0910448 E. Cannon Dr. 2036 / 3 / 2 $233 $475,000 8/22/099817 E. Ironwood Dr. 2656 / 4 / 2.5 $194 $514,000 8/05/0910135 E. Caron St. 2191 / 3 / 2.5 $242 $530,000 8/14/0910447 E. Cannon Dr. 3218 / 4 / 3.5 $199 $640,000 8/31/099790 E. Doubletree Ranch Rd. 3943 / 4 / 2.5 $165 $650,000 8/12/0910093 E. Bayview Dr. 3281 / 4 / 3.5 $311 $1,021,500 8/24/09

All information is deemed reliable but not guaranteed. The properties on this list have been listed/sold by various participants in the MLS.

REAL ESTATE ACTIVITY IN

FEATURED PROPERTY

www.ThePeggyRauchGroup.com

Peggy Rauch602.206.3336

[email protected]

Michael Meinerz602.882.0075

[email protected]

7001 N. Scottsdale Rd. #1020 • Scottsdale, AZ 85253

10390 E. Lakeview Drive #203 • Scottsdale, AZ 852582 Bedrooms | 3 Baths • 2,578 Sq. Ft.

Fabulous Penthouse with outstanding Lake and Mountain Views. Highly upgraded, views from every window -

Lakefront on 3 sides - Private Boat Dock - A Steal at $775,000!!!

Garden Party 2009 | Hemingway: Cuba to ParisPhoenix Art Museum, Oct. 9th602.257.1222 or phxart.orgThis outdoor fiesta is in honor of the great author Ernest Hemingway and the influence Cuba and Spain had on his writings. George Wolfe, renowned expert on Mexican and Latin American art, has mounted his newest production which brings to life the dramatic adventures of Hemingway. Afterwards guests can enjoy Latin-inspired cuisine and music. Proceeds will benefit the Latin American Art Alliance.

Phoenix Walk for PKDMarket Street at DC Ranch, Oct. 11th 800.753.2873 or pkdcure.org/phoenixwalkWalk to honor those affected with Polycystic Kidney Disease and raise funds to find a cure. PKD is one of the most common life-threatening genetic diseases and affects 600,000 Americans. Participants can choose between a 1-mile or 5K walk followed by a tented Corporate Expo on The Plaza and live entertainment. Fun for all ages is in store!

U2 360o Tour University of Phoenix Stadium, Oct. 20th623.433.7100 or universityofphoenixstadium.comPromoting their newly released album, No Line on the Horizon, U2 is putting on a show like no other. Just as the tour name implies, the band will be performing on an innovative 360o stage. With such hits as I Still Haven’t Found What I’m Looking For, Vertigo and Bloody Sunday, it’s no wonder U2 is tied for the most Grammys won with 22. The Black Eyed Peas take to the stage first, guaranteeing a great start to the show!

Crave ArizonaSouthbridge Scottsdale Waterfront, Oct. 22nd – 24th 888.946.3277 or cravearizona.comMake your way out to any of the amazing experiences during Crave Arizona’s three-day culinary extravaganza. The event highlights local chefs, artisans, and one-of-a-kind dining experiences found only in Arizona. The schedule includes exquisite dinners, cooking demonstrations, competitions, educational seminars, epicurean adventures and celebrity chef sightings!

Our Colorful WorldArizona Science Center, Oct. 24th602.716.2000 or azscience.orgYou and your child can explore the world of science hands-on at the Saturday Science classes. Our Colorful World explores just that, the world of color. Learn what makes a rainbow, why an apple is red or green and explore the properties of light color. What a great way to make learning fun. Who knows – maybe you will learn something new as well!

Trick or Treat: Halloween with the SymphonyPhoenix Symphony, Oct. 31st602.459.1999 or phoenixsymphony.orgBring out your little boys and ghouls dressed in costume for a day of mischief at the Phoenix Symphony. In the spirit of Halloween the orchestra will delight with an exciting performance to include March of the Little Goblins and The Sorcerers’ Apprentice, best known from the Disney hit Fantasia. This fantastic event is in the afternoon, so you will have plenty of time for trick or treating.

OCTOBER 2009

One of the most critical steps in selling your property involves the appraisal. When you have a buyer under contract and the home is set to be appraised, a lower-than-expected value can sabotage the entire transaction. The Home Valuation Code of Conduct effective May 1, 2009 dramatically changed the appraisal industry, in some cases prohibiting your Realtor or mortgage broker from selecting an appraiser. The appraiser is randomly selected from a list of approved companies. Unfortunately, this can sometimes cause problems and errors in home values. Often, the appraiser assigned to a property has little or no knowledge of the particular neighborhood, price point or specific attributes of the home. What about recent foreclosures or distressed sales in your neighborhood? Can those affect your value in an appraisal? Yes, they can, whether it seems fair or not. So, is there anything a homeowner can do to get the best and most accurate value assessed on their home? According to Jay Josephs, president of Josephs Appraisal Group, listing agents and home sellers CAN play an active role. APPRAISERS HELD ACCOUNTABLE Don’t expect the appraiser to increase the value of your home of it’s not merited.

Appraisers have a difficult task in today’s market. By most lending standards, they are expected to count foreclosures as comparables, are held highly accountable for the value they assess and there is the tendency to undervalue a home to err on the side of caution. Home appraisers are held to a regulated licensing process. The Federal National Mortgage Association along with HUD enforces guidelines to achieve consistent appraisals.

WHAT CAN A HOME SELLER DO? You can often influence your appraiser by ensuring that the condition of your house, especially floors, ceilings and walls, is tip-top. Deferred maintenance issues such as damage to drywall, dirty floors and holes in the ceiling will certainly lower the value. Make all repairs before the appraiser sees the home and gather up paperwork on any warranties and home improvement projects. “It is a good idea to cure deficiencies…bring upgrades and condition up to what is standard for a specific area. For example – a twenty-year-old home in Paradise Valley with Formica counters: if granite counters are standard, an investment to improve counters may bring at near or above full cost in the resale market,” says Josephs. He advises providing the appraiser with a list of

repairs, improvements and upgrades not evident at inspection such as green construction, dual pane windows and added insulation. Similar to buyers, appraisers aren’t immune to first impressions. Having your home “show-ready” with beds made and carpets vacuumed can go a long way. It reflects the care given and the overall condition of the home.

WHO IS APPRAISING YOUR HOME? With the new HVCC (Home Valuation Code of Conduct) rules in effect, you may be assigned an appraiser that really isn’t best suited to assess a value for your home. When the appraiser calls to set up the appointment, ask them what they know about your neighborhood. If they really aren’t familiar with it, its amenities, how it differs from surrounding communities, and the homes themselves; it’s within your right to request a different appraiser. Your Realtor can advise and help with this.

YOUR REALTOR’S EXPERTISE Be present at the appraisal and, if possible, have your Realtor there as they are most knowledgeable

about the neighborhood. The appraiser may not know that the property down the street that just sold for 30% below market value was severely damaged or had appliances and flooring missing...but your Realtor will. Letting the appraiser know what upgrades/improvements your home has that others do not can help them to better understand comparable properties. Home appraisal is not an exact science. Essentially it is an opinion about what your home and property are worth. By giving valuable information to your appraiser, and ensuring that your appraiser is competent in your type of property, the goal is to have a true and accurate value assessed to your home – not an unfortunate error.

ARIZONA OPERANow in its 39th season, this passionate company led by Artistic Director Joel Revzen and Executive Director Debra Harrison brings to Phoenix Symphony Hall five grand operas each season. azopera.com or 602.255.7464•Cosifantutte,Oct.23-25•Salome,Nov.20-22•Laboheme,Jan.29-31•AConcertofSignatureArias, Mar.12-14•TheBarberofSeville,April23-25

ARIZONA THEATER COMPANYRecognized in its 42nd season as one of the most dynamic theaters in the country, ATC thrills the Valley with its national reputation for outstanding performances at the Herberger Theater Center in Phoenix.

arizonatheatercompany.com or 602.256.6995•TheKiteRunner,Oct.8-25•GeorgeisDead,Nov.12-Dec.6•Ain’tMisbehavin’,Dec.30-Jan.17•(titleofshow),Feb.18-Mar.7•TheGlassMenagerie,Mar.2-Apr.11•TheSecondCityDoesArizona, OrClose,ButNoSaguaro, Apr.29-May16

BALLET ARIZONABallet Arizona brings innovation to outstanding contemporary and classical ballet performances. The company brings professional dance to the venerable Phoenix Symphony Hall and the elegant Orpheum Theater. balletarizona.com or 602.381.1096•SwanLake,Nov.5-8•TheNutcracker,Dec.11-27•TheSleepingBeauty,Feb.11-14•ClassicInnovations,Mar.26-28

•IbAndersen’sPLAY,May14-16•BalanchineClassics,Jun.11-13

THE PHOENIX SYMPHONYThis 76-member orchestra brings more than 300 concerts and presentations to the Valley each year. Choose from a calendar of classical and pops concerts, chamber orchestra performances, and community programs. Below are a few highlights of the year. phoenixsymphony.com or 602.495.1999 for the complete schedule.•Tchaikovsky’s5thSymphony, Oct.15-29•NixoninChina,Nov.12-14•Handel’sMessiah,Dec.16-19•MarvinHamlisch,Jan.8-10•Mozart’sRequiem,Mar.18-21•DiscoDays&BoogieNights, May7-9

ASU GAMMAGEAmong the largest university-based performing arts venues in the world, this historic building at Arizona State University reflects the design of world-renowned architect, Frank Lloyd Wright. asugammage.com or 480.965.3434•LittleHouseonthePrairie, Dec.8-13

•August:OsageCounty,Jan.5-10•MaryPoppins,Feb.11-28•AvenueQ,Mar.9-14•The39Steps,Apr.20-25•IntheHeights,Jun.15-20•ThePhantomoftheOpera, Oct.28-Nov.22•Annie,Dec.29-Jan.3•JesusChristSuperstar,Apr.6-11•NauraChipaumire,Sept.18•KristinaWong:WongFlewOver theCuckoo’sNest,Jan.30•KeoWoolford:ILand,Mar.27

SONORAN DESERT CHORALEA premier community choir in the heart of Phoenix brings diversity and inspiration to the Metropolitan area. Its sophisticated concerts range from ancient folk music to modern compositions. sonorandesertchorale.org or 480.305.4538•HowCanIKeepFromSinging? Oct.10-11•SingingTogether–AHoliday Tradition,Dec.12-13•Song,GoOn!Feb.27-28•MusicofFameandFortune– theStageandScreen,May1-2

DUCK THREE WAYSRoasted Duck Breast, Caramelized Foie Gras,

Confit Phyllo Cigars and Diced Mission Fig Reduction

Featuring Wright’s at the Arizona Biltmore 2400 E. Missouri Avenue • Phoenix

602.381.7632 or arizonabiltmore.com

Ingredients:2 Muscovy Duck Breasts8 oz. Duck Confit (recipe follows)2 each Sheets of Phyllo Dough1 each Napa Cabbage8 oz. Foie Gras1/2 Granny Smith Apple, julienned1 oz. Toasted Pistachio Nuts, ground into a dust4 oz. Fig Demi (recipe follows)1 each Medium Shallot2 each Garlic Cloves 2 oz. Chopped Herbs (Thyme, Parsley, Chives)1 cup Balsamic Citrus Glaze (recipe follows)6 each Dried Figs 3 Tbsp. Melted ButterSalt and Pepper

Procedure:Preheat oven to 365 degrees. Heat a heavy-bottom pan over medium heat. Once the oven is heated, place cigars on a slightly greased pan in the oven for 10 minutes. Season and sear the duck breast in pan for about five minutes on skin side and four minutes on flesh side (for medium rare). Remove and brush with balsamic glaze. While resting, season and sear foie gras in the same pan as the duck. Sear one minute on each side. Slice the duck breast very thin and toss the apples with salt and pepper, extra virgin olive oil and herbs. Place fig demi on plate followed by the cigars (two each). Tower the apples and duck slices on top of the cigars and sprinkle the dish with the ground toasted pistachio.

Duck Confit:Season two duck breasts with salt, pepper, and dried thyme. Cover with vegetable oil in a four-inch deep small pan. Wrap with foil and bake for 2 1/2 hours at 300 degrees. Remove from oil and cool to about room temperature. Shred duck with a fork and allow to cool in fridge completely.

Fig Demi:Soak figs in a little red wine for about 45 minutes. Cut figs into quarters and place in one cup of reduced veal (or beef) stock with 3 oz. of the red wine. Reduce until sauce coats the back of a spoon. Remove from heat and keep warm.

Cigars: Use half the Napa cabbage and julienne. Lightly sauté with garlic and shallots. Season with salt and pepper. Remove from heat and fold in two tablespoons of chopped herbs and pistachio grounds. Allow to cool. Brush phyllo sheets with melted butter. Tightly roll duck mix in the sheets of phyllo into a cigar shape. Brush roll with more butter and cut into 1 1/2” pieces.

Balsamic Citrus Glaze:1 Cup Balsamic Vinegar1/2 Cup Orange Juice4 Tbsp. Spicy MustardReduce balsamic and orange juice until syrup consistency. Whisk in mustard and leave at room temperature.

The excitement builds as the Valley’s season begins again, filled with incredible productions and world-class performances. With dozens of venues to choose from,

veterans and newcomers to the arts scenes will not be disappointed. For a complete listing of the Valley’s 2009/2010 offerings, go to phoenix.gov/ARTS/artlinks. We hope to tease you below with some highlights of the best around town.

home appraisals: can you influence the value assessed by an appraiser?