Market Research 3

Local Real Estate Guru Andrew Bloom Offers His Opinion on the Local Market

Lots of people can claim to know real estate, but few can back it up like Andrew Bloom. A founding partner of BVO Luxury Group, Andrew has a list of accomplishments that includes the prestigious RE/MAX Lifetime Achievement, Circle of Legends, Hall of Fame and Chairman’s awards, and has sold over a half-a-billion dollars in real estate during his career. We could think of no one better to spend a few moments with to discuss the North Scottsdale housing market.

Real Estate in the Valley, and namely in North Scottsdale, has certainly been on its way back up. Do you see that continuing?

My assessment of the current housing market, and projection for the next 12-24 months, is that we have entered an era of extreme enthusiasm and growth, predominately in Arizona. Economic development is really fueling growth through the attraction of large companies with strong employment and high salaried employees.

What would you tell someone who is considering entering the market, either as a buyer or a seller?

Depending on your goals, this is a great time to move up or down in the market. Large homes are selling well, and demand is being driven by proximity to the 101. Smaller homes are performing well too, as they are being consumed by visitors wanting a piece of our North Scottsdale lifestyle.

North Scottsdale has a little bit for everyone. What can a prospective homebuyer expect to get for their money?

I am currently representing the best properties in the best neighborhoods. For buyers looking to spend under $500,000 the condo market is performing well. Between $500,000-$1,000,000 we have many opportunities to choose from along the 101 corridor. Over $1,000,000 is primarily being absorbed on larger lots and more exclusive neighborhoods such as DC Ranch, Silverleaf, Troon and surrounding zip codes. We are also finding a lot of demand along the Cactus Corridor with the new Basis Scottsdale School and The MAYO research campus.

What kinds of properties can still create a buzz in a hot market?

One of the most exciting properties we recently put under contract is a 5-acre, 10,0000 square foot home in The Peak. The home was owned by a celebrity athlete and sold to an investor. It will be valued at over $4 million after a $500K renovation. There are many opportunities that exist today where investors can profit from updating larger homes that are now 20 years old and in need of some improvements. New construction and remodels are both fueling the fire too!

ON THE MARKET

Desert Highlands Retreat

This 4 bedroom, 4.5 bath European-style villa in Desert Highlands is complete with vaulted ceilings sporting exposed wooden beams, a dream kitchen, and five hand-carved Canterra Stone fireplaces throughout a massive, private back yard made for entertaining.

DC Ranch Dream

For those looking in the DC Ranch Country Club area, this home with impressive views of McDowell Mountain is the perfect fit.  The 4 bedroom, 3.5 bath single-level home with split floor plan is surrounded by a true garden oasis helmed by a resort-style pool that offers plenty of room to relax.

Merit Crossing Marvel

Another European-style estate is available in Merit Crossing. With breathtaking views of Pinnacle Peak just outside the front door, this 6 bedroom, 9 bath home has 15,543 square feet of living space that includes a game room, theater, 18-hole putting green and wine cellar.

For more information on these or any other current listings, or on buying or selling a home, please the BVO Luxury Group website at BVOLuxury.com.