Whisper Rock Estates Update – September 2019
The Whisper Rock Estates Market
Here is a snapshot of the Whisper Rock market from January 1, 2019, through September 15, 2019, and a comparison to the same period in 2018.
Year to date, seven homes have sold in Whisper Rock Estates. This is down slightly from the same period last year; however, three homes are pending. If all three close before the end of the year, we will be on track to match 2018 sales. There are also two new-build villas pending, but they will not close until completed, so we do not include them in our numbers. The median home price has increased by 6.1 percent to $2,075,000.
The average price per square foot for homes sold in Whisper Rock Estates this year has increased slightly by 3.9 percent. The data reported on the MLS is skewed because of the home that sold at 8525 East Whisper Rock Trail. The home was marketed and placed under contract as having 7,905 square feet. This home sold for $2,550,000, which was 65% of the original list price of $3,915,000. Just before the closing, the number of square feet was reduced on MLS by the agent to 6,554. Based on this change, on the MLS it appears that the home closed at $389 per square foot rather than $322 which is what the price per square foot would have been based on the original advertised square footage. When we correct the square footage, the average cost per square foot in Whisper Rock is actually about $10 less than reported on the MLS. This doesn’t seem like much, but on a 5800 square foot home, it translates into a $58,000 difference when someone is looking for comparable numbers to price a home.
The average number of days on market took a real hit this year, which in some ways is good, as several homes that have been listed on and off for years finally sold. On average, it is taking 315 days for a home to sell in Whisper Rock Estates. We hoped that the median would tell a better story, but it is actually higher at 356 days. It is important to note that the actual time it takes for a home to sell in our community is significantly higher than reported days on market. This is because sellers often remove their homes from the market during the summer months to reset the days on market. This is something we do not suggest, as the history of a property cannot be hidden. We checked the market statistics for homes listed above $1,000,000 in 85266 that have gone under contract since the start of the year. Of the 68 homes that went under contract, 24, or 35%, went under contract since June 1st during a time when many people take their home off the market.
New Listings in North Scottsdale
We have two new listings coming to market soon. The first will go on the market this week for $1,495,000. It is outside of Whisper Rock near Westland at 8402 East Cassia Way in Sierra Highlands. You can view the home’s video below or see all the details on the home’s website.
Whisper Rock Estate’s Real Estate Challenges
Clients ask what is different about the market in Whisper Rock than other communities in North Scottsdale. Since we live and work here, we have spent quite a bit of time trying to figure out the answer to this question. Some elements are easy to understand, and some statistics need to be examined in more depth to answer the question.
One of the challenges we have found are the myths that exist in the realtor community about the community and the golf course. Many of the home buyers searching in Whisper Rock are also looking at other North Scottsdale golf communities. We all know Whisper Rock and Whisper Rock Golf are two separate entities; however, the general public does not, and except for the agents that regularly work in this area, most agents do not either. Here are some actual comments I have heard about our community. “I would never encourage clients to look at homes in Whisper Rock because the golf course discriminates against women.” “You have to be an outstanding golfer to buy a home in Whisper Rock.” “Whisper Rock is a boys club.”
We feel a significant part of our job in Whisper Rock is to make sure that any agent looking to show one of the homes we list in Whisper Rock understands the story of our community. We created the video ‘This is Whisper Rock’ to help us tell this story. We always take time on the phone with an agent who wants to show a home in the community to ensure they understand how the golf course fits in the Whisper Rock lifestyle. Many agents have driven to the golf course with their clients wanting to take a tour (which isn’t allowed). If they don’t know this and just show up, it can be embarrassing and difficult for potential buyers to comprehend. If someone does want to be a member, we can put them in touch with the membership director who can explain golf membership criteria. One of the best ways we can explain our community is that living in Whisper Rock is analogous to living in Augusta; an Augusta address does not guarantee membership in The Augusta National Golf Club.
Clearing Up A Misconception about Whisper Rock Estates
When we are interviewed by Whisper Rock Estates residents looking to sell their home, some think the agents at the gate, will refuse to show their home if they list with us. This is a misconception. They have shown our listings in the past, and the truth is, the listing agent rarely brings the buyer. In fact, in the past two years, the team at the gate has only brought two buyers to the table. We think what is critical is effectively marketing to both the consumer and agent community, which is where we excel. If you are considering selling, we hope you will give us the opportunity to earn your business. We want to show you why we are, Real Estate Reimagined.