Full Price Sale
The real estate market has definitely been on a tear lately. A few Whisper Rock Estates homes have sold in the past 12 months as you will see below, however, we do want to share a significant sale in the community. We listed Villa Bellissima at 8430 E. Whisper Rock Trail for sale at $6,250,000 on January 17th and the home closed today at full list price.
We kicked off an intensive marketing campaign using various digital channels to get the home attention. First, we promoted it on our national network of luxury agents through our membership in The Institute for Luxury Marketing. We also promoted the home to the top local agents through our membership in the Top Agent Network (TAN), which comprises the top ten percent of the agents in the market. Finally, we showcased the home with photography, video, shot by an award-winning videographer, as well as a 360-degree tour on Zillow, Realtor.com and other syndicated real estate websites.
Our efforts paid off quickly. A buyer from Texas saw our marketing video and booked a flight to visit the home the next day. This buyer submitted a full-price offer, and the house went under contract in only 14 days and closed in 50 days. This is significant because, in the past year, only 16 homes in North Scottsdale have sold between $5,500,000 and $6,500,000 taking on average 172 days to close.
The sale of this home hit these significant records:
- The highest-priced home to ever sell in Whisper Rock Estates, with the sales price 42 percent higher than the previous high sale.
- The second-highest-priced single-family home to ever sell in the 85266 zip code.
- The only home in Whisper Rock, or the 85266 zip code, to sell above $1,000 per square foot.
We invite you to view the video and listing photos of the home by visiting the home’s listing page.
If you want to sell your home for the highest price, set the price for your home correctly from the start. Don’t try to “test the waters” and see what you can get for it. If the price is set too high, you may miss out on potential buyers looking because your home is overpriced. Conversely, if priced too low, you may receive multiple offers, but don’t get caught up in the excitement of receiving an offer right away. Your home will sell for more if it is priced at market value from the start; not too high, not too low.
The Market Remains Strong
The market in Whisper Rock and all of North Scottsdale has been unprecedented. As of today, there is only one home for sale and six sales pending in the neighborhood. The single home for sale is a yet-to-be-completed new build.
Below is a quick snapshot of the neighborhood comparing the 12 months ending February 28 of this year to the same 12 month period a year earlier. Villa Bellissima is not included in these numbers since it closed in March. If included, the highest sale for the 12 month period would be 115 percent above the highest price home during the prior 12 month period.
As you can see, there have been significant increases in the median price and the average price per square foot. The number of days it is taking to sell has dropped dramatically. The only area that has not improved is the number of homes sold, however, this is a function of low inventory. Demand is high, and if more homes were listed for sale in Whisper Rock, this number would undoubtedly be higher. Nearly every day, we hear from agents and clients looking for homes in the area who are unable to find anything to buy.
Looking at homes listed for over $1,000,000 in the three zip codes that comprise North Scottsdale, we can see that the same trend continues in the entire area. The one fascinating statistic is the % of the original list price. In the years that we have been compiling data, it is the first time it is 100 percent. This fact indicates that many offers are coming in above the list price. In February, 46 percent of all the homes sold in North Scottsdale sold above their asking price. This number has never been higher.
We hope you have enjoyed this Whisper Rock Estates Real Estate update. If we can assist you in buying or selling real estate, please let us know. Please subscribe to our newsletter if you would like to receive our weekly update on all Scottsdale luxury listings.