Rick 's Sedona Real Estate Blog

Newest Luxury Residence Project in Sedona

Rick Wesselhoff (Coldwell Banker First Affiliate) — Mon, 28 Jul 2008 13:49:23 -0500

The newest multi-unit Luxury Residences in Sedona have gone through some major change recently.... Park Place Luxury Residences have dropped prices across the board in order to sell out Phase I of this project. Karen Dunlap and Rick Wesselhoff of Coldwell Banker First Affiliate have been chosen to represent the developer of Park Place Sedona in the sale of the remaining 7 available unsold units. They range from 575k up to 799k and have incredible views of the many red rock canyons west of Sedona.

Park Place is located in prestigious West Sedona near world-class shopping, dining, cultural, medical, golf and spa amenities and commands dramatic vistas and red rock panoramas from its convenient in-town location. Park Place luxury condominiums in Sedona combine sophisticated Old World designs with elegant interior and exterior finishes, creating Sedona's most sought after new address with residences priced from the low $600,000's to $800,000.

Each residence offered at Park Place ranges from 1,832 to 2,275 square feet, not including the private, spacious patios that could be considered outdoor living rooms. Incorporating an "Italian influenced" design, each home also includes distinctive, upscale finishes. Standard amenities include Viking appliances, hardwood kitchen cabinets, granite countertops, Kohler plumbing fixtures, large windows, gas fireplaces, state-of-the-art security systems and pre-wiring for surround sound and ceiling fans.

Park Place celebrates an active lifestyle, offering homeowners a community recreational area complete with a fully equipped fitness room, men's and women's locker rooms with steam and sauna, and an owner's club room for meetings and private parties. The Sedona Racquet Club and Spa with a year-round pool and eight clay tennis courts is just minutes from Park Place. Residents who enjoy Sedona for just part of the year will find Park Place an ideal option for a second home as it is a gated community with underground parking and year-round grounds maintenance.

Sedona Park Place

Important information for Sedona area homeowners

Rick Wesselhoff (Coldwell Banker First Affiliate) — Tue, 29 Apr 2008 13:27:27 -0500

This November there's going to be a Citizens Initiative on the ballot that will directly affect your pocketbook. This initiative is Article 9, Section 24 - and will prohibit new taxes on the transfer or sale of your home, land, or business. Typically, once these Transfer Taxes are initiated, the rate can be increased by the state, county or city at will. This act that we're all voting on will once and for all eliminate the idea that such a tax can be enacted.

This transfer tax that the measure opposes will be anywhere from 1% to 4% of your home's value... so if you're selling your $500k home, then you'll pay anywhere from 5k up to 20k in additional government taxes upon the sale. If youre against this "Double Taxation" then vote YES this November to protect your home's equity. This constitutional amendment will make it almost impossible for the government to reach into your home's value... if you vote YES on Article 9, Section 24 in November 2008!!!

I'll write more on this when we get closer to election day....

www.SedonaHomesandLand.com

Senator John McCain's Home in Sedona, AZ

Rick Wesselhoff (Coldwell Banker First Affiliate) — Thu, 20 Mar 2008 14:45:41 -0500

Well, he doesn't really own a home in Sedona, but he loves the area and has a home just outside the city limits in Cornville, AZ. When he dropped out of the presidential race 4 years ago (or was it 8) he hosted a huge press conference atop Airport Mesa right in West Sedona. He's a big fan of the area and always mentions his "home in Sedona". Which brings the following thought to mind... if he's elected president will it affect the Sedona real estate market?? There have already been prelim meetings with Police, Fire, and the Sedona Airport to discuss new protocols if he should make the office. I wonder how the market in Crawford TX, Kennebunkport Maine, and Chappaquidick (sp?) NY were affected.... and ideas???

Telluride Style home in Sedona on the Creek

Rick Wesselhoff (Coldwell Banker First Affiliate) — Wed, 19 Mar 2008 11:39:23 -0500

Telluride Style in Sedona... Colorado inspired architecture and design showcased in this custom creekside residence in sunny Sedona Arizona. This builder's masterpiece is within the gated enclave of Cross Creek Ranch, which is bordered by National Forest, Red Rock State Park, and Oak Creek. Single level home with all 4 bedrooms opening out onto covered patio with views and sounds of the rushing Oak Creek flowing nearby. The home sits high above, but faces directly towards the towering Sycamore trees and scattered river rocks and approx. 300 ft of creek frontage. Interior of home features Douglas Fir rough sawn beams with exposed steel gusset plates. Gourmet kitchen features knotty alder cabinetry, a 6x8 island made of 3cm granite, Viking appliances, walk in pantry and separate wine storage room. This home also features a formal dining room, billiards room, exercise room, and home theater. The living room is perfect for entertaining with its cathedral ceilings and telescoping sliding doors to fully open the home to the creekside patio where you and your guests can enjoy the sounds and atmosphere of the rushing waters of Oak Creek.

See more pictures, virtual tour and info on this home

Sedona Luxury Real Estate shines...

Rick Wesselhoff (Coldwell Banker First Affiliate) — Wed, 19 Mar 2008 11:35:48 -0500

Spring has come early in the Sedona Luxury Real Estate Market - there's been a flurry of activity already this year in the $1M-$1.5M range. There are currently a handful in escrow and lots of other lookers trying to negotiate a deal in this range. Activity seems to be high right now... it doesn't hurt that it will be 70 degrees or more and no clouds for a few months. That always makes an impression on people from out the area. It also helps that prices are reasonable due to the increased inventory. (that is to say... sellers realize the increased inventory and most have made adjustments to price accordingly) The $2M+ range is lagging, but they're getting some looks too - nothing in writing just yet though.

Read more and see Luxury Sedona Real Estate

Mountain Gate Fiasco in AZ

Rick Wesselhoff (Coldwell Banker First Affiliate) — Wed, 19 Mar 2008 11:22:30 -0500

About 20 miles from Sedona there's a planned community in Clarkdale AZ named Mountain Gate. It's a development done by Empire Homes done in several phases with about a dozen or more different floorplans. A few years back it was the rage because they were building for a price unheard of in Sedona... and it was appealing to buyers looking for local property (without the red rock views or Sedona mailing address) for an affordable price. Well, it all came tumbling down a week or two back when Empire declared bankruptcy. It's in all the local papers and it's affecting lots of people that live there. The homebuyers were promised a clubhouse, pool, workout facility... that will now never be built. There's also the chances that unpaid subcontractors can put mechanic's liens on the houses.... this can happen up to 150 days after construction is finished. All in all, it's an ugly finish to a preplanned community that's suffering due to the current state of the economy...

Short Sales and Foreclosures changing the face of Sedona Real Estate

Rick Wesselhoff (Coldwell Banker First Affiliate) — Wed, 19 Mar 2008 11:20:40 -0500

Springtime is here in Sedona and with it come the travelers and sunseekers from all over the country. This year we're also seeing a fair number of investors coming back to town due to the fantastic deals that can be had in just about every price category. No matter what price range buyers look in... they'll find a smattering of underpriced homes that can only make them smile. For a while it was the under $600k market that saw it's fair share of short sales and foreclosures, but now there are some in the $800-$1M range and some over $1M as well... They're changing the look of Sedona real estate and if you're a buyer that's been waiting for an opportunity to purchase Sedona Real Estate on the cheap - then now's the time. Future prospects for Sedona properties are still good - I wouldn't advise buying anything to "fix and flip" - but buying Sedona real estate for a long term investment now looks more intelligent than ever. There is twice the inventory of a few years ago, and prices have come down 10-15%... so if you've been putting off your Sedona dreamhome, don't wait much longer. The real estate market like all markets are cyclical... it will come back - and 10 years from now you'll be able to laugh that you bought a home in Sedona for a song....

Changes coming for the Sedona Lending Community?

Rick Wesselhoff (Coldwell Banker First Affiliate) — Wed, 05 Mar 2008 12:34:46 -0600

The president's plan to relieve homeowners is about to take place. My understanding is that the limits for conventional loans will be pushed up in Yavapai County. That is to say... you'll be able to obtain a loan for up to the low 700k range as a normal loan. In the past, anything over 417,000 was a JUMBO loan - requiring more paperwork, effort and additional cost (in the way of higher rates). This effectively pushes the Jumbo rate up to the mid 700's and above. This will help Sedona area homebuyers because our pricing is higher than the national average. This should fuel a rise in refinances and also home purchases in the area. Currently there's a lot of inventory of homes over 800k... but this should convince a few people who are on the fence into buying. Look for inventory to gradually fall...

Sedona Homes and Land

Down payments on Sedona Homes

Rick Wesselhoff (Coldwell Banker First Affiliate) — Wed, 05 Mar 2008 12:33:19 -0600

I've heard of a case that shows how lenders are tightening up... and this might help you when looking for a Sedona home. Recently, a self-employed buyer with 750+ credit score was trying to buy a Sedona home with 20% down. A certain lender told the buyer that because the market is sliding, that he'd need to put an additional 5% down to secure the loan. The buyer ended up shopping the loan with a few other local lenders and found one quickly who would lend money to him. These tight restrictions are starting to affect us here in town, but if you look around, there are plenty of good local lenders to steer you though the process without a scratch. This is just another reason to use local lenders when you buy a home in Sedona!

Sedona Real Estate

Sedona Real Estate Appraisal issues

Rick Wesselhoff (Coldwell Banker First Affiliate) — Wed, 05 Mar 2008 12:17:26 -0600

I understand through a few channels that local appraisers aren't using Short Sales and Foreclosures when evaluating market value of properties that are not in distress. My take is that this is a good thing, but what do you think???

Sedona Real Estate

Spring has Sprung in Sedona, AZ

Rick Wesselhoff (Coldwell Banker First Affiliate) — Thu, 21 Feb 2008 13:11:56 -0600

Our busy buyer seasons for Sedona Real Estate are Spring and Fall. Although most of the country wouldn't call this spring - the weather is nice and it's feeling like spring (especially when you see the number of visitors in town right now!). Buyer activity has picked up dramatically with many people looking at the 400+ homes currently available in Sedona. There are so many deals to be had through short sale, stressed sale, foreclosure that it's bringing the average sale price down and starting to affect the sellers that aren't stressed to sell. Bottom line - it's a great time to be a buyer in the Sedona Real Estate market.

www.sedonahomesandland.com

Sedona Propterties - February 2008 update

Rick Wesselhoff (Coldwell Banker First Affiliate) — Mon, 11 Feb 2008 11:10:08 -0600

Well, our busy season for the Sedona Real Estate market is due to start in a few days. Generally we're supposed to be slow during the first 6 weeks of the year, but this year has changed. I'm guessing that the huge number of properties on market and low prices have been driving the current Sedona Real Estate Market. There are deals in every price category and buyers have kicked the year off snatching up the best deals in the area. If you're looking to buy in Sedona, I don't think you'll find a much better time to buy. Inventory is high, prices are low, and sellers are negotiating because some need to sell.

www.sedonahomesandland.com

Super Bowl effects

Rick Wesselhoff (Coldwell Banker First Affiliate) — Tue, 05 Feb 2008 13:19:52 -0600

Well... I guess I was right. The Super Bowl last Sunday brought thousands of tourists through the Phoenix area from cold weather locales. Any trip to Phoenix isn't complete unless you take the 90 minute drive up to Sedona (so everyone says...) I predicted a few weeks back that we'd see some heavy activity during that time and make our usually slow January Sedona Real Estate market start to pop. It looks like I was right - activity in pending sales is approx 3-4 times the activity level from January. I put 2 properties into escrow over the weekend - and I've heard stories about agents saying that they wrote 5 offers in 5 days. Not too bad. I guess there's a super bowl effect after all...

www.sedonahomesandland.com

Search Engine Placement

Rick Wesselhoff (Coldwell Banker First Affiliate) — Fri, 01 Feb 2008 13:44:19 -0600

I've been working with my webmaster to increase organic search results when searching the web. I'm sure that thousands of others in this network realize this - but I'm learning quickly that each word counts on your homepage. Other tidbits I learned through GoDaddy:

1) Reserve your domain name for as long as possible (10 years)- Google will place you higher if you look permanent to them...

2) Build as many link partnerships as possible - from your home page - it counts more

3) The 5% rule is key when using keywords. It's like playing verbal sudoku - pick what you want to be searched under and make the keywords 5% of your overall text. Any more or less and you won't regiaster as high on the Googlemeter

4) Name your pictures as keywords too...

5) buy up domain names.... and use them for simple one page sites and link to your main site

6) This seems like common sense, but Realtors often forget about this... your domain name is key - forget about www.yournameandcity.com get something that encompasses search terms that you want to target...

Anybody care to throw some more tips my direction???

check out my work in progress at www.sedonahomesandland.com

Sedona loans about to become easier...

Rick Wesselhoff (Coldwell Banker First Affiliate) — Mon, 28 Jan 2008 10:33:24 -0600

Wow... I just heard great news that affects almost every buyer looking for Sedona Real Estate. As you may or may not know, the federal government has put forth an economic stimulus package to help people with their home loans. The most important piece of this that's been proposed is a higher limit on conforming loans. The current top loan amount is $417k - anything more is considered a Jumbo loan and has much higher rates. In places like Sedona, where prices are higher - Jumbos are common... so this proposed plan will raise the $ amount to $625k. This will make more Sedona homes affordable and really kick the market into gear. If this passes, look for an uptick in activity for homes over 700k!!!

www.sedonahomesandland.com

End of January 2008 - Sedona update

Rick Wesselhoff (Coldwell Banker First Affiliate) — Fri, 25 Jan 2008 17:39:59 -0600

Buyer activity has been fairly high over the last week. Lots of lookers seem to be in town, but there's not too many properties going into escrow. It is a good sign that clients are looking at the amazing deals on properties in the Sedona area. Between the foreclosures, high inventory, and sellers realizing this and notching prices downward - there are plenty of fantastic deals on Sedona area real estate right now.

Sedona Vacation Rentals

Rick Wesselhoff (Coldwell Banker First Affiliate) — Fri, 25 Jan 2008 17:30:44 -0600

This has been one of the hottest topics in the world of Sedona real estate for the last 6 months. As you may or may not know, people in town have been renting their fully furnished homes out to visitors for years. It's been illegal in name only for a long time - and the city recently has decided to crack down on homeowners violating the law. It's a city statute that residential properties must be rented out for at least one month.... and there have been lots of people breaking the law for years with little to no negative impact upon the neighbors. In fact, the one upside is that these people are coming for a longer time, they appreciate the city and learn more about it, and spend more money in our local restaurants, grocery stores, shops, art galleries, etc. Well, as with other things - good times have come to an end. Some people have taken advantage of the situation by renting luxury homes and hosting parties, weddings, filming erotic movies (i've heard...), etc. Neighbors in one particular neighborhood are up in arms and have pushed the city to enforce the long standing law against this behavior. I agree that behavior like what I mentioned earlier is intolerable and unsavory... so shouldn't people call the police???

Regardless, the city has now decided that it's best to enforce the law by whatever means possible - including having a city employee browse sites like craigslist.com and vacation rental website for Sedona area properties advertising rents for less than one month. They're also putting bamboo under the fingernails of the property management companies that encourage this behavior... (figuratively - not actual bamboo shoots)

The result is that many people who have purchased Sedona property (to use as a vacation rental) will now need to change tactics and rent for longer periods (more difficult) or put the property on the market for sale - further increasing the total number of available properties in town.

This is certainly a sticky issue and I'm looking forward to reading your replies and ideas from other parts of the country...

Super Bowl Effect

Rick Wesselhoff (Coldwell Banker First Affiliate) — Thu, 17 Jan 2008 09:44:24 -0600

The Sedona real estate markete typically heats up starting at the end of February... but with the Super Bowl held in Phoenix this year - we're expecting lots of visitors in early February. If you're debating on when to put your home or vacant land on the market and you're waiting for spring - you might want to think again. Try to put your home on the market before the Super Bowl rush!!!

www.sedonahomesandland.com

Sedona Real Estate January 2008 Update

Rick Wesselhoff (Coldwell Banker First Affiliate) — Wed, 16 Jan 2008 17:39:47 -0600

It feels like there are buyers out there again... there are certainly lots of lookers and calls. They're not all translating into actual sales, but it sure feels good to show properties and see all the interest. I'd guess that they're looking in the middle and upper ranges but the lower end seems ok too. There are more properties in the lower prices that need to sell and have dropped prices significantly... so come to town and take your pick. There's great deals in homes in every price range!

www.sedonahomesandland.com

Sedona Prices are low!

Rick Wesselhoff (Coldwell Banker First Affiliate) — Wed, 16 Jan 2008 17:36:39 -0600

I was on our weekly Thursday - Realtor tour of the newest homes on market and I saw something unbelievable. There's a house in West Sedona priced at $279k... this may not shock you if you're reading this from your home in the Midwest... but 279k for a site built home is unheard of around here. Two years ago, the lot would have sold for more than that... This shows that times (and prices) are changing... and if you act quickly you'll be able to get a fantastic deal on local properties.

www.sedonahomesandland.com

Fantastic Deals on Sedona Properties

Rick Wesselhoff (Coldwell Banker First Affiliate) — Wed, 16 Jan 2008 17:34:43 -0600

I just saw another Short Sale home on the market in West Sedona for an unbelievable low price. It's a short sale - which means that it will sell for less than the mortgage amount that's owed to the bank. These are coming up more often and there are great deals in short sales and homes on the market!

www.sedonahomesandland.com

Great Deals sub $500k in Sedona

Rick Wesselhoff (Coldwell Banker First Affiliate) — Wed, 16 Jan 2008 17:33:39 -0600

As mentioned in earlier posts, the upper end of the market is slowing down. For quite a while there were no homes in escrow over $1M. There has been a little activity in that price range, but the lower end of the market is starting to move. My theory is that there are more owners that need to sell in the lower ranges and they're dropping prices more than in the upper prices. These sometimes significant price drops are inducing buyers to get out their checkbooks and BUY! I'd guess that this will continue for the next year or so... but we'll get busier. BUT - this doesn't mean that prices will go up - it just means that we'll sell more homes at good prices... so if you're a buyer - get ready - there are some fantastic deals on Sedona Real Estate right now!

www.sedonahomesandland.com

Sedona Realtors

Rick Wesselhoff (Coldwell Banker First Affiliate) — Wed, 16 Jan 2008 17:28:27 -0600

Sedona-Verde Valley maxed out at 980 real estate agents when the market was hot... I just heard that with the annual dues coming there will be some major fallout. The board office is expecting to have only 780 agents this time next month... We'll probably lose another hundred or so over the course of the year - but this won't affect most buyers or sellers. These agents might not have sold anything in the last year or two anyhow... As a matter of fact - I heard that there were about 1000 home sales in the entire area last year... so if a Realtor sold one home... he/she was hitting the average. Ouch...

www.sedonahomesandland.com

Sedona Real Estate 2008 Kickoff

Rick Wesselhoff (Coldwell Banker First Affiliate) — Wed, 16 Jan 2008 17:24:07 -0600

We've recently seen a 10%-15% reduction in inventory in the local real estate market. This isn't due to sales... but to expiring listings and people tired of waiting for their home or land to sell... so they make it unavailable. This is a very good thing for the market in general... because when supply tightens, then demand increases (see my Econ 101 professor for an explanation) There are still lots of great deals to be had in Sedona... and will probably stay this way for the next 6 weeks. I'm expecting to see some moderately heavy buyer activity this Spring. This doesn't mean that property values will rise... it means that more sellers will realized they've overshot the market pricing and bring prices down to meet the market demand. If you're an investor, looking for a second home, or looking for a home to live in Sedona, this is a great time for you. Get out there, look at your choices and a few years from now you'll be telling your friends and family how cheaply you bought property in Sedona!!!

www.sedonahomesandland.com

Buyers Market in Sedona Real Estate in 2008

Rick Wesselhoff (Coldwell Banker First Affiliate) — Wed, 16 Jan 2008 17:23:04 -0600

Buyers will welcome 2008 with open arms and hopefully an open pocketbook. There are great deals on Sedona property all over the map and in every price range. Make sure that your agent knows what you're looking for and have them do a search for you and cherry pick the best of the properties so that you don't wade through dozens of homes that only fit the price range - but aren't what you're looking for. Be sure to get preapproved with a local lender so that you're ready to jump on a great home when you see one. AZ real estate contracts require loan prequalification paperwork at the time you make the offer... so it pays to be prepared in advance. Happy househunting!