Sedona, AZ Real Estate News

By Sheri Sperry - MCNE®, (928) 274-7355 ~ YOUR Solutions REALTOR®
(Coldwell Banker Realty)
Show Me A Sedona Luxury Townhouse CommunityMay 2023Cottages At CoffeepotSoldiers Pass West Sedona Arizona 86336~ ~ ~ A Unique and Uncommon Gated Community  +++Cottages At Coffeepot Market Update ~ April 2023No Active Cottages Available:Closed in 2023    Cottages at Coffeepot - Closed in 2021 thru 2022  Cottages at Coffeepot - Stats for Closed Cottages From 2021 thru 2022 SummaryIn the last couple of years, since 2020, most of the homes have sold in the low seven figures in the Cottages At Coffeepot gated community. Each of these luxury townhomes is very unique. They have custom floor plans, different lot sizes, and different views.  Many luxury townhomes have been updated to varying degrees, making the pricing per square foot vary so much.  Two townhomes were built on double lots.  Each...
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By Rick Wesselhoff
(Coldwell Banker First Affiliate)
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
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By Rick Wesselhoff
(Coldwell Banker First Affiliate)
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
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By Rick Wesselhoff
(Coldwell Banker First Affiliate)
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
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By Rick Wesselhoff
(Coldwell Banker First Affiliate)
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
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By Barbara Baker, Sedona Arizona
(Barbara Baker Realty - Sedona's Elite Boutique Real Estate Firm)
What markets are still Selling? The markets that are still relatively "Hot" in the Verde Valley are the markets that are priced under $250,000 and located in the thriving, booming town of Cottonwood - where a family can still afford to live!  These sales mainly comprise first time home buyers, or retirees, or buyer's who had been pushed out of the market place.  An intereting side note, the number of solds for December for Sedona and the Verde Valley was better than then number of solds in January -  56 compared to 40.  Let's see where the next few months take us.  Hopefully with the FEDS latest rate cut - we will start to see some of the higher priced sedona homes (over 400,000 and above) go under contract.  STRONG BUYER'S MARKET.  BJUYER'S COME BUY! 
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By Rick Wesselhoff
(Coldwell Banker First Affiliate)
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 
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By Rick Wesselhoff
(Coldwell Banker First Affiliate)
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. 
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By Rick Wesselhoff
(Coldwell Banker First Affiliate)
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 thi...
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By Barbara Baker, Sedona Arizona
(Barbara Baker Realty - Sedona's Elite Boutique Real Estate Firm)
Buyers!  Good News!  With prices continuing to fall in the condo market, now would be a great time to pick up a condo as an investment property and still have the luxury of using it a few weeks out of the year for yourself! But please understand, that within the city limits of Sedona and within the county there are restrictions and laws governing vacation rentals less than 30 days. The only Condo Association within the County restrictions that allows for less than 30 days rentals is Canyon Mesa Association.  A gorgeous condo assoication with wonderful amenties such as swimming, tennis and free golf -365 days a year.  There are currently two units on the market that have a price point around the 350,000 mark.  They rent on avg around 6 months of the year including vacationa and 30 day re...
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By Phil DePasquale
(Sedona Elite Properties Management, Inc.)
We have just listed a wonderful 3/2 Condo with 1270 s.f., cathedral wood-beamed ceiling, split floor plan with wood burning fireplace and views of Sedona's famous red rocks for $299,000.  The unit is an upstairs end unit away from all main roads....very quiet.  Complex has community pool, spas, BBQ's, Clubhouse and Tennis Courts.  Grocery and amenities across the street.  Access Property website and view virtual tour to see inside of condo, complex and local amenities.  This is a great investment (good rental) and wonderful second home.  Oak Creek Estados is located in the heart of the Village of Oak Creek, Sedona.  Easily accessed from I-75 and Highway 179.WEBSITE: http://www.OCEstadosF9.com
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By Rick Wesselhoff
(Coldwell Banker First Affiliate)
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 
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By Rick Wesselhoff
(Coldwell Banker First Affiliate)
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 
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By Rick Wesselhoff
(Coldwell Banker First Affiliate)
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 
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By Rick Wesselhoff
(Coldwell Banker First Affiliate)
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 
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By Rick Wesselhoff
(Coldwell Banker First Affiliate)
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 
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By Rick Wesselhoff
(Coldwell Banker First Affiliate)
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 
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By Rick Wesselhoff
(Coldwell Banker First Affiliate)
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 ho...
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By Rick Wesselhoff
(Coldwell Banker First Affiliate)
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!www.sedonahomesandland.com 
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By Rick Wesselhoff
(Coldwell Banker First Affiliate)
Now's the time to get real and meet the market if you haven't done so already!!!  It's impossible for you to have missed the news and commentary on the soft housing market and lender woes.  Although there are some exceptions, homeowners are probably not going to be able to sell their property for as much as they could have sold it 2 years ago.    However, some are still tempted to "test the market" with a price that's not going to garner any buying activity.   With so much inventory and few buyers... this isn't a great method to get a buyer! Often times I'll hear soemthing like "I need to get $500k for this house."  My answer is generally something like this "I'd love to get you $500k for your house, but given the current market conditions I think you can see that this isn't likely to h...
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By Rick Wesselhoff
(Coldwell Banker First Affiliate)
2007 was an interesting year for Sedona real estate.  There are statistics compiled here - www.sedonaforsale.com but I'll recap in brief here.  There were several large companies that closed their doors in 2007 and lots of agents that didn't sell a thing.  However, the good news is that there are fantastic deals to be had in the lower price ranges.  There are a fair amount of sellers that are stressed about losing homes, so there are good deals in the under 600k price range.  Homes are still selling if the price is right... but with inventory levels at a 6 year high - pricing with the market won't get it done anymore.  Sellers that need to sell should price their home 10% under the market rate... and watch the buyers flock to see their home.  Feel free to call me or email me with any qu...
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