Housing Market 2013A Return To More Normal Conditions

Festive Flavors for FallRoaring Fork’s Decadent Wood Fired Duck

Saguaro Highlands

Real Estate Report

November | December 2013

Creating A Season To Remember

Holiday Traditions

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Lesley McGeePRUDENTIAL TROON NORTH OFFICE

Cell: 480.203.6949Lesley.McGee@PruAZ.com

YOUR SAGUARO HIGHLANDS REAL ESTATE SPECIALIST

REAL ESTATE ACTIVITY IN

Dear Saguaro Highlands and Saguaro Estates Residents:

I’m your neighbor and full time real estate professional specializing in North Scottsdale, Carefree, Cave Creek and Phoenix and especially our community; I consider myself an excellent resource for any of your real estate

needs. I have been a resident of Saguaro Highlands since 2003 and have served as a member of the Social

Committee, working with our HOA and board to maintain a sense of community. Listing and selling homes in our

neighborhood is especially important to me, I am committed to my clients to give the best service

possible while maintaining our values.

My team; THE FINE HOMES GROUP; is an award winning team within Prudential Arizona Properties and we office right here in Troon. Our upscale marketing, technology

and negotiating skills give us the edge to exceed our clients expectations. We are confident our work and my experience

is Saguaro Highlands and Estates speaks for itself.

If your home is currently listed, this is not a solicitation for that listing. Produced by Desert Lifestyle Publishing • 480.460.0996 • www.DesertLifestyle.net

Saguaro Highlands

Sponsored by the HOA and hosted by the Social Committee Lesley McGee and Tiffany Kamin. This year was a Luau theme with a 22 foot water slide,

bounce house and catered Hawaiian food from Hawaiian Ono BBQ. Mai tais and beer were also on the menu. The Luau was a great chance

for new neighbors and longtime residents to meet and mingle. A big Mahalo to all who attended and helped during the event!

Saguaro HighlandsAnnual Party in the Park

www.FineHomesGroupAZ.com

Address SQFT Bed Bath List Price Sold Price List / Sold Price COE Per SQFT

Currently for Sale27600 N 66th Way 3,730 3 2.5 $839,900 $225.17 / NA6534 E Running Deer Trail 3,931 4 4.5 $1,000,000 $254.39 / NA6818 E Blue Sky Drive 6,627 6 4.5 $1,350,000 $203.71 / NA27599 N 70th Street 5,025 4 3.5 $1,399,000 $278.40 / NA

Sale Pending66774 E Running Deer Trail 5,298 4 3.5 $985,000 $185.92 / NA

Recently Sold27955 N 67th Place 4,000 3 2.5 $899,000 $875,000 $224.75 / $218.75 3/11/136626 E Bent Tree Drive 3,853 4 3.5 $897,000 $885,000 $232.80 / $229.69 7/09/1327597 N 67th Way 4,300 4 4.5 $1,095,000 $1,050,000 $254.65 / $244.19 5/13/13

Considering Selling?Values continue to rise this quarter coupled with low inventory

makes this a great time to sell. We have buyers looking and your property may be just what they are looking for!

It is now almost two and a half years since the Greater Phoenix housing market hit its lowest monthly median sales price of $117,000 in April 2011. Since then the monthly median sales price for single family homes in Maricopa County has recovered sharply, reaching $204,250 as of August 2013. That 75% jump indicates just how much the market has changed, but it still has another 41% to grow before attaining the previous high of $287,990 reached in June 2006. The market has changed in content too. Back in April 2011 the majority (64%) of the market consisted of distressed properties including homes sold at trustee sales, bank owned properties, HUD homes and short sales. In August 2013 these distressed properties were only 18% of sales and the majority of transactions are now between normal sellers and buyers. Distressed properties often sell at discounts of 25% or more, so as they disappear this has a large effect on the

median sales price. If we look exclusively at normal transactions, median sales prices have increased by a more modest 17% from $180,000 in April 2011 to $210,000 in August 2013. Without a large number of foreclosures, buyers have outnumbered sellers for quite some time, although from $200,000 upwards that situation is now easing. More homeowners now have equity and are free to sell their home without needing permission from their lender. Higher prices have led to weaker enthusiasm from investors and their purchases have fallen from almost 40% of the market last summer to just under 24% in August this year. Out-of-state buyers also have lower interest in Greater Phoenix now that we are no longer offering attractive homes at bargain basement prices. New home builders are slowly ramping up production in areas such as the Southeast and Northwest Valleys, but are still at completion levels that are less than half the monthly rate of the

late 1990s. Constraints on affordable land and construction labor mean they are unlikely to be able to increase the number of homes fast enough to keep pace with populations growth. However household formation remains subdued due to the weak job recovery. The luxury market has been stimulated by lenders making jumbo loans more available as well as offering more attractive terms. Some have lower rates for jumbo loans than conventional loans which is a very unusual situation. All these factors are combining to cause the market to return to more normal conditions and the balance between buyer and seller slightly less favorable to sellers than it has been over the last two years. In contrast buyers have much more choice and a little more bargaining power.

Author and statistician Mike Orr is the Director of Real Estate Studies at ASU’s W.P. Carey School of Business.

The holidays are almost here! Why not make this the year you create winter memories that will last a lifetime? Whether you celebrate Christmas, Hanukah, or Kwanzaa, holiday traditions will help you build family time that will be cherished for years to come. Here are a few festive ways to make this winter season one to remember. First, make your home magical. Whether it’s placing your tree or menorah in the same special spot year after year or creating an ornament theme that grows and grows each Christmas, building rituals into your holidays will make them truly unique. A few more decorating ideas to consider: Hang elegant stockings

for Santa to fill, each embellished with your children’s names; get a second children’s Christmas tree that only the little ones can trim; don your staircase and mantle with evergreens and all-white candles; and don’t forget to hang mistletoe or a kissing ball for lovebirds who pay you a visit. The exterior of your home should not be forgotten either. Get into the holiday spirit by lighting up a few spectacular trees in your yard or highlighting some of the unique architectural aspects of your house. Each year, your family and neighbors will look forward to your light extravaganza. Need inspiration? Head to the zoo to see its dazzling display of holiday lights. Looking for a way to appreciate all the holiday lights in your own neighborhood? Try the old tradition of caroling from house to house. Gather your friends and family, pass out some festive sheet music, and don’t forget your holiday cheer. Best part about caroling? You can make it a White Christmas simply singing the song by Bing Crosby, even if the weather does not wish to participate. Finally, there’s no better place to build holiday traditions than in the kitchen. After all, nothing says the holidays better than warm

gingerbread cookies and hot cocoa. Make the winter holidays special for the little ones by making homemade holiday cookies and treats (maybe even start up an annual cookie swap for friends and neighbors). The kids or grandkids will really enjoy building a beautiful gingerbread house and will look forward to this event year after year. Create a photo album of your gingerbread houses through the years as a special memento. While you’re in the kitchen, why not plan a holiday dinner that every member of the family will look for-ward to year after year? Forego the normal roasts and casseroles and prepare your partner or child’s favorite meal instead, even if it’s a nontraditional choice. Voila … instant family tradition. And don’t forget to whip up a signature seasonal cup of cheer – think cranberries, cinnamon, and spice. Happy holidays!

DUCK PREPARATION:Wood fire half a duck and grill to medium.

INGREDIENTS:Duck Onion Jam1 yellow onion diced2 tbsp mustard seeds6 oz rice wine vinegar1/2 c of sugar1 tbsp salt1 tbsp white pepper

PREPARATION:Cook vinegars and sugar to dissolve sugar. Add remaining ingredients and reduce by half over moderate heat. Allow jam to cool at room temperature.

Sour Cherry Mustard2 shallots, finely chopped1 tbsp minced garlic8 oz red wine2 c sour cherries, chopped2 sprigs of thyme1 tbsp creole mustard1 pt duck demi-glazeSalt and pepper to taste

PREPARATION:Sweat vegetables. Deglaze vegetables with red wine and add stock. Finish with herbs then salt and pepper to taste.

Top the wood fired duck with the onion jam and sour cherry mustard.

The West Select | A New Western ClassicPhoenix Art Museum | November 10-December 31602.257.1222 | TheWestSelect.comThe West Select is a Western invitational art sale and exhibition. Featuring paintings, drawings, sculptures, and photographs the works in exhibition reveal iconic landscapes, wildlife, and depictions of the modern or “New West”. Proceeds benefit the Men’s Arts Council of Phoenix Art Museum, a non-profit organization that supports the programs and activities of Phoenix Art Museum through unique events.

Ocean Prime 5th Year Anniversary WeekOcean Prime | November 11-17480.347.1313 | OceanPrimePhoenix.comOcean Prime Celebrates its 5th anniversary by offering guests a special five-course menu in addition to the regular dinner menu. Designed by executive chef Jagger Griffen, the anniversary menu features several of Ocean Prime’s most popular dishes and includes a glass of Prosecco with dessert.

White ChristmasPhoenix Theatre | November 20-December 24602.254.2151 | PhoenixTheatre.comCelebrate the holidays with this true Irving Berlin classic! White Christmas is a great musical theatre story of the two World War II veterans with a successful song-and-dance act. With love on their minds, they meet up with a duo of beautiful singing and dancing sisters en route to their Christmas show at a Vermont lodge, which happens to be owned by their former army commander.

The NutcrackerSymphony Hall | December 6-24602.381.1096 | BalletAZ.orgA holiday celebration to share! Dancing toys, mischievous mice, waltzing flowers and sparkling snowflakes dance to Tchaikovsky’s sumptuous score performed by The Phoenix Symphony. This holiday classic tells the story of Clara and her magical Nutcracker Prince as they embark on a thrilling adventure. Each year Ballet Arizona rings in the season with Ib Andersen’s The Nutcracker, creating memories to cherish forever.

A Holiday Jazz Celebration with Marty AshbyMusical Instrument Museum | December 21480.478.6000 | TheMIM.orgMarty Ashby will present a Holiday Jazz Celebration, this time with a full seventeen-piece big band! The evening will feature new arrangements of some holiday favorites as well as a few special twists and surprises. This year’s featured guest is trumpet master Sean Jones, one of the hottest musicians on the jazz scene today.

NOVEMBER | DECEMBER 2013

CURED DUCK TOPPED WITH ONION JAM & SOUR CHERRY MUSTARD

Roaring Fork480.947.0795 | RoaringFork.com

In Good Taste Event Calendar

Housing Market Review BY MIKE ORR

It is now almost two and a half years since the Greater Phoenix housing market hit its lowest monthly median sales price of $117,000 in April 2011. Since then the monthly median sales price for single family homes in Maricopa County has recovered sharply, reaching $204,250 as of August 2013. That 75% jump indicates just how much the market has changed, but it still has another 41% to grow before attaining the previous high of $287,990 reached in June 2006. The market has changed in content too. Back in April 2011 the majority (64%) of the market consisted of distressed properties including homes sold at trustee sales, bank owned properties, HUD homes and short sales. In August 2013 these distressed properties were only 18% of sales and the majority of transactions are now between normal sellers and buyers. Distressed properties often sell at discounts of 25% or more, so as they disappear this has a large effect on the

median sales price. If we look exclusively at normal transactions, median sales prices have increased by a more modest 17% from $180,000 in April 2011 to $210,000 in August 2013. Without a large number of foreclosures, buyers have outnumbered sellers for quite some time, although from $200,000 upwards that situation is now easing. More homeowners now have equity and are free to sell their home without needing permission from their lender. Higher prices have led to weaker enthusiasm from investors and their purchases have fallen from almost 40% of the market last summer to just under 24% in August this year. Out-of-state buyers also have lower interest in Greater Phoenix now that we are no longer offering attractive homes at bargain basement prices. New home builders are slowly ramping up production in areas such as the Southeast and Northwest Valleys, but are still at completion levels that are less than half the monthly rate of the

late 1990s. Constraints on affordable land and construction labor mean they are unlikely to be able to increase the number of homes fast enough to keep pace with populations growth. However household formation remains subdued due to the weak job recovery. The luxury market has been stimulated by lenders making jumbo loans more available as well as offering more attractive terms. Some have lower rates for jumbo loans than conventional loans which is a very unusual situation. All these factors are combining to cause the market to return to more normal conditions and the balance between buyer and seller slightly less favorable to sellers than it has been over the last two years. In contrast buyers have much more choice and a little more bargaining power.

Author and statistician Mike Orr is the Director of Real Estate Studies at ASU’s W.P. Carey School of Business.

The holidays are almost here! Why not make this the year you create winter memories that will last a lifetime? Whether you celebrate Christmas, Hanukah, or Kwanzaa, holiday traditions will help you build family time that will be cherished for years to come. Here are a few festive ways to make this winter season one to remember. First, make your home magical. Whether it’s placing your tree or menorah in the same special spot year after year or creating an ornament theme that grows and grows each Christmas, building rituals into your holidays will make them truly unique. A few more decorating ideas to consider: Hang elegant stockings

for Santa to fill, each embellished with your children’s names; get a second children’s Christmas tree that only the little ones can trim; don your staircase and mantle with evergreens and all-white candles; and don’t forget to hang mistletoe or a kissing ball for lovebirds who pay you a visit. The exterior of your home should not be forgotten either. Get into the holiday spirit by lighting up a few spectacular trees in your yard or highlighting some of the unique architectural aspects of your house. Each year, your family and neighbors will look forward to your light extravaganza. Need inspiration? Head to the zoo to see its dazzling display of holiday lights. Looking for a way to appreciate all the holiday lights in your own neighborhood? Try the old tradition of caroling from house to house. Gather your friends and family, pass out some festive sheet music, and don’t forget your holiday cheer. Best part about caroling? You can make it a White Christmas simply singing the song by Bing Crosby, even if the weather does not wish to participate. Finally, there’s no better place to build holiday traditions than in the kitchen. After all, nothing says the holidays better than warm

gingerbread cookies and hot cocoa. Make the winter holidays special for the little ones by making homemade holiday cookies and treats (maybe even start up an annual cookie swap for friends and neighbors). The kids or grandkids will really enjoy building a beautiful gingerbread house and will look forward to this event year after year. Create a photo album of your gingerbread houses through the years as a special memento. While you’re in the kitchen, why not plan a holiday dinner that every member of the family will look for-ward to year after year? Forego the normal roasts and casseroles and prepare your partner or child’s favorite meal instead, even if it’s a nontraditional choice. Voila … instant family tradition. And don’t forget to whip up a signature seasonal cup of cheer – think cranberries, cinnamon, and spice. Happy holidays!

DUCK PREPARATION:Wood fire half a duck and grill to medium.

INGREDIENTS:Duck Onion Jam1 yellow onion diced2 tbsp mustard seeds6 oz rice wine vinegar1/2 c of sugar1 tbsp salt1 tbsp white pepper

PREPARATION:Cook vinegars and sugar to dissolve sugar. Add remaining ingredients and reduce by half over moderate heat. Allow jam to cool at room temperature.

Sour Cherry Mustard2 shallots, finely chopped1 tbsp minced garlic8 oz red wine2 c sour cherries, chopped2 sprigs of thyme1 tbsp creole mustard1 pt duck demi-glazeSalt and pepper to taste

PREPARATION:Sweat vegetables. Deglaze vegetables with red wine and add stock. Finish with herbs then salt and pepper to taste.

Top the wood fired duck with the onion jam and sour cherry mustard.

The West Select | A New Western ClassicPhoenix Art Museum | November 10-December 31602.257.1222 | TheWestSelect.comThe West Select is a Western invitational art sale and exhibition. Featuring paintings, drawings, sculptures, and photographs the works in exhibition reveal iconic landscapes, wildlife, and depictions of the modern or “New West”. Proceeds benefit the Men’s Arts Council of Phoenix Art Museum, a non-profit organization that supports the programs and activities of Phoenix Art Museum through unique events.

Ocean Prime 5th Year Anniversary WeekOcean Prime | November 11-17480.347.1313 | OceanPrimePhoenix.comOcean Prime Celebrates its 5th anniversary by offering guests a special five-course menu in addition to the regular dinner menu. Designed by executive chef Jagger Griffen, the anniversary menu features several of Ocean Prime’s most popular dishes and includes a glass of Prosecco with dessert.

White ChristmasPhoenix Theatre | November 20-December 24602.254.2151 | PhoenixTheatre.comCelebrate the holidays with this true Irving Berlin classic! White Christmas is a great musical theatre story of the two World War II veterans with a successful song-and-dance act. With love on their minds, they meet up with a duo of beautiful singing and dancing sisters en route to their Christmas show at a Vermont lodge, which happens to be owned by their former army commander.

The NutcrackerSymphony Hall | December 6-24602.381.1096 | BalletAZ.orgA holiday celebration to share! Dancing toys, mischievous mice, waltzing flowers and sparkling snowflakes dance to Tchaikovsky’s sumptuous score performed by The Phoenix Symphony. This holiday classic tells the story of Clara and her magical Nutcracker Prince as they embark on a thrilling adventure. Each year Ballet Arizona rings in the season with Ib Andersen’s The Nutcracker, creating memories to cherish forever.

A Holiday Jazz Celebration with Marty AshbyMusical Instrument Museum | December 21480.478.6000 | TheMIM.orgMarty Ashby will present a Holiday Jazz Celebration, this time with a full seventeen-piece big band! The evening will feature new arrangements of some holiday favorites as well as a few special twists and surprises. This year’s featured guest is trumpet master Sean Jones, one of the hottest musicians on the jazz scene today.

NOVEMBER | DECEMBER 2013

CURED DUCK TOPPED WITH ONION JAM & SOUR CHERRY MUSTARD

Roaring Fork480.947.0795 | RoaringFork.com

In Good Taste Event Calendar

Housing Market Review BY MIKE ORR

Housing Market 2013A Return To More Normal Conditions

Festive Flavors for FallRoaring Fork’s Decadent Wood Fired Duck

Saguaro Highlands

Real Estate Report

November | December 2013

Creating A Season To Remember

Holiday Traditions

Cov

er P

hoto

grap

hy |

Hig

h Re

s Med

ia L

LC

Lesley McGeePRUDENTIAL TROON NORTH OFFICE

Cell: 480.203.6949Lesley.McGee@PruAZ.com

YOUR SAGUARO HIGHLANDS REAL ESTATE SPECIALIST

REAL ESTATE ACTIVITY IN

Dear Saguaro Highlands and Saguaro Estates Residents:

I’m your neighbor and full time real estate professional specializing in North Scottsdale, Carefree, Cave Creek and Phoenix and especially our community; I consider myself an excellent resource for any of your real estate

needs. I have been a resident of Saguaro Highlands since 2003 and have served as a member of the Social

Committee, working with our HOA and board to maintain a sense of community. Listing and selling homes in our

neighborhood is especially important to me, I am committed to my clients to give the best service

possible while maintaining our values.

My team; THE FINE HOMES GROUP; is an award winning team within Prudential Arizona Properties and we office right here in Troon. Our upscale marketing, technology

and negotiating skills give us the edge to exceed our clients expectations. We are confident our work and my experience

is Saguaro Highlands and Estates speaks for itself.

If your home is currently listed, this is not a solicitation for that listing. Produced by Desert Lifestyle Publishing • 480.460.0996 • www.DesertLifestyle.net

Saguaro Highlands

Sponsored by the HOA and hosted by the Social Committee Lesley McGee and Tiffany Kamin. This year was a Luau theme with a 22 foot water slide,

bounce house and catered Hawaiian food from Hawaiian Ono BBQ. Mai tais and beer were also on the menu. The Luau was a great chance

for new neighbors and longtime residents to meet and mingle. A big Mahalo to all who attended and helped during the event!

Saguaro HighlandsAnnual Party in the Park

www.FineHomesGroupAZ.com

Address SQFT Bed Bath List Price Sold Price List / Sold Price COE Per SQFT

Currently for Sale27600 N 66th Way 3,730 3 2.5 $839,900 $225.17 / NA6534 E Running Deer Trail 3,931 4 4.5 $1,000,000 $254.39 / NA6818 E Blue Sky Drive 6,627 6 4.5 $1,350,000 $203.71 / NA27599 N 70th Street 5,025 4 3.5 $1,399,000 $278.40 / NA

Sale Pending66774 E Running Deer Trail 5,298 4 3.5 $985,000 $185.92 / NA

Recently Sold27955 N 67th Place 4,000 3 2.5 $899,000 $875,000 $224.75 / $218.75 3/11/136626 E Bent Tree Drive 3,853 4 3.5 $897,000 $885,000 $232.80 / $229.69 7/09/1327597 N 67th Way 4,300 4 4.5 $1,095,000 $1,050,000 $254.65 / $244.19 5/13/13

Considering Selling?Values continue to rise this quarter coupled with low inventory

makes this a great time to sell. We have buyers looking and your property may be just what they are looking for!