Family Room Living At Its Best!

As Arizona custom home builders we get to build for ourselves as well as for our customers that design their own living spaces.  One of the homes we’re privileged to construct is one of those homes where  family room living is a top priority.  This 10,000 square foot Tuscan style home in the heart of Tempe has a space for everyone in the family, a large great room with 22 foot ceilings adjoining the kitchen and dining area is perfect for large gatherings of family and friends.  The second floor holds multiple entertainment areas such as a large game room, media room and upstairs mini-kitchen where the kids can have easy access to beverages, popcorn, etc.  The home has six bedrooms and six bathrooms.  The home has 4 car garages and an RV garage.   When family members need a quiet space there is a library/den or sitting area off the master bedroom offering a more cozy reading or TV area.  This home skips the formal living and dining areas and maximizes the  family room living spaces where all guests warmly welcomed.  The kitchen has two dishwashers, a full-size 48 inch freezer, full-size 48 inch refrigerator, a 60” commercial grade range and a walk-in pantry.  Entertaining can easily move outdoors at the pool and spa area in the rear yard, or off to the side of the house where the private courtyard holds a la glorieta and a stunning desert tree and outdoor fireplace.

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1. What’s Happening In the Phoenix Area Real Estate Market?

Outlined below is a summary of the Phoenix area real estate market through December 2011.

• NUMBER OF CLOSED SALES INCREASE…  As inventory continues to decrease, the number of closed sales continues to grow.  We continue to see multiple offers on high demand properties, and in some cases, buyers need to pay more than list price in order to be the successful bidder.
• LESS FORECLOSURE PROPERTIES HIT THE MARKET… December statistics saw bank owned/foreclosure sales DECREASE by 2.3%. This statistic means that the competition from foreclosure properties decreased while traditional sales from sellers with equity increased.
• SALE PRICES INCREASE…  With the decrease in inventory, it should come as no surprise that home prices are now on the rise.  December saw an increase of 1.5% in price over the prior month. The average home price increased from $165,881 to $168,365.  This increase means that buyers have 1.5% less buying power than they did in the prior month.  It’s possible the shrinking inventory could provide even more competition for homes on the market, which could result in even higher home prices.
• SALES PRICE TO LIST PRICE… The average price a seller receives continues to be impressive with December showing a slight decrease to at 96.15%. The higher the number, the closer the final sales price is to the listing price. With the competitive nature of the market, we would expect that this ratio would continue to be closer to 100% of the list price of a home. As this average remains close to 100%, on lower priced/highly desirable properties, buyers may still have to pay above list price. Since a home must appraise in order to obtain a loan, underwriters are still looking very closely at prices and making sure that homes are selling at or below market value. This could mean that investors have an advantage if they are willing to pay higher than the list price.
• DECREASED NUMBER OF LISTINGS… December saw a DECREASE in the number of listings over the prior month after 2 months of inventory increasing – a decrease of 19.3%!  We normally see a drop in inventory in the month of December, so this is not unusual; however, it was a more dramatic decrease than in December of the prior two years.  The current market means that buyers have fewer homes to consider than in prior months.  The lower the number, the more likely the competitiveness for lower priced homes will remain part of the current market. As always, market activity is local.
• MONTHS OF INVENTORY…  December saw a 26% DECREASE in the number of months of available inventory to only 2.62 months of available residential properties in Maricopa County. This statistic means, that on average, we continue to remain in what is called a very strong “seller’s market” that is identified when this statistic reflects less than 5 months of inventory. Buyers will want to seriously monitor this as well, as it indicates that there is still low inventory.  A seller’s market traditionally gives less control to buyers and can create significant competition for the current inventory. However, the type of market will vary from price range to price range and even area to area.

Is this 2006?  No, but some of this good news is very nice to hear.  As we were one of the first markets hit by the souring economy and decreasing home values, maybe we will be one of the first states out of this mess.  Normal home price increases range from 2.5 to 5% per year, let’s just get back to normal.

The is a post from: Arizona Custom Homes Blog. Where you can get information on Az custom home builders and Arizona custom homes.

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1. Family Room Living… This Home Has It All

 What to do with that lot?

There are many people in the Phoenix metro area that have purchased custom home lots with the intention of building the home of their dreams.  Many of these lots were purchased during the real estate boom when buyers paid dearly.  Some lot owners have since sold their properties, while others are sitting with the land unsure about what to do while watching land values drop year over year. 

Vasaro half-acre custom home lot

 As far as land values go, as an Arizona custom home builder, we believe the worst is over.  Duh, how much worse can it get?  In one custom home subdivision, Vasaro, Chandler, AZ, the devastation has passed.   Based on  Arizona multiple listing service data, the worst hit on land values in this subdivision occurred between 2007 and 2009, where a 70% price drop occurred over those two years alone.  This is a gated custom home subdivision where average home prices were once over $1.3 million and now run about $600,000.  The average square footage is around 4500 square feet with three-car side entry garages.  Each home is built by a custom home builder, so no two homes look alike.   In 2006, the average price for a 0.5 acre parcel was $383,500 while today’s value (based on only ONE sale in the subdivision by the end of  the first quarter for 2011)  is $65,000,let’s hope a few more sales occur this year and bring the average price back up to the $100,000 range where it has lingered the past two years.  That’s an 84% drop from the high.  Really????  How much worse can it get?  Why would someone wait so long in this nightmare and dump a lot at the bottom of the market for $65,000?  Could it be fear?   Or it could be a terrible financial condition that made it necessary to dump it.  Maybe it was an owner that was just  sick of the HOA fees and the property taxes that they had to pay while owning the lot?  If they were upside down on the lot, meaning they owed a bank more than it is worth at today’s prices, it may be difficult to walk away.  In Arizona you will likely be held accountable to the bank if you walk away from such a property.  Arizona is an anti-deficiency state for a primary residence, but clearly not where investment property is concerned.

For someone that owns a lot in this subdivision and has held onto it, this drop in value has been sickening.  But now what?  Hold onto it until prices come back?  Try to sell it at the absolute lowest prices yet?  Go  ahead and build a house on it?  Let’s discuss those three issues.

1.  Hold onto it until prices come back.  In the Phoenix area, we have seen this up and down real estate cycle happen before in the 80’s during the Savings and Loan (S&L) crisis.  It took years and years after the S&L crisis for property values to increase.  This time around it may take 10 years or more for property values to increase, and they likely will NOT increase to the values at the height of the bubble.
2. Try to sell it?  If you own a vacant custom home lot and want to sell it, you are definitely stuck at today’s prices.  The next question to ask is, “Is land selling well right now?”  Actually, not well, unless you just give it away.  It is much easier to sell a house at a reasonable price than to sell dirt right now.  There are no longer investors counting on appreciation then flipping a lot to a spec builder.  There are no longer speculation builders out there buying lots to build a custom home and sell it.  As an Arizona custom home builder, this was never our business model.  We typically build homes for a particular customer. 
3. Go ahead and build a house on it?  If you had planned on building a custom home for yourself and your family, you might actually consider building on the lot.  

• If you already own a vacant lot that you had planned on building your dream house then you don’t need to be reminded that you are paying annual property taxes on this land.  If you currently own the home in which you reside you are paying property taxes on your residence as well, then it may be time to ask yourself ‘why’?   Is it time to sell the lot, despite the low prices?  Is it time to build a custom home and sell your existing home or rent out your existing home?   One of our customers has successfully rented out their previous home.  As many people have found out over the past few years, buying vacant land is a very risky and speculative investment. Unlike investment income properties where rental incomes pay the annual property taxes, raw or vacant land does not bring in any income to pay for the property taxes.  With vacant land, you still pay those annual taxes.
• If you already own a vacant lot that you had planned on building your dream home then you also don’t need to be reminded that you may be paying monthly homeowner’s association dues.  Perhaps you are also paying those for the home you are living in, whether you are renting or owning.  These are drain on your finances.
• If you need to sell something, in this market it is easier to sell a home at a reasonable price than to sell a vacant lot.  If vacant lots are selling at all, it is all about location and still selling dirt cheap, as evidenced by the ONE selling in this example subdivision.
• If you own the property outright, free and clear, what if you built a smaller house on the lot than found in the rest of the subdivision, say 4000 square feet rather than the average of 4500 square feet?  What if you kept the construction costs to around $90.00 sq. ft., without skimping on style and quality, which is not impossible in this market?  Construction costs have come down as well, lead times are nearly nothing as subcontractors are anxious to get on a job.  Run the numbers, if the current sales price is $129 a square foot, in this subdivision, what would the value of your new house be…. over $500,000?  Will it return the money lost in the lot, probably not, but what will?

In summary, there is no right or wrong answer.  The solution depends upon each person that may have bought a lot for their custom home and has owned it throughout this real estate nightmare.   Each solution is different based on the owner’s current situation.  There are as many different viewpoints here as there are people.  Some might ask, why add to the inventory of homes?  Well, if  inventory is an issue, lets talk about the high density builders that are still building away in the Phoenix market.  What seems stupid and insane to one person, makes sense to another person, you just have to do what makes sense for you!  If you want to discuss your particular situation, we believe our extensive experience as an Arizona custom home builder   we can help, please contact us directly at woodridgecustom@cox.net .

Related articles

• Housing market: 13% of all U.S. homes are vacant(talesfromthelou.wordpress.com)
• Selecting a Lot in Subdivision(homebuildingsmart.com)

The is a post from: Arizona Custom Homes Blog. Where you can get information on Az custom home builders and Arizona custom homes.

Related Arizona Custom Homes Posts:

1. What’s Happening In the Phoenix Area Real Estate Market?
2. Family Room Living… This Home Has It All

Over-sized Showers, Protective Coating on Glass Doors, or Completely Skipping the Doors

As Arizona custom home builders of Arizona luxury homes we pay attention to detail while designing shower systems with our customers.  Shower areas have grown over the years and are increasingly becoming a place in custom homes that deserve more recognition, especially the master bath. It’s out with the old and in with the new when it comes to shower systems. The small shower stall that cause you to bump your elbows against walls are definitely out as well as the fragile, obscured bypass doors.

On the other hand,

1. Bigger is better with shower spaces,
2. Frameless shower doors constructed with weighty glass,
3. Various spray systems,
4. Snail showers,
5. Shower sitting areas,
6. Coated glass for easy cleaning, and
7. An enormous array of finishes for the fixtures.

Luxurious showers are arguably a symbol of excellence and comfort. Bigger is better indeed with showers; for instance, some are designed so that doors are deliberately left out of design. Then there are those built with a spiral-type shape, again eliminating the necessity of shower doors.  Designing a shower without a shower door eliminates the dreaded cleaning associated with glass shower doors.  Although many of today’s shower doors are available  with a protective coating that prevent the appearance of permanent spots, soap scum and stains that accumulate over time on glass shower walls and doors.

As  Arizona custom home builders, we have found that today’s shower doors are made with much heavier and thicker glass than in the past.  With heavier, thicker glass, metal frame supports are eliminated.  By eliminating the metal frames, one can see directly through the glass and the beauty of the tile work . These new shower doors are also capable of being opened by pushing into the shower door in, or pulling the door open, creating enormous versatility and effortlessness in use. On tub/shower combinations, also available today are French doors absent of frames, creating that WOW EFFECT, when both doors can be opened to easily climb into and out of a shower/tub combination.  

Shower stalls have made a transition from simply stalls to more prominent features within the master bathroom. As mentioned, they’re much larger creating lots of room to enter and/or exit with comfort and ease. Multiple sprayers are also added.  Anything from rain shower-heads fixed above to standard sprayers from the walls as well as hand-held sprayers that come equipped with wall poles or hands-free mode with multiple sprayers from various areas of the shower wall. The various styles of a custom bathroom continue offering a wide variety of features for the custom home buyer. As Arizona custom home builders we plan to stay abreast of the styles, changes and trends in custom bathrooms to offer our customers the best choices for their particular home style.

Arizona custom home builders exemplify a large walk-in master shower

The is a post from: Arizona Custom Homes Blog. Where you can get information on Az custom home builders and Arizona custom homes.

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1. Family Room Living… This Home Has It All
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Move Over Pedestal Sink

Tired of seeing those stale pedestal sinks found in the average powder room or custom bathroom? Have you given thought to the different assortment of sinks on the market? Some are classical pieces of furniture converted into vanities. The glass or stone bowls found on top of vanities have also gained popularity. As Arizona custom home builders, many of our custom home buyers have rummaged around antique shops searching for the best dresser to change into a vanity.  With a marginal amount of ingenuity a powder room can demonstrate the personality and style of any homeowner.

Most of the newer style sinks found aren’t very expensive; however, they’re a welcoming addition to most powder rooms and custom bathroom.  Some of our custom home buyers have used glass bowls found at the local big box hardware store, but when placed in a unique setting like a built-in counter top, it looks like it cost more than it actually did and reveals a truly one-of-a-kind custom look.  These glass bowls are sturdy and thick and come in a variety of colors.

As Arizona custom home builders, other custom home buyers have placed stone bowls directly on top of an old piece of furniture, customizing the look to match their Tuscan home style.  Converting an antique or even new piece of furniture to hold a vanity sink allows for storage underneath the sink, something amiss with the standard pedestal sink.  The furniture can be modified to hold a sink that sits on top of the dresser, or a sink that can be popped into an opening cut into the dresser.  There are a vast number of new styles available for either glass or stone bowls which makes creating the idea powder room.

Other stylish vanities consist of sinks situated on custom-made counter tops with fixtures mounted into the walls.  Fixtures in these rooms can also be a bit more stylish than practical versions in the remainder of the home.

As Arizona custom home builders, we will assist our custom home buyers get the look and feel they desire when planning, designing and building their custom bathroom.  The vanity or powder room sink selections are one small aspect of this comprehensive, and ‘dream come true’ process.

The is a post from: Arizona Custom Homes Blog. Where you can get information on Az custom home builders and Arizona custom homes.

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Entry Doors of Wrought Iron Add Glamour and Elegance to Any Home Style

Over the past few years as Arizona custom home builders, we have witnessed the alteration of entry doors from custom wooden designs to custom-fashioned iron door in Arizona luxury custom homes.  These doors are unmatched in ageless fashion and fit with a number of architectural styles.  Today there are more and more manufacturers of thee iron entry doors than when first launched and many of them have various styles available, even though doors are custom made for each home. Some of our custom home buyers have designed their own doors.

Wrought iron entry doors are designed as single entry or double entry.  Some with full-arched tops, soft-arched tops or simply squared-off.  Others include fully matched door surrounds. Each door incorporates glass with swing-open features.  Each glass component latches on the inside of the door making it simple to clean, just allowing the glass component to remain open when the Arizona weather is perfect.

As builders of Arizona luxury custom homes, we recommend using the services of manufacturing companies that specialize in construction with heavy-gauge steel for thick doors. These doors are finished with an industrial-style coat of powder that provides durability against the piercing heat of the Arizona sun. When selecting your choice of finishes there’s basic black, antique, as well as faux finishes.

All of these doors can be custom designed by a custom homebuyer, including single or double-door designs. Whether it’s the squared-off top or the arched-full or soft design, there are many options available.  Then there’s the glass selections that can be clear, frosted, rain or glue chipped in style.  The manufacturer or custom home buyer can design the door handles.

If you’re looking for beauty, strength and pizazz, then wrought iron entry doors may be what you’re looking for.  These doors are growing in popularity, and rightfully so, it’s the first thing visitors’ notice before entering your home.  As home builders of Arizona luxury custom homes, we have installed these doors for front entry doors, patio doors, and wine storage rooms. These doors work with ‘Old World’ style, Tuscan, and even contemporary and modern style homes, it just depends on the style selected or created.

The is a post from: Arizona Custom Homes Blog. Where you can get information on Az custom home builders and Arizona custom homes.

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Kid Zone’s Offer Flexibility in Luxury Custom Homes

Designing custom homes exactly the way a family envisioned it can be extremely rewarding as Arizona custom home builders. Many families that have us help them design and build the home of their dreams usually do exactly that. Creating the perfect floor plan can be challenging, yet very rewarding when based on a family’s personal needs and desires.   Many of the homes that we design and build include an area dedicated to the family’s children.

A children’s area or kid zone isn’t necessarily a playroom; however, it can be built with very young child in mind and transition to an area for older children.  Most are built with televisions, computers and teenage activities in mind. As Arizona custom home builders, we have constructed kid zones adjacent children’s’ bedrooms, and other times a game room where a large television can be used for video games, more interactive games like the Wii, board games, and billiards.

By placing the bedrooms for children on one side of the home and designing a playroom near those bedrooms creates an excellent way for the kids’ to enjoy their video games, television, movies, loud music, computer activities, or for hanging’ out with friends in an area that is away from the family. Based upon the age of the children, evolution is inevitable with these rooms as the children grow and mature. Kid zones can begin as playrooms specifically designed for very young children and as the kids grow and mature, the room can be redesigned and transformed into something more appropriate for teens. Afterwards, when the kids’ leave the house and go off to college, it can become a hobby room, library or exercise rooms for the parents.

As Arizona custom home builders, we have seen the popularity of kid zones soar over the years. These rooms offer such flexibility, ranging from playrooms for very young children to game rooms for older kids and ultimately a unique room for parents when the kids leave home.

The is a post from: Arizona Custom Homes Blog. Where you can get information on Az custom home builders and Arizona custom homes.

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1. Family Room Living… This Home Has It All
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Fake Grass Can Look Better Than Real Grass at Times

Grass lawns in the state of Arizona may seem crazy, as this is the desert. Nevertheless, it’s recognized as a landscape amenity and it would be non-existent in Arizona if not for a well-planned and supervised sprinkler system. As Arizona custom home builders, we’ll help our homeowners install a green lawn or desert landscaping alternatives.  Desert landscaping is one of the best low-maintenance options to natural grass.  The technique of growing low-water use vegetation in rock gardens has long been popular in Arizona. Many of these low water usage desert plants include an awe-inspiring array of flowering plants. Despite, it’s beauty and water-wise strategy; rock gardens are not what all homeowners want.  Many homeowners want a green lawn.  Green lawns actually lower the temperature in and around the lawn and offer both the real and perceived feelings that makes one think… “Maybe it isn’t really that hot outside.”

As Arizona custom home builders, we have worked with homeowners that also wanted fake grass.  Fake grass offers an arid, low-maintenance alternative that looks absolutely beautiful when installed correctly. The natural, realistic and beautiful appearance is astonishing, not to mention, easily manageable as well.

Finding the perfect fake grass took a little research; however, there are a lot more options available today. The important thing is to select by quality and installation. If not installed properly a lawn could turn out looking fake and disastrous. Plus quality seams are critical for the overall appearance and it’s ability to stand up against the extreme change of seasons in Arizona. Over a period of time synthetic or fake grass may fade; therefore, many manufacturers will offer an 8-year warranty plan or better.  The grass is priced by square footage and based upon the size of the area and the requirements needed for ground preparation, a decision can be made on whether it would be a wise choice to make. 

As Arizona custom home builders, we have found that fake grass is more suitable for smaller areas than larger ones. Taking a large lawn in consideration and calculating yearly landscaping fees and yearly water usage, compared to the installation of fake grass, it’s been calculated that most homeowners would be better off sticking with natural grass if they have a large yard.

Fake grass can look better than real lawns, especially in Arizona when most lawns must be converted from winter grass to summer grass and back again in Fall.  Fake grass looks good year round.  However, if fake grass is being considered, know that synthetic lawns don’t remain as cool as natural grass. The products consist of non-absorbing materials and it’s designed to allow water to run through the material; however, fake grass won’t cause harm to pets or children. It’s non-flammable, and doesn’t provide places for insects to harbor or fester.  The best feature is the maintenance, or lack of it.  As Arizona custom home builders, we would recommend fake grass in smaller yards, for backyard putting greens, and for unique landscaping features.

The is a post from: Arizona Custom Homes Blog. Where you can get information on Az custom home builders and Arizona custom homes.

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1. Family Room Living… This Home Has It All
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With the growing status of the Old World style and its related courtyards, as an Arizona custom home builder we’ve witnessed unique ways to incorporate a courtyard in and around a property. A number of Arizona luxury custom home courtyards are firmly situated at the entrance of homes and affords flexibility to the front yard. Other homeowners have small garden spaces on the outside of their master bedroom offering a relaxing and very private sitting area.

Architectural elements inside of a courtyard can make for an exceptional environment that sets apart the uniqueness of a courtyard home. Courtyard structures comprised of arbors are sensible, providing enchanting garden themes and comfortable shady areas from the Arizona heat. Adding a water fountain to the theme will enhance the courtyard while at the same time creating an excellent environment for the cool, refreshing sound of flowing water as well as a haven for birds. Another courtyard option is an outdoor fireplace, a place to situate comfortable outdoor furniture and offer a great place to hang out with family or friends. Furniture placed in a courtyard can help define the space as a dining area, or relaxations area with an outdoor sofa.

Choosing a flooring for an outdoor courtyard can add pizzazz and attractiveness to the courtyard and is yet another option worth pursuing to further define the space and it’s uses. As an Arizona custom home builder, we often use interlocking pavers, flagstone, or natural slate flooring.

Plants selected for an outdoor courtyard is determined by the climate of course, in Arizona courtyards are often full of colorful and flowering plants such as bougainvillea, ruellias, hibiscus and lantanas for summer, while geraniums, petunias, penstemmons, and gazania offer great flowering winter plants.

As an Arizona custom home builder, more and more of the homes we build include a courtyard of some kind. A front courtyard, not only separates the house from the street, it can add that level of privacy and seclusion in the midst of a city street. Having a courtyard as the center of attraction for a custom home is a marvelous decision for those seeking periods of privacy or sharing meals and good times with family and friends.

The is a post from: Arizona Custom Homes Blog. Where you can get information on Az custom home builders and Arizona custom homes.

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1. Family Room Living… This Home Has It All
2. What’s Happening In the Phoenix Area Real Estate Market?

Under-counter refrigerators appear to popping up everywhere nowadays. As Arizona custom home builders, we have incorporated these useful appliances in kitchens, home offices, coffee bars, wet bar locations, guesthouses and even garages.  Even in the master suite.

There are many brands of under-counter refrigerators; we have installed various brands including U-line, GE, Viking, Sub-Zero and Kitchen-Aid. Some come equipped with pull-out drawers and interchangeable glass doors.

There are models specifically designed for wine with separate temperature zones for red and white wine.  The temperature can best be determined by the homeowner’s preferences.  These under-counter wine refrigerators store wine in horizontal drawers in a bottom-to-top position while keeping the cork wet and maintaining the integrity of the wine.

Some under-counter refrigerators are made exclusively for soft drinks, bottled water, and sport drinks and fruit juices without space for storing wine. These are usually known as beverage centers. Then there are models that allow you to store bottled water, soft drinks, fruit punch and other beverages on top of the refrigerator while storing wine at the bottom. Flexibility is always a privilege.  As Arizona custom home builders, we have also installed under-counter refrigerators where wine is stored at the bottom and bottled water, soft drinks and other beverages are stored on the top shelves.

When installing an under-counter refrigerator within a custom home, homeowners are recommended to cautiously take into consideration how the refrigerator will be used to make an informed decision when making their selection.  These types of refrigerators can cost anywhere from $1000 to $1500 based upon the brand and selection of style.  Our appliance design team can help homeowners simplify these decisions.

As Arizona custom home builders, under-counter refrigerators offer a wide variety of uses, such as the photo here in a kitchen.  This is refrigerator is used exclusively for sports drinks, soft drinks and bottled water for the family’s teenagers.

The is a post from: Arizona Custom Homes Blog. Where you can get information on Az custom home builders and Arizona custom homes.

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1. Family Room Living… This Home Has It All
2. What’s Happening In the Phoenix Area Real Estate Market?