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January Real Estate Update

Joel Gilgoff, associate broker, president - RE/MAX Sedona

Real Estate News:

The Sedona market has slowed from its peak in 2004 – 2005 but the market is far from dead (and there is no bubble in sight). Sales of higher priced homes (over $1 million) remain strong here in Sedona as well as most other areas of Arizona. The best buys continue to be homes priced under $500,000. There is far more inventory of home and vacant lots available than this time last year. Most prices have not dropped, but there are some great buys – and sellers are more negotiable in many cases. Sedona tourism remains strong – with people now booking up to a year ahead (a great sign of recovery). Fall & winter bookings were about the same as last year. Tourism drives everything in Sedona and an increase in tourism may be the precursor to another run-up in home sales – so if you plan on a purchase in the Sedona area this may be your best buying opportunity.

As I said in my last couple of newsletters – there are still a few new and resale Verde Santa Fe units available to be purchased now starting at under $250,000 (we just sold one for $239,000). The new community of Mountain Gate, located about 20 miles south of Sedona in Clarkdale (30 minutes) has both town homes and regular estate homes available with prices starting under $200,000. These are the two most affordable areas at the current time. There are many new condo projects coming on the market in Sedona & Cottonwood with prices starting at under $200,000 to over $800,000.

A brand new subdivsion is being marketed by our office. The Highlands, located in Clarkdale (about 25 minutes south of Sedona) has homesites starting at only about $110,000. Come enjoy a sanctuary of 240 residential parcels resting in the foothills above the Verde Valley. The Highlands will be a planned community, which will include: 3 parks, a community center, shopping, and scenic trails in an unspoiled environment. Call us for more information and directions.

We have three Bed and Breakfasts for sale:

The Lodge at Sedona (www.lodgeatsedona.com), Saddle Rock Ranch (www.saddlerockranch.com) and Cozy Cactus Bed & Breakfast (www.cozycactus.com). If you have interest in a Sedona B & B – these are 3 great properties – priced from about $1.3 million to $3.99 million. Please just give us a call for an information package or see our web-site listings page for virtual tours of both inns (www.sedona-real-estate.com/property1.htm). The Lodge at Sedona just had a significant price reduction and can now be purchased with an adjoining .8 acre lot.

For those of you who like statistics and numbers, here are the final numbers for the year of 2006 (1/1/06 to 12/28/06):

Number of listed homes & condos in all of the Sedona market:

477 (was 483 - 60 days ago).
Number of homes & condos listed below $400,000:

63 (was 69 - 60 days ago)
Number of homes listed over $1 million:

105 (was 92, 60 days ago).
Median listed price:

$649,000 (was $629,000 60 days ago).
Number of homes & condos sold year to date:

462 (62 home sales in the past 60 days) (55 sold for over $1 million – 7 in the past 60 days)
Median sales price of all homes and condos sold:

$551,900 (was $530,000 through May 10, 2006)
Number of listed home-sites in all areas of the Sedona market:

359 (was 360 – 60 days ago)
Number of lots listed below $300,000:

61 (was 62 - 60 days ago)
Number of lots listed above $1,000,000:

32 (was 31 – 60 days ago)
Median listed price:

$475,000 (was $449,900 – 60 days ago)
Number of home-sites sold year to date in 2006:

114 (average of 10 per month over last 12 months).
Median sales price for 2006:

$519,500 (was $520,000 120 days ago – median holding)

Real Estate Listings:

Click on the links below to see our listings or our office listings as they appear in Realtor.com or all of the Northern Arizona listings as they appear in the Northern Arizona Multiple Listing System (NAMLS) (including photos). You can also see virtual tours of the B & B’s we have listed on our web-site listings page. Please call or email (ljestewart@commspeed.net) if you would like additional information on any of our listings.

Lori, Skip & My Listings:

http://realtor.com/FindHome/HomeListings.asp?frm=byagt&rid=19978163&rid=19978163&lnksrc=00038&poe=realtor

To Search our full MLS (this includes all listings in the Verde Valley & Sedona (includes Cottonwood, Camp Verde, Clarkdale, Cornville & Lake Montezuma):

http://www.sedona-real-estate.com/property1.htm

Click where it says: “Click here to search the current Sedona Verde Valley MLS (Multiple listing system) database to see active homes and land”. You can also sign up to be notified when new listings meeting your search criteria come on the market.

Southwest Inn at Sedona:

We have some rooms left for most dates this month and next –with mid-week rates starting at only $99 per night through 2/7/07. We feel that our inn represents a great value to our guests – and our guests rave about us! You can check rates and availability – and book your room at: http://www.webervations.com/magicscripts/resbook.asp?memberid=swinn
or check out our property at: http://www.swinn.com

Around Sedona

- January/February 2007 -

Joel Gilgoff, associate broker, president

RE/MAX Sedona

What’s Happening:

Click on the links below to get a current list of events in and around the Sedona area.

http://www.sedonaaz.gov/tourism/acEvents2.aspx

http://www.sedona.net/index.cfm?Render=EventCalendar_ViewEvents

The first Friday of each month continues to be a special event at 15 Sedona art galleries. Stop at any gallery and hop on the free trolley to see all the rest. For information call 282-3809.

The Flagstaff Symphony Orchestra will present seven concerts at Northern Arizona University’s Ardrey Auditorium running through April, 2007. In addition, the orchestra will offer two free summer 2007 concerts at Coconino County’s new Pine Mountain Amphitheatre at Fort Tuthill.

January is Chamber Music Sedona month. Four concerts are planned this month in the Sedona area. Guitarist Tom Sheeley performs Wednesday January 10th, George Winston plays January 17th and the Miro String Quartet performs January 21st. For information visit www.chambermusicsedona.org

February is Chocolate Month for the Verde Canyon Railway. From February 14th through the 18th enjoy appetizers, specialty coffees and chocolates while enjoying the beautiful train ride. The Southwest Inn concierge can arrange 1st class tickets for you or visit www.verdecanyonrr.com .

The second annual Sedona Marathon is scheduled for February 10th. The Marathon’s promoters will also feature a “Sedona Jam Emerging Artist Music Festival” February 10th and 11th. The event will be held at several venues located around the Sedona area. For more information visit www.sedonamarathon.com .

The Sedona Heritage Museum (located on Jordan Road) will feature an historic review of Sedona’s medical care during the month of January. The exhibit includes personal items used by Sedona’s first full time doctor, Dr. Leo Schnur. For more information visit www.sedonamuseum.org .

New Developments:

Possible new developments in the city:

ILX, owners of Los Abrigados Resort, have filed a major plan amendment request with the city and this month received approval to modify the community plan. Their plan includes a Heritage Park which would be gifted to the city and a Heritage Village consisting of 49 timeshare units in 5 two story buildings including retail space for a small market and café. The proposed Heritage Village includes a paved plaza commemorating Arizonans who have received the Congressional Medal of Honor. Also included is Knoll Village and Hillside Village containing timeshare units.

Owners of the Sedona Cultural Park had requested a community plan change for the 44 acre park. The first phase is to be a new indoor performing arts center and related shopping. This new plan was accepted by the Sedona City Council. The plan change allows for up to 40,000 sq. ft. of non-arts related commercial space and up to 160,000 sq. ft. of total building area. The second phase plan will be presented later in 2007.

Construction on the new $10.5 million Red Rock Ranger Station and Sedona Visitors Center has begun. The station is located on Hwy. 179 approximately 1 ½ miles south of the Village of Oak Creek. When completed in 2008, the building will encompass 25,395 sq. ft. and will service approximately 700 visitors a day. It will house 86 forest service employees plus Sedona chamber staff and volunteers. The construction is running ahead of schedule at this time.

A $7,000 grant has been awarded to study a giant loop trail which when completed would connect Sedona, VOC, Cornville and Cottonwood. The trail has tentatively been named The Cohnville Stage Trail in recognition of the Cohn family who originally settled Cornville. Cohnville was meant to be the name of the community now called Cornville due to a misunderstanding of the words by the U.S. Post Office.

The Cottonwood Equestrian and Animal Events Center celebrated its grand opening on December 16th. The facility consists of a brand new Priefert rodeo arena and newly worked arena footing. It will allow for use by the general public in addition to rodeos, horse shows and much more. For information call 639-3200.

Verde Valley Medical Center (Cottonwood) has an addition under construction which will add approximately 100,000 sq. ft. to the hospital and increase the number of beds from 99 to 177.

City Business:

The Uptown Enhancement Project is now complete (some street work remains on Apple Ave for the next few weeks). Sidewalks are now ADA compliant and the uptown has a fresh new appearance.

The City of Sedona has adopted a new schedule of development impact fees. Effective April 1st the fee for construction of a new single family residence will be $8,589. For more information about the fees and other City business, see www.sedonaaz.gov .

The Sedona Fire District is considering merging some of their services with neighboring fire districts to allow better service throughout Sedona and the Verde Valley.

In support of the arts, the City Council is now displaying Sedona created art in the council chambers as well as the City’s conference rooms and corridors. The art will be changed every two months so that different artists and galleries can get their turn displaying in the public spaces.

Roads:

The first phase of reconstruction of Highway 179 was begun in October and should be completed in 18 months by contractor Southwest Asphalt Paving. The existing roadway will be widened to 40 feet across between the Village of Oak Creek and Back O’Beyond Road in Sedona. The corridor passing through Coconino National Forest just north of the Village of Oak Creek will be bifurcated into a two lane highway with passing lanes. The current highway will be the southbound lane. We recommend that during this construction visitors to Sedona come via Highway 260 (Hwy 17 exit 287) – proceed west to Hwy 89A – then north to Sedona. This will avoid any possible Hwy 179 construction delays.

Miscellaneous Around Sedona:

The Camp Verde Parks and Recreation Department is holding its 8th annual Bachelor Auction Saturday January 27th at Cliff Castle Casino. Bachelors will be available for purchase along with a complete date package. For info call 567-0535.

January 5th has been declared National Bird Day in Sedona. The Institute of Ecotourism and Kunzang Palyul Choling, the local Buddhist community, will partner in this event located at Mia’s Place, a wildlife habitat. For more information call 282-2720. The Jerome Artists Cooperative Gallery will feature a new show with artist Sally Stryker and Judy Yescalis - both native Arizona artists. Starting with a reception on January 6th, the show will run through February 15th. The show will feature “found art” assembly by Sally Stryker and collage batik by Judy Yescalis.

The Museum of Northern Arizona kicks off a series of four lectures entitled “Arts and Sciences of the Colorado Plateau”. Monthly lectures which will be presented at the Sedona Church of the Red Rocks, will begin January 8th with a presentation by Andy Seagle. Events continue monthly through April. For more information call 774-5123.

The Arizona Office of Tourism is conducting a regional study, which includes Sedona, to help better understand the demographics and spending habits of our area visitors. The study will be complete in December 2007 and a report should be available in the Spring of 2008.