The year 2012 marked a bottoming out in real estate prices for the Finisterre subdivision of Paradise Valley. Of the six MLS-listed sales, only two exceeded $2 million and there were three homes that sold for under $1.5 million. In many ways, Finisterre was a microcosm of the overall Paradise Valley market as higher end properties just sat and no one was willing to คอนโด pull the trigger on a purchase unless they got a great deal in comparison to peak value pricing from 2006.
Looking at the overall sales figures from 2012, the median listing price at the time of sale was $1,582,000 and the median sales price was $1,467,806 after 69 days on market. The listing price at the time of sale was already reduced on average from an original price of $1,799,500. What that means is that the average home seller had to reduce their price by 12% and then sold for a price that was only 92% of that reduced asking price. Compare these numbers to 2006 when the median listing price at the time of sale was $2,697,500 and the median sale price was $2,575,000. Home sellers back then only reduced their property's original asking price by 1%, then sold their property for 95% of asking. The median price in 2012 was 42% lower than 2006, which is a remarkable number to consider.
The homes that sold in 2012 were generally the older homes in the subdivision which were built when it was developed in the 1978-1979 period. There was one 80's built home that sold and one home that was built in 1992. The properties averaged four to five bedrooms and about four and one half bathroom. The most active street for sales was Huntress with three sales. The sales were listed by some of the more active real estate brokers in PV like Walt Danley Realty, Coldwell Banker Residential Brokerage and Russ Lyon Sotheby's International Realty. The brokers that brought the buyer to these listings included Congress Realty, RE/MAX Fine Properties, and the three brokers listed above. Of the homes that sold in 2012, four of the properties were bought with conventional financing while two of the sales were all cash. The homebuyers that bought properties in Finisterre were moving into the homes as their primary residence, although some of them had homes in other cities. Of the six homes that sold, two backed to either Lincoln Drive or McDonald Drive and the other four were interior lots.
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