Housing Market 2013A Return To More Normal Conditions

Festive Flavors for FallRoaring Fork’s Decadent Wood Fired Duck

MirabelCover Home

Exclusively Presented By Bob Lomax

November | December 2013

Creating A Season To Remember

Holiday Traditions

One of the many great things about Mirabel is the fact that you can live here without being a member of the club and conversely, you do not have to own property in Mirabel to join the club. This opens up the prospective buyer pool for both real estate and memberships to a much larger group than in the old days when property ownership was mandatory to join. However, many people ask “Why would you want to live at Mirabel and not be a member?” And the reality is that over 90% of people that actually live in the Mirabel Club are club members.

For the other 10% of residents and over 100 homesite owners that are also not club members, there hasn’t been a sense of urgency to join if they didn’t feel they were here enough to justify the expense. After all, memberships have been readily available. That is starting to change now that market based pricing was introduced on April 1st. The vast majority of the waiting list of people that wanted to sell their memberships have been able to do so. In fact, since April 1st, 20 golf memberships have been sold.

The Mirabel Club now has 258 dues paying golf members against a cap of 275. That leaves just 17 golf memberships available. The social membership classification is currently at 48 of 50 allowed, meaning just a very few social memberships are on the market. The Mirabel Club is fast approaching the enviable position of having a waiting list to get into the club.

If you or anyone you know has been considering becoming a member of one of the finest clubs in America, don’t miss your opportunity. As always, if you would like to discuss membership or anything related to Mirabel real estate, don’t hesitate to contact me. Until next time...

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

MirabelMIRABEL FEATURED COVER PROPERTY

All information is deemed reliable but not guaranteed. The properties on this list have been listed/sold by various members of the MLS.www.mirabel.com

B O B L O M A XOWNER/DESIGNATED BROKER

MIRABEL PROPERTIES

480.595.2545 OFFICE480.595.9503 FAX

602.920.7192 MOBILE

37415 N 104th Place | 4 Bed | 4.5 Bath | 4,353 SQFT | $1,899,000

ACTIVE

36849 N 105th Way | 3 Bed | 3.5 Bath | 3,325 SQFT | $1,149,000

ACTIVE

38347 N 104th Place | 4 Bed | 7 bath | 7,426 SQFT | $3,995,000Wrap yourself in the elegance of this Lee Hutchison designed, 2 acre double lot Mirabel masterpiece with slate and hickory flooring, granite counters, custom wood cabinetry

and doors, 6 stacked stone fireplaces, massive hand hewn beams, custom artwork and unobstructed views of the 2nd fairway, mountains and city lights. Additional features include a separate casita, 1600 bottle temperature controlled wine room, a gourmet chef’s kitchen,

dramatic outdoor area with water feature, 2 outdoor fireplaces and fire pit, pool, spa, swim up bar and an outdoor dining area with built in BBQ. Price includes most furniture in house.

ACTIVE

ADDRESS SQFT BED BATH LIST PRICE LIST PRICE PER SQFT

HOMES CURRENTLY FOR SALE IN MIRABEL 36849 N 105th Way 3,325 3 3.5 $1,149,000 $34611003 E Wildcat Hill Rd 4,480 4 4.5 $1,395,000 $31110028 E Mirabel Club Dr 5,383 4 4.5 $1,474,900 $27437415 N 104th Pl 4,353 4 4.5 $1,899,000 $43636819 N 102nd Pl 6,135 4 5.5 $2,295,000 $37410681 E Sundance Trl 6,117 4 4.5 $2,995,000 $49038437 N 104th Pl 7,426 4 7 $3,995,000 $538

HOMES PENDING IN MIRABEL 10023 E Aniko Dr 4,728 4 4.5 $1,595,000 $33710890 E Sundance Trl 5,084 4 4.5 $1,650,000 $32510409 E Wildcat Trl 5,648 5 6.5 $1,970,000 $349

FOR A LIST OF BEAUTIFUL LOTS CURRENTLYFOR SALE CONTACT BOB AT 480.595.2545.

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

MirabelCover Home

Exclusively Presented By Bob Lomax

November | December 2013

Creating A Season To Remember

Holiday Traditions

One of the many great things about Mirabel is the fact that you can live here without being a member of the club and conversely, you do not have to own property in Mirabel to join the club. This opens up the prospective buyer pool for both real estate and memberships to a much larger group than in the old days when property ownership was mandatory to join. However, many people ask “Why would you want to live at Mirabel and not be a member?” And the reality is that over 90% of people that actually live in the Mirabel Club are club members.

For the other 10% of residents and over 100 homesite owners that are also not club members, there hasn’t been a sense of urgency to join if they didn’t feel they were here enough to justify the expense. After all, memberships have been readily available. That is starting to change now that market based pricing was introduced on April 1st. The vast majority of the waiting list of people that wanted to sell their memberships have been able to do so. In fact, since April 1st, 20 golf memberships have been sold.

The Mirabel Club now has 258 dues paying golf members against a cap of 275. That leaves just 17 golf memberships available. The social membership classification is currently at 48 of 50 allowed, meaning just a very few social memberships are on the market. The Mirabel Club is fast approaching the enviable position of having a waiting list to get into the club.

If you or anyone you know has been considering becoming a member of one of the finest clubs in America, don’t miss your opportunity. As always, if you would like to discuss membership or anything related to Mirabel real estate, don’t hesitate to contact me. Until next time...

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

MirabelMIRABEL FEATURED COVER PROPERTY

All information is deemed reliable but not guaranteed. The properties on this list have been listed/sold by various members of the MLS.www.mirabel.com

B O B L O M A XOWNER/DESIGNATED BROKER

MIRABEL PROPERTIES

480.595.2545 OFFICE480.595.9503 FAX

602.920.7192 MOBILE

37415 N 104th Place | 4 Bed | 4.5 Bath | 4,353 SQFT | $1,899,000

ACTIVE

36849 N 105th Way | 3 Bed | 3.5 Bath | 3,325 SQFT | $1,149,000

ACTIVE

38347 N 104th Place | 4 Bed | 7 bath | 7,426 SQFT | $3,995,000Wrap yourself in the elegance of this Lee Hutchison designed, 2 acre double lot Mirabel masterpiece with slate and hickory flooring, granite counters, custom wood cabinetry

and doors, 6 stacked stone fireplaces, massive hand hewn beams, custom artwork and unobstructed views of the 2nd fairway, mountains and city lights. Additional features include a separate casita, 1600 bottle temperature controlled wine room, a gourmet chef’s kitchen,

dramatic outdoor area with water feature, 2 outdoor fireplaces and fire pit, pool, spa, swim up bar and an outdoor dining area with built in BBQ. Price includes most furniture in house.

ACTIVE

ADDRESS SQFT BED BATH LIST PRICE LIST PRICE PER SQFT

HOMES CURRENTLY FOR SALE IN MIRABEL 36849 N 105th Way 3,325 3 3.5 $1,149,000 $34611003 E Wildcat Hill Rd 4,480 4 4.5 $1,395,000 $31110028 E Mirabel Club Dr 5,383 4 4.5 $1,474,900 $27437415 N 104th Pl 4,353 4 4.5 $1,899,000 $43636819 N 102nd Pl 6,135 4 5.5 $2,295,000 $37410681 E Sundance Trl 6,117 4 4.5 $2,995,000 $49038437 N 104th Pl 7,426 4 7 $3,995,000 $538

HOMES PENDING IN MIRABEL 10023 E Aniko Dr 4,728 4 4.5 $1,595,000 $33710890 E Sundance Trl 5,084 4 4.5 $1,650,000 $32510409 E Wildcat Trl 5,648 5 6.5 $1,970,000 $349

FOR A LIST OF BEAUTIFUL LOTS CURRENTLYFOR SALE CONTACT BOB AT 480.595.2545.