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Archive for the ‘Market News’ Category

categories: luxury real estate, Market News, Scottsdale Living

Top-producing Scottsdale luxury real estate agent Tom Locati and his 7-year partner Barry Van Patten, of Russ Lyon Sotheby’s International Realty, have joined forces with luxury marketing expert Monica Monson, founder of Monson Luxury Group at Russ Lyon Sotheby’s International Realty.

As Russ Lyon Sotheby’s International Realty’s #1 agent for the past six years and ranked four times by the Wall Street Journal’s list of top 50 REALTORS® in the United States by sales volume (most recently 2011), Locati has decided it’s time to step back from the day-to-day operations of his real estate business to pursue other interests. Monson and Van Patten will be taking the reigns and will be leading the way for continued success by joining forces and providing an exclusive marketing platform for their current and future clients.

“I have been very fortunate in the real estate business over the past 9 years. It is with much consideration that I am stepping back from day-to-day operations but I am excited about the opportunities that lie ahead for Monson Luxury Group. Monica and Barry are consummate professionals and each have years of experience and talent in the luxury market,” says Locati. “It doesn’t get any better than this.”

Monson and Van Patten decided to join forces so they could bring the most exclusive luxury real estate experience to their buyers and sellers. Not only will their luxury home marketing program be second to none, their buyer’s can feel confident that they are getting the most out of the buying process.

“For Sellers, it’s like having their own marketing agency on hand to best represent their unique property. Every home has a story. With our expertise, we not only have the pleasure of telling the story but we do so with an eye for quality and our program targets affluent audiences in print, online and socially. Like any fine brand…there’s never a compromise.” says Monson.

“I’m thrilled with the transition. When you have two groups that offer the highest level of customer care, integrity and ethics, and years of experience with high-net worth clients, it just makes sense. The possibilities are endless and our clients will greatly benefit,” says Van Patten.

Monica and Van Patten, along with the support of Locati, will continue to pave the way for luxury real estate in the Valley. Monson Luxury Group also includes real estate agents Stewart Downey, Barry Van Patten II and full-time licensed assistant and concierge Alisha Collinson.


Monson Luxury Group at Russ Lyon Sotheby’s International Realty specializes in distinctive luxury properties and elite lifestyles in Scottsdale, Paradise Valley, Carefree, Cave Creek and throughout the Valley. Monica Monson has been recognized locally and Internationally as a leading marketer of luxury properties and has been featured in So Scottsdale! Magazine, Arizona Foothills online and had her “2 seconds of fame” on BRAVO’s Million Dollar Listing. She is a member of Who’s Who in Luxury Real Estate, the Institute for Luxury Home Marketing and was a past co-chair of Scottsdale Luxury Home Tour.  For more information about our group or our collection of properties, visit us online at or call 480.420.4LUX (4589).


Tom Locati and Barry Van Patten are top producing real estate agents in North Scottsdale and the surrounding areas specializing in award-winning golf communities and unique residences. Van Patten will continue to run the day-to-day operations of their exclusive clientele as Locati steps back to pursue other interests.


Russ Lyon Sotheby’s International Realty is the largest Sotheby’s franchise with nearly 1,000 agents serving the Scottsdale and Phoenix metropolitan areas as well as Flagstaff, Prescott and Sedona, Arizona. Russ Lyon Sotheby’s International Realty agents specialize in all facets of the real estate business, including the most specialized luxury agents in the marketplace.

Phoenix Market Alert – May 2012
categories: luxury real estate, Market News, Phoenix Living


{ Click Here } to download the full PDF

Prices Moving Up & Foreclosures Going Down In Phoenix-area Housing Market
categories: Market News

TEMPE, Ariz. (Feb. 23, 2012) — Several pieces of good news are trickling into the hard-hit Phoenix-area housing market. A new report from the W. P. Carey School of Business at Arizona State University shows positive trends for struggling homeowners, as of January:

– Single-family home prices are moving higher.
– Fewer foreclosures are coming into the pipeline.
– The glut of underpriced homes on the market has ended, with a more balanced market now for houses under $300,000.

Mike Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business, says things are shifting for the better in Maricopa and Pinal counties. He says the median price for all sales, including new-home sales, in the market was $120,500 in January 2012. That’s an increase from $113,166 (up about 6.5 percent) from January 2011. Realtors will note that the average price per-square-foot for single-family homes increased 3 percent from January 2011.

“Single-family home prices overall in the Phoenix area have been moving up since they reached a low point in September,” says Orr, the report’s author. “Also, looking forward, I expect a declining trend in foreclosures.”

A total of about 2,450 single-family home foreclosures happened in Maricopa and Pinal counties in January 2012. That’s significantly down from almost 4,200 in January 2011. The number of foreclosure starts – homeowners receiving notice that their lenders may foreclose in 90 days — is also down 49 percent from last January.

Orr also believes there is no longer an oversupply of homes for sale in the price range below $300,000. He says investors have bought up and eliminated the excess inventory. However, ample supply remains in the upper price ranges, which were less affected by foreclosures.

“Many people think there’s a glut of homes the banks are hiding somewhere, and that may be the case in other markets, but not here in the Phoenix area,” Orr says. “We’ve gone through so many foreclosures that the system has been working itself out for about five years. Everything is cyclical in housing. The market doesn’t go down forever, and it doesn’t stay up forever.”

Orr says the supply of homes listed for sale went down 42 percent from January 2011 to January 2012. As the supply dwindles, prices are likely to rise. Orr adds fewer homes are reverting back to the banks at auction, as investors snap up what bargains are left in the Phoenix area.

“Buyers from Canada, New Zealand and Australia, in particular, are taking advantage of the exchange rates to purchase investment and vacation homes,” Orr explains.

The market saw about 8,000 new- and existing-home sales in January 2012, up from fewer than 7,500 last January. The peak buying season normally starts in February, so more activity is expected.

Orr’s full report, including statistics, charts and a breakdown by different areas of the Valley, can be viewed at More analysis is also available from knowWPCarey, the business school’s online resource and newsletter, at

The W. P. Carey School of Business at Arizona State University is one of the top-ranked and largest business schools in the United States. The school is internationally regarded for its research productivity and its distinguished faculty members, including a Nobel Prize winner. Students come from 99 countries and include 60 National Merit Scholars. For more information, please visit and

December 2011 STAT Report from ARMLS
categories: Fountain Hills Living, Investment Property, Market News, Phoenix Living, Scottsdale Living

Click here for the full report.

Arizona Tax Recovery Program Unveiled
categories: Market News

PHOENIX, AZ — Arizona is launching a tax recovery program that will run from September 1 through October 1, 2011. The legislature included the proposal in the budget bill that was passed and signed by Governor Brewer on April 6, 2011. The proposal gives individuals and businesses the opportunity to file past due Arizona state tax returns with no civil penalties and a reduced amount of interest. The goal of this program is to offer relief and a fresh start to those taxpayers who, for whatever reason, underreported or failed to file their taxes.

“Many times, taxpayers get behind in their taxes for reasons beyond their control.” Arizona Department of Revenue Director John Greene explained, “This tax recovery program will give taxpayers who have fallen behind an opportunity to bring their accounts up to date.”

Some individuals and businesses are not paying their fair share of taxes.  These range from those who don’t realize they should be paying tax to those who deliberately underreport their taxes or refuse to file altogether. When taxpayers underreport or fail to file their taxes, it places an unfair burden on the honest taxpayers who are paying for the essential government services enjoyed by all Arizonans.

The Arizona Tax Recovery period will run from September 1 through October 1, 2011 and the tax types eligible to file include individual and corporate income, withholding, luxury, transaction privilege (sales), and use. Tax Recovery applications will only be accepted from September 1, 2011 through October 1, 2011. The total tax liability must be paid in full with the recovery application or by October 1, 2011.

For taxes filed on an annual basis, such as income tax, recovery is available for years beginning on or after January 1, 2004 and ending before January 1, 2010. Taxpayers who file taxes, such as transaction privilege or withholding, on a monthly or quarterly basis are eligible for tax periods beginning on or after January 1, 2005 and ending before January 1, 2010.
“Tax recovery is a chance for those who live, work or do business in Arizona to come clean and pay any back state taxes they owe in a manner that is advantageous for the taxpayers and the State of Arizona.” said Greene. “The taxpayer can file and pay without any civil penalties or threat of prosecution and with a reduced interest rate and the state benefits by the voluntary payments which save the time and expense of audit and collection efforts.”

Taxpayers should visit for more information about the tax recovery program.  You may also call the Arizona Department of Revenue at 1-877-542-2281.

Market Update from Steve deLaveaga, SVP Sales & Marketing – Fidelity National Title
categories: luxury real estate, Market News

I just found this video on YouTube from my friend Steve deLaveaga, Senior Vice President of Sales & Marketing for Fidelity National Title. While it was published back in June. I still think the message is relevant and today find that the inventory he’s speaking about is even slimmer.

If you would like a detailed market analysis, contact Monson Luxury Group today at 480.420.4LUX(4589).

ARMLS Statistics for Phoenix Metro Area – August 2011
categories: luxury real estate, Market News