|
|
||
 |
||
Roy's Cell: 928-300-0690
SEDONA LAND
“Buy land. God ain’t makin’ anymore of it.”
Will Rogers’ famous quotation is especially true in the Sedona real estate market.
Back in 1996, the median selling price of a Sedona residential lot was $86,250. As noted above, it’s now about $160,000 – back to 1990′s levels after having hit $500,000 in 2006. The current flat market is, in my opinion, merely a short-term pause in an eventual massive move up. Many local and national observers see Sedona’s real estate situation as akin to Aspen’s twenty or thirty years ago as we anticipate a virtual sell out of Sedona’s vacant land within a decade or so, once the market recovers.
Many of our clients are buying property now as a hedge against what they know will be a dramatic run up in prices over the next few years. Some are buying second homes that they can use for vacations or rent out with long term leases or as short term vacation rentals. Others are opting to simply buy land to build on later. There is a longstanding debate over the virtues and hassles of building a home, but many people are willing to persevere to customize a home to their own tastes and there are several outstanding builders and architects in Sedona that I am happy to recommend.
It is still possible, by the way, to spend well over two million dollars for a one acre lot at the Seven Canyons Resort and Club. And, you’ll need another $75,000 if you want a membership in the very upscale and exclusive private Golf Club -a world class, Tom Weiskopf course. When they first began marketing 20 lots at a million an acre a decade ago, my thought was: “This is where Sedona real estate is going in the future, but those prices are way premature.” I was wrong. They sold most of those lots in six months. There definitely is a sense in Sedona that , in spite of the current inventory, there will be relatively little Sedona vacant land left and once we’re built out, prices like those at Seven Canyons will be the norm as they are in places like Aspen, Jackson Hole, and Carmel.
At the moment, though, a luxury building site, which may be a small envelope at Casa Contenta or a little under an acre at Back O’ Beyond, or one acre plus at Cathedral Rock Ranch or two acres bordering National Forest at Cross Creek Ranch start at about $250,000 and can range up to well over two million dollars. What you can expect from them are stupendous views, gated privacy, and multi-million dollar homes in the neighborhood.
In any case, there remains, for the moment, an excellent, but finite, supply of land in Sedona, and prices have plummeted.
For more detail and current statistics, pop back to our Market Conditions Page at www.SedonaRealEstate.com/market_conditions.html or call us at :
(800) 282-2959
 |
|
|
|
||
|
|
|
