RE/MAX Sonoran Lifestyle Listing - 14408 Shadow Canyon Dr

PRESENTED BY THE SONORAN LIFESTYLE TEAM

RE/MAX SUN PROPERTIES

LUXURY LISTING PROPOSAL

LUXURY LISTING PROPOSAL

14408 N. SHADOW CANYON DRIVE | FOUNTAIN HILLS, AZ

Presented by the Sonoran Lifestyle Team RE/MAX Sun Properties

Fountain Hills Market Leader since 1987

RE/MAX Sun Properties is in Fountain Hills, Arizona and since 1987 has been the market leader in our community.

The Sonoran Lifestyle Team is consistently a leader in the Fountain Hills and the surrounding area. Dori Wittrig, team leader, is the owner of RE/MAX Sun Properties. She is a 38-year veteran of real estate, a career spent entirely within Fountain Hills, where she helped open prestigious communities like SunRidge Canyon, CopperWynd, FireRock Country Club and others as New Home and Development Sales Manager for the Master Developer, a role she held for 16 years. In 2001, she started her own company, Sonoran Lifestyle Real Estate. In 2020, she purchased RE/MAX Sun Properties and successfully merged the two companies.

Partner John Weil joined the team in 2015; Toni LePoer joined us in 2017 and Michelle Monks has been keeping us organized and on track since 2013. You may find out more about these key members and other aspects of our team in our Team Profile

RECENT ACCOLADES

• Per Terradatum’s Broker Metrics, July 2023:

° July 2022-July 2023: (12-month average): Sonoran Lifestyle Team members lead the Fountain Hills community (85268 zip code) with $63,381,829 in closed sales;

° July 2022-July 2023: (12-month average): Dori Wittrig Top Salesperson 85268 zip code at $39,007,985

° 2023 YTD: Sonoran Lifestyle Team is top team with $25,546,132 in closed sales

° 2023 YTD: Dori Wittrig Top Salesperson 85268 zip code with $16,430,192 in closed sales

• RealTrends.com US Agent Rankings

° Sonoran Lifestyle Team “2022 Top 1000” nationwide “Teams under 5 Members”

• RE/MAX International: Arizona Top 10 Team 2022.

• Dori was inducted into the prestigious RE/MAX International Hall of Fame in 2022.

• Locally, Dori was inducted into the Lower Verde Valley Hall of Fame in 2016. She has served as President of the Fountain Hills Community Foundation since 2019 and founded the Fountain Hills Leadership Academy in 2015.

• Please feel free to check out our Recent Area Sales

WHAT DOES OUR TEAM DO DIFFERENTLY?

• In order to operate at the highest levels of our industry, The Sonoran Lifestyle Team is continually upgrading our service levels, to far exceed the norm of a luxury home sales agent or team. Here are a few of our “superpowers.”

• The entire Team handles each residential project individually, with precision and intensity. Every member is fully trained in all aspects of the home’s features, amenities, systems, history and benefits ... and the motivation behind a prospective buyer’s desire to own 14408 E. Shadow Canyon Drive. The home will be presented as a premier showpiece and lifestyle statement, fully staged for each showing and presented to its fullest advantage by our team. Dori Wittrig, team leader will be the main point of contact with the client, will conduct nearly all showings of the home and will conduct all negotiations.

• But first, we must get qualified prospects to the home! To do this, we’ll start with approximately two weeks of marketing preparation, including:

° An assessment of all areas of the home that may require staging for marketing/photography needs. We will work with Suzanne Williamson to coordinate any suggestions for improvements under her purview. Our stagers will tweak the accessories and furnishings for maximum camera effect – subject to the Owner’s approval to do so.

° There will be five series of professional photography, by various camera operators, some of the finest in the Valley of the Sun:

› A professionally narrated video describing the lifestyle, emotional hot points and features of the home. The video will be a combination of daytime and evening videography (two sessions.)

› Two series (daytime and evening) of professional, high resolution photography utilizing equipment that “eats up” the interior volumes as well as the mountain vistas offered by the home, but especially the McDowell Mountains in the rear of the property where the privacy will be highlighted as one of the key benefits of the home!

› Aerial photography

° The story of the home will be professionally copywritten after we catalog its details, taking cues from an interior designer’s listing of material and finish details and we would welcome the Seller and/or Builder participation in aggregating this information if they are so inclined.

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WHAT DOES OUR TEAM DO DIFFERENTLY?

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° Since the home is to be sold fully outfitted – which we agree is advisable – our team will catalog those details as well.

° Our marketing materials will consist of a multi-page staple fold magazine, professionally printed, featuring the home’s key photo assets as well as detailed features and amenities of the home, the Shadow Canyon neighborhood plus appropriate lifestyle photography.

° Our print and digital marketing of the home are second to none, utilizing full and two-page spreads in publications lie Luxury Home Magazine (AZ based) and Haven Magazine (NY Based). In addition, we will have key digital and/or print placements within Wall Street Journal, Market Watch, Barrons, Robb Report and Unique Homes, Mansion Global through the RE/MAX COLLECTION targeted marketing program.

° Our Team offers a proprietary mailing, communications and social connection program to a curated list of area luxury brokers and agents.

° Our Social Media Coordinator will work with our marketing team to craft a digital advertising and social campaign befitting the Shadow Canyon and SunRidge Canyon Neighborhood features along with the attributes of 14408 N. Shadow Canyon Drive, designed to attract the attention of its next owner.

° One of our “can’t be denied” superpowers is Dori Wittrig’s experience in this beautiful corner of the world! As a sales manager for the Master Developer, she was on the SunRidge Canyon/Shadow Canyon Development Team and the Sales Manager for the project. She has also sold nine of the homes within Shadow Canyon over the past 15 years, many of them breaking area price records for the period of time in which they were sold. Dori has a well-earned reputation for gaining record prices within many local neighborhoods due to her experience retailing luxury residential products, her work ethic and her history working with high-net-worth clients.

THE POWER OF OUR BRAND

• RE/MAX is the #1 Brand in the World, offering impressive luxury home services and creative support to its agents and their clients worldwide.

• The RE/MAX COLLECTION provides incomparable, world-class marketing, networking and exposure for the system’s luxury listings.

° In 2022, RE/MAX agents closed an average of 13.3 listings each, 33% more than the nearest competitor.

° RE/MAX US Brand Awareness in 2022 was 34% compared to our nearest competitor at 25.3%...the next highest at 16.3%, according to 2MMR Strategy Group. The company’s 2023 marketing strategies include massive spends across a full spectrum of physical and digital venues to create increasing awareness.

° According to RealTrends 500, RISMedia Power Broker and T360 Mega 1000, RE/MAX Realtors outsell their competitors 2 to 1.

The compilation above is from the Arizona Regional Multiple Listing Service and details the neighborhoods that are most relevant to Shadow Canyon at SunRidge Canyon, where 14408 N. Shadow Canyon Drive is located.

The Northeast Valley of the Sun has remained resilient in the face of the market pressures and national economic shudders. We remain optimistic about the local market and in particular high valued home sales during the next 12-18 months. Listing Inventories are down throughout Scottsdale and Fountain Hills.

The data also speaks to the difference between the Scottsdale and Fountain Hills market areas. Fountain Hills is more affordable both in terms of price and price/ft. Sold Listings in Fountain Hills are down YOY to a higher degree, yet Fountain Hills is also one of the most acute markets in the valley in terms of low inventory at 13.7% lower inventory. Cromford Reports, an aggregator of real estate sales data for the Valley of the Sun, has placed Fountain Hills among the most acute markets for inventory shortage since mid-2020.

SCOTTSDALE AREA OVERVIEW:

• Within the combined Scottsdale Market, Inventories are 6.6% lower than 2022 YTD. Sales volume is down 22% YOY which is expected given the current national economic climate, but also welcomed by the local real estate industry as the volume of sales during Q1 and Q2 2022 was at a frenetic pace, causing rising prices that were not sustainable. YTD List price of $1,402,833 is 8.39% higher YOY 2022 while the average 2023 YTD sales price of $1,100,019 is only .84% lower than one year ago, compared to many markets around the valley that have seen 10% +/- in sales price decreases. In the whole of Scottsdale, sales of homes >$3 million are down 20.5% from June YTD 2022. The exception to this are two identified zip codes, 85259 and 85255 (and closest to the subject home) which have seen tremendous growth in the sale of homes over $3 million during the past 60 days.

FOUNTAIN HILLS OVERVIEW:

• As mentioned earlier, Fountain Hills suffers from the most acute need for additional inventory of nearly any community in the Valley of the Sun. Prices have remained resilient, decreasing 1.61% YOY.

• Inventory of homes over $3 million in Fountain Hills rose in June. As a small market, this increase is fluid and easily affected by just a few homes, yet it is stable. YTD sale of homes >$3 million has increased 33%, and quality inventory is not only welcomed, but generally receives a brisk amount of buyer interest.

SUMMARY:

• The selection of comparative information in order to price the home at 14408 N. Shadow Canyon Drive must consider the increased sales activity in the two Scottsdale zip codes directly west of the subject (the subject being located in the 85268 (Fountain Hills) zip code. The zip codes are separated not only by the significant McDowell Mountain Regional Park, but also the geographic and demographic border of Scottsdale and Fountain Hills.

• Inventories in both communities are still at a historic low and similar to the inventory levels during the intense market runup of the past couple years. The home at 14408 N. Shadow Canyon represents a caliber of design, fit and finish that equal many of the homes in the Scottsdale zip codes, yet there will be some adjustment (in this study and by the buying public) for the variation in values between the communities. Fountain Hills is not Scottsdale with its abundance of fine dining, retail and entertainment options. Shadow Canyon is not Silver Leaf, which is one of the finest luxury home communities in Arizona. The Shadow Canyon neighborhood is not served by the convenience and adjacency of the dining and retail options that are integral to the Silver Leaf lifestyle. Yet the beautiful Sonoran Desert setting of the McDowell Mountain Preserve, where the home at 14408 N. Shadow Canyon Drive is so artfully nestled into, provides a respite from the bustle of the Scottsdale semi-urban environment for those who seek that solace…and there are many that do. Therein lies the opportunity of the marketing for the Carson’s home.

In the map below, the homes identified within the search area fall within the following criteria:

• Priced $2.5-$7 million

• Are a minimum of 5,500 Sq. Ft.

• Are either Active, Pending or Sold within the past 12 months.

The home at 14408 N. Shadow Canyon Drive is a 2009 Mediterranean style masterpiece displaying fine architectural detail befitting the finest example of this era of homes. Interior fixtures and finishes are exquisite and very relevant in today’s market. They have obviously been carefully curated and well maintained as have the interior design features of the home. Interior spaces are generous and often massive in scale, giving the occupant or visitor an aura of grandeur. The home was tastefully appointed with the finest fabrics, furnishings and finishes which have stood the test of time.

The home occupies the premier lot in Shadow Canyon, an exclusive gated enclave of only 60 homes, nearly all of which are adjacent to either Open Space or the coveted McDowell Sonoran Regional Preserve and Park (MSRP). The home at 14408 N. Shadow Canyon is designed so that its primary outdoor recreation space takes full advantage of some of the highest peaks of the MSRP, offering the home’s occupants with unparalleled privacy, not to mention a “king’s view” toward the front of the home with awe-inspiring views of the Mazatzal and Superstition Mountain Ranges, and the region’s crown jewel, Four Peaks Mountain.

CHOOSING APPROPRIATE COMPARABLES

The Sonoran Lifestyle team always – first – takes a broad approach to selection of comparable properties. In the case of 14408 N. Shadow Canyon, we choose a size and price range we felt bracketed the home and applied that search over an area approximately 15 miles square to encompass some of the finest neighborhoods in Scottsdale that we believe a buyer might also consider if they are the ideal buyer for 14408 N. Shadow Canyon. While there may be additional areas a buyer might consider, we feel the adjacency to the dining and entertainment corridors of Scottsdale along with the convenience and proximity to Sky Harbor Airport and other key entertainment and corporate areas within the east Valley of the Sun are likely to be a key. The search of these comparables netted the following, which gives us only a starting point to understand velocity, inventory, pricing and competition. You will see we break out single-level vs multi-level homes. Of this group of 84 homes, only 5 possessed elevators, and none of those five exhibited price per square foot one would generally expect this type of amenity deserves. We continue to find that dynamic throughout the marketplace, year in and year out. While an elevator does provide a high level of convenience, there is still a perceived benefit to single level homes. Often times the existence of a master suite on the main level is of primary importance and will tend to nullify the impact of stairs. Ideally the outdoor recreation area will also be on the same level making entertaining ultimately convenient and memorable. Such is the case at 14408 N. Shadow Canyon.

Twelve comparable properties were chosen that represented similar but differing ways to 14408 E. Shadow Canyon. Within the body of the Competitive Market Analysis (attached) the homes were adjusted for various aspects: Lot size, views and orientation, fit and finish, age, garage count, outdoor amenities. Below is a brief summary of the most comparable homes. The Competitive Market Analysis follows this presentation.

ACTIVE PROPERTIES:

• Of the active properties, the Lost Canyon home by Kitchell Custom Homes is the most comparative property both in terms of fit and finish to equal the quality by MS Dudley Homes, but also in terms of the homesite location and views. Age is similar.

PENDING/UNDER CONTRACT:

• Paradise Lane represents the closest comparison due to its stunning location “at the end of the world” in the highest reaches of McDowell Mountain Ranch, overlooking Scottsdale. The decorating, unfortunately, is very uninspiring as are the view decks that figure prominently into the view corridor. The master suite is “upstairs” and there is no elevator.

CLOSED SALES:

• 14371 E Kalil Drive represents one of the best sales comps, and while the homes have different characters, they are similar in age, fit/finish/style and have awe inspiring views. Kalil, at 9300 Sq. Ft. sold at $500/ft seems to have sold at a discount which may be owing to the timing of the sale: Contract date was January 13, 2023 at the “bottom” of a market slide that began in July 2022.

• 12255 E Paraiso Drive is a remarkable property on 2.3 acres on the eastern slope of the McDowell Mountains. Views from this newer 2019 home are spectacular, many of which (but not all) are offered at 14408 E Shadow Canyon.

SUMMARY VALUATION:

• We believe the home at 14408 E Shadow Canyon should be priced-sans furnishings-between $5,200,000 and $5,600,000. This price closely aligns with several that have sold within the past few months in the area, but higher than many currently on the market. We believe the lack of good, comparable inventory in the current market will be a benefit to the Seller.

• Furnishings: Our team has been very effective at selling furnished homes and have sold about 30% of our inventory furnished in the past few years. In most circumstances, the furnishings provide a convenience to both the Buyer and the Seller. Because the furnishings and accessories are so beautifully designed for the home, we recommend the furnishings be included in the sale. We would prefer to have a better opportunity to view the furnishings with our Design Partners prior to sale and to set a final price. However, a value of $80,000 to $140,000 is not unlikely. While this is certainly not close to the original retail value, furnishings typically sell for approx. 25% of value.

Our fee to manage the sale of the property, including all marketing and staging, is 3% paid upon close of escrow. In addition, we recommend offering a co-broke fee to a cooperating broker through the Multiple Listing in the range of 2.5% to 3%. Recent closings in this price range have averaged about 50% of each of these fees.

Once engaged, we will make a thorough review of the home and make recommendations for improvements we feel may be needed. (Dori already suggested to Suzanne Williamson a small landscape improvement in the back yard. There may be others, but our time together was very short.)

Currently, we do have one recommendation for the Sellers to consider and that is to improve the entry experience into the home. We believe in the metaphor “Your first impression is your last impression” and we believe the only weak aspect of the entire home is the rickety timber steps up the steep slope of the entry. We believe that most people (especially women in heels) are going to be looking down cautiously while simultaneously questioning the quality of the home, instead of being able to look at the beauty of the setting. When folks reach the top of the steps, instead of being in quandry, they should be ready to take in the amazing view when the front door opens!

We would be happy to coordinate a re-work of this area, likely with a more gradual series of steps ... perhaps articulated with pavers but certainly with the Seller’s final approval of scope of work and cost.

Wittrig is available for any phone or teleconference meetings necessary to answer any questions. She can be reached at 602-558-5901 to discuss strategy or questions.

Dori