SEAN NGUYEN, Associate Broker

PHOENIX residential home inventory in August 2008 is approximate 10.69 months. Please see the table below for 24-month Phoenix residential home inventory (in month) details.

Looking at Phoenix luxury homes sold in August 2008, I found that most luxury homes sold far below the list price.

The one located at 3030 E PALO VERDE DR, Phoenix was sold for $1,900,000 and that is only 76% of the original list price of $2,499,999. Wow!

I found 10 Phoenix homes sold for at leaset $1 million in August 2008 and most of them end up with sale price more than 10% below the asking price.

For more details about these luxury deals, CLICK HERE. (This link will no longer be available after 10/9/2008.)

Do you thing luxury home sellers are realistic?

It's interesting to know what the most expensive home for sale in Phoenix looks like.

As of 09-08-2008, price of the most expensive home for sale in Phoenix is $16,000,000. This home has:

- Beds/Baths: 7/9
- Size: 9241 sq.ft
- Lot: 10+ acres
- Private golf course
- Private clubhouse
- Private gym

Here is the brief description about the home:

"...11 Acres of magnificent landscaping, including a private golf course. The land is flat but gently sloping so the property has downtown and city light views along with views of Camelback Mtn. Frank Lloyd Wright inspired main residence is approx 10,000 sq.ft. There is also a separate 2 bedroom guest home with full kitchen and additional separate large gym. After a round of golf, retire to the approx 7,000 sq.ft. clubhouse. Just like your average country club, only it's very private, it has one member, YOU. 9-Car garage for your toys. Completely walled and gated estate too incredible to describe."

View details, photos, virtual tour of this home HERE. Enjoy!

I happen to read "U.S. seizes Fannie and Freddie" from Money.Cnn.com today and was quite surprised with the number.

According to this article, both Fannie Mae and Freddie Mac "have racked up about $12 billion in losses since last summer." It also reveals that Freddie CEO Richard Syron and Fannie CEO Daniel Mudd will no longer run the agencies, while the FHFA will assume control of the boards.

Click here to read full article.

I ran the data from ARMLS.Flexmls.com to get the annual number of Phoenix home sales between August 2000 and August 2008. The data as current as September 01, 2008.

Although the data shows sign of improvement, the sale number for August 2008 is still 20% below the same month eight years ago.