There will never be another real estate development in Sedona, Arizona, like the one of a kind Cottages at CoffeePot. Nestled at the base of Coffee Pot Rock, surrounded by National Forest, you will find the Cottages at CoffeePot. Just 34 homes in a secure gated community, on 10 acres of park like setting with dramatic breathtaking views in all directions, make it uncomparable to any other development in Sedona. Designed by well known architect Don Woods and built by one of Sedona’s premier builders, Phil Morris, these highly sought after homes have withstood the test of time for their quality and design.
If you are looking to buy a Cottage at CoffeePot, you will need to be patient and ever diligent. With only 34 total homes in this development you will find just a few on the market at any given time. As of this writing there is only one home on the market and it is under contract.
Beginning in 2004 prices in the Cottages at CoffeePot started to soar with sales in the $650,000 range. Sales in 2006 ranged from $760,000 to $930,000, in 2007 from $665,000 to $925,000;continuing in 2009 with sales ranging from $630,000 to $825,000.
Like all of Sedona and Arizona, the last several years of the real estate recession has had its impact on the Cottages at CoffeePot. With a limited number of sales in the last two years it is difficult to quantify the market. One way to look at it is with what appraisers call paired sales. A paired sale is when the same home sells more than once. With the paired sales at 122 Shadow Mountain and 190 Shadow Mountain you can start to get a sense of what the market is doing in the Cottages at CoffeePot. Both of these properties show a reduction in sales price from the previous sales of 15%. Given that we have seen significantly larger price reductions in most other segments of the Sedona real estate market, this speaks well for the Cottages at CoffeePot. 104 Shadow Mountain is under contract with a listing price of $445,000. This home sold for $825,000 in 2006 and if it closes close to its asking price, we are looking at a 45% drop in price since its 2006 close.
Bottom Line: Just like the rest of the Sedona real estate market, the Cottages at CoffeePot are experiencing a shortage of inventory for sale in 2012. Interest rates are still at historic lows, the stock market is in a rally, and the economy is showing signs of strength. I believe will we see renewed buyer interest for the Cottages at CoffeePot as they come on the market. We will see supply and demand at work, creating upward pressure on prices, finally!