Jeff Daley - Scottsdale Real Estate
Is your brother thinking about selling or are you just curious about the market in Scottsdale, AZ?
If he is thinking about selling and as savvy as you are about real estate, I think you know he should contact a realtor and get a market analysis on his specific house instead of doing a wide guess on paper.
If you are just curious and the fact that his neighbor has a house listed for $1,3M since July, and assuming they are similar (since you are using that as a comp), what do you think about how it reflects the price of your brother's house? I am pretty sure you know the answer.
For your brother's home to command an excellent price, it would need to be perfect. And by this, I mean everything would have to be done as if it were a full custom home. Not just stainless/granite in the kitchen, but granite in the secondary baths, a resort-style pool, etc. If there were no objections, and nothing left undone, it could well be worth $1.2M. If there's cultured marble in the secondary baths, and the pool is nice, but not spectacular, you'd probably be looking closer to $1.0M.
Buyers are being very, very picking, because they can be right now, but quality homes, in quality neighborhoods are still selling for premium prices. The last 2 sales in Raptor were for $1.2M and $1.1M back in June/July. The next sale probably won't be until February, just due to the nature of the real estate cycle in Arizona, but it wouldn't surprise me if the neighbor's home was able to transact right around $1.2M.
I hope it helps.