Elite Neighborhoods And Luxury Estates
Central Arizona's luxury-home market is staying strong as wealthy buyers pay big money to move into the growing number of elite neighborhoods in the Valley.
"The luxury estate market is real strong", said Bob Hassett of Russ Lyon Realty. "We've got people looking at the $5 million, $6 million, $7 million stuff."
There were more than 1,800 sales of houses worth at least $1 million last year according to the Arizona Regional MLS. That's a huge increase from nearly 1,000 in 2004.
Luxury homes in Paradise Valley had the highest median price in the Valley in 2005, with a median price of $1.39 million. Other areas seeing $1 million homes include North Scottsdale, Arcadia, Biltmore and North-Central Avenue luxury homes. More...
One area to watch is the West Valley with its large new planned communities with acreage set aside for luxury custom homes.
posted by Arizona Real Estate News @ 12:07 PM
4 comments
4 Comments:
Your luxury market seems to be much stronger than the luxury market in South Jersey. Currently we are averaging around 1 sale per month for homes over 1 million. Our inventory accumulation in some counties is over two years for that price range. Definite buyer's market for the high end homes here, though the lower priced (under 500k) homes are still moving rather quickly.
Keep up the great job on your blog!
Roxanne,
Thank you for your comments, you are one of the very first to leave one for us.
Also, thank you for the compliment and thanks for reading Arizona Real Estate News.
Matt
In the Atlanta market (the greater metropolitan area) there are 1295 homes listed for sale over 1,000,000 and the highest is 18 million. There is one at 17 million and the rest are under 8 million. We had 694 sales over 1 million in the last 12 months. What you get is dependant on location. In an elegant intown area in a historic home maybe 3300-4000 sq feet, and around 5000 sq' in a new home.
Hi Dan,
Thank you for contributing.
I had no idea there were that many $1M+ sales in the Greater Atlanta area.
Matt Pellerin
Post a Comment
<< Home