If you happen to notice a lot more California license plates driving around Arizona over the past few months you will understand what is happening to the luxury real estate market as of late. Housing around Scottsdale, Paradise Valley and Arcadia are seeing the extremes of a seller’s market. COVID-19 and other factors has led to a record increase of out-of-state buyers with a limited inventory of luxury homes to sell them. This leads to growing inventory problems of good houses to sell and at record high prices.
An example of this comes from the recent sale of Arizona Cardinals star receiver Larry Fitzgerald’s 13,929 square foot Paradise Valley home for $18 Million – the 3rd largest amount paid for a home in Arizona history. But Larry’s gain is not unique in this market.
Prices have been climbing so high and so fast relative to available inventory that we are even seeing some homeowners re-listing newer luxury homes they purchased only 1-2 years ago with prices close to 1 million more than what they originally paid for them. This is was we call a sellers’ market!
For buyers this can mean more difficulty to finding good luxury homes at a fair price. One of the ways I am helping my buyers work through this is by finding the best value homes still on the market as well as more off-market properties to choose from before they are generally listed. For sellers, it is now more important than ever to list your home in ways that will help maximize your visibility and draw the highest bidding clients to your property not just in Arizona but from across the nation.
If you are looking to buy or sell a luxury home in this market, please give me a call so I can help you make the best of this market and come out on top!
THE LUXURY MARKET LOOKING FORWARD INTO 2021
Looking forward into 2021, we expect that the negative impacts of COVID-19 will hopefully dissipate as we head out of the winter months and more vaccines are distributed. When that happens, many economists expect the economic recovery will be robust due to a number of factors including the record personal savings rates we are witnessing by US consumers – leading to pent-up demand. Beyond these macro-economic factors, many local luxury agents I work with expect demand for luxury Arizona real estate to remain strong well into 2021 and beyond so make sure you are working with a skilled agent who will look out for your best interests!
PROUD TO BE RECENTLY NAMED BY PHOENIX MAGAZINE AS ONE OF ARIZONA’S TOP AGENTS!
It was an honor to be recently named as one of Arizona’s Top Real Agents by Phoenix Magazine. Below is a copy of the article they produced about my work and thank you to my clients and friends Gary & Leslie Fox for letting me take pictures for the magazine in your beautiful home! You can download a copy of the article by clicking here…
