article courtesy AZ BigMedia

Luxury homes are selling at incredible prices all over the country. The latest Case-Shiller Home Price Index shows a 19% year-over-year jump in the 20 cities measured (including Phoenix), representing the fourth largest gain on record. Phoenix continues to make real estate headlines, but this time the luxury real estate market in our city is the center of attention as our metro area has experienced higher than normal demand for luxury homes. There’s no one size fits all when it comes to luxury homes in Phoenix and the offerings are as diverse as what each area has to offer. If you’re in the market for a pampered pad, here’s our latest insight on luxury real estate in Phoenix.

The high-end real estate boom began during the pandemic and escalated into 2021. High demand coupled with low inventory, a rebounding stock market and extremely low interest rates merged to create a record-breaking demand for homes valued over a million dollars. People began realizing that in a pandemic, a home is the best place to put their wealth, especially as they started spending more time indoors. Soon, home was where every vital aspect of life happened—work, life and play. People, now, see their homes as a pandemic-proof investment. Phoenix shone especially bright as our relative freedom during the height of the pandemic was a beacon for those in more constricted states. Furthermore, Phoenix luxury homes have been considered a relative value compared to properties in other comparably sized metros.

The numbers tell the story.  According to data found in the Cromford report, there were 2,113 homes sold for over $1,000,000 in 2019. That number skyrocketed to 5,636 in 2021, representing a 166% increase in just two years!  

Paradise Valley

Paradise Valley’s sights will take your breath away. Exotic golf courses, boutique boutiques, and destination resorts draw visitors year-round to this rich enclave. Eight resorts surround PV, which is nicknamed “PV” by locals. In October, one home in Paradise Valley sold for a whopping $21.5 million. Paradise Valley is one of the hottest neighborhoods for luxury homes right now. We dive a little deeper into this below. 

North Scottsdale 

North Scottsdale is home to world-class golf courses and some of the most spectacular mansions. The architectural style of homes is a mix of Spanish Mission, Mediterranean Revival and Southwest. Taliesin West, Frank Lloyd Wright’s winter residence, is a popular tourist destination and a national historic landmark. The house lies among the McDowell Mountains’ arid foothills.

Arcadia  

Arcadia Proper, a desirable area, is constructed on old citrus orchards. Many of the homes here are one-story ranches (both original and modern) on large lots with lovely landscaping. Arcadia offers breathtaking views of Camelback Mountain and the Arizona Canal and offers quick access to the airport, Scottsdale and other desirable parts of town.

Cave Creek

Cave Creek’s residents, who include some of the state’s wealthiest families, enjoy beautiful 360-degree Sonoran Desert and mountain views. With stores, saloons, and art galleries, it celebrates a modern, luxurious Western lifestyle in the foothills northwest of Scottsdale.