To make this sort and to the point, there’s a lack of not only land, but also new luxury home construction in Paradise Valley and Scottsdale. Actually, we could say that for almost every major city and/or town in Greater Phoenix. In addition to DOZENS of factors, now the struggles of the global supply chain are affecting prices of existing luxury inventory. And it’s not just new home builds, it’s remodels. When someone has to spend more on supplies to remodel before selling, who do you think is going to pay for that? THE BUYER.
The entire valley is changing. Tons of Californians are relocating here and building mansions for half the price. We’re seeing $20 Million NEW BUILD luxury homes in Phoenix, Arizona. Additionally, inventory is hard to come by. In 2021, we’ve helped multiple MULTI-MILLION-DOLLAR buyers navigate the slim number of houses on the resale market.
…only adds to the question, for how long can this continue? Add in factors such as the low land inventory in Paradise Valley and other hotspots to the equation. Builders there are paying nearly $2 MILLION an ACRE. Will there be a high-rise condo boom? Who knows. What we do know is short of factors out of everyone’s control, the DEMAND in Greater Phoenix continues to find ways to expand itself.
One of the MOST important aspects of any market expansion is its durability. As professionals, it’s our daily life to keep on top of it. From the changes of 2020 to tech companies relocating to Arizona, the FOUNDATION of our state feels strong.
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