Home is where the luxury is

By Jesse A. Millard | Phoenix Business Journal

Bigger is no longer better in the Phoenix luxury home market.

Since the Great Recession, high-end homebuyers have been looking for smaller properties, according to industry experts. People who might have asked for a 10,000-square-foot home a few years ago are now asking for 8,000 square feet instead, said Tony Calvis of luxury home builder Calvis Wyant.

One reason may be some changing dynamics in buyer demographics. Rod Cullum, owner of Cullum Homes, said more empty-nesters tend to be buying on the luxury market.

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June 12, 2015

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