By: David M. Brown | Arizona Foothills Magazine
What makes a luxury home sale a solid transaction for the seller or the buyer in Maricopa County, Arizona? When isn’t a sale good for one or the other? Did the buyer pay too much; could the seller have gotten more money? Here’s our perspective on what went right, what went wrong.
In 2019, 16 homes recorded above $7 million, almost four times greater than 2018 numbers in booming Maricopa County, an acceptable estate-luxury starting point for area closings. Frank Aazami, Global Advisor, and principal of the Private Client Group, Russ Lyon Sotheby’s International Realty in Scottsdale, recently evaluated these sales based on location, size, acreage, age condition, future salability, amenities plus other circumstances such as orientation, access and floor plan.
Of the approximately 98,000 Multiple Listing Service Sold properties in 2019, these single-family homes represent an ethereal territory where only the wealthy venture. With about 70 percent of the sales, in fact, were “all cash”, and just more than 50 percent were out-of-state buyers.
“The first thing you notice from the concentration of sales is that they are in Paradise Valley, specifically east of Tatum Boulevard, and Silverleaf in north Scottsdale, with the remainder at Desert Mountain in far north Scottsdale east of Carefree/Cave Creek,” Aazami explains. “These continue to be the premium areas in the Valley of the Sun, including other luxury communities such as Estancia and DC Ranch. The key zip-codes are 85253, 85255 and 85262.”