AZ luxury market shaping up to record year

Photo credit Launch Real Estate via Forbes

By Ellen Barber| Forbes

When a home in the Silverleaf community of Scottsdale, Arizona, sold for $24.1 million in September, it set a new record as the highest-priced home sale in the state’s history. Sitting on 17 acres, the 15,000-square-foot mansion has eight bedrooms, 10 bathrooms, an indoor basketball court, and a 7,500-square-foot guest house.

That sale broke the record set in November 2019, when Phoenix Suns owner Robert Sarver sold his 28,000-square-foot, seven-bedroom, 11-bathroom home in Cameldale Estates for $19.25 million. When that same property sold again in October 2020 for $20.9 million, it set another record—the highest-priced home sale ever in Paradise Valley.

Such transactions are looking less like outliers and more like a trend for Arizona’s luxury home market, where prices are skyrocketing along with sales activity. As COVID-19 reduces travel, keeps jobs and schools online, and brings college-age children back home, buyers are moving up to homes that offer more space and more amenities.

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