That caught my attention.
A Scottsdale-based developer recently sold a Paradise Valley estate for $19 million while the property was only about 60% complete.
The buyers, who are from California, decided to purchase the home while it was still under construction rather than wait until completion.
Why?
Because in the ultra-luxury market, scarcity matters.
There are only so many large lots in Paradise Valley with the location, privacy, views and potential that high-end buyers are looking for.
And when the right property comes along, some buyers aren't waiting for the paint to dry — literally.
This is also a good reminder that the Phoenix luxury market isn't simply about whether prices are "up" or "down."
At the highest levels of the market, the right property can still command serious attention when it is positioned correctly. Paradise Valley continues to be one of the most interesting luxury markets in Arizona, and I'll be watching closely to see what this type of transaction means for future development and resale values.
Own a property in Paradise Valley or Scottsdale? I’d be happy to give you an honest look at where your home fits in today’s luxury market.
