Paradise Valley: The New Hot Spot
Looking for quality in the Paradise Valley, savvy and well-informed luxury-home buyers are entering the area in flux.
Homes in this area are “selling ‘like hotcakes’” and one Realtor in the area, Lauren Ellington from Realty Executives Premier Marketing Group says that there is need for more inventory, according to the Phoenix Business Journal.
The majority of buyers, who are mostly from out-of-state or out-of-country, are from the Midwest and planning for their retirement, Ellington tells the Phoenix Business Journal.
In the small town of Paradise Valley, with a total of 7,700 homes, foreclosures tripled to 114 in 2009 with 315 additional notices of trustee sales filed, according to a data provided by the Information Market in MSN’s article “Hard Times in Paradise.” Despite the foreclosure crisis, the luxury market has bounced backed, not letting the foreclosures drive the market as they were a year ago.
Russ Lyon Sotheby’s International Realty has been involved in a number of high-end Paradise Valley sales since the beginning of the year, according to the Phoenix Business Journal. In fact, 31 properties were sold in Paradise Valley within the month of April ranging from $99,000 to $3,495,000, with this town’s average price per square foot equaling $236, according to ParadiseValleyLiving.com.
—Kimberly Turner
Photo courtesy Walt Danley, Realty Executives.
