Why You Should Be Looking At The Luxury Home Market In Phoenix, Arizona

Think luxury homes and you’ll inevitably think of celebrities in Los Angeles, Miami, or perhaps even the Hamptons. However, these aren’t the only places where you can invest in luxury and live like the rich and famous.

We’ve already looked at Miami’s competition, Panama, Brazil, and Mexico are all attractive alternatives. Now it’s time to consider Phoenix, Arizona.

Phoenix may not sound like a luxury location. However, consider this, according to statistics, more than 10 homes, each valued at over $10 million, sold in the first half of 2024. The most expensive was a beautiful Spanish Colonial estate in Paradise Valley.

Paradise Valley is a suburb of Phoenix and has an enviable reputation for luxury shopping, golf, properties, and a thriving night scene. It’s also an area of outstanding natural beauty, making it an attractive destination.

More impressive is the stability of the luxury real estate market in this area. Prices have steadily grown for years and are usually resistant to market downturns.

It makes Phoenix, and Paradise Valley in particular, a solid investment option for new or experienced investors. The median price for a property in Paradise Valley in August 2023 was $3.2 million, it’s climbed by approximately 3.2% every year since.

It’s worth noting that property in this area is largely owned by affluent professionals, wealthy families, and retirees. This demographic will help to ensure property prices remain stable, making real estate investment here a good option.

Arizona has low property taxes and business-friendly regulations. That makes it an attractive option for anyone investing in real estate. You don’t even need to choose the luxury end of the market to benefit from these favorable investment terms.

Alongside the homeowners, there is an array of upscale resorts and spas in the area. This ensures a regular flow of visitors. That’s useful if you’re hoping to rent your property, even short-term.

Investing in Phoenix means you’re in good company. Several celebrities live in the area, including Alic Cooper. Muhammad Ali also made his home, and foundation in Scottsdale, just 11 miles from Phoenix. Even Hollywood actors are attracted to the area, Vince Vaughn realized he’d get a lot more for his money in Arizona and has a property in Paradise Valley.

The real estate market in Phoenix will remain buoyant and there is a limited amount of inventory. In other words, demand is outstripping supply, making it a seller’s market. As there are limited new build opportunities this situation isn’t likely to change soon.

It means, if you find something you like, act fast. It won’t be on the market for long. For example, properties in Paradise Valley are on the market for an average of just 53 days.

Even celebrities need mortgages. Fortunately, there is an option for everyone. Even those on low incomes can find attractive mortgage FHA loans in Arizona. Government-backed mortgages allow virtually anyone to get onto the property ladder while reducing the risk to lenders.

It doesn’t matter where you get on the ladder, as long as you’re on it. It’s the first step toward your luxury home purchase.

Naturally, there are plenty of finance options for those who already have some capital behind them.

Phoenix has a varied selection of historic and custom properties. It also has several modern architectural gems. Add to this some truly stunning views and you’ll appreciate why this area has become so popular.

If you’re looking for a luxury home in Phoenix then you’ll find something that appeals. Just choose the right area:

Encanto Palmcroft

Best described as historic luxury. Many of these homes pre-date WWII. There are also an array of revival styles.

Paradise Valley

The area needs no introduction. It’s established luxury with the stunning backdrop of Camelback Mountain. You’ll find classic desert styles and modern architecture living in harmony.

North Central Phoenix

This is the perfect neighborhood for anyone trying to get into the luxury market. The median price is around $1 million and most of the homes are unique.

Silverleaf

Silverleaf is perhaps the ultimate in luxury. Its most expensive homes are over $30 million. You’ll get the classic desert luxury experience with a country club.

Arcadia

Classic Arizona ranches meet modern renovations and make for an interesting skyline. The area is full of mature trees and excellent culinary experiences: all for the right price.

The Pecans

Situated in the southeast valley you’ll find the Pecans, a gated community with an array of community amenities and activities. It’s a nature lover’s luxury paradise.

You may not have considered the luxury home market in Arizona before. It’s something that you should be considering now. No matter where you are on the property ladder there’s an opportunity for you to embrace luxury here in Phoenix. It’s time to consider investing.