ARIZONA NEWS

Fancy living: Scottsdale ranked among top five cities for luxury homes

Feb 26, 2018, 4:54 AM
(Realtor.com)...
(Realtor.com)
(Realtor.com)

PHOENIX — If you are in the market for a new home and are looking to live a life of luxury, this Phoenix-area town may be perfect for you.

According to a recent report from Coldwell-Banker, Scottsdale was ranked among the top five cities in the country for luxury markets for homebuyers.

The study found that the median monthly inventory list price for single-family homes in the area was $2.2 million, while condos will run closer to $663,000.

However, those luxury homes often stay on the market for a while: The median number of days that a single-family home stayed on the market in Scottsdale is 142. For condos, the number of days was 84.

At any given time, there are an average of 755 single-family luxury homes on the market in Scottsdale, the study found.

Wendy Walker, a sales associate with Coldwell-Banker in Scottsdale said in a press release that Scottsdale is “popular with the ultra wealthy baby boomer from Chicago, California, Milwaukee and Canada,” but is now experiencing a new wave of popularity with New Yorkers.

Walker also said with this shift in residents comes a shift in spending power, “with large mansions being torn down and rebuilt with an eye to less living space but more storage for toys and cars and mid-size luxury homes completely remodeled.”

The study found that the luxury home market was “stable, consistent and solid” in 2017.

Homebuyers who are thinking of settling in Scottsdale can make upwards of two and three times their original investment by purchasing a home in the area, Walker added.

“Scottsdale showed lower median sales-price-to-list-price ratio, an increasing number of listings, median higher days on market and a stable or decreasing median list price over the year,” the study said.

The other cities that ranked among the top in the nation for luxury homes included Boca Raton, Florida; Miami, Park City, Utah and Santa Barbara.

For those looking to save some money and still live the high life, the study found that Raleigh-Durham in North Carolina was the most affordable luxury market for single-family homes.

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Fancy living: Scottsdale ranked among top five cities for luxury homes