The Luxury Home market remains strong here in the Valley, and can be a lucrative investment. Maricopa County ranks fourth in the United States in the number of millionaire households. It counts 106,210, or roughly 8.2 percent of all households, as having $1 million-plus in net worth. In 2000, Maricopa County ranked sixth in the survey.  

One reason for the county's upward movement is due to the overall population boom. There are also plenty of retirees who've made their fortunes elsewhere, or at least have saved and invested wisely and relocated to Arizona to settle into the twilight years of warm weather and golf. The number of millionaire households across the United States rose 8 percent to a record 8.9 million in 2005. This increase is due to long-term wealth accumulation, not new wealth creation or real estate investments. Although real estate continues to be an investment portfolio staple, it is not the sole cause of wealth.

Executives, sports stars, and investors locally and from across the country like what they see in the Valley's million-dollar home market. Demand for luxury properties remains hot even as the Valley's mainstream housing market slows. There were more than 1,800 sales of houses worth at least $1 million last year in listings posted on the Arizona Regional Multiple Listing Service, according to MLS chief Bob Rucker. Most of them occurred in the Phoenix area though the service extends into Pinal County.

Scottsdale, with its resorts, golf, and great shopping, always score well on the luxury scale too. The overall median price, combining new and resale homes, for a house in the city exceeded $570,000 last year, up 100 percent since 2000. The numbers are much higher in North Scottsdale, the city's most expensive neighborhoods. Overall median prices in 85262, 85255 and 85259 ZIP codes were $725,000 and higher last year. That market is being driven by a dwindling supply of land that can be developed and steady demand for executive and vacation housing, some of it in the region's most exclusive golf communities including Troon North.

The extension of Loop 101 freeway was particularly important for housing in north Scottsdale. Buyers had a quicker way to get to other parts of the Valley for business meetings, sports or cultural activities. That is putting more buying focus on such Phoenix neighborhoods as Arcadia, North Central Avenue, Camelbacl Corridor, and the Biltmore area, luxury havens in their own right that happen to be closer to the center of the Phoenix metropolitan area. 

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Call or e-mail Jen Wehner Today and we can talk about how investing in Luxury Homes here in the valley may be right for you.

Direct~ 480-748-6925

Email~ Jennifer@JenniferWehner.com