In the world of real estate, luxury properties stand apart from the rest. They are in their own market, in fact, and have their own trends.
Luxury homes tend to stay on the market longer due to their hefty price tags as well as the fact that most sellers can afford to wait for the best offer. Because most luxury homes tend to be custom built and one of a kind, they don’t have many comparable properties, which makes setting the price a little tricky. All this is why buying or selling a high-end home demands a different kind of expertise from the kind required by regular homes.
What is a luxury home?
The definition of what a luxury home is varies depending on the location. The Institute for Luxury Home Marketing defines luxury homes as those in the upper 10% of the market. Others classify homes that cost $500,000 or more as luxury homes, but residences that do fall into this range may not be considered luxury in an in-demand location where median prices alone already approach seven figures.
Another way to define a luxury home is by what it has – it should have unique features that ordinary properties typically don’t have. Luxury properties are built in prime locations, for example, whether prime means being near hotspots or being in a place with one-of-a-kind views.
Luxury homes are also those that are constructed using premiere materials such as high-end finishes like marble countertops, hardwood, Venetian plaster, crystal, and so on. Most luxury homes have resort-like amenities such as a fitness center, swimming pool, tennis courts, private cinema, or a game room.
Arizona luxury real estate
High-end homes in the Phoenix Metro Area range in price from the high six figures to over seven figures (and go up to eight in some areas).
Phoenix’s Biltmore and Arcadia neighborhoods, as well as Paradise Valley and Scottsdale, are the most popular areas for high-end home purchases in the region. The Scottsdale luxury real estate market, in fact, has long been one of the country’s top luxury home markets. In 2018, the most expensive home ever sold in Arizona was in Scottsdale (it sold for $17.5 million).
In Peoria, luxury homes tend to be located in gated communities such as Blackstone, Casa De Sunrise, Cooper Creek Estates, and WestWing Mountain. Architectural styles are diverse, but usually include regional favorites such as Pueblo Revival, Mission style, and Mediterranean. These homes are typically on large lots that are at least an acre in size and some of the most sought-after ones look out on beautiful mountain views. Waterfront properties are also available, many in the Lake Pleasant area.
Luxury homes are unique and need proper representation, especially in the diverse Arizona luxury home market. Get in touch with the Fusco Team today and learn more about luxury real estate in Greater Phoenix and the West Valley area. You can call 602-370-4510 or email us at patty(at)fuscorealty(dotted)net. Visit our office at 9132 W. Cactus Suite N, Peoria, AZ.