The Luxury Home Market does not follow the rest of the real estate market as far as the market trends. The real estata market is best divided up into categories - under $200,000, $200,000 - $400,000, $400,000 - $600,000, $600,000 - $750,000 and $750,000 and up. When we speak about luxury homes, we mean that group of homes above $750,000 in most casecity this price point can vary by city where Mesa Luxury Homes may be $600,000 and above for instance. These Luxury Homes For Sale in Paradise Valley Arizona, we use $750,000 and above.
The Paradise Valley market is characterized by Luxury homes and Luxury developments. The average price point for the Town as a whole for August 2013 was $1,483,151 or 93% of the original asking price after 182 days on the market or 6 months. What this means is that homes are selling for less then the asking price in about 6 months. Currently there are 234 active Luxury Homes For Sale in Paradise Valley for an average asking price of $2,786,952. What this information is telling us is that the Sellers are trying to test the market as the lower priced homes (under $600,000) have been able to do this past year but are struggling to attract the luxury buyers in the marketplace. Because only 24 homes sold last month and 234 are currently for sale, we can estimate a 10 month supply of homes. This situation indicates a buyers market.
In a buyers market we can expect to have Sellers contribute 2-4% towards the buyers closing costs, pay for home warranties, pay for appraisals, etc. Buyers have all the power during the transaction in a buyers market.
We have seen investors turn towards the Luxury Homes For Sale in Paradise Valley among other municipalities as well. This was one of the last markets to depreciate and has shown to be a good investment for fix and flips. See a list of short sales in Paradise Valley here.
Contact Chelsea Elwood, Realtor with Keller Williams East Valley to learn more about these properties and to schedule your private showing - (602)748-6136
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