We already know that the housing boom has hit Arizona hard but what about the luxury properties, are they really selling or are they sitting there week after week without an offer. Luxury home buyers generally are savvy buyers and realize that if the home is priced competitively in this low priced home market then absolutely they are going to sell. In fact, many luxury buyers who may not have considered themselves as high end buyers are able to look at the luxury properties since the prices are lower than they have been in years and are now priced where they become affordable for many types of buyers.
Arizona is still growing and coming in are doctors to handle the new hospitals, corporations and their Chief officers, these are just a portion of the homebuyers that are finding it a great time to jump in and take a look at an affordable product that just years ago would have sold for hundreds of thousands even millions of dollars more than they are today.
Remember, they usually still take out a mortgage and along with a mortgage comes an appraisal and the homes have to appraise for purchase price and appraisers are being very conservative these days and tougher on putting value into their reports to protect banks like never before. In fact, we are finding that in many cases they are under evaluating a home but the buyers are benefiting from this and able to negotiate a price that meets these appraisers and sellers are having no choice but to sell at these prices.
We cannot forget that even the luxury community has bank owned and short sale homes as well and finding a wonderful high end property for pennies on the dollar is a great find!
Considering a custom home on a mountain or with acreage with finishes that are so well appointed make this type of home individual and very wanted in the buyers eyes, there are so many buyers out there that are still able to consider this type of property. If you are wondering if these homes are selling the answer to this question is absolutely they are. In fact, at the time of this writing there are 184 homes over a million dollars and up to six million currently under contract. Homes under contract at these prices range from Ahwatukee, Scottsdale, Paradise Valley, Mesa, Gilbert and Chandler as well as other suburbs of Phoenix Metro. Do not let anyone fool you into thinking that these homes are not selling as well as the rest of the Phoenix market.
Nancy Niblett is a highly successful Real Estate Agent specializing in the Chandler area. She credits her success to hard work, integrity and honesty. Nancy is one of the most successful award-winning agents and currently with West USA Revelation. She was awarded the top 50 Individual agents in Phoenix by Phoenix Business Journal for 2008 and was number one in her office which was the fifth top selling offices in Arizona.
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