The market has been down. We all know that. Heading down since roughly October 2006 depending on your zipcode. But for a while now it’s been flat. Not very much up or down. Even in this market some people are willing to spend over a million dollars on their home.
Million Dollar Homes Sale in Arizona
For 2011 the total number of closed sales with a sold price over a million dollars in the areas covered by Arizona Multiple Listing Service is 660.
Paradise Valley has accounted for 174 of those million dollar sales. Average sold price was $1,871,685.
Scottsdale has had 339 million dollar plus sales. Averaging $1,625,927.
The powerhouse of Scottsdale real estate has been zip code 85255. Making up 40% of sales over a million. The other true north Scottsdale zip code 85262 accounting for 33%.
Carefree has had only 10 sales over the million.
When I worked on Wall St. one of the terms you would hear very often is than in uncertain times investors make a flight to quality. In real estate terms that means if you are going to spend big money make sure you invest in the solid locations.
In the boom times people were more willing to get creative with locations building big mansions in places like Queen Creek and Gilbert. There is just no demand for million dollar mansions in those areas when times are uncertain. Million dollar sales in Gilbert this year only 4 and Queen Creek it’s 0. Definitely indicating a flight to quality.