Scottsdale real estate at the height of the boom pushed above $300 per square foot, as the median price you would have to pay for a home.
It bottomed out under $200 per square foot.
Now it’s definitely crossed above $200 per square foot.
On some of the custom estates in North Scottsdale the MLS listing details would often say things like “you couldn’t rebuild this home for this cost.” One of the reasons new build effectively ceased was just the sheer costs involved in building a home were too high when matched against prices of existing home sales. That and there was 45,000 homes in the for sale inventory.