Tucson, AZ on the other hand has 10 properties with a $3 Million + price tag. The most expensive estate on the market is listed at $13.9 Million. Quite a huge difference for an area where the median home price is $178,900 according to Realtor.com.
This type of Market is typical for areas of LA, NY, Miami, and San Francisco. In fact in these areas homes at the $10 Million mark are somewhat considered the starter price for Luxury Real Estate says Realtor Juan Pesqueira of PESQUEIRA PARTNER’s.
Currently the most expensive home for sale in Scottsdale is $32,000,000. A stunning Silverleaf Estate on 17 acres, featuring a Home Theater, Wine Cellar, Gym/Yoga Room, Indoor Shooting Range, Indoor Sport Court, and Adult Game Room. The almost 30,000 sqft has 8 bedrooms, 10 bathrooms, and a Separate full size guest house.
The most expensive house for sale in Paradise Valley is owned by no other than Diamondbacks World Series pitcher Randy Johnson. The 25,000-square-foot home in Paradise Valley is priced at a whopping $25,000,000. The three-story Mediterranean-style home is on 5-acres and has seven bedrooms, 12 bathrooms. Reasons for the sale is the Johnsons are looking to downsize, 25,000 sq. Feet is just too much of a house for them.
As for Tucson the most expensive home is Campbell cliffs 25,000,000 sqft, architectural award winning estate. The 13.9 Million dollar estate is sited on lush high desert with over a million acres of protected national forest as your backyard. And the key to its marketing is that shopping at Louis Vuitton & Tiffany is only 5 minutes away.
This year, to date there has been over 562 homes sold for $1,000,000 + in Maricopa County. That is a 10% increase from last year, at this time last year we had 513 sales.
The high end market has really taken off within the past year. Lots of money and lots of people are looking to buy up. Interesting! lots of these properties involve cash. Buyers are coming in droves, were seeing international money as well as local buyers who are buying up. We are also seeing the downsize buyer. They own homes larger than what they need, kids are moving out, and they downsize or even move into a high-rise condo or penthouse. Hence Randy Johnson’s situation.
It’s a competitive market in the high end. Last month the bank listed a private estate in one of Paradise valleys most exclusive address, this compound was over 13,400 sf, on nearly 5 gated acres. An estate once priced at $23,000,000, at $6,099,000 the value is in the land. The compound (If you choose to accept) comes with 2 guest houses, Commercial elevator, gourmet kitchen, a massive master with 2 marble baths and 2 large walk in closets. 5 bedroom, 9 bathrooms, 13 fireplaces (because one is not enough and in Arizona you need them year round – insert sarcasm), stunning grounds with pool, fountains and a tennis court. The downside is that it’s not ideal for you car lovers as it only comes with a 4 car garage but I think there is enough room on site to add a massive show room. The home had multiple offers within hours on the market.
If you are a buyer in the high end market I advise you have your finances ready to go. Have your bank approval letter, attorney, accountant, husband, wife, or mother on call. And be ready to make a strong, aggressive offer. Agents are no longer messing around and the days of lowballing are over. The market is not going to wait for you, if you think so then don’t be surprised if someone out bids or makes the offer you should have made. High end real estate has taken the form of art and many homes are fetching unbelievable prices. It’s always been the American dream to own real estate and today the American dream is strong and solid.