From a brand-new Icon Silverleaf Condo and a historic North central Phoenix estate to a golf course community in North Scottsdale such as Silverleaf, Troon, or Desert Mountain – let’s not forget Paradise Valley. There’s a plethora of choices in high-end homes or penthouses to choose from. Consider these 9 tips from luxury home pro Juan Pesqueira before house hunting and buying your dream home.
9 Tip you need to know in 2019 before buying a luxury home in Scottsdale, Phoenix, Paradise Valley, or in the state of Arizona.
1. Work with a local expert.
“It’s critical to have a good buyer agent who is familiar with the area and inventory you want to buy in. There’s a bit more control on access to high-end properties in terms of fewer open houses and more appointments have to be made to see them.” Juan Pesqueira, Attorneys Realty.
In the top luxury markets like LA, NY, or Miami luxury homes can be difficult to locate because of their exclusivity. Often, they don’t appear on multiple listing services (MLS) because owners want to safeguard their privacy. Here in Arizona that is not the case. Although we do see off market sales from time to time, most of the inventory ends up on the MLS or word of mouth. Word gets around when a buyer is looking for something unique say Juan Pesqueira.
A Realtor becomes an adviser. Its always best to SET a buyer consultation APPOINTMENT NOW or soon, so you can feel good and know that the wheels are now in motion. Even if you are still 6 months to a 1 year out.
2. LOCATION, LOCATION, LOCATION
Your dream home can quickly morph into a nightmare if you don’t carefully investigate its surroundings. It may be situated in an exclusive neighborhood that bumps up against a questionable area six blocks away (Arcadia vs Arcadia light – if you can afford buy in Arcadia (not light) ). Ask your agent what will happen to the area in the future. For example, is there a projected high rise or housing development that will obstruct your gorgeous views (old town Scottsdale has had issues with this)? Even if you’re eyeing a gated community, check out possible issues with the location.
Quick Luxury Home market update –
- Scottsdale Luxury home prices starts around $1 million.
- Phoenix Luxury home prices starts around $800K.
- Paradise Valley Luxury home prices starts around $1.8 million.
- Get familiar with names within the city of Phoenix such as Arcadia or The Biltmore.
- For Scottsdale, Silverleaf carries its own weight due to the sky high prices (20-30 million+).
Therefore, a local expert like myself is key. They will educate you on different locations, lifestyles, values, and availability.
3. VIEW, VIEW, VIEW | Lifestyle, Lifestyle, Lifestyle
Arizona has some of the most beautiful landscape in the world. Ask yourself do you prefer city, mountain, desert, boulder or all? Do you prefer urban, desert, or rural areas? Do you want to back to a boulder, do you want sunset, sunrise, or both? Do you prefer urban or rural areas? Are you looking for a lock and leave condo or penthouse with luxury building amenities, 24-7 concierge/security, maybe a guard gated community, or large piece of land with your home? These are all questions and options that will come up, don’t worry you will figure it out.
4. BUYING BASICS – Searching for luxury homes without getting pre-approved by a lender, if NOT PAYING CASH:
Do not mistake pre-approval by a lender with pre-qualification. Pre-qualification, the first step toward being pre-approved, will point you in the right direction, giving you an idea of the price range of houses you can comfortably afford. Pre-approval, however, means you become a cash buyer, making negotiations with the seller much easier. Some listing agents will not allow a showing without proof of funds or approval letter. Don’t take it personal, get approved, or be prepared to provide some type of proof. The only exception is if you are a well-known billionaire, millionaire, or celebrity (ex. Warren Buffet, Larry Fitzgerald, Kyle Jenner or any Kardashian, Bradley Cooper, etc.). The high-end market examines buyers under a microscope, so financial documentation is imperative to prove that you can afford a multi-million dollar home. This shows the seller whether you’ll need to obtain a loan or pay in cash. Cash is the favored luxery home payment.
5. Dress conferrable when viewing property during the Arizona SUMMER!
Its no secret that Arizona (Scottsdale, Phoenix, Paradise Valley) is hot in the summers (top out at 110+) and just perfect in the winters. If you are looking at property during the summer months, wear shorts, a cool shirt, and sandals because it will be hot. You will sweat, so bring water. For those who have never been here during the summer, it’s a dry heat. Feel free to do a test run and walk into your local gym’s sauna with clothes on. But don’t worry, everywhere you go is air conditioned. The mornings are best during summers, but evenings will have you catching the most amazing sunsets. During winters us locals like to dress like its below zero, don’t panic if you see me in a full bear skin coat during the summer – Just Kidding…
6. DON’T JUDGE A PROPERTY BY ITS PHOTOS
Pictures, brochures and video walk-throughs don’t duplicate the feeling of actually being in the home. Even if you have to travel across the country or visit from overseas, a personal viewing is imperative – after all, this is a huge purchase you’re making! Gauge the house’s appeal by visiting it several times at different times of day. My advice is scheduling a sunset showing!
7. Hire smart, reliable advisers.
“A Realtor won’t make the client’s decisions but will make suggestions. Pay attention to your financial planner, accountant, attorney, and Realtor that you trust. They should agree on what you should be doing and if they don’t, arrange a meeting.” ENSURE THAT THE HOME HAS EXCELLENT RESALE VALUE You must always consider a home’s resale value? Yes. Be certain that you can comfortably recoup what you spent on the house if you need to sell it. Again, a fantastic location with views to die for factors into this scenario. The home’s condition is also crucial to its salability. When you buy your first luxury home, you enter an elite realm of taste, refinement and dreams-come-true. However, you can’t just make an emotion-fueled plunge into this purchase. Preparation and restraint will help you discover a luxury house that truly is a home.
8. There’s always room to NEGOTIATE.
NOBODY EVERY TAKES THE 1ST OFFER! Whoever has the least to lose wins in negotiations. Some negotiations take longer than others. It’s not always about price, sometimes terms are more important. Have your agent research the comparable properties that have recently sold, getting closing prices, right before you make an offer. Have your agent feel out the other side. Ask questions why are they moving, if the property is vacant you know they are carrying costs, maybe they relocated.
9. HAVE FUN AND ENJOY THE PROCESS…
Its not that difficult to buyer a property in Arizona. It will get emotional at times, the heat will not help, but you will be ok. If you find a home you love, buy it!
Multiple Listing Service for ARMLS: LAVISHPaDz.com
Scottsdale Official Tourism: https://www.experiencescottsdale.com/
Phoenix Official Tourism: https://www.visitphoenix.com/
Paradise Valley Official Tourism: https://www.visitarizona.com/cities/phoenix-and-central/paradise-valley/
Lifestyles and Listings: https://azluxuryhomeblog.com/lifestyle/
Contact me, I would love to show you the current Scottsdale, Paradise Valley, Phoenix luxury homes. Finding your new dream home is my job, so let’s take time to discuss what you are looking for in a home