Sales Of Luxury Homes In Paradise Valley Are Picking Up
November 08, 2009
Sales pick up, but inventory remains high: out of town buyers are buying discounted properties at attractive prices.
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Sales of luxury homes are
picking up. We looked roughly at the over $750,000 market a while ago
and in this segment we'll look at the quintessential luxury home market:
Paradise Valley.
The dramatically lower price ranges have resulted in some bidding wars.
Who's buying? A look at tax
mailing records reveals that out of state buyers are key in this good
deal grab.
While all types of homes are selling: distressed and not, the lender owned homes are the ones shortest on the market. Lender owned properties are often new or recent construction homes, sometimes from custom builders who have defaulted.
In October 30
properties sold, up from 25 in September and 27 last quarter. Overall
sales for the year are up over last year (YTD) by 18 properties.
Months of inventory is down to 15.8
months but supply is up to 475 homes.
The high supply and still relatively low sales number mean prices are down. The homes selling are the well priced "good deals" which are mostly lender owned and short sales.
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