By Angela Gonzales | Phoenix Business Journal
More than 100 custom home lots priced above $1 million have been sold in metro Phoenix during the past 12 months, and COVID-19 doesn’t seem to be impacting sales so far, according to data compiled exclusively for Phoenix Business Journal.
Research by RL Brown Housing Markets shows 101 custom home lot sales priced higher than $1 million since from January 2019 through May 2020.
“The fact that our market has had 101 of these transactions is really amazing,” said Jim Daniel, president of RL Brown Housing Markets.
Another five custom lots sold in June ranging from $1 million to $1.5 million, Daniel said.
Rod Cullum, president of Scottsdale-based custom homebuilder Cullum Homes, said he’s seeing a very high interest and activity from potential homebuyers in the Chicago, Seattle and Los Angeles markets.
“We’re still seeing activity within our local market, but most of our activity is coming from out of state right now,” he said. “What we’re hearing is we typically offer a little more open space than they’re accustomed to in LA and less urbanized markets.”
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