Phoenix Named a Top Global Luxury Home Market

By Angela Gonzales | Phoenix Business Journal

Phoenix was named a top luxury real estate market to watch in a new report by Coldwell Banker Global Luxury.

Phoenix was identified along with Denver and Dallas as secondary markets on the rise in the new report, called The Report: 2021 Global Luxury Market Insights.

Chris Karas — who recently sold two luxury homes in Paradise Valley for $2.8 million and $3.7 million — said the luxury real estate market has been focused on Paradise Valley and Scottsdale for many years.

While those markets continue to strive, the founder of The Karas Group and co-founder of Launch Real Estate said he’s seeing the city of Phoenix taking off, too.

“Phoenix is in high demand and performing at a level I have never seen before in the history of Arizona,” said Karas, who represented the buyer of a six bedroom home in Phoenix for $3.5 million in January. That 8,048-square-foot home at 6035 N. Central Ave. was built in 1948.

“With low inventory and record-setting price points, I find savvy buyers are not letting homes get away,” Karas said. “Quick closings with cash offers are very common in today’s market. Also, multiple offers or offers over the seller’s asking price has become the new normal.”

Out-of-state buyers
Many of his buyers are coming from all across the nation.

“Homes are selling faster than ever at top dollar,” he said. “Plus, with the relocation of many major national and international companies, Phoenix has become the hottest market in the entire country and it appears this will continue for some time.”

Phoenix is home to 36 residential historic districts, said Aaron Carter, associate broker with CarterMosier Group at HomeSmart.

“These neighborhoods are designated with Historic Preservation overlay zoning,” he said.

“The homes in these neighborhoods are bare, unique and architecturally significant,” Carter said. “The properties are located in the central core and near downtown arts and culture, and therefore are highly desirable. Their scarcity also makes them increase in value over time because the city of Phoenix is not adding any new historic districts.”

In comparison, Tempe has four designated historic districts, while Scottsdale has none, he said.

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