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How Valley Luxury Homes Sell During a Cooling Market

By November 22, 2022January 17th, 2023No Comments

By Angela Gonzales | Phoenix Business Journal

Luxury real estate agents continue to close deals at a time when mortgage interest rates have doubled since January.

Scott Grigg sold a home in 7 Desert Mountain golf community for $941.47 per square foot.


That’s because cash buyers continue to flock to the Valley with millions of dollars in their pockets to buy mansions in Scottsdale and Paradise Valley. They get bigger homes on larger parcels than what they’ve been paying in other states.

“My last eight sales were all cash and I have four in escrow that are all cash as well — no financing,” said Scott Grigg, founder of The Grigg’s Group.

His clients just closed on two homes totaling $8.1 million.

Both built by Scottsdale-based Cullum Homes, one home at 5673 E. Village Drive in Paradise Valley sold for $4.6 million and the other at 37200 N. Cave Creek Road in Scottsdale sold for $3.5 million.

The home in Scottsdale was a model home at The Village at 7 Desert Mountain, where Cullum is building 33 homes. That home sold in about five months.

“It was move-in ready,” Grigg said. “Not a lot of people want to go through the brain damage of a 2-year build. They don’t have the time or patience to do that. It’s not for everyone. When we have a model home that’s move-in ready, we put a premium on that.”

The other home in Paradise Valley is within The Village at Mountain Shadows, and was sold off market within four months, Grigg said.

Grigg said he’s feeling a shift in the housing market back to normal times when it usually takes a year to sell homes in the $2 million to $4 million price range.

The days of listing and selling within a few days or weeks are gone, he said.

“We couldn’t continue at that pace,” he said. “It just wouldn’t have fared well.”

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