By Angela Gonzales | Phoenix Business Journal
Rod Cullum, owner of Scottsdale-based Cullum Homes, said his sales team stopped getting calls in May, and didn’t see interest pick up until September.
Much of that was because luxury buyers were taking advantage of their travel plans, he said, but rising interest rates also impacted their businesses and stock portfolios, causing them to pause on big purchases.
But a low supply of inventory in the luxury market is creating more demand, he noted.
Looking at Paradise Valley, there might be one newly constructed finished home and another three under construction, Cullum said.
“If you’re wanting a new home in Paradise Valley, you’re going to have to wait two or three years to build it or buy what’s available,” Cullum said. “The same thing in most of the north Scottsdale luxury market.”
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