By Angela Gonzales | Phoenix Business Journal
Land prices are through the roof in some of the Valley’s luxury residential markets, according to research conducted exclusively for Phoenix Business Journal.
Looking at land prices over the past three years, J. Andrew Turley, president of Phoenix Valuations, found land prices doubled in Paradise Valley and the Arcadia area of Phoenix for parcels that were 2.5-acres and smaller.
“It all comes down to the same tried and true fundamentals; inbound migration of the wealthy and local job economy,” Turley said. “Paradise Valley and the surrounding market area of Scottsdale and Arcadia is the No. 2 destination for the ultra wealthy migration patterns, second only to South Florida and Miami.”
The Paradise Valley market has become a national and international magnet for homebuyers, Turley said.
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