By Angela Gonzales | Phoenix Business Journal
The buying frenzy in the Valley’s luxury home market appears to have ended.
“I don’t feel the market is dead in any way,” said Robert Joffe, co-founder of Launch Real Estate. “There’s just no question it’s a complete slowdown from what it was, but I feel we are in a balanced market right now, almost leaning toward a buyer’s market.”
Luxury home deals are still closing, he said, adding that he just entered escrow this weekend for a $3.5 million home in Arcadia, representing $875 a square foot.
“It didn’t even hit the market, and they had two offers on it,” he said. “Deals are still getting done.”
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