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Is the West Valley Luxury Home Market on the Rebound?

by Nate Martinez

Is the West Valley Luxury Home Market on the Rebound?

In a recent interview with a local media source, I shared some interest facts about the luxury home market in the West Valley. Below are excerpts taken from the article published on AZ Central:

Real-estate agent Nate Martinez walked past the fountain and the house covered with hand-carved cantera stone, pointing out the sweeping view of the Valley floor and distant mountain ranges from the estate perched atop Glendale’s Thunderbird Mountain. Tucked off 61st Avenue, just north of expensive Arrowhead subdivisions, the custom house in the Tuscany Hills neighborhood recently sold for $2 million.

“I’m surprised at how the luxury market is starting to come back in the Northwest Valley,” said Martinez, a 30-year real-estate veteran who represented the sellers. "These luxury homes are just rising out of the Valley floor."

The West Valley has long had pockets of expensive homes. Glendale’s Arrowhead community, which developers started building in the 1980s, at one point had more millionaires than Paradise Valley. Horse properties in Wickenburg and other rural West Valley cities can also break the million-dollar mark. But the bounty has spread around the region in the past decade. Custom-built, multimillion-dollar homes are appearing in master-planned communities in Goodyear’s Estrella, Buckeye’s Verrado and, most notably, in the northern stretches of Peoria.

Martinez could spot another expensive enclave from his hilltop listing on 63rd Drive in Glendale. Not far away, on Artie Avenue in Peoria, he recently sold a $3.2 million home in Copper Creek Estates with a five-car garage, a private movie theater, vaulted ceilings and three fireplaces."

“Peoria is still developing,” Martinez said. “We’re landlocked in Glendale and there are probably more opportunities in Peoria.” 

The home on Artie Avenue that Martinez sold for $3.2 million, for instance, was assessed at $1.8 million by the Maricopa County Assessor’s Office in 2012. Assessments usually lag behind jumps in market prices as well. Both sale prices and home values are creeping up. West Valley real-estate agents said they knew of numerous lots that sold for more than $500,000 before the crash — land that was destined to have a custom-built luxury home. Many of those properties went into foreclosure. But the builders appear to be coming back.

New master-planned communities also have brought luxury to more West Valley cities. DMB Associates, a high-end developer based in Scottsdale, started building Verrado in Buckeye in the late 1990s and now has a clutch of multimillion-dollar listings there. Goodyear’s Estrella community takes advantage of million-dollar views from the Sierra Estrella mountain range and neighborhoods in Vistancia helped mark north Peoria as an up-and-coming pocket for millionaires.

The new home market has definitely made a come-back in a big way this last year - luxury homes included. If you or someone you know is interested in learning more about the new home market, please give me a call today. Nate

www.NatesHomes.com
602-942-7000

Source: http://www.azcentral.com/community/glendale/articles/20140117west-valley-million-dollar-homes-mounting.html 

Need Stats?

by Nate Martinez

Need Phoenix market stats? Click on the links provided below to review an indept market review of the West valley, Southeast, Northeast and Short Sale residential resale market. If you or anyone you know is considering making a real estate purchase, now is the time. Please call our office today to get started right away!

January 2011
West Valley Residential Single Family
Southeast Valley Residential Single Family
Great Phoenix Distressed Property Report (Short Sales)
Phoenix Valley Residential Resale
Northeast Valley Residential Single Family

For a Free Market Snapshot customized for your home, Click Here

Luxury Home Market Heats Up In The Northwest Valley!

by Nate Martinez

If you haven't noticed by now, the luxury home market is heating up in the Northwest Valley. I recently hired a pilot to fly myself and a developer I am working with, around the northwest valley. I was amazed by the amount of 10,000+ square foot homes either already built or under construction! My developer will be breaking ground on approximately 4 custom home sites between the $1.5 to $2 million. These mountainside home sites are located in the beautiful gated community of Estates of Westwing Mountain. I also have 2 custom home sites listed in the Estates of Westwing Mountain ranging between $550-650,000. I have I am excited to be marketing this project and if you or someone you know is interesting in learning more about owning one of these distinguished homes, please call me today. We also have custom home sites available in Vistancia's gated community, Blackstone Country Club, ranging between $475,000 to a $1 million. In the far west community of Verrado, I also have a mountainside custom home site (1.82 acre) for sale priced at $600,000.

All three communities I have talked about here today have several sales over $1 million. Many homes sites were built for the owners, completely custom, and my estimated values of these homes exceeds $2 million. I'd love to hear what you are experiencing and learning about the market. Please feel free to comment and post your own blog and share with me and the rest of the Valley your thoughts on the west valley luxury home market.

Nate

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Photo of Nate Martinez Real Estate
Nate Martinez
RE/MAX Professionals
20241 North 67th Avenue, Suite A1
Glendale AZ 85308
623-643-1010
602-430-5226
Fax: 602-532-7352

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