The phoenix luxury market is practically giving away homes. We have an 18-20 month supply of luxury homes. I find it amazing that despite the headlines about this being a "buyers market" that the buyers are still hesitant. This week I looked at homes in Scottsdale between $1M-$2M. WOW! Some of these are 40% off the prices 12 months ago. The overspeculation in luxury created a glutten of now vacant homes. Even the builders are handing out incentives like candy. I just found a buyer a 4700 brand new custom for $1.1M. It is fun to see what $2M in Arizona gets you vs California. Too bad the Bravo Channel can't follow our "Millioniare Dollar Listings".