Any Short Sales or REOs in the Luxury Home Market (MLS) in Prescott, Arizona?

I did some searching in the Prescott Area MLS to investigate this question. First I searched for homes priced at $1,000,000 and up with Prescott Zip Codes 86301, 86303 and 86305. I chose only homes on 0.25 to 3.0 acres in order to take out those which had significant value in the lot itself.

I found 29 homes active and on the market in this price range. One of these is an historic home built in the year 1900. The rest are newer, ranging in age from years 2001 to 2009. Prices per square foot ranged from a low of $157 to $469. Homes ranged from 3 BR, 4BA to 6 BR, 6 BA with sizes from 3,676 to 7616 square feet. It appears that my listing of the home at 3000 Rainmaker on MLS # 944402 is properly priced at $1,000,000 for 4,479 sq-ft and $223 per square foot.

None of the 29 homes showing active in this search were short sales, but there is one REO (bank owned foreclosure) priced at $1,750,000 on MLS # 944243, 6,612 sq-ft or $265 per square foot.

I ran another search for homes in the range of $800,000 to $999,999.  There are 47 homes for sale in this price range. Prices per square foot for homes in this price range ran from $144 to $351 per square foot.

Of the 47 homes in this search, only one is a REO (bank owned foreclosure) priced at $825,000 on MLS # 936398, 3,640 sq-ft or $227 per square foot.  There are no short sales showing in this list, either.

It appears that short sales and REOs are not a major part of the luxury home market here in Prescott, Arizona.