Yes, you are reading correctly. this past march , March, according to John McClean who researched this from the public tax records in Maricopa County , (which includes, phoenix, Scottsdale, Glendale, Tempe, Peoria, Fountain Hills and Paradise Valley)
in fact, throw in a couple of ‘smaller’ home sales for $3,900,000 and another $3,800,000 and you have a total of $34,000,000 (that’s 34 Million) in just 6 homes alone.
Let’s face it, Phoenix, and its surrounding cities like Tempe, Fountain Hills and Scottsdale, Arizona is still a wonderful place to live.
Home values are cheap (when compared to many other resort destinations) and have been getting cheaper (down about 20% from highs).
Interest rates are near historic lows. Stock market is volatile, inflation is high. Where else but real estate can you fix a payment for 30-years not rising against inflation. Not gold and oil and food commodities at all-time highs!
Granted, most home buyers are not spending $14MM no less $4MM on a home. And yes, wealthy people typically are more adverse to short-term drops in home values. However, Wall Street often refers to these larger buyers as ‘Smart money’ (again only time will tell). And these buyers have typically more resources to research and opportunities more negotiating power and more choices than you and I.
So when I see a successful attorney from out of state who spends $14MM in CASH!! And a CEO of a major manufacturing corporation to pay $8.2MM on homes here in Paradise Valley or Scottsdale, Arizona , it tell me that if their money is good enough to buy real estate now, today, in this market, then ,With these types of sales, I have to consider that we may be at or near a bottom.
Or at the very least , there are some truly great buying opportunities out there in the market.
I am curious what everyone else is seeing in their areas? Are these just islands in the storm?? or are we begining to see sun through the storm clouds?
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Copyright © 2008 By James Wexler, All Rights Reserved. *"Paradise Valley Homes Sold - $14,000,000 , $8,200,000 and $4,100,000 - all in 1 week*
Contact James Wexler (480) 221-8080 for Internet Marketing Coaching and Consulting.
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