Phoenix Housing Market
April 14, 2008 · Published By Admin
Phoenix Arizona Real Estate News
Local Luxury Builder Sees Silver Lining in Phoenix Housing Market – Phoenix Real Estate News Arizona Real Estate News
Phoenix Housing Market
(Scottsdale, AZ) – While the national subprime mortgage crisis has created a glut of single family homes for sale in the Phoenix metropolitan area, the situation is far from desperate for a segment of the real estate market relatively unaffected by the factors that are driving the current downturn in home sales. Affluent buyers are continuing to purchase existing luxury homes or building custom properties to suit their lifestyles here in the Sonoran high desert.
Christy Smith, president of Casas del Oso, a Scottsdale-based luxury home design/builder, believes the weakened US dollar has made buying luxury properties on both coasts as well as in high profile areas such as Scottsdale and Paradise Valley very attractive to wealthy buyers from Canada, Europe and Asia. “Many of the buyers we build for are purchasing their second or third home,” says Smith. “Lifestyle motivates them more than anything else, and they have the means to satisfy a desire to live in multiple locations.” Smith says their sales of custom built homes in the $3 million to $10 million price range have remained steady.
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