Valley Draws Big Spenders to Elite Neighborhoods...

Valley draws big spenders to elite neighborhoods, from the Arizona Republic , reports that the Valley's luxury-home market is staying strong as wealthy buyers pay big money to move into the growing number of elite neighborhoods in the Valley. "The market is real strong", said Bob Hassett of Russ Lyon Realty. "We've got people looking at the $5 million, $6 million, $7 million stuff." There were more than 1,800 sales of houses worth at least $1 million last year according to the Arizona Regional MLS. That's an increase from nearly 1,000 in 2004. Paradise Valley had the highest median price in the Valley in 2005, with a median price of $1.39 million. Other areas seeing $1 million homes include North Scottsdale, Arcadia, Biltmore and North-Central Avenue. One area to watch is the West Valley with its large new planned communities with acreage set aside for luxury custom homes.

http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/0301luxury0301.html