Whether you’re looking to invest in luxury Paradise Valley real estate or searching for your dream home, you’re in for a treat. As one of the wealthiest communities in the U.S. not located on a coast, Paradise Valley is home to executives, actors, athletes, and other high-profile residents looking for a private retreat to call home. Given its close proximity to Phoenix and Scottsdale, the commute is easy, and you have access to the area’s best restaurants, shopping, resorts, and more within minutes.
Locals agree that Paradise Valley truly lives up to its name. From beautiful vistas to magnificent properties to a low crime rate and excellent schools, this area is a property owner’s dream come true.
Is owning your own little slice of Paradise Valley real estate a reality for your future? Here’s what you need to know to make the best possible decision.
Paradise Valley Demographics
Located in Maricopa County just west of Scottsdale, Paradise Valley is one of Arizona’s most exclusive luxury neighborhoods. With a population of 14,502 according to the most recent census, this area holds a small-town America charm with an upscale ambiance. Take a look at a few of the key demographics of Paradise Valley:
- Median age is 53
- Median income is $175, 673 for a household
- Population is almost split equally between male and female
- 76% are college graduates (associate, bachelor, graduate)
Paradise Valley Real Estate Value
Recent housing market data for Paradise Valley reveals that the median home value is $1,828,500 and the median list price per square foot is $459. This is significantly higher than the $166 per square foot average for the Phoenix-Scottsdale-Mesa metro areas. Currently, Paradise Valley homes are listed for a median price of $2,395,000. The median sale price as of September 2019 is $1,675,400.
In this specific market, home values have gone up 3.9% in the past year, and it is predicted that they will go up another 3% next year. This increase is good news for buyers and sellers alike.
On the selling side, homeowners are positioned for higher selling prices than they were just one year ago.
For buyers, the increase bodes well for the neighborhood’s desirability. If you’re purchasing investment properties, you can charge competitive rent. Considering the limited number of rental properties in Paradise Valley, the demand will be high, especially when events such as the Waste Management Open, the Barrett Jackson, and even Spring Training are taking place, which all bring high net worth individuals to the Valley by the thousands.
Why Choose Paradise Valley?
Aside from being a classy place to live, Paradise Valley is also one of Arizona’s prime tourist destinations. The area spares no luxury. Award-winning golf courses, high-end shopping, fine dining restaurants, outdoor sports and recreation, and pristine parks make this town a desirable place to visit or live. For those looking for the ultimate in pampering, there are numerous high-end resorts to choose from.
Homes are generally large and spacious with oversized lots that can make every day feel like a vacation. Here you can find an eclectic mix of homes including 1950’s brick ranches, modern glass and steel estates, pillared white mansions, and other unique properties. Oftentimes buyers will purchase vacant lots or mid-century brick ranches in a great location to tear down and rebuild to fit their preferences. In addition to sprawling multi-million-dollar homes, Paradise Valley also offers spacious, high-end condos like those found at the Bella Terra or the new Mountain Shadows, which is located in the foothills of Camelback Mountain.
For families with school-aged children, Paradise Valley is home to a number of highly-rated public schools. If you are looking for alternative options, there is no shortage of top-tier private schools in nearby Phoenix and Scottsdale.
While in close proximity to Scottsdale and Phoenix, Paradise Valley maintains a high level of privacy and seclusion with unobstructed idyllic desert views, including the majestic Camelback Mountain, Mummy Mountain, and Phoenix Mountain Preserve. This is no accident. The town’s mission is “to maintain a residential community in a quiet and country-like setting with little government intervention.”
Leadership in the town of Paradise Valley has fought hard to forward land-use policies to maintain the character of the town. If you are looking to buy, you won’t have to worry about eventual over-commercialization.
Market Predictions
The biggest question most buyers and sellers face is whether this is a good time to buy or sell.
Arizona’s luxury real estate market is often seasonal, and Paradise Valley usually follows suit. Summertime usually sees less inventory than cooler months, which can slightly drive up selling prices.
As homeowners return to the area post-summer vacations, more homes become available on the market.
This increase doesn’t affect the prices of homes dramatically, especially since the real estate market isn’t nearly as distressed as it was just a few years prior.
If you’re thinking of selling your property in Paradise Valley, you’re entering the market at a great time. You should be able to turn a profit on your home as home values have been rising steadily.
For buyers considering a home in Paradise Valley, the time to act is now. According to Forbes, last month’s mortgage rates hit their lowest monthly average in over three years. These low rates are expected to continue into the beginning of 2020, so it’s a great time to start home shopping.
Get Started Today!
If you’re looking to invest in Paradise Valley real estate, there’s never been a better time to buy or sell.
Interested in learning more about Paradise Valley and other luxury neighborhoods in Arizona? Download our free ebook today!
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As a top PV real estate agent, Thomas Osterman specializes in helping home buyers find the perfect Paradise Valley real estate. Get in touch with him today to learn more!
Call Thomas at (602) 405-4052 and enjoy a more personalized real estate experience.
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