Purchasing a luxury home is a significant investment, so of course savvy buyers want to consider a variety of details before jumping into such a large purchase. Affluent home buyers often look for a location that is both enjoyable and will offer a good return on investment.
If you are in this boat, it would be beneficial to consider Paradise Valley mansions. Due to the location, climate, real estate market, and other factors, Paradise Valley is a stand-out for those looking to enjoy living in a quiet, highly exclusive community while getting the most bang for their buck.
Weather and Climate
Luxury home buyers who have purchased in other traditionally desirable locations across the country are now thinking twice about the risks involved due to severe weather events or natural disasters. For example, real estate in Florida and other popular areas on the East Coast have been battered by hurricanes, resulting in a great deal of hassle or even displacement for homeowners. On the West Coast, property owners have had to contend with wildfires and the increasingly frequent rumbles from earthquakes. Arizona’s location keeps it far from many of the natural disasters experienced in other parts of the country.
Of course, affluent snowbirds from the North continue to flock to the “Valley of the Sun” during the colder months to escape harsh northern winters. Known for its picture-perfect winter weather, there is no better place to escape the frigid cold! Temperatures will vary depending on where you are in Arizona. Paradise Valley boasts average daytime high temps in the upper 60s and lower 70s during the winter months. Residents enjoy around 294 blue-skied, sunny days a year.
While the average salary in Arizona comes in below the national average, the cost of living is much more affordable than metro areas like New York City, Los Angeles, or San Francisco. You can also get much more house for your money. For example, the average median list price per square foot in posh Paradise Valley is $476 (as of May, 2019), while the median list price per square foot in San Francisco is around $1,067. By working with a top Paradise Valley realtor, you can be sure that he or she will help you negotiate the best deal for your luxury home investment.
Quality of Life
Enjoyment is always a big consideration when determining where to purchase your home. Paradise Valley has no shortage of things to do. Whether you love to shop, golf, dine, or relax in style, there are award-winning resorts, spas, and golf courses as well as high-end shopping and dining opportunities nearby. If you enjoy arts and entertainment, downtown Scottsdale and Phoenix have just about anything you could imagine.
For those who love exploring the great outdoors, the Valley offers a natural playground with no shortage of walking, hiking, and biking opportunities at Camelback Mountain, Echo Canyon Trail and Recreation Area, the Arizona Canal, the McDowell Sonoran Preserve, and other local spots.
The economy in several Arizona cities is growing. In 2017 alone, Phoenix added 51,000 new jobs to its job market due to several large companies relocating to the city. This in turn created a higher demand for real estate in and around the Phoenix area. Nearby Scottsdale has experienced a 3.3% market increase in the past year. While both cities attract new growth and new talent, nearby Paradise Valley and other high-end communities are also poised to see a higher demand for home purchases.
High-Profile Investors Are Betting on Arizona
Likely for all the reasons above, big time investors are making large investments in Arizona development. In fact, an investment group linked to Bill Gates recently invested $80 million in the Belmont/Western Metro Phoenix area near the White Tank Mountains. Plans call for as many as 80,000 new homes as well as thousands of acres for retail, industrial, and office space in addition to allotments for open space and public schools. Although this development is outside of Paradise Valley, it speaks to the growing popularity of the Greater Phoenix Valley.
In Paradise Valley, the real estate market is solid with a year-over-year increase of median home sales of 2.9% over the past five years.
Finding the Perfect Paradise Valley Luxury Home
As you can see, purchasing a mansion in the Paradise Valley area can be a great investment. To find the best property to suit your needs, you’ll want to partner with an experienced Paradise Valley real estate agent with expertise in the luxury home market. Thomas Osterman has been helping clients get the most for their money for almost two decades. Contact him to learn how he can help you.