Defining Luxury Real Estate in Arizona: What Sets High-End Properties Apart?

Luxury is defined as the state of great comfort, elegance, and extravagance. Luxury is typically associated with high-quality products, services, and experiences that are exclusive, rare, and expensive. It goes beyond basic functional needs and promotes the sense of exceptionalism and prestige. Luxury can be found in various domains such as fashion, travel, hospitality, cars, and real estate.

The luxury housing market is typically defined by properties that offer premium features, amenities, and services that go above and beyond what is considered standard for most homes. This can include things like larger living spaces, soaring ceilings, high-end finishes such as marble or custom cabinetry, state-of-the-art technology, extensive outdoor spaces, and highly personalized services such as personal chefs or in-home spas.

The price point for luxury homes can vary greatly depending on location and the extent of the high-end amenities offered.

Here are some of the top luxury neighborhoods in the Valley of the Sun:
• Paradise Valley: As its name suggests, this town is one of the most exclusive and desirable places to live in the Greater Phoenix area, with an abundance of opulent homes and estates. Most homes are on an acre or more with minimal commercial property that surrounds the city. There are multiple high-end resorts and restaurants that offer fine dining.
• Silverleaf: Located in North Scottsdale and a part of the greater DC Ranch area. Silverleaf is a guard gated community known for its expansive homes, world-class golf courses, and exquisite mountain views. Some of the most expensive homes for sale are offered in this neighborhood. This is where billionaires play.
• The Biltmore: Located in Phoenix, this historic neighborhood is home to some of the most prestigious properties in the city including the Wrigley Mansion and the ever-popular Biltmore Resort.
• Arcadia Proper: Another Phoenix neighborhood, Arcadia is known for its large lots, stunning views of Camelback Mountain, and luxurious estates. Arcadia was originally built through an orange grove with many citrus trees still around.
• DC Ranch: Another North Scottsdale community, DC Ranch offers a mix of large estates and upscale townhomes, as well as top-notch amenities such as fine dining and shopping options.
• Estancia: This exclusive community in North Scottsdale boasts some of the most expensive homes in the area, many of which offer stunning views of Pinnacle Peak. Located near Troon North. This is a quiet and peaceful neighborhood

The luxury real estate market in Scottsdale, AZ typically begins at around $1 million and can range up to tens of millions of dollars for the most exclusive properties. However, the exact price point that defines luxury in Scottsdale can vary depending on the neighborhood, specific property features, and current market conditions.

According to a report by CNBC published on March 1, 2023, Scottsdale, Arizona, rounded out the top three fastest-growing cities in the U.S. for millionaires. From 2012 to 2022, Scottsdale saw an 88% millionaire growth rate and is home to 13,900 millionaires, 60 centi-millionaires, and five billionaires, according to the report. The number one fastest growing for millionaires is Austin, Texas followed by West Palm Beach, Florida.

In 2022, a scenic 21,000-square-foot mega-mansion named Altitude sold for $28.1 million making it the highest home sale ever in Arizona. It was built in 2021 and is perched atop a peak in the Summit at Silverleaf community and named appropriately for overlooking the exclusive city of Scottsdale and the surrounding mountains. The previous record was set in 2020 for a home purchased in cash for $24.1 million by a couple from San Francisco.

Now, WOW Luxury Properties and Cullum Homes have listed a sprawling 13-bedroom estate in Paradise Valley for a staggering $75 million, positioning the 40,000-square-foot property as one of the most expensive pieces of real estate in the Valley. The custom home boasts an array of amenities, including 16 bathrooms, eight half-bathrooms, a spa, a home gym, a movie theater, a conference room, a library, a casino room, two outdoor pools, a recording studio, multiple kitchens, and a 15-car garage–making it the "most expensive" home ever built in Arizona, according to its listing. CEO of WOW Luxury Properties, David Hersh, stated that his company is committed to meeting the high expectations of new residents moving to the Valley, as they demand the finest in luxury real estate. "We are ready now to show the next level of luxury," asserted Hersh.

If you want more information on the luxury market in either Arizona or nationally, I would love to help. I am a certified luxury home marketing specialist and am connected nationally to the luxury market. Contact me today.