An Updated Guide to Paradise Valley

Gudie to Paradise ValleyResorts

The marketing description of "resort-style living" has become commonplace among real estate listings. Although Paradise Valley only has a population of around 15,000, it is home to several of Arizona’s finest hotels, including Montelucia Resort and Spa (5-star), Sanctuary on Camelback Mountain (5-star), JW Marriott Camelback Inn (4½-star), and the Hermosa Inn (4-star). There are two hotels that are in and out of the planning stages, a Ritz-Carlton at Lincoln and Mockingbird, and the re-development of the Mountain Shadows Resort. It is not uncommon for Paradise Valley residents to book a room at one of the resorts for the day in order to take advantage of the pools, cabanas, and more. Additionally, PV residents frequently stop by their local resort for dinner or cocktails, and book spa appointments. Other resorts that are contiguous to or extremely close to PV town limits include The Phoenician (5-star), Royal Palms Resort and Spa (5-star), and the Scottsdale Plaza Resort (4-star).

Living in Arizona

In the last census, the US measured the percentage of people living in each state that were born in that same state. Arizona’s percentage was 37.7% which was the second-lowest to Nevada’s 24.3%. By comparison, California’s percentage was 53.8% and Texas’ was 60.5%. Arizona has no choice but to be accepting of outsiders as most adults moved here from another state. In Arizona, It is not uncommon to go around a dinner table at a group dinner or event and find people were born in a wide variety of different states from California to Georgia to New York to Michigan, with others being born in Canada or elsewhere. Many people relocate from other states for job reasons, others retire to Arizona, and others simply relocate here without a job lined up in order to try something different or to start a new chapter in their lives.

The Highest End PV Home Sales Thus Far in 2013

2013 is shaping up to be a different year than 2012 for the highest end of the market. We already blogged about the fact that there were only 2 sales of over $5 million in all of 2012 (one was $8.25 million and one was $10.5 million). Through the first two months of 2012, there have been two sales over $5 million (one at $5 million and one at $5.25 million). There has been one sale at $3.85 million which would have narrowly missed the cut for the Top 5 in 2012.

When you look beyond those numbers, however, you see that the highest end of the market has definitely not completely recovered. In fact, there are 29 homes priced above $5 million with nothing under contract and just the 2 sales. It seems that seller have heard then news of the 20+% appreciation going on in the Phoenix market and used it as a reason to keep their prices high and/or to finally list. While they are not exactly getting under cut by foreclosures and short sales like they were in the past, I hope they have patience and are comfortable to wait a long time if necessary to sell. The highest end of the market still has the numbers and ratios of a buyer’s market, regardless of the elevated listing prices being asked for.

Wealthiest Zip Codes in Arizona

Paradise Valley’s 85253 zip code was once again the wealthiest zip code in Arizona, according to a list generated by The Phoenix Business Journal. The average net worth was around $1.5 million, median household income about $150K, and median home value about $765K. In 2nd place was 85262 zip code which includes several North Scottsdale neighborhoods like Desert Mountain and Mirabel. It was followed by two more North Scottsdale zip codes: 85266 and 85255. Tempe’s 85284 zip code finished fifth. Out of the Top 12 zip codes, only 3 are outside of the Northeast Valley area (Scottsdale, Paradise Valley, Carefree, Cave Creek, Fountain Hills). These 3 are the aforementioned Tempe 85284, and Phoenix’s Ahwatukee zip codes of 85045 and 85048.

About Chris