Definition for luxury can vary from one area to another. In some areas of Phoenix, a home would not be considered a luxury home unless it was priced over $800,000. Maybe home must have over 3000 square feet, triple pane windows, marble flooring, wine cellar, pool hall, large pool, and maybe even a lazy river. For this post, I’m defining luxury in my South Phoenix and Laveen area, as the top 10% of home sales in the last 12 months. The South Phoenix and Laveen area saw a combined number of home sales of 2,395 homes, and the top 10% would be about 240 homes. Looking at the top 10% of the home sales in the area, we have a bottom price of $220,000. While by many standards this would not be considered a luxury price, this is the bottom of the higher price range of sales in the South Phoenix and Laveen real estate market.
Values for larger homes, semi custom homes and horse properties have been on the rise. Our highest recent sale is from a gated community called Talasera which has stellar City of Phoenix views. Sales price for this home was $168 dollars a square foot, or $685,000. This now will become the new comparable for other future listings and possible sales in the area.
Why would anyone want to buy a higher end Luxury home in South Phoenix or Laveen? The biggest reason really should be return on investment, or what you get for your money. One could buy a gated community single family home, on about 1/3 of an acre, with city views and over 3500 square feet, and bordering a preserve. Where else can you find such great value? You can also find semi custom horse property on acreage ranging in price from the low $200,000 to as high $750,000. So if you’re looking for a great value, South Phoenix and Laveen luxury market can give it to you.