What kind of home can a couple of million bucks buy? Well, around here, it’s usually pretty darn nice. Despite what some news outlets are reporting, not all of the news on the luxury home front is bad news. In fact, the rental market for luxury properties in the $10k per MONTH range is said to be VERY competitive. Yes, I’m serious.
At this time last year, there was a 14.6 month supply of homes on the market in the $500k and above price range. Recently, that supply dropped to 8.5 months. ( 42% change in one year ) Now, 8.5 months is no record, but it is an improvement.
In looking at the luxury home market for properties within 1/2 mile of the Phoenix light rail line, we see several areas that don’t suck. You always have some cool things for sale in Willo, and you have probably heard of Chateau On Central and the cool properties at Hayden Ferry on the lake in Tempe.
While many people think of the Paradise Valley and Scottsdale real estate markets when they think luxury homes in Arizona, I know there is a growing number of people looking at a lifestyle of luxury AND convenience. Heck, the Symphony is right next to a light rail stop. The Suns and Dbacks cater to a pretty affluent crowd. The Heard museum, a ton of cool restaurants and a quick trip to the airport are all great places to hang a hat. Take a look at some of the places below, click around and see what a million bucks will buy. What the heck, maybe see what $2 million will get you. It doesn’t hurt to look…