Originally Posted by
climbermom
Hi...hope someone can help. We are considering a relo to the Scottsdale area, and really having a tough time getting a handle on the market here.
I know that the number of listings in Maricopa County is at an all-time high, and sales are down. The local realtors are very closed mouth about prices dropping, however. We have looked at a dozen or so luxury homes in Paradise Valley and North Scottsdale, in the 2 to 8 million dollar range -- and most of it seems to be wishful thinking on the seller's parts. One house in particular for $3 million had a $3 million mortgage on it.
Anyone have any knowledge to share?
BTW, I am an agent in NJ, and this will be my 3rd relo in 10 years, so I'm not totally clueless.
Every time I visit, I see new building, particularly in north Scottsdale. There are even homes going up at the entrance to the Four Seasons.
Of course, as the mortgage market gets tighter, there may be an effect on prices in locations like Scottsdale where there seems to be an excess of supply.
(I am a commercial RE lawyer in New York. I merely visit Scottsdale. I'll be there for Labor Day.)