A one-bedroom, one-bath condominium with 1,200 square feet in New York City’s Midtown neighborhood.
A 1,400-square-foot ground-floor flat near London’s Kensington Gardens.
A two-bedroom, three-bath Midcentury home in Beverly Hills.
A 3,800-square-foot home on a quarter of an acre in Miami’s Coconut Grove neighborhood.
A 5,150-square-foot mansion with five bedrooms and bathrooms on a large lot in Paradise Valley’s Clearwater Hills enclave.
All of these homes have three things in common: They are located in coveted neighborhoods, have great views and cost about $2.2 million.
Wealthy buyers get a lot more house for their money in metro Phoenix’s posh neighborhoods than most other luxury hot spots, according to Christie’s International Real Estate’s latest report.
Danley knows the luxury market. A REAL Trends report, published in the Wall Street Journal in June, ranked him and his team No. 1 in Arizona for selling the most real estate last year: $197.2 million.
And metro Phoenix’s luxury-home market slowed in mid-2015, the result of stock market ups and downs.
Economic shifts, regulations, elections and exchange-rate shifts all impact high-end housing markets.
The U.S. has long attracted many international million-dollar homebuyers. But a new federal investigation to monitor all-cash property purchases through shell companies may give more “sensitive international buyers pause” though, reports Christies.
Because of the Panama Papers scandal, federal regulators starting tracking million-dollar home sales in New York and Miami earlier this year. They are trying to crack down on money laundering, drug trafficking and corruption through cash real-estate deals.
Real-estate agents are already seeing a drop in luxury-home sales in those markets.
On Wednesday, feds announced they will also begin tracking cash sales for luxury homes in Los Angeles, San Francisco, San Diego and San Antonio.
Brexit will likely impact the housing market in London, which is rated the top-performing luxury market by Christie's.
The shift in the currency exchange between the U.S. and Canada has led to fewer luxury-homes sales in metro Phoenix.
During the crash when the loonie was stronger than the dollar, Canadians went on a homebuying spree in the Valley.
In 2008, a Canadian attorney paid $14 million for a 10,000-square-foot mansion on five acres along the slope of Paradise Valley's Mummy Mountain. That was the priciest home sale in Arizona history.
Posh homebuyers can get even more for $2.2 million than they could a year ago.
The Valley’s slowdown in high-end home sales, coupled with an increase in million-dollar homes on the market, has led to pretty flat or even falling prices.
Housing analyst Mike Orr told me metro Phoenix’s luxury market is “particularly slow for homes priced above $2 million.”
“The luxury market is much weaker than last year with prices flat to down in locations like Paradise Valley and north Scottsdale,” he said.
The number of luxury homes for sale in the Valley is at a 5-year high.
Wealthy homebuyers have some great Valley houses to choose from now.
And since the luxury market is slow now, you might even get a deal on one of these mansions.
