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The $2.85M Scottsdale estate, purchased by L & D US Investment Partnership, comes with a resort-style pool.
L & D US Investment Partnership paid $2.85 million for an estate in Scottsdale.
Michael J. Gandy, a manager of 8508 E. Sweetwater Avenue LLC, sold this $2.85M Scottsdale estate that features arched doorways and stone accents.
Paul and Amy Goldschmidt sold their Scottsdale DC Ranch mansion for $2.54M.
The $2.54M estate, sold by Paul and Amy Goldschmidt, has a backyard with a sparkling pool, lush landscaping and a covered patio.
The $2.54M estate, sold by Paul and Amy Goldschmidt, has an open floor plan with arched doorways.
Richard and Theresa Davis paid $4.48 million for a new construction estate in Paradise Valley.
The $4.48M estate, sold by BJAN Family Enterprises, LLC, has a backyard with a pool and a sunken ramada.
The $4.48M estate, purchased by Richard and Theresa Davis, has a master bathroom with a freestanding soaker tub.
Michael Greenbaum paid $3.5 million for a contemporary-style estate in Paradise Valley.
The $3.5M estate, sold by Jeffrey Gray and Jeffrey McNabb, has walls of glass that showcase full views of Camelback Mountain.
John and Erin Gogolak paid $3.2 million for a hillside lot estate in Paradise Valley.
John and Erin Gogolak paid $3.2 million for a hillside lot estate in Paradise Valley.
The $3.2M estate, sold by Jean Ambler, has balconies that offer mountain views.
Vontaze and Brandie Burfict paid $1.8 million for an estate in Queen Creek.
Vontaze and Brandie Burfict paid $1.8 million for an estate in Queen Creek.
The $4.35M estate, sold by Charleston Properties, LLC, has a backyard that has a pool, wet bar and a putting green.
The $4.35M estate, purchased by Donald and Cathy Schuh, features an open floor plan and custom light fixtures.
Donald and Cathy Schuh paid $4.35 million for a mansion in Scottsdale.
Donald and Cathy Schuh paid $4.35 million for a solar powered estate in Scottsdale.
Mills and Loretta Brown paid $4.06 million for a Paradise Valley estate.
The $4.06M ranch-style estate, sold by Michael S. Dorn, has an updated kitchen featuring marble countertops and a walk-in pantry.
The $4.06M estate, purchased by Mills and Loretta Brown, has a covered patio that offers mountain and city light views.
Larry D. Blair paid $4.85 million for this Paradise Valley mansion inspired by Frank Lloyd Wright architecture.
The $4.85M contemporary-style estate, sold by Quartz Valley Development Inc., has a series of glass walls that offers mountain views.
Bryan and Elizabeth Saba paid $3.38 million for a hillside lot estate in Paradise Valley.
Bryan and Elizabeth Saba paid $3.38 million for a hillside lot estate with a pool in Paradise Valley.
The $3.38M estate, sold by James and Phyllis Rector, has mountain views.
Charles Jost paid $3.83 million for an estate with a resort-style pool in Paradise Valley.
The $3.83M estate, sold by Pammy and John Markle, III, has arched windows and doorways.
Former Arizona Cardinals head coach Steve Wilks' sold $2.5M Chandler home.
Former Arizona Cardinals head coach Steve Wilks' $2.65 million home.
Former Arizona Cardinals head coach Steve Wilks' $2.65 million home.
Former Arizona Cardinals head coach Steve Wilks' sold $2.5M Chandler home.
Former Arizona Cardinals head coach Steve Wilks' $2.65 million Chandler home.
The $3.1M estate, sold by 16117 E Shooting Star Trail, LLC, has interior columns and coffered ceilings.
The $3.1M estate, purchased by Tom and Jane Kadlec, features rough-hewn wooden beams and arched windows.
Tom and Jane Kadlec paid $3.1 million for a golf course lot estate at the Firerock community in Fountain Hills
The $2.43M estate, sold by Mark and Julie Steinhafel, has a resort-style backyard complete with a large covered patio and a negative-edge pool.
The $2.43M estate, purchased Frank and Suzanne Welton, has arched doorways and column pillars.
Frank and Suzanne Welton paid $2.43 million for an estate in Scottsdale’s Desert Mountain community.
Eric and Kristin Kufel paid $5.4 million for a mansion in Scottsdale’s Lombardi Estates.
The $5.4M estate, purchased by Eric and Kristin Kufel, has a heated pool with waterfall features.
The $5.4M estate, sold by Mills and Loretta Brown, has vaulted ceilings and hardwood flooring.
Eric and Kristin Kufel paid $5.4 million for a mansion in Scottsdale’s Lombardi Estates.
Radha and Rahul Rishi paid $3.68 million for an estate in Scottsdale.
The $3.68M estate, sold by Fairmount Lafayette, LLC has a contemporary-style kitchen with wide-plank white oak flooring.
John and Melanie Layman paid $2.88 million for this Arcadia-area mansion in Phoenix.
John and Melanie Layman paid $2.88 million for a modern farmhouse mansion in Phoenix.
The $2.88M estate, sold by Rebuild the Block, LLC, has an open-floor plan mansion with barn-style rafters and dual kitchen islands.
BDR 2012 Holding Co., LLC paid $2.78 million for this estate in Scottsdale's DC Ranch.
The $2.78M estate, sold by Gary N. Owen, features a main level master bedroom and outdoor entertaining areas.
Andrew Dunn and Gina Kieffer paid $2.7 million for a gated estate in Paradise Valley.
The $2.7M estate, sold by Allan and Marisela Hall, has contemporary design features that include a linear fireplace.
Last month was the best March for new home sales in the Phoenix area since the boom of 2005, so it will take a while for that momentum to cool.
But homebuilding in metro Phoenix is bound to slow along with the rest of the economy due to the COVID-19 pandemic.
Fewer potential buyers are venturing out to check out new communities, even though some homebuilders still have sales offices open with hand sanitizer by the front door.
And workers still are building homes in many Valley subdivisions. Construction is one of the essential businesses named by Gov. Doug Ducey to remain open during this crisis.
Jim Belfiore, a homebuilding expert, is forecasting that this year's biggest drop in new home sales will come during the second quarter.
But don’t expect a repeat of the housing crash of 2008-12 when tens of thousands of new metro Phoenix homes sat empty as buyers walked away. Those neighborhoods became ghost towns for a few years until prices fell and enticed bargain buyers.
Back then, the housing market led the economy into a recession. That’s not the case this time.
“Conditions are rapidly changing in the housing market, going from a huge wave of demand to very little…” Belfiore said. “But it should be a temporary disruption.”
He held a video forecast last week to help builders and homebuyers with the latest data and tips during these tough uncertain times.
Belfiore expects fewer new homes to go up in the Valley than in recent years, which was a downward shift from earlier projections.
He revised his forecast from 27,400 new homes to go up this year down to 16,500. In 2019, 25,000 new Valley homes were built, compared to 23,500 in 2018.
Here are seven other insights from Belfiore:
Belfiore said July will be the biggest month for new home cancelations in the area.
If you have a new home under construction, or you're looking to buy a new home, consider these five tips:
“The world is not ending for the housing market, Belfiore said “There won’t be a freefall in new home prices because there’s little supply built and available now.
The sooner there’s a solution to the COVID crisis, the sooner people will feel more confident about moving and buying again,” he said.
Reach the reporter at [email protected] or 602-444-8040. Follow her on Twitter @Catherinereagor.
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