Noelle Knox
USA Today

The most expensive Tom Redmond, owner of Wolf Springs Ranch, a horse-training, boarding and auction company, is selling his 11.25-acre ranch, which he bought in 1999 for $3.2 million, according to property records. Price: $12 million Bedrooms: 7 Bathrooms: 8½ Size: 7,000 square feet (main house) Features: Pool, cabana, tennis court, covered arena, 60 horse stalls in two breezeway barns with ranch office, lounge, breeding lab and stallion stalls. Property also includes a ranch manager’s house with three bedrooms, three bathrooms and 1,764 square feet of space, as well as a trainer’s house with three bedrooms, three bathrooms and 2,371 square feet of space.

Median-price home This home on a cul-de-sac, built in 2005, is on the market. Price: $630,000 Bedrooms: 5 Bathrooms: 3 Size: 3,339 square feet Features: Two lofts, one with built-in cherry wood cabinets; kitchen has granite countertops, cherry wood cabinets and stainless steel appliances; three-car garage; swimming pool.

In Scottsdale, one of the most affluent cities in Arizona, the upper end of the housing market is holding steady and propping up overall home prices, which are effectively flat, says Matt Deuitch, president of the Scottsdale Area Association of Realtors.

“The luxury-home market has fared a little better than the rest of the market over the last year or so,” adds Mike Glover of Prudential Arizona Properties.

Some sellers on Scottsdale’s tony north side who have homes priced over $1 million are having to shave several hundred thousand dollars off their asking prices, but most are still selling in less than 40 days, says Karina Magana, an agent at Help-U-Sell Desert Vista Properties.

That’s impressive, considering there’s a record 45,175 single-family homes for sale in this bedroom community of Phoenix. When sales peaked in Scottsdale in March 2005, there were only about 2,900 homes on the market. “We’ve gone from an all-time low to an all-time high in supply,” Deuitch says.

Still, the sales volume at the top end of the market isn’t enough to make up for the skidding sales for homes priced below $700,000. Compared with May of last year, single-family-home sales in Scottsdale overall are down nearly 23%.

This entry was posted on Tuesday, July 24th, 2007 at 12:00 pm and is filed under Real Estate Related. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.