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    Luxury Homebuyers Are Moving to This Affluent Arizona Suburb in Droves. Here’s Why.

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    Can’t handle the cold, but love the heat? This affluent Arizona suburb, where winters are dry and temperate and summertime temps average over 100 degrees, has become one of the hottest housing markets in the U.S. Sun Belt. 

    Paradise Valley, the Grand Canyon State’s wealthiest ZIP code, has blown up in recent years with deep-pocketed newcomers relocating from out of state to the exclusive desert and mountain enclave. At the end of 2023, the median sale price in the scenic community clocked in at $2.8 million, a whopping 14-plus percent increase from the year prior, according to Realtor.com. “This is a newer area, so it’s not like you have a lot of 1800s and 1900s homes,” Robert Joffe, founder and associate broker of the Joffe Group, told Mansion Global. “There’s a huge allure to this area in Arizona. People are flocking in from all over the country to buy homes here.”  

    The town of not quite 13,000 residents, which sits in between Phoenix and Scottsdale, has specifically attracted a crop of West Coast transplants, mainly from Los Angeles, San Francisco, and Seattle. Long favored by politicians like Barry Goldwater and Dan Quayle, Paradise Valley also counts Stevie Nicks, Muhammad Ali, Michael Phelps, and Campbell Soup heir Bennett Dorrance among its most notable past and present residents. 

    The unbuilt Palo Cristi Estate is listed for $75 million, the most expensive home for sale in Paradise Valley.

    Hersh24K Luxury Properties; Realty One Group

    Other than year-round warm weather (some might call it darn-right hot!), favorable taxes, upscale shopping, and thriving golf and restaurant scenes, other factors that make Paradise Valley particularly attractive to deep-pocketed snowbirds and full-time residents alike include its slew of luxury residential properties.

    Currently, the most expensive home in Arizona is a 2.3-acre compound in Paradise Valley’s southwestern corner. Priced at a whopping $75 million, the abode—dubbed Palo Cristi Estate—is slated for completion in 2027. When all is said and done, the vast residence will comprise 33,000 square feet. The eight-bedroom home’s laundry list of luxuries will include an art gallery, a bowling alley, a shooting range, a recording studio, and a movie theater. Plus, the grounds will feature two swimming pools, a lazy river, and two garages that can store up to 14 vehicles. 

    Serenity Heights, which will be completed in 2027, is on the market for $29 million.

    Ivan Shongov

    Many of the estates in Paradise Valley span one acre or more, and many sport stunning mountain view. In the exclusive, guard-gated Clearwater Hills enclave, homes can range from 8,000 to 18,000 square feet and cost anywhere from $20 million to $30 million. One of the enclave’s not-yet-built homes, listed for $29 million, is Serenity Heights. The not-yet-built mansion, to be completed in 2027, will sit on 11 acres atop the area’s highest view lot. In addition to a 16,000-square-foot, boomerang-shaped main house, the hillside spread will be decked out with a glass-bottom pool that cantilevers over the desert, plus a 10-person hot tub, a 3,000-bottle wine cellar, and a fitness center. 

    Authors

    Abby Montanez

    Abigail Montanez is a staff writer at Robb Report. She has worked in both print and digital publishing for over half a decade, covering everything from real estate, dining, travel and topics…

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      Second Homes Will Continue to Draw Luxury Buyers Around the World in 2024

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      When the pandemic drove up housing prices and mortgage rates, many wealthy Americans jumped on the opportunity to acquire investment properties in less pricey foreign countries and, in some cases, to pack up and move overseas. While we’re only a few weeks into the new year, it appears that the uptick in affluent U.S. citizens heading abroad is continuing full steam ahead.

      According to the 2024 Trend Report, published by the Coldwell Banker Global Luxury program, nearly 40 percent of the survey participants intend on purchasing a home in a foreign country within the next year, and two-thirds said they plan on buying property abroad within the next five years.

      “If lower mortgage rate trends combined with the new inventory momentum continue, luxury homebuyers could be inspired to move forward with their next home purchase,” Michael Altneu, vice president of Coldwell Banker Global Luxury, said in the report. Altneu added that shoppers are prioritizing “new amenities” and are open to exploring “overseas options for their next property.”

      The report also found that location ranks as the top consideration among 45 percent of discerning consumers. About 29 percent of high-net-worth consumers are looking to move to Europe, while 28 percent are eyeing destinations in North America outside of the U.S., and 23 percent are considering the Caribbean.

      High-net-worth home buyers are looking to relocate to Europe and the Caribbean, according to a new report.

      Pexels

      On the flip side, the U.S. will continue to be a place of interest for deep-pocketed international buyers in 2024. Per the Coldwell Banker Trend Report, there was a 25 percent increase in the number of well-heeled foreign buyers purchasing real estate in the top 5 percent of the market in 2023. More specifically, those shoppers are looking to purchase property in bustling metros such as New York, Los Angeles, San Francisco, Miami, and Washington, D.C.

      “We are seeing money from China, Singapore, Hong Kong, and the Middle East being ‘parked’ in real estate in California as a holding place for wealth,” said Paul Lester of The Agency Beverly Hills in the firm’s annual Red Paper Wealth Report.

      “Instability in various South American countries continues to make Miami real estate very attractive,” noted Daniel Tzinker of The Agency Miami. “In the past three years, we’ve seen 100+ businesses like Citadel, Amazon, and Tesla move to Miami, taking advantage of the favorable tax environment…world-class restaurants, private clubs, and art galleries have followed.” 

      Authors

      Abby Montanez

      Abigail Montanez is a staff writer at Robb Report. She has worked in both print and digital publishing for over half a decade, covering everything from real estate, dining, travel and topics…

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      in Luxury

      These 10 Sports Stars Had the Most Expensive Real Estate Transactions of 2023

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      Even as the luxury housing market fluctuates, one thing remains steady: sports celebs love to play the real estate game.

      Last year, celebrated University of Alabama football coach Nick Saban splashed out eight figures for a mega-mansion in South Florida, while NFL Hall of Famer Terry Bradshaw offloaded his sprawling Oklahoma ranch. At the same time, Chicago Bulls shooting guard and two-time NBA All-Star Zach LaVine set a record when he scored a lavish estate in southern California’s Newport Beach.

      A new report from luxury real estate brokerage RubyHome Northwest analyzed the 10 biggest property moves made by sports figures in 2023, whether that meant investing in a new home, putting a residence on the market, or selling a swanky place for a profit. At the top of the list was LaVine, whose $34 million transaction made headlines as the priciest home ever sold in Orange County’s exclusive Pelican Crest community. The athlete’s new digs, a Tuscan-style mansion, measures 11,200 square feet and offers six bedrooms and seven bathrooms, The Real Deal reported. Originally built in 2010, the villa has sweeping views of Newport Beach. Plus, it’s packed with tons of perks, including a movie theater, a private gym, a golf simulator, and a swimming pool.

      Los Angeles Rams quarterback Matthew Stafford came in second place after the Super Bowl LVI champ threw down a cool $28.2 million on a spec home in Hidden Hills—the most ever paid for a house in the guard-gated community that is a favorite among music stars, professional athletes, and the Kardashian family. Stafford and his wife, Kelly, also own the house next door, which they purchased in 2022 for $10.5 million.  

      Terry Bradshaw sold the Oklahoma ranch that he custom-built over two decades.

      Icon Global

      “With new milestones set by Zach LaVine and Matt Stafford, the data underscores a vibrant landscape within the sports celebrity real estate realm, with approximately 14 sports stars making acquisitions, 47 listing properties, and 36 completing sales in the past year,” a spokesperson for RubyHome Northwest said in a press statement. “We also found football stars are the most dominant in the results, showcasing NFL names as strategic buyers and adept at leveraging their property assets.” 

      Speaking of football stars, legendary Pittsburgh Steelers quarterback Terry Bradshaw parted ways with his custom-built, 744-acre ranch near the Texas border, Icon Global confirmed in a news release. Last asking $22.5 million, the longtime Fox Sports broadcaster’s former estate includes eight lakes and ponds, horse stables, riding trails, several barns, and an 8,600-square-foot residence.

      Holding down the fourth spot is retired NBA point guard Goran Dragic, who is hoping someone scoops up his Miami abode, which is currently on the market for just shy of $20 million. Dubbed La Grande Dame (shout out, Karen Huger!), the 6,000-square-foot home is positioned on Biscayne Bay and comprises seven bedrooms and seven bathrooms.  

      It appears Saban, who announced last week that he’s stepping down from coaching college football after a successful 17-year run, will be spending some of his retirement in the Sunshine State, where last year he dropped $17.5 million for a palatial home on Jupiter Island. The waterfront home, which was listed with Joanne Wagner and Susan Turner of The Corcoran Group, includes a private dock, a 40,000-pound boat lift, and 150 feet of ocean frontage.

      Along those same lines, Justin Verlander picked up a $16.75 million penthouse in New York City after the MLB pitcher inked a deal with the Mets, while former NBA star Jason Kapono is aiming to offload his 6,200-square-foot-home in Austin, Texas, which hit the market last October for $13.5 million.  

      Recently retired University of Alabama football coach Nick Saban dropped $17.5 million for a mansion on Florida’s Jupiter Island.

      Robert Stevens Photography

      In the eighth spot is former Atlanta Braves great Chipper Jones, who landed a buyer for his 37-acre spread in Georgia. The massive property, which fetched a record-setting $11 million, is equipped with eight bedrooms, nine bathrooms, a horse barn, a movie theater, a bike track, and an Olympic-sized swimming pool.

      Next up was Detroit Lions quarterback Jared Goff, who shelled out $10.5 million for a new home in Manhattan Beach, California. The property was previously owned by Modern Family executive producer Danny Zuker and by MLB pitcher Ken Brett. (It was also formerly occupied by NBA superstar Shaquille O’Neal.) More recently, Goff picked up the house next door for $8.6 million.

      Last on the list, but definitely not least, off-road racer-turned-developer Roger Norman parted ways with his record-setting acquisition of a huge home in Reno, Nevada. Dubbed the Pennington Mansion, the stone-clad crib clocks in at 20,000 square feet; the $10.3 million deal went down as the biggest in the city’s history. 

      Authors

      Abby Montanez

      Abigail Montanez is a staff writer at Robb Report. She has worked in both print and digital publishing for over half a decade, covering everything from real estate, dining, travel and topics…

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      in Vacation Homes

      Millionaires Are Flocking to These Five Countries, According to a New Study

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      Where have all the millionaires gone? Down Under, it would seem.

      Australia had the highest inflow of high-net-worth individuals in 2023, according to new findings from London-based investment migration consultancy Henley & Partners. The report, which defines HNWIs as people with at least $1 million in assets, noted that roughly 120,000 millionaires migrated to a new country this year, with that number set to increase to 128,000. Over the last two decades, Australia has logged 82,000 newcomers, and this year, approximately 5,200 millionaires are expected to make the country their new home.

      “Australia consistently attracts sizable numbers of millionaires every year, mainly from Asia and Africa, but more recently also from high-income countries such as the U.K.,” explained Andrew Amoils, head of research at New World Wealth, which collaborated with Henley & Partners on the report. The study attributed Australia’s appeal to its safety, low tax rates, healthcare system, and advanced economy. Of course, the country’s high quality of life, wide open spaces, and natural beauty are also draws. 

      The UAE, Singapore, Switzerland, and the U.S. were also among the top five destinations with the highest net inflows of millionaires in 2023. The Emirates clocked approximately 4,500 high-net-worth individuals this year, most of whom are drawn to the area’s prime real estate and safe haven status.

      Roughly 82,000 millionaires have relocated to Australia between 2002 and 2022.

      Pexels

      “Pre-pandemic, the UAE traditionally saw net inflows of around 1,000 high-net-worths per year,” the report said, with most incoming millionaires in 2023 expected to come from India, with large numbers also coming from the U.K., Russia, Lebanon, Pakistan, Turkey, Egypt, South Africa, Nigeria, Hong Kong, and China.

      The United States attracted around 2,100 high-earning newcomers. Per the report, those people mainly hail from Asia and work in the entertainment, finance, or tech industries. Singapore and Switzerland also maintained their status as wealthy hubs. The former is forecast to welcome 3,200 HNWIs, while the so-called “playground of Europe” is projected to attract a net inflow of approximately 1,800 high-net-worth individuals in 2023.

      Conversely, countries including the U.K., China, India, Russia, and Brazil saw the world’s largest exodus of millionaire residents. This year, the U.K. had about a 3,500 drop in HNWIs, while China has been negligible since 2017. “General wealth growth in the country has been slowing over the past few years, which means that the recent outflows could be more damaging than usual,” the report said.

      Authors

      Abby Montanez

      Abigail Montanez is a staff writer at Robb Report. She has worked in both print and digital publishing for over half a decade, covering everything from real estate, dining, travel and topics…

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    • 125 Shares199 Views

      in Vacation Homes

      Mid-Tier Hamptons Homes Are Seeing Massive Price Cuts. Here’s Why.

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      After a pandemic-era boom, home prices in the Hamptons are starting to plunge.

      Last month, the interest rate on a 30-year fixed mortgage hit a whopping 8 percent for the first time since 2000. Back in 2020, the average rate clocked in at around 3 percent, and it’ll likely be a long time before rates dip that low again.

      As a result, a slew of properties in the $2 million to $5 million range—the middle range for luxury homes in the notoriously expensive string of Long Island communities that comprise the Hamptons—are seeing major price cuts, the New York Post reported. In recent months, seven-figure homes in the affluent enclaves of Sag Harbor and Amagansett have seen asking price reductions of up to 20 percent as rising interest rates continue to spook buyers.  

      The asking prices of homes listed in the $2 million to $5 million range are being slashed across the Hamptons.

      Susan Wood/Getty Images

      In addition, New Yorkers who fled to the Hamptons during the pandemic are now facing a return-to-office push that’s putting an end to the work-from-home era. “Now that people are back at the office, they don’t need all that space for a ‘Zoom room’,” a source told The Post. “I know a lot of people turning their remote offices in the Hamptons back into bedrooms and putting them on the market.”

      According to a report by Douglas Elliman, the median sales price for a Hamptons home was $1.4 million, an 11.4 percent drop from a year ago, while the average price for a luxury property was just shy of $6.2 million, a 3.2 percent decrease. Conversely, sales at the top end of the market are booming. Deals in the East End spiked 11.6 percent from the second to the third quarter, while trophy home sales were up 11.5 percent. In fact, it was the second time in almost 20 years that there were more transactions between July and September than between April and June. 

      “There’s a ton of wealth, and people will always want to be in the Hamptons,” David Mazujian, a realtor with the Corcoran Group, told The Post. “There’s a ton of demand.”  More