Frank Aazami offers an up-close look at Paradise Valley marketplace
By Terrance Thornton | Digital Free Press
Frank Aazami is in a league all his own.
Mr. Aazami is principal at The Private Client Group at Russ Lyon Sotheby’s International Realty, where the best-in-class real estate is offered in one particular Phoenix enclave oftentimes drawing comparisons to the famed Beverly Hills of Los Angeles.
But in the Town of Paradise Valley there are no apartment buildings — only resort commercial operations — coupled with a socioeconomic demographic unrivaled by any other place on planet Earth.
“Paradise Valley is considered Arizona’s version of Beverly Hills,” Mr. Aazami told the Arizona Digital Free Press. “With just over 12,000 in population within 16 square miles, the town is part of its own universe.”
But just as the Federal Reserve Chairman Jerome Powell announced earlier this week an increase of .75 percentage point, which experts say will ultimately settle at a range of 3.75% to 4% federal rate to stave crippling inflation, Mr. Aazami is steadfast behind the idea best-in-class continues to mean something.
“Flawless homes are still generating multiple offers and in fact selling over ask,” he said pointing out the Town of Paradise Valley continues to set the standard for fine properties in the Valley of the Sun.
“The Town of Paradise Valley is predominantly zoned single-family housing but also home to nine first-class resorts, three golf courses and four medical centers. We’re land-locked, and because of this one-acre lots are often torn down to offer a blank canvass — we recently broke the record, selling an acre lot with plans and permits for $3.5 million.”
Mr. Aazami explains places like the Town of Paradise Valley play by a different set of economic rules.
“It is generally a very healthy market, fine resells are trading between $600 and $900 per square foot, which is all dependent on location, style, elevation, orientation and condition,” he said. “But new, never-lived-in homes are trading over $1,100 per square and a few at or above $2,000 per square foot.”
A common issue facing all facets of the Phoenix metropolitan housing market?
Inventory, Mr. Aazami says.
“With a large number of high-end homes under construction and anticipated to be delivered within the next 18 to 36 months, buyer choice will widely expand,” he said. “In fact, active listing count has increased by 20% since last year this time, hence the seller’s asking price has generally improved.”
A shifting perspective of Arizona as a destination
Mr. Aazami explains coveted communities like the Town of Paradise Valley, Scottsdale and other areas of the Phoenix metropolitan area are no longer thought of as winter destinations.
“For decades Phoenix metro was known for its ‘snowbirds getaway destination’ as they were attracted to our dry weather, 300 days of sunshine and construction affordability,” he said. “But today we are more of a destination to live — not visit.”
What brings them to the Valley of the Sun?
Quality of life, he says.
“From weather, traffic, affordability, taxes, a business-friendly environment and employment diversification has all contributed to our growth,” he said, offering a unique perspective on mass-transit options.
“The Valley of the Sun’s transportation efforts are light years ahead of any city I know of — you’re hardly ever in traffic, the roads are safe and well-managed,” he said. “We offer light rail and bus services, and we now offer direct flights to England, Germany and Canada; meanwhile, most other popular destinations are accessible, as well, directly from Phoenix.”
Mr. Aazami reports the luxury housing market is much more agile and liquid than ever before.
“Cash sells were and still are common — over 75% of luxury properties close escrow as cash,” he explained. “Everyone is a transplant here, so we all have adopted to love and respect one another,” he said of the uniqueness of the idea of home found throughout the Phoenix metropolitan area. “Our foundation in population growth was and still is organic.”
League Baseball player Chili Davis in the Town of Paradise Valley.
