As seen in the Phoenix Business Journal – read the full story HERE:
By Angela Gonzales
Senior Reporter, Phoenix Business Journal
Oct 22, 2020, 12:12pm MST
Russ Lyon Sotheby’s International Realty is on a roll, with another record-breaking sale following the $24.1 million record-breaking sale of a home in north Scottsdale.
This time, the record-breaking sale was in Fountain Hills, with the $2.65 million sale of a 8,550-square-foot estate at 15657 N. Cerro Alto Drive. This sale just broke the record for homes located outside the gates of Fountain Hills, a small town east of Phoenix.
The listing agent, Frank Aazami, of Russ Lyon Sotheby’s International Realty, broke a record held in Fountain Hills since 2006, by almost $650,000.
That’s great news for the luxury market, Aazami said.
“It just confirms we are continuing to see an upward trend right now in the luxury sector,” he said.
With five bedrooms and five bathrooms, the home features a 12-seat movie theater and wet bar, sauna, with-car garage and a 750-bottle wine cellar. Built in 2006, the backyard features multiple pools, jacuzzi, grotto waterfall streams and outdoor kitchen/barbecue.
This record-breaking deal follows these of a 15,000-square-foot home within the Silverleaf community in north Scottsdale. Russ Lyon Sotheby’s International Realty agents Lisa Westcott and Shawna Warner sold that home for $24.1 million.
The housing market doesn’t seem to be cooling down any time soon.
May is typically when the market is hottest, but homes across the US moved six days faster this September than they did in May 2019, according to new research from Zillow Group Inc. (Nasdaq: Z)
In metro Phoenix, the typical home went under contract after 11 days in September, 48% faster than this time last year and more than two weeks faster than May 2019, according to the Zillow report.
The most expensive homes in the Phoenix market are selling in 33 days, which is 23.3% ahead of last year’s pace, according to that report.
Normally, the housing market begins to slow down this time of year as the weather cools and buyer activity fades, says Chris Glynn, senior economist for Zillow.
“But it’s 2020 and nothing is normal this year,” Glenn said. “Instead of slowing down, we’re seeing the housing market continue to speed up as autumn continues. The buying season we’re seeing this fall more closely resembles peak market activity we’d see in the spring in a typical year.”
It remains to be seen whether the traditional buying season continues to be pushed back because of Covid-19 and activity will taper off in the coming months, or whether historically low inventory and continued strong demand means homes will continue to sell quickly throughout the rest of the year, he said.