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Real Estate Agents Walt Danley Kevin Owens

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Cathy Hotchkiss Sandra L. Wilken

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Top Luxury Agents

Luxury Follows Its Own Trends Luxury home buyers continue to find Phoenix attractive by RaeAnne Marsh The Phoenix-area housing market is unlikely to see a significant boost until next year, according to the latest monthly report from the W. P. Carey School of Business at Arizona State University. “Demand has been much weaker since July 2013 and still shows little sign of recovery,” says the report’s author, Mike Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business. “Supply is also fairly limited. We anticipate pricing will continue to move sideways over the next few months, and a significant increase in demand will be required to change things.” The median single-family-home sales price was up 5 percent from last September, but, according to the report, that is largely just because fewer sales are clustered at the bottom end of the market, not because individual home prices are rising much. The area has been experiencing sluggish demand and low sales activity for more than 14 months. The rental market, however — because there are fewer people buying — is hot, showing an increase in both rents and construction permits for new multi-family housing. According to Orr’s report, the Phoenix area has already seen a 5.7-percent boost in rents over the past 12 months, and construction permits to build new multi-family housing to meet the demand are also on a strong upward trend. After the housing crash, Phoenix-area home prices shot up from September 2011 to last summer. This year, prices leveled off and then rose somewhat. The median single-family-home price went up 5 percent from last September to this September — from $198,997 to $209,900. The average price per square foot rose 7 percent. The median townhome/condo price went up 15 percent. Orr says the median increases happened primarily just because fewer sales are now clustered at the lower end of the market, with fewer foreclosures and short sales available. Only luxury homes above $2 million are seeing stronger-than-normal demand. “The ultra-high and luxury market for custom homes are still retaining the best demand relative to historic data,” says Howard Lein, owner of Scottsdale-based franchise RE/MAX Excalibur Realty. The average days on market for luxury currently hover at 153 days, compared to about 142 days last year. The immigration issue seems to be affecting the housing market due to the lack of a competing work force — not enough workers to meet the demand. As predicted last year, Lein says, the shortage of labor and the increased cost have helped cause the appreciation in the luxury home market. “The increased value of Phoenix-area housing has been helped due to the lack of cheap immigrant labor.” Luxury properties span the Valley in gated and non-gated communities, and include horse properties and golf properties. Looking at the metro Luxury market, Lein shares that the average list price is about $1.99 million, with a sales price around $1.39 million. “This shows a trade range of 5 percent off list price or 95 percent list-to-sales price ratio. Compared to last year, the average list price for luxury locally was $1.79 million, with a sales price around $1.32 million. Interestingly, the trade range was 5 percent or 95 percent list-tosales price ratio,” Lein says.

According to Lein, the $2 million to $2.999 million price bracket has seen an 18 percent increase in sales from last year, and the $3-million-and-up price bracket is up 32 percent in sales from last year. “Arizona’s climate, low property tax and more affordable quality of life are determining factors — as well as the fact that the affluent have had good gains in the stock market for the past two years,” Lein observes. “Compared to other cities in the U.S., the Phoenix metro market is affordable luxury.” For the housing market overall, investors are unlikely to bring the increase in demand needed to boost prices. According to Orr’s report, they’ve largely lost interest in the Phoenix area, now that better bargains can be found in other parts of the country with more foreclosures. Investors accounted for only 14.4 percent of residential-property purchases in September — way down from the peak of 39.7 percent in July 2012. But Lein relates that the institutional buyers have not disposed of their rental properties. And he notes, “Lately, in Quarters 3 and 4 of 2014, we are seeing more Canadians reenter the market, and Chicago buyers are coming back to the market as well.” “To get the market back to what we would consider normal will require a major recovery in demand from local first-time home buyers,” explains Orr, noting the last quarter of the year is rarely one in which first-time homebuyer demand takes off without some unusual stimulus. Contrast that with the luxury home market. “Despite the fact that the overall real estate market in Phoenix appears to be a bit sluggish, it does not look like the luxury market is feeling the effect,” Lein says. “Average prices are up from last year, partly because replacement costs continue to rise and there is a growing feeling of confidence now that the elections are over. Even the mid-range homes in Scottsdale that have languished over the summer are now picking up significant traction in the past few days.”

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Luxury 2015

Agents Real Estate Hotch kiss Walt Danley • Cathy Sandra L. Wilken Kevin Owens •

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As part of our service to our readers, our editorial staff has invited


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Top Luxury Agents

Walt Danley


Walt Danley Realty

Danley began his real estate career in 1977 after trading rainy days in Portland, Oregon, for Arizona’s year-round sun and blue skies. He quickly discovered that his new career was a perfect fit. Not only was Danley named “Rookie of the Year” his first year in the business, he also outsold the established pros to earn the title of top company producer. Danley has ranked in the top 1 percent of Realtors nationwide every year since. Danley has built his success on four guiding principles: integrity, knowledge of the market, understanding the needs of his clients, and old-fashioned hard work. These attributes, combined with his keen negotiating skills, have enabled Danley to log nearly $3 billion dollars in sales — a record unrivaled in Arizona’s luxury home market. In addition to his numerous accolades and sales records, Danley has been consistently recognized as a leader among those watching the industry. He has been Arizona’s top-selling Realtor on The Wall Street Journal’s roster of most prolific agents in the nation every year since the list’s inception in 2007. He is also considered to be one of the 35 most influential people in real estate — a list that also includes Donald Trump and former Federal Reserve Chairman Ben Bernanke. Danley began building his team in 2000 by hand-selecting real estate professionals who shared his energy, ethics and client-centric focus. That team has evolved into Walt Danley Realty, a close-knit group of real estate professionals who combine their specialized talents to provide the finest real estate services in the nation.

Name: Walt Danley Company/Broker Name: Walt Danley Realty Office Address:  6720 N. Scottsdale Rd., Suite 140 Paradise Valley, AZ 85253 Phone: (480) 991-2050 Website: Designations: ABR Specialty Areas: Paradise Valley, Scottsdale, Biltmore, Arcadia, Carefree

On The Market

North Scottsdale

Paradise Valley

9202 E. Red Lawrence

8389 N. 58th Pl.

Awe-inspiring views of sparkling city lights and rugged desert mountains. Incredible outdoor living spaces make the most of the beautiful setting.

Privacy and understated elegance are found in this Cal Christiansen Mediterranean villa on a privately gated cul-de-sac. Sets the highest standard for PV.



Mountain Shadows/PV 5525 E. Lincoln Dr.


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Remodeled residence in guard-gated Mountain Shadows offers fabulous golf course and mountain views. Future resort will add amenities and the best lifestyle in PV.

2402 E. Esplanade Ln PH1



Panoramic city and mountain views abound from this Esplanade Place penthouse. Sophisticated contemporary design in the heart of it all.


Top Luxury Agents

Cathy Hotchkiss

Russ Lyon Sotheby’s International Realty Selling real estate is not only Cathy Hotchkiss’ job, it is what she loves to do. She truly understands that buying or selling a home is one of the most important decisions that her clients make, and she works as a tireless advocate for them while establishing long-term relationships built on care and trust. She has built a loyal clientele as she listens and understands what is necessary to achieve her client’s goals. As a top producer in North Scottsdale, predominantly in DC Ranch, she provides outstanding service, personal support, extreme knowledge of the current market conditions and strong negotiation skills to enable clients to make sound, timely and secure decisions for their families. Working with both buyers and sellers, she truly believes that treating others with respect is a major factor in her success, whether clients or other professionals in the real estate business. The reputation of Russ Lyon Sotheby’s International Realty of the highest level of service, marketing and technology present a highly unique advantage in the luxury real estate market. Combined with Cathy’s successful track record and prestigious designations and certifications, she has proven to be an expert agent in her field.

Profile Name: Cathy Hotchkiss Company/Broker Name:  Russ Lyon Sotheby’s International Realty Office Address:  8852 E. Pinnacle Peak Rd., Suite J-3 Scottsdale, AZ 85255 Phone: (480) 236-3336 Website: Designations: REALTOR®, ABR, CDPE, E-PRO, ILHM, GRI Specialty Areas: DC Ranch, Grayhawk, North Scottsdale

On The Market



North Scottsdale Horse Ranch

DC Ranch Camelot Villa

5 Bedrooms, 6 Baths, 7,276 sq. ft.

3 Bedroom, 3 Bath, 2,459 sq. ft.





Kierland Landmark Condo


2 Bedrooms, 2 Baths, 1,606 sq. ft.

4 Bedrooms, 4 Baths, 4,795 sq. ft.



DC Ranch

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Top Luxury Agents

Kevin Owens

Coldwell Banker Previews International Kevin Owens represents luxury buyers and sellers, combining the market knowledge of a Scottsdale native with the history and global strength of Coldwell Banker. Early in his career, Owens earned the opportunity to partner with two of Scottsdale’s renowned top-producing luxury agents. It was from these mentorships that he mastered the art of selling luxury real estate. Owens continues his momentum by being annually recognized through “Outstanding Client Service” awards and was also awarded’s “Online Marketing Award of Excellence” for his distinguished Internet marketing. Owens is also a founding member of NextGen, a collaborative group of next-generation real estate professionals who focus on innovation, technology and networking to share best practices. Recognized for his industry-leading marketing strategies, Owens combines the power of the Internet, online video showcases and international exposure with conventional time-tested marketing. Owens excels in property-specific marketing because he understands the importance of telling the story behind each unique luxury home that he represents. After all, exceptional properties deserve nothing less than exceptional representation. When representing buyers, Owens is known for his in-depth market knowledge that only a Scottsdale native can offer. His continuing education means you will be working with a REALTOR® who is immersed in the industry and understands current market trends. Through Owens’ professional networking, he provides property possibilities beyond what is available in the MLS, often knowing about listings before they hit the market. Owens is currently ranked No. 1 in the Coldwell Banker Scottsdale-Pinnacle Peak office, in the top 25 agents in Arizona, and in the top 6 percent of agents worldwide for sales production.

Profile Name: Kevin Owens Company/Broker Name:  Coldwell Banker Previews International Office Address:  23341 N. Pima Road, Suite 135 Scottsdale, AZ 85255 Phone: (480) 217-9184 Website: Designations: ASP, CLHMS, CNBS, CNE, CNMS, GREEN, SFR Specialty Areas: Scottsdale, Phoenix, Paradise Valley, Arcadia, Biltmore, Desert Ridge, Carefree/Cave Creek

On The Market

Southern Cross Ranch Luxury equestrian estate Located on the “Rodeo Drive” of equestrian estates: 5-acre, 5,178-sf main house, guest house, tennis court. See the video showcase at:

$3,850,000 Old Spanish Hacienda 5-acre estate in North Scottsdale Luxurious gated estate with architectural details and panoramic views, 4 bedrooms, 4.5 bathrooms, 5,179-sf, guest house. See the video showcase at:



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Top Luxury Agents

Sandra L. Wilken Engel & Völkers

Sandra Wilken, owner and designated broker of Engel & Völkers Scottsdale, is considered the foremost expert in representing buyers and sellers in Arizona’s most desirable neighborhoods. Wilken’s achievements as a real estate professional and her consistently high level of service have earned her a place in Engel & Völkers’ most prestigious client service network, known as Private Office. She is one of the few who carry this distinction with more than 39 years of experience in the Phoenix/Scottsdale markets, Wilken offers clients an elegant mix of executive insight and unmatched market knowledge that attracts buyers and sellers locally, nationally and internationally. Wilken has worked diligently to earn the firm’s standing as Arizona’s top, boutique luxury real estate firm. She has grown the Engel & Völkers Scottsdale brand to include the most professional team of real estate advisors who specialize in the Valley’s hottest neighborhoods from the Biltmore to Desert Mountain and everything in between. The Engel & Völkers philosophy of personal attention, competency and passion is embodied in each individual at Engel & Völkers Scottsdale. Engel & Völkers elaborate network of 550 shops in 39 countries, along with the knowledge and experience of each real estate advisor in the Scottsdale Shop allow the team to sell the right home to the right buyer, at the right price. Wilken and the company dedicate their personal time to several charitable organizations including Gabriel’s Angels and Lost Our Home Pet Foundation.

Profile Name: Sandra L. Wilken Company/Broker Name:  Engel & Völkers Office Address:  8777 N. Gainey Center Dr., Suite 178 Scottsdale, AZ 85258 Phone: (480) 596-0001 Website: Specialty Areas: Phoenix, Scottsdale, Paradise Valley, Gainey Ranch, DC Ranch/Silverleaf

On The Market

Morning Glory Meadows, a five-lot exquisite cul-de-sac community currently on the market in Paradise Valley, created and built by MRA Custom Homes offers the best in quality and design. Two of the homes — Villa del Prato and Maison du Coeur — embody European elegance from Italy and France. Built with the best in construction and elegant finishes hand-selected from craftsman around the world. Romantic gardens, fountains and entertaining spaces create a timeless romantic feel throughout the properties. Three additional home sites are designed to reflect various styles and periods of homes including a Santa Barbara hacienda, French farmhouse and an English manor. Take the opportunity to own a true work of art at Morning Glory Meadows.



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