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problems
CATHERINE REAGOR REAL ESTATE
Mansions plentiful in Phoenix
Soaring housing prices cut millennials out of the market.
Millennials have too much student loan debt.
Building a foundation
for millennials JONATHAN FOX SPECIAL TO THE WASHINGTON POST
If you’ve been paying attention to this year’s political debates, you’ve probably read or heard a lot more about the inability of the younger generation to get a foothold in this economy than in previous elections. The financial challenges in today’s world are real. And to some groups it often feels like the hill to climb gets steeper by the year. We can all agree the world economy has changed tremendously in the past 50 years and that owning a home (not renting for a lifetime) remains a central component to building wealth and financial security. Both political parties during the course of this year’s presidential campaigns have heard from young people about the lack of affordable housing, stagnant wages and rising education costs. See MILLENNIALS, Page 3R
Allow millennials to refinance student loans to a fixed lower rate.
Expand programs to help millennials afford large downpayments.
Authorize rezoning homes to multifamily units.
solutions ILLUSTRATION BY ALIYA MOOD/THE REPUBLIC AND THINKSTOCK
Support programs aimed at easing housing costs for first time buyers.
A lot of mansions across metro Phoenix are sporting “for saleâ€? signs in their front yards. But luxury home sales in the Valley picked back up in March after sagging last summer during the stock market jitters. Last month was the best March since 2007 for home sales priced $500,000 and higher, according to Walt Danley Realty’s latest luxury real estate report. In March, eight homes priced above $3 million sold in Paradise Valley, Scottsdale and Arcadia. That’s up from five a year ago. The trend continues and is spreading. Just last week, two mansions in Chandler sold for more than $2 million. Still listings for homes in the northeast Valley, where the most expensive neighborhoods can be found, are up 17 percent to the highest level since 2011. Wealthy homebuyers have some great Valley houses to choose from now. Âť Music superstar Alicia Keys is selling her stylish Phoenix Camelback Mountain home. The asking price is now $3.5 million, down from $3.85 million in January. Âť Baseball Hall of Famer Randy Johnson is selling his 25,000-square-foot Tuscan-style Paradise Valley mansion for $25 million. Âť A Paradise Valley estate called Villa Paradiso with an indoor basketball court, hair salon and 20 bathrooms is on the market for $35 million. The house, owned by New York hedge-fund executive Robert Sussman, is the priciest house for sale in Arizona. Âť And if you want to own the home of a former MLB player, former New York Yankee Nick Swisher, ex-Los Angeles Dodgers great Jim Lefebvre and former Boston Red Sox outfielder Jonny Gomes have luxury homes in the Valley for sale. March through June is considered the peak time for high-end home sales in metro Phoenix. Million-dollar home sales typically take more time to close, and buyers often start shopping in January and February, when the Valley draws many big events and visitors. But the increase in the number of luxury homes for sale is putting pressure on prices. “Demand is quite good at the high end now, but there are far too many listings at the high end,â€? housing analyst Mike Orr, who tracks and analyzes data for the Danley report, told me. “That means buyers have the advantage in negotiations, and sellers have to scale back their pricing ambitions.â€?
Take a real look at Arizona’s real estate market. Unique insights and must-have info from insiders at The Arizona Republic and azcentral.com. Only at StreetScout.com
PEORIA | 24014 North 104th Avenue | Open Today 1-4PM
FEATURED ON THIS MONTH’S COVER OF THE HOMES MLS# & LAND MAGAZINE this exquisite estate on over an ACRE is Bedrooms wrapped in the serenity of the Sonoran Desert. Opulently finished Bath with Alder woods, a spectacular bar, imported Brazilian Cherry Pool hardwood floors and Travertine. Dream kitchen has a custom half-moon island with Brazilian Mascarello granite and Viking Sq. Ft. appliances. Cantera stone fireplace. Lavish sitting room master. Parking Wonderful bonus room opens to two en-suite bedrooms. Brand Lot Size new resort yard. Turkish Fantastico Travertine spans the patios and ZIP Code Ramada. Inviting pool. Circular drive. Paved motor court. RV gate/ parking. Extended 4.5 car garage. Horse privileges. Magnificent Online Pics mountain views. – Joseph Callaway Price
Brought to you by Those Callaways, (480) 596-5751
- 5212633 -4 -4 - Yes - 5,269 - 4.5-Car Garage - ACRE-PLUS - 85383 - ThoseCallaways.com - $963,000
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PARADISE VALLEY | 6101 East Naumann Drive | Open Today 1-5PM
RARE OPPORTUNITY IN FINISTERRE. Priced preMLS# construction for maximum flexibility, this is a limited-time Bedrooms opportunity to purchase one of Paradise Valley’s most iconic Bath properties before it undergoes major renovation. Reconstruction/ Pool enhancement plans prepared by renowned builder Greg Hunt. Generous corner lot w/lush front lawn, towering palms. Enormous Sq. Ft. living room w/tall windows, vaulted ceiling. Den w/beamed ceiling, ZIP Code bar, wealth of wood accents. Classic English office w/hardwood walls, floors, box-beam ceiling. Elegant staircase ascends to guest Online Pics Price suite. Huge rear grounds offer opportunity to create private oasis. Perfect time for new owner to put personal stamp on the estate! Visit tourfactory.com/1307822. Inside: details, directions.
Brought to you by Sandra Baldwin, Launch Real Estate
- 5228312 -4 -5 - No - 10,764 - 85253 - BaldwinTeam.com - $3,350,000
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