For many Phoenicians, including all of us at The Kimberly Lowe Group, Arizona living is unbeatable. Our combined years of real estate experience in this wonderful state has allowed us to get to know our communities well. While we specialize in residential and luxury real estate in some of Arizona’s most desirable communities, including Aviano, Fireside, DC Ranch, Desert Ridge, Desert Peak, Arcadia, Pinnacle Peak Estates, Sanctuary, Sky Crossing, Sincuidados, and Troon – we have also gotten to learn about the fantastic city of Paradise Valley along the way. Not only is it still a place for Arizona natives to gravitate to, but out of state buyers are beginning to solidify their spot in this sunny community as well! Join us in exploring the area and see why people from across the country are making the move to this tiny suburb right here in the Valley of the Sun.
About Paradise Valley
Incorporated within Arizona in 1961, Paradise Valley is a stunning, sprawling suburb community of Phoenix situated on just under 17 square miles and is surrounded by mountains. As Arizona’s wealthiest municipality, the community is known for breathtaking golf courses, great shopping, delicious eats, picturesque outdoor exploration, and of course: incredible real estate! On top of all of these offerings, the location between Phoenix and Scottsdale means that residents are close to the surrounding cities. This puts anything and everything they could need at their fingertips, all while immersing them in a desert escape that provides peace, quiet, and total relaxation.
Drawing in New Residents
While the Paradise Valley suburb has long been a place for families, retirees, some celebrities looking for quiet, vacation homes, and those Arizona locals who knew about it, we’re beginning to see a shift when it comes to who calls the community home. And with the ability for many to now work remotely, even more of an influx of transplants is occurring. In fact, in a recent article by Mansion Global, they explained that many out-of-state buyers have made the decision to relocate there during the pandemic. They also noted that low taxes, larger lots providing privacy, and the close location to Arizona’s larger cities are main drawing factors. But because of this, a larger demand for homes has arisen where there has not been one before – compared to other sought-after areas in the Valley.
In her interview with Mansion Global, new resident Tina Garrity said she relocated to Paradise Valley after purchasing a 6,400-square-foot home there in 2019 for around $1.85 million. And in comparing her home back in Chicago to her property here in Arizona, it seems like a no-brainer when wondering why she made the decision to relocate. According to Garrity, she went from living in a two-bedroom rental in Chicago with no outdoor space, to owning over an acre of land featuring her home, a guesthouse, a putting green, and even a tennis court! She said: “Having a backyard and having space made a huge difference in work and life in general.” While she still has a property to use when she’s in town in Chicago, Garrity explained that she plans on retiring here in the future and doesn’t intend to leave.
A Different Kind of Living in Paradise Valley
Not only are remote professionals making moves to our state, but families looking for more space are also taking this opportunity to find a home better suited for their needs. In speaking with Mansion Global, Samantha and Morgan Dollard detailed their move from the expensive, bustling Bay Area to peaceful Paradise Valley. In June of 2021, after becoming tired of remote learning difficulties, they decided to head this way. Stay-at-home mom, Mrs. Dollard, stated: “We were looking for something less busy. We were looking for more space. We were looking for more peace. We felt like we were always stressed and running in the Bay Area.” Her and her husband, who also works product management remotely in the tech industry, ended up gaining 3,100 square feet of space; and they paid $2.875 million after selling their San Francisco home for $3.25 million.
The article further explained that there’s also been a dramatic change concerning Paradise Valley’s ranking on PropertyShark’s ranking of the most expensive U.S. Zip Codes. According to their data, from 2019 to 2021, the community went from 93rd on the list to 50th, with a median sales price 41% higher than it was in 2020 at $2.175 million. However, Greg Hague, an Arizona broker who also sat down to chat with the publication, said that inventory in Arizona is at an all-time low: “For all the years I’ve sold real estate in Paradise Valley, there were typically 300 to 400 homes on the market at any given time.” And as of January 25th, Mansion Global recognized that there were only 78.
What This Means
It’s more important than ever to make sure you’re working with a seasoned, local REALTORⓇ. One to help you navigate this complex Arizona market. If you’re interested in learning more about Paradise Valley or homes for sale in this area, please don’t hesitate to reach out via phone at 480-363-1622 and we’ll be happy to assist you.
New Regulations: A Note for Investors
If you are an investor looking to buy a home in Paradise Valley to flip into an investment property, there are a few things you should know! According to a recent piece by KTAR News, various new amendments to the town’s code have now been passed by the Paradise Valley Town Council in regard to short-term rentals. These are aiming at reducing nuisance complaints, prohibit the inappropriate use of the properties, and to protect the health and safety for all residents in the community. KTAR shared that one of the new amendments considers plainly audible noises from 10 p.m. to 7 a.m. a nuisance from May to September. Not only that, but property owners must now provide their name, contact information, property address, local emergency contacts, and more to remain compliant. To see even more about the amendments, click the link above.
As one of the most trusted real estate teams in Arizona, The Kimberly Lowe Group takes pride in our dedication and ability to make our clients our number one priority at all times. Whether you’re looking for a new home, hoping to sell yours, or just want some more information about the markets we specialize in, we can help. And if you want to make the move to Paradise Valley, we’re the team to that will get it done. Email or call Kim Lowe at 480-363-1622. Remember to follow us (@thekimberlylowegroup) on Instagram and Facebook for information on luxury Phoenix, Arizona homes for sale all over the Valley! And check back to our blog for even more market updates, insights, tricks, tips, and more.