© 2005 Nick Springett Photography
Home All-Stars: America’s Most Wanted
January 1, 2006
It is not exactly front-page news that the
United States recently witnessed a real estate boom that has brought an
unprecedented surge in home prices across the country. But attractive tax
benefits and ongoing low interest rates have helped fuel even greater activity
in the market for second and third homes in resort destinations. From the
beaches of California and the slopes of the Rocky Mountains to the golfing
communities of Arizona and Florida, here are seven hot markets that are leading
the charge.
Scottsdale
For years the drill in Scottsdale, Ariz., was a familiar one: Buy a nice home on a golf course outside
of town. This is no longer the case. Led by an activist city council that has
encouraged widespread development in the city’s downtown, the hottest new trend
is toward vertical living in one of Scottsdale’s flashy new condo towers.; function voidFunc() { } voidFunc();)
A residence in Scottsdale. (Click image to enlarge)
"It’s gotten to the point that lots of people who have homes an
hour away on the golf courses will buy a second home at one of the condos in
downtown Scottsdale so that they can entertain and enjoy the nightlife and
restaurants with ease," says Mark Himsl of Russ Lyon Realty Company.
The median home price in Scottsdale saw a significant jump from
2004 to 2005–$379,135 to $527,500–and these days, according to Himsl, the basic
entry price "for anything with a little sizzle" is probably just shy of $1
million.
Residences on the market in Scottsdale through Russ
Lyon Realty Company, from Top: A three-bedroom desert hideaway ($2.9
million), a seven-bedroom modern dream home ($6.25 million) and a golf
course—adjacent property with mountain views ($4.2 million). (Click images to enlarge) ; function voidFunc() { } voidFunc();)
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City officials project that at least 10,000 new residents are
expected to move into downtown Scottsdale over the next five years, many of them
resort-home buyers drawn by properties like the Hotel Valley Ho. Built in the
1950s, the hotel was closed for almost four years before its reopening in
December. The $80 million renovations included a 37-unit condo tower where
owners can enjoy 24-hour concierge service and on-site dining at Trader Vic’s,
which is scheduled to reopen in spring 2006. Prices range from $600,000 to $2
million.
The "West’s Most Western Town," as Scottsdale proudly proclaims itself, will also be home to a planned 225-room W Hotel. Just a block away, the Upton offers downtown wanna-bes 10 courtyard live-work residences; luxury townhomes are scheduled for completion by fall 2006–sizes range from 1,900 to 2,400 square feet, with target prices ranging from $995,000 to $1.25 million. The Duke is an eight-unit gated community of three-level condominiums just south of the Loloma Arts District. The 1,450-square-foot, two-bedroom homes will be priced just under $500,000 and should be completed by spring 2006.
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