It's a Long Way to the Top...

Elite neighborhoods command top dollar, from the Arizona Republic, reports that the soaring land value in the luxury neighborhoods of Paradise Valley, North Scottsdale and the Biltmore area have led to record prices for luxury homes. Land prices have doubled in these spots in the past five years, experts say, as elite buyers bid up properties that give them privacy and views and space for a destination yard, a big guest house and the multi-car garage. Agents say the typical price for an acre in Paradise Valley, with or without a house, now runs $1.25 million. In North Scottsdale, an acre can average from $500,000 to $750,000. Tony Calvis of Calvis Wyant Luxury Homes, thinks the big jump in land prices will eventually moderate but isn't looking for the market to tank. "I don't think anything's dropping," Calvis said. "Over the next eight to 10 years, we are going to do really well in the overall market. It's just not going to be the nutso growth that we have seen."

referer=http://www.azcentral.com/arizonarepublic/business/articles/1109luxuryland09.html