What’s not to love about Scottsdale? It’s an outdoor enthusiast, culture-craving, sun-adoring dream come true. It’s been rated one of the best cities for veterans, best places to raise a family, and one of the best college towns in the U.S. The city covers bases for a variety of buyers and closes the gap on generational separation found in other areas of Phoenix. 

Luxury buyers have taken notice of Scottsdale more than usual, too. Per a new report by Caldwell Banker, the city is among the top five U.S. markets for “big spenders,” according to Phoenix Business Journal. 

Scottsdale joins Santa Barbara (No. 4), Park City, Utah (No. 3), Miami (No. 2), and ties Boca Raton and Delray Beach (T-No. 1) for first as the top “Power Markets” for single-family home purchases. Power Markets are deemed as locations where the wealthiest tend to own property and also include a range of luxury lifestyle opportunities. 

What puts Scottsdale in such exclusive company? For one thing, inventory is very high here. In 2017, the number of average monthly home listings was 455 while the number of homes sold on average per month was just 27. That allowed for some wiggle room when it came to the sale price, unlike places like Seattle and Silicon Valley where the ratio of list price to sold price was 100 percent. 

Scottsdale also landed in the top five percent for condo sales with a median list price of $797,750 and median sales price of $786,250. 

Wendy Walker, Sales Associate for Coldwell Banker Residential Brokerage in Scottsdale, stated in the report that the city was garnering a “first wave” of attention from New Yorkers enticed by the lure of golf courses in this “playground” for adults. Buyers are shifting trends and tearing down old mansions to make room for storage for their toys and vehicles. She also pointed out “view properties” and full-amenity condos were significantly popular among the new buyers.

Optima Kierland saw a near sell-out by the end of last year while Silverleaf saw prices starting at $1.5 million for their luxury units. Ultimately, millennials and baby boomers drove an increase of 77 percent year-over-year for luxury multi-family construction in Pinal and Maricopa counties, allowing buyers to be picky about their selections.

Speaking of playgrounds, the city has multiple elements that make it a draw for not only luxury buyers but a variety of clientele. People love Scottsdale for world-class dining options, over 150 golf courses, and spring training hubs for baseball fans. Not to mention there’s a wealth of outdoor opportunities to be found in parks and National Forests, premium shopping, historic Old Town, and more. 

Don’t expect this trend to end anytime soon. Per Phoenix Business Journal, an exclusive development featuring up to 190 high-end homes and an 18-hole golf course is slated for at Desert Mountain this year. Homes there are expected to start between $1 million and $3 million.