WHAT’S IN STORE

WHAT’S IN STORE — custom luxury homes

Luxury real estate in Arizona is the hottest it has ever been historically. We interviewed three custom home builders in town to get their take on the lastest trends and what’s in store for 2021. Here’s what they had to say: 

How did the events of 2020 impact your business or the custom home industry? 

TEMAC: The events of 2020 increased business. Inventory sold quickly for more money with the higher demand. 

G.S.FRIES: 2020 really highlighted the value of “home” for a lot of people. We do a lot of remodeling as well as construction and we have seen an uptick in business on all fronts. Clients want to make their homes more adaptable to how they live. 

AFT: On a positive note, clients are spending more money on their homes. they want it to be a sanctuary since they are not traveling as much. On the negative side, some clients are concerned about Prop 208 and the increase in taxes. 

What are the biggest trends in luxury you are seeing this year? 

TEMAC: Multiple home offices, space for homeschooling kids and lounge/playrooms. Zoom/digital conferencing has made a huge impact in daily lives so we’ve begun installing integrated in-home video conferencing features as a standard in new construction. 

G.S.FRIES: There is more focus on how to make a home function better. In the past, clients were focused on typical features. Now they are looking for their homes to accommodate their personal needs and those vary from client to client. Some want space to work or exercise. It just needs to function for their lifestyle. I don’t see a significant change in the size of homes as there is more of a focus on the value of space utilization. 

AFT: People are investing more money into home amenities such as cold plunge pools, dry saunas, home gyms, touchless faucets and multiple home offices for family members. 

What is the current demand for luxury builds right now? 

TEMAC: Demand is above average right now. 

G.S.FRIES: Without question this year will be one of the busiest if not the busiest for us. 

AFT: Demand is at a record high. We had an above average year and the market is busier than ever. 

What are your predictioons for 2021 in the Valley? 

TEMAC: Demand will remain high and inventory low. Land infill properties are hard to get and require quick action because capital is readily available and it’s very competitive. I saw a lot in Arcadia and had two hours to respond because they are going that fast. 

G.S.FRIES: The market will continue to be HOT. Who doesn’t want to live here? We reside in the top 2 or 3 places in the country that people want to live. People want this lifestyle. 

AFT: We are expecting continued growth. With the lock downs, taxes and colder climates, it’s pushing people toward Arizona. We are also going to be seeing a lot more out of state buyers building here.