{"id":13783,"date":"2021-11-22T13:57:58","date_gmt":"2021-11-22T20:57:58","guid":{"rendered":"https:\/\/www.arizonafoothillsmagazine.com\/in-house\/?p=13783"},"modified":"2021-11-22T13:59:22","modified_gmt":"2021-11-22T20:59:22","slug":"frank-aazamis-featured-listing-the-spark-in-luxury-spec-homes","status":"publish","type":"post","link":"https:\/\/www.arizonafoothillsmagazine.com\/in-house\/in-house-news\/frank-aazamis-featured-listing-the-spark-in-luxury-spec-homes","title":{"rendered":"Frank Aazami\u2019s Featured Listing<\/u><\/em>
The Spark in Luxury Spec Homes"},"content":{"rendered":"\n

Written by Frank Aazami with David M. Brown<\/em><\/p>\n\n\n\n

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Home at 5532 East Palo Verde Drive<\/em><\/figcaption><\/figure>\n\n\n\n

Until 2020, the luxury spec home market in the Phoenix area was standing still. Then real estate changed, the world changed. The pandemic transformed the way we design homes, build and live in them.<\/p>\n\n\n\n

When professionals started abandoning dense work spaces and working at home \u2013\u2013 a lifestyle change many of us might have chosen as soon as the internet made office presence not universally necessary \u2013\u2013 they wanted additional amenities such as dual offices and more sophisticated work-out rooms and spas. Why not incorporate multiple services into the live\/work space if your home is going to be used more?<\/p>\n\n\n\n

Then the cost of money dropped for the well-credited, and income for many considerably improved. Executives found working at home beneficial: You don\u2019t have to duel with traffic, and pajamas or work-out clothes, rather than business suits, allowed comfort and productivity at the same time.<\/p>\n\n\n\n

The luxury home market expanded, in particular for spec homes, which began to appear on high-quality properties before willing and able buyers saw them.<\/p>\n\n\n\n

Prior to 2020, the numbers were not penciling for investors and builders to build luxury specs north of $8 million. Often, they ended up carrying the bare property because of a down market or they didn\u2019t finish building the home or they lost money when it finally sold to a savvy low buyer watching it sit for an extended time.<\/p>\n\n\n\n

Now with a robust home market, particularly in Arizona, investors and builders are investing money in premier properties. That\u2019s because quality buyers are there and willing to purchase specs on premium land built by superlative builders.<\/p>\n\n\n\n

\u201cA few years ago, people were downsizing, but now it\u2019s a good time for entrepreneurs who want larger custom homes,\u201d says Bill Bulaga, my colleague at Russ Lyon Sotheby\u2019s International Realty in Scottsdale in our Private Client Group.<\/p>\n\n\n\n

\u201cThey want those multiple offices, an attached or separate guest house, they want the luxury amenities, the smart homes, because they\u2019re at home more and don\u2019t want to spend the time building it themselves. They learned during the height of the pandemic they could use that time making money and enjoying their homes and their families.\u201d<\/p>\n\n\n\n

He cautions, though: \u201cBuying a luxury spec successfully depends on the builder you are going to. Do your due diligence and homework on what builder you are purchasing from. It\u2019s crucial to find someone who has a great reputation and has been building quality for years. When you step into high-end luxury specs and you are spending this kind of money, you want a builder that will stand by their work \u2013\u2013 not a face that will take your check and disappear.\u201d<\/p>\n\n\n\n

During the last year, style preferences have also shifted. Modern European has significant increased in popularity, and interior surface colors, fabrics and styles shifted toward lighter palettes. Smart home systems have become a necessity, with new versions of high-definition audio, video, security and lighting systems taking precedence.  <\/p>\n\n\n\n

The new exterior and interior look, open floor plans and those cutting-edge components are what today\u2019s buyers are looking for. Let\u2019s call it a supply and demand issue: It simply started to make sense for builders to build them. The more special its location, with acre-plus lots, unobstructed mountain views, high-quality finishings, the better money the specs are achieving.<\/p>\n\n\n\n

Our most recent spec offerings are two single-level spec homes in premium Paradise Valley locations, both under construction by Legendary Homes. \u201cWe\u2019ve been building luxury homes in Arizona for 35 years, about 125 homes, mostly in Paradise Valley,\u201d says Greg Stanford, president of the Scottsdale-based company. \u201cNone of our homes are the same. They are all unique.\u201d<\/p>\n\n\n\n

5089 North Wilkinson Road: Camelback Mountain & The Phoenician Resort<\/strong><\/h5>\n\n\n\n
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Unrivaled craftsmanship, high-end finishes, seamless indoor\/outdoor spaces and views of landmark Camelback Mountain and its Praying Monk formation: Due for completion in May 2022, this 10,200-square-foot Soft Desert Contemporary estate is prestigiously located across from the world-famous Phoenician Resort. You can walk to the golf course, the restaurants and the spa or the trailheads.<\/p>\n\n\n\n

The privately gated home on a deep 1.13-acre lot has five bedrooms and five-and-a-half bathrooms; two home offices; a detached casita on the south side and, on the east, an attached casita with a full kitchen, living space and a separate bedroom. With covered parking for clients, this could morph into a third office. Adjacent to this is a temperature-controlled, extended-length garage, which will accommodate four cars and lifts, bringing the total to eight for car collectors. Adding to the capacity are four carport spaces and covered and uncovered parking.<\/p>\n\n\n\n

From the Wilkinson entrance, a driveway split by palm trees allows ease of access for people to proceed to the main house entry on the south side or to the detached casita. To maximize views, Stanford has switched the traditional home alignment, so the 45-foot pool and spa face west toward Camelback Mountain. Flanking the pool\/spa and entertainment patio are the master suite and the detached casita.<\/p>\n\n\n\n