luxury desert
Step Inside Scottsdale, Arizona, Where Migrating Millionaires Have Created One Of The Hottest Housing Markets In The US
Wealthy residents from big cities across the US are uprooting their lives to start over in Scottsdale, Arizona.
Scottsdale is one of the country's fastest-growing cities in terms of wealth. There are 243,000 residents — about 14,600 of them are millionaires, and five are billionaires, AZ Central reported in March.
Business Insider's Joey Hadden recently spent 48 hours exploring Scottsdale's top neighborhoods to learn what's drawing so many millionaires to the area. From a booming business scene to breathtaking desert landscapes, here's what she found.
[Scottsdale, Arizona, is part of the Phoenix metropolitan area. Joey Hadden/Business Insider]
Welcome to Scottsdale, Arizona, where about one in every 17 residents is a millionaire.
Larger lots, bigger homes, and lower taxes aren't the only reasons the wealthy are ditching their big-city lifestyles for Scottsdale. Tech workers, entrepreneurs, and retirees are also moving to the area for business opportunities, pristine golf courses, warm weather, and inspiring landscapes.
Hadden can describe Scottsdale in two words — luxury desert.
[A luxury home in North Scottsdale. Joey Hadden/Business Insider]
Before visiting Scottsdale, Hadden spoke with real-estate agent Shawn Shackelton. She told Hadden it's been primarily a luxury market since she started selling homes in the area in 2001.
The median listing price in Scottsdale is $1.1 million, and the most expensive home on the market right now is $54 million, according to Realtor.com.
"The reality is that Scottsdale has never been a place where people come looking for affordable housing," Shackelton said.
[A modern office building in South Scottsdale. Joey Hadden/Business Insider]
South Scottsdale is home to the town's business-booming neighborhoods.
When Hadden arrived in Scottsdale around noon, she walked through the downtown area as well as Biltmore, a neighborhood located in nearby Phoenix known as the financial district, according to Shackelton.
[An office building in Downtown Scottsdale. Joey Hadden/Business Insider]
East of Biltmore, Downtown Scottsdale was another active area with a different feel.
The architecture was a mix of modern buildings and traditional adobe structures. Hadden saw office buildings for companies like Indeed as well as Western-style shops and restaurants in the historic Old Town area.
[Estates in Paradise Valley, Arizona. Joey Hadden/Business Insider]
We can't talk about Scottsdale without talking about Paradise Valley.
Known as the "Beverley Hills of Arizona," the town between Phoenix and Scottsdale is home to mostly gated estates along Camelback Mountain and Mummy Mountain. As Business Insider previously reported, it's the richest municipality in the state.
[DC Ranch homes in North Scottsdale. Joey Hadden/Business Insider]
North Scottsdale has a similar feel to Paradise Valley, with large mansions and mountain views. But it's about 40 minutes away from the businesses, shops, and other amenities in South Scottsdale.
To see more photos of Scottsdale, Arizona, head to Business Insider.
