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Step inside Scottsdale, Arizona, where migrating millionaires have created one of the hottest housing markets in the country

Joey Hadden   

Step inside Scottsdale, Arizona, where migrating millionaires have created one of the hottest housing markets in the country
Big-city millionaires around the US are flocking to Scottsdale, Arizona.Joey Haden/Business Insider
  • Wealthy Americans are moving to Scottsdale, Arizona.
  • Scottsdale has seen a 102% increase in millionaire residents over the past decade.

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. According to the USA Wealth Report by Henley & Partners, that's a 102% increase in millionaire residents over the past decade.

I 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 I found.

Welcome to Scottsdale, Arizona, where about one in every 17 residents is a millionaire.

Welcome to Scottsdale, Arizona, where about one in every 17 residents is a millionaire.
Scottsdale, Arizona, is part of the Phoenix metropolitan area.      Joey Hadden/Business Insider

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.

I can describe Scottsdale in two words — luxury desert. From glass office buildings to mansions in the mountains, this place has a wide variety of upscale architecture alongside palm trees and succulents.

If you can take the heat — it was 90 degrees Fahrenheit when I visited in April — it'd be a stunning place to call home.

The town has been notorious for its luxury lifestyle for decades.

The town has been notorious for its luxury lifestyle for decades.
A luxury home in North Scottsdale.      Joey Hadden/Business Insider

Before visiting Scottsdale, I spoke with real-estate agent Shawn Shackelton. She told me 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.

Shackelton added that most of her buyers pay cash and are entrepreneurs, C-suite executives, medical professionals such as doctors and PAs, and young retirees.

Scottsdale is just east of Phoenix.

Scottsdale is just east of Phoenix.
Scottsdale is on the outskirts of Phoenix, Arizona.      Google Maps

During my trip, I strolled through South Scottsdale's bustling streets and explored the city's wealthiest areas in North Scottsdale and the nearby Paradise Valley, where sprawling estates dot the mountainous desert landscape.

South Scottsdale is home to the town's business-booming neighborhoods.

South Scottsdale is home to the town
A modern office building in South Scottsdale.      Joey Hadden/Business Insider

When I arrived in Scottsdale around noon, I walked through the downtown area and Biltmore, a neighborhood known as the financial district, according to Shackelton.

Biltmore felt like a work-centric neighborhood.

Biltmore felt like a work-centric neighborhood.
A WeWork and Blue Origin office in a business complex in Biltmore.      Joey Hadden/Business Insider

In Biltmore, I spotted modern skyscrapers with mirrored windows reflecting the palm trees that lined the streets. The buildings were home to banks, coworking spaces, and well-known companies like Blue Origin.

There weren't many pedestrians out and about, but most appeared to be in the middle of their workday. People in business attire bustled by with a briefcase in one hand and a cellphone in the other.

Although more crowded, I thought the vibe downtown was more relaxed.

Although more crowded, I thought the vibe downtown was more relaxed.
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. I saw office buildings for companies like Indeed as well as Western-style shops and restaurants in the historic Old Town area.

When I visited, there were more pedestrians downtown than in Biltmore, and the crowd seemed to be a mix of locals and tourists.

These neighborhoods have high-end stores I'd expect to find in a larger city.

These neighborhoods have high-end stores I
The entrance to Fashion Square in Downtown Scottsdale.      Joey Hadden/Business Insider

In South Scottsdale, I was surprised to find luxury department stores and independent boutiques similar to what you'd find in New York City, from Neiman Marcus to Saks Fifth Avenue.

And according to Shackelton, that's part of the draw for residents.

"Something people love when they come here is that even if they enjoy the outdoor lifestyle, they can still go to fine-dining restaurants and high-end boutique shops," Shackelton said. "If somebody wants to feel like they're still in a walkable, big city, South Scottsdale is where I'd recommend moving to."

Nearby is Paradise Valley, a separate town that blends into South Scottsdale.

Nearby is Paradise Valley, a separate town that blends into South Scottsdale.
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. The median home listing price is $5.5 million, and the most expensive on the market is $75 million, according to Realtor.com.

Paradise Valley is a hot spot for billionaires and icons, drawing celebrity residents like Stevie Nicks and Muhammad Ali, who died in 2016.

Paradise Valley is a hot spot for billionaires and icons, drawing celebrity residents like Stevie Nicks and Muhammad Ali, who died in 2016.
Muhammad Ali posing while getting his picture taken by photographer Neil Leifer at his home in Paradise Valley in 2012.      David Bergman /Sports Illustrated via Getty Images

On my trip, I thought it was easy to see why.

The isolated, mountainous residential area is just minutes from the businesses, shops, and restaurants in South Scottsdale, giving locals the best of both worlds.

For business travelers, it's about 20 minutes to Downtown Phoenix and Sky Harbor International Airport.

North Scottsdale is home to expensive, gated communities far from the city's amenities.

North Scottsdale is home to expensive, gated communities far from the city
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.

But one neighborhood, DC Ranch, felt like a private town with anything you might need against a dramatic, desert backdrop.

But one neighborhood, DC Ranch, felt like a private town with anything you might need against a dramatic, desert backdrop.
A street in one of the DC Ranch villages.      Joey Hadden/Business Insider

During my stay, I got a private tour of DC Ranch — the North Scottsdale neighborhood home to the city's most expensive house on the market right now, priced at $54 million, according to Realtor.com.

DC Ranch is slightly more affordable than Paradise Valley, with an average listing price of $3.3 million. Shackelton said this is likely because the location isn't as close to the action in South Scottsdale and Phoenix.

But with so many amenities, I thought it didn't need to be.

According to the company's website, DC Ranch is a 4,000-acre community at the base of the McDowell Mountains. It contains four villages — most of which are gated — lined with custom homes and condos, restaurants, shops, schools, and amenities such as hiking trails, pools, and an award-winning private golf club.

In the most expensive village, Silverleaf, my tour guide drove us up into the mountains to see the highest properties in the community.

In the most expensive village, Silverleaf, my tour guide drove us up into the mountains to see the highest properties in the community.
A view of DC Ranch from the top of the community.      Joey Hadden/Business Insider

Each estate was made up of multiple buildings. Some looked like castles you'd see in Europe. Others reminded me of Greek villas with white adobe exteriors. The valley views from up there were the best I had seen during my trip.

No matter where you live in Scottsdale, you can access pristine golf courses.

No matter where you live in Scottsdale, you can access pristine golf courses.
A golf course in Scottsdale's DC Ranch neighborhood.      Joey Hadden/Business Insider

From entrepreneurs to retirees, Shackelton said many Scottsdale residents share one key interest.

"One of the main reasons people come here is all the golf. There are about 200 golf courses in Scottsdale and surrounding areas," Shackelton said. "Whether you join a private golf community or play at public courses, they are extremely nice."

I spotted several of these courses from the highway. Up and down Scottsdale, bright, green hills surrounded by cacti and mountains looked gorgeous. I visited one in DC Ranch and thought it was the most picturesque course I'd ever been to. Scarlet pebble trails from hole to hole contrasted with the green fields that were impeccably kept.

I haven't played much golf in my time, but if I moved to Scottsdale, I would definitely pick up the sport.

In just two days, it was easy for me to see why people want to live there.

In just two days, it was easy for me to see why people want to live there.
The author enjoys her stay in Scottsdale.      Joey Hadden/Business Insider

With various plant life, architectural styles, and neighborhoods, Scottsdale brings a heap of luxury to the desert. And visiting may have you wondering why you don't live there yourself.

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