Scottsdale, AZ, where millionaires have created one of the hottest housing markets

[Ken M.]

When my wife and I first visited Scottsdale in 2007, the real estate agent said we'd better buy the $2,000,000 baseball player's property right away because it would double in 2008 to $4,000,000. We thanked her for her advice but politely declined. And of course the crash hit.

It hadn't sold and the next year it was listed at $800,000 because that is where the market had shifted to. It's now in the $1,200,000 range 18 years and two owners later.

The point is, even Scottsdale, which boasts more millionaires per capita, than any other city in the country "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." 

Even Scottsdale has a reset to go through coming up. Beautiful place If you can take the heat — it will go below 105 degrees again in October. Yep, this is May. Crazy investors buy crazy properties. But, the reset always arrives.