The soft luxury market in metro Phoenix is providing homebuyers with a terrific opportunity to purchase luxury property at a tremendous value. Although inventory has started to decrease from its peak, the choices are still plentiful. From intimate golf villas to single-family homes and grand-scale desert estates, The Valley of the Sun’s luxury home market offers something for any upscale buyer—and the choices have never been better.

Prices have dropped about 20 percent since early 2007 but there are signs that the market is starting to level off. There are still plenty of buyers in the market but they are much more methodical than they were a few years ago. They have a much better understanding of what represents a true value—mainly because they have spent much more time looking. The market allows them that luxury.

Although homebuyers are out there, they need reassurances that they are making the right decision. The bad press our industry has received lately is unsettling to many people and I think they are waiting to feel more at ease. This is causing some people to miss some incredible values—even in our relatively stable luxury market. Compared to other cities, the strength and vitality of the Phoenix area provides a great benefit to homeowners and helps maintain our housing market. When you consider our growing economy and overall high quality of life, it really is a fantastic opportunity for primary—or even vacation—homebuyers.

In addition to our business-friendly environment, many of my clients are avid golfers and know that we have the best courses here—especially because you almost never play through the rain! We have some of the world’s finest resorts and spas located right in town and the sunsets here are like no place else, night after night. People are friendly and casual and I?would encourage anyone to stop by and visit—you’ll never want to leave.

—Walt Danley, Coldwell Banker Residential Brokerage

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St. Croix, the largest of the U.S. Virgin Islands, is much richer in landscape, culture, and character than its sister islands of St. Thomas and St. John. The beautiful scenery — lush rainforests and broad coastal plains— and numerous outdoor recreational opportunities set against the turquoise Caribbean sea is testimony to the fact that St. Croix deserves its reputation as a perfect family-friendly vacation spot for second-home buyers and visitors.

The current real estate market is stable. There has been a small correction, and sellers are negotiating in a slightly higher range off the asking price. Interest in properties continues to be high from business people who see St. Croix real estate as a good investment and visitors who have fallen in love with the island.

Potential buyers need to be aware that there has not been runaway construction on St. Croix so they will need to relax their expectations regarding the age of the properties they’re offered and be prepared to make improvements when they make a purchase. Secondly, unless property is purchased for cash or with off-island property equity, the buyer seeking a first-priority mortgage on island property will need to work with a licensed local lender.

The price range of St. Croix luxury condominiums is $650,000 to $1.65 million. Homes with a water view range from over $500,000 on up.

— Amy Land-de Wilde

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With the slump in real estate sales, it seems that agents are using any technique possible to reel in a crop of fresh buyers. A recent law passed by The Golden State legalizing same-sex marriage just may be the driving force that the housing market needs, some reps believe. One company taking advantage of the California decree is Wellsford Realty of San Diego. Their "Pride Promotion" publicity is centered on assisting newly wedded same-sex couples by offering commission rebates to compensate nuptial-related expenses. To be eligible for the offer, couples must buy a single-family residence using a Wellsford Realty agent’s services. In turn, the domestic duo can receive up to 1/3 of their agent’s cut amount through a cash reimbursement. Find out the response the promotion has been getting and read about how the issue is infiltrating other realty regions here.

—Jenny Smith, for Unique Homes

Who says that being an expert in a particular field is the best lead toward success? Sometimes those with the most rudimentary skills cultivate the most innovative ideas. Such is the case for architect David Fisher. Although it has been years since designing or building even the simplest of structures, he has recently dreamed up a revolutionary project—a 420-meter shape-shifting skyscraper in Dubai referred to as the "world’s first building in motion." But here’s the catch: Fisher has never attempted to take on a sky-high construction in his life. Developers have caught interest in his brainchild, and there are already talks of building more in cities such as Moscow and New York. Rooms are set to range from about $4 million to $40 million, and the Arabian-grandeur is projected to be set-in-motion by 2010. Read all the details here.

—Jenny Smith, for Unique Homes