Peter Corbett
The Arizona Republic

Driving past new-home signs on North Scottsdale Road, it is easy to do a double-take for the Saguaro Estates subdivision posting that reads: “From the low $1,000,000s.”

The word “low” next to all those zeros and a dollar sign does not seem to add up.

But make no mistake, the Toll Brothers community southwest of Dynamite Boulevard and Scottsdale Road is advertising its seven-figure homes without apology.

The builder’s Web site lists the homes for $1.2 million to $1.5 million for 4,400 to 6,400 square feet.

It is yet another sign of the times in the northeast Valley where the new-home market is out of reach of all but the wealthiest buyers.

The buy-in for new north Scottsdale homes is nearly $750,000 and a new custom house in the Silverleaf neighborhood of DC Ranch is in escrow for almost $10 million.

The Arizona Real Estate Center at Arizona State University in its recently released affordability study identified north Scottsdale as metro Phoenix’s least affordable area.

Jay Butler, the center’s director, said appreciation has pushed prices to more than $1 million for mass-produced homes in Scottsdale.

The key for some buyers is having the right address, he said.

“Let’s face it, when you pay that kind of money, part of your price is image or status,” Butler said.