Frank DiMaggio sets new record with $12.5M sale of Paradise Valley residential lot
Staff Reports | Real Property & Homes
Luxury Real Estate Agent Frank DiMaggio of Compass has closed on the largest land deal of the Town of Paradise Valley.
The off-market transaction, involving a 5-acre parcel at 5711 N Yucca Road in the Town of Paradise Valley sold for a record $12.5 million.
The property location is found in a place called ‘Billionaire’s Row,’ whereas the property offers sweeping views of Camelback Mountain and sits among the expansive single-family estates.
“With an influx of buyers from California, Seattle and Portland, the Arizona real estate market is reaching an entirely new level of affluence,” Mr. DiMaggio said in a prepared statement.
“It’s becoming more like markets in Beverly Hills, Aspen and Greenwich, Connecticut, with sales numbers looking more like those you once saw only for waterfront properties or high-rise apartments in Manhattan.”
In the Town of Paradise Valley zoning laws are simple only allowing for 1-acre residential homes with a handful of commercial resort properties governed by special use permits.
Representatives at Compass tell the Digital Free Press the property offers more than just a large lot — the land also has a level landscape, with its flat terrain and five continuous acres making it well-suited for construction.
Mr. DiMaggio also holds the record for the highest-ever price-per-square-foot paid for land in Arizona for a separate, 1.2-acre lot he sold for more than $7 million, or $129 per square foot.
Representatives say Mr. DiMaggio has also averaged more than $100 million in sales annually for the past four years.
“Rarely, if ever, do 5-acre lots come on the market in this neighborhood,” Mr. DiMaggio explained. “There are people that want to build 20,000, 30,000 or 40,000 square-foot homes, but the only real limitation is the lot size. There aren’t many lots like this that will ever exist in this area.”
