Staff Reports | Digital Free Press
A 1-acre lot in Paradise Valley sold Wednesday for the record selling price of $3,500,000 — the highest in state history according to Arizona Regional Multiple Listing Service.
The property at 5405 E. McDonald Drive No. 1 encompasses just over an acre at 46,910-square-feet. The selling price represents a record high transaction price for undeveloped lots in the town and all of Arizona ranging up to even 60,000-square-feet, according to a press release from Russ Lyon Sotheby’s International Realty.
“It should be no surprise that economic forces have created some recent obstacles in the housing market but Frank Aazami and Arizona’s Luxury Leader Russ Lyon Sotheby’s International Realty has managed to cut through those obstacles by transacting properties and making robust sales regardless of what is happening in our economy,” the release states.
For some added context, local transaction data for Paradise Valley between 40,000 and 60,000-square-feet was researched and it was found that ten such lots were sold in 2022, with the most expensive price being $3.4 million in January; 24 such lots were sold with a high-water mark of $2.9 million; and 33 such lots sold in 2020, with the priciest closing for $2.525 million, according to the release.
Aazami said this is further proof the luxury sector is still strong and when properly marketed, new records can still be achieved.
“Even though the number of units was in decline, just as all luxury goods around the globe, the values for these premium goods increased. So you must be wondering what’s Pending or Under Contact still in this category?” asked Aazami. “The correct answer is – None Under Contract or Pending to Close. The sale at 5405 E McDonald Drive broke the record high at $3.5 million and it’s all by design, never by luck. In fact, we searched this category’s all time recorded sale on ARMLS; this was it.”
Aazami added this shovel-ready Candelaria designed property site as well as its brilliant views of Camelback, Mummy and the Phoenix Mountain preserve make this an incredibly compelling location for a one-of-a-kind estate. The location is ideal for both entertainment and exercise as Sanctuary Resort, Paradise Valley Country Club, and the Mountain Shadows event center are within a short walk, as are the Echo Canyon and Phoenix Preserve hikes. Also, the property sits within a 15–20-minute drive from both the Sky Harbor and Scottsdale Airports, making it a convenient and ideal location.
To see video of the property, visit https://vimeo.com/731837329.