Vacant Paradise Valley parcel sold for a record $42M
Deal closes on largest ever land sale in Paradise Valley
The 27-acre parcel in Paradise Valley has garnered attention after its recent sale on April 19, 2024 for an impressive $42 million. This transaction, equating to around $1.56 million per acre, signifies a notable moment for the city, highlighting the increasing demand for luxury real estate and the potential for future development. Recognized as the largest undeveloped land parcel in Paradise Valley, it offers an attractive investment opportunity, especially for buyers interested in the area's upscale appeal.
The extraordinary appreciation of this land is underscored by its past; it last sold in 1997 for just $6 million. This remarkable 600% increase in value over the past two decades illustrates how Paradise Valley has transformed into a coveted destination for affluent buyers. Situated near the Paradise Valley Country Club, the property offers stunning views of Mummy Mountain, the Phoenix Mountains Preserve, and the iconic Camelback Mountain enhancing its desirability and providing a beautiful setting for any future development.
Robin Orscheln & Natalia Ashley of RO Luxury Group represented the buyers in this significant acquisition, playing a crucial role in navigating the luxury real estate landscape. Although the new owners do not plan to begin construction for at least two years, their investment signals a long-term vision for this prestigious site. As Paradise Valley continues to evolve, this acquisition could pave the way for more high-end developments in the area, reinforcing the enduring allure of this exclusive community.
Paradise Valley is a landlocked community, meaning it is surrounded by other municipalities and has limited opportunities for expansion. The recent sale of this 27-acre parcel marks the last of its size available in the area, making it a rare and valuable asset. As the remaining lots in Paradise Valley become increasingly scarce, prices are expected to continue rising, driven by the high demand for luxury real estate in this exclusive enclave. This unique combination of limited land and strong market appeal positions the remaining properties for significant appreciation in the coming years.
