A five-acre parcel in Paradise Valley has sold for a record $12.5 million in a neighborhood called “Billionaire’s Row.” It’s an Arizona record for the most expensive sale for a single-family residential lot.The lot is located at 5711 N. Yucca Road in between Camelback and Mummy mountains, with views of both.“With an influx of buyers from California, Seattle and Portland, the Arizona real estate market is reaching an entirely new level of affluence,” said Frank DiMaggio of Compass, who worked with the buyer. “It’s becoming more like markets in Beverly Hills, Aspen and Greenwich, Connecticut.”The sale included architectural plans for a 51,585-square-foot house designed by architect Bing Hu.David Larchez and Nate Waite of Silverleaf Realty represented the seller.Delaware LLC Gotham Residential Holdings was the buyer, according to public records. The buyer was “locally based,” DiMaggio said. The seller was Robertson Trust, led by Bradley Robertson.The previous Arizona record for a single-family lot was set two years ago when this site sold for $9.4 million, according to Silverleaf Realty.Paradise Valley is Arizona’s priciest area. The median home price at the end of this year’s third quarter was $2,652,500, down about 12%, according to the Arizona Regional Multiple Listing Service.Paradise Valley zoning laws limit construction to 25% of a lot’s total size, so buyers looking to build large-scale homes must find spacious lots to match, said DiMaggio.Reach the reporter at catherine.reagor@arizonarepublic.com or 602-444-8040. Follow her on X, formerly Twitter: @CatherineReagor. …
See the full Home Prices article, or, read more Arizona real estate investing news. Go ahead. You know you want to.
