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.
This is demonstrated perfectly by Aazami’s sale of 5405 E. McDonald Drive 1 in Paradise Valley, which closed July 20 for the record-selling price of $3,500,000. The property encompasses just over an acre at 46,910 square feet and 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. Aazami represented the seller.
For some added context, local transaction data for Paradise Valley between 40,000 and 60,000 square feet was researched and 10 such lots were sold in 2022, with the most expensive price being $3.4 million in January. Twenty-four 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. Aazami, who is no stranger to record sales, 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 contract still in this category?” asked Aazami.
Aazami added this shovel-ready Candelaria Designed property site, and 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- to 20-minute drive from both Sky Harbor and Scottsdale airports, making it a convenient and ideal location.
While economic headwinds may make for a rocky ride in real estate for some, Aazami and Russ Lyon Sotheby’s International Realty show why it still continues to transact at such an incredible pace; there is simply no substitute for the incredible, bespoke properties that buyers and sellers routinely trust it with.
To see video of the property, visit vimeo.com/731837329.
