March was another hot month for luxury home sales in the Phoenix area with all of the top-selling residences coming in at over $5 million.
Luxury homes are selling rapidly despite an extremely low inventory of existing residences, said Mike Sweeney, of Silverleaf Realty, who represents both homebuyers and sellers.
This has created “pent up buyer pools” that real estate agents are trying to serve, he said.
“It is not easy,” Sweeney said, because despite the low inventory, luxury-home buyers aren’t willing to settle for something they don’t want.
“We are really in a mode where we are certainly listing new homes but we’re also contacting people and doing a lot of off-market deals – people who aren’t currently listed,” he added.
The top-selling Valley residence in March was a modern mansion in the Upper Canyon of the prestigious Silverleaf neighborhood of north Scottsdale. It sold on March 17 for $15.5 million.
According to Phoenix Business Journal reporting and Maricopa County records, the residence at 20724 N. 112th St. in Scottsdale is the second-biggest home sale of 2021.
The 12,132 square-foot residence was constructed in 2020 by American First Builders. Dale Gardon Design was the architect, and Ownby Designs and Vivax Interiors did the interior design.
See inside the luxury Silverleaf residence by clicking through the gallery below:
The mansion has five bedrooms, five and a half baths and views from every room. Other standouts include a walk-in glass wine cellar, an expansive media/game space, a separate home theater and an inside half basketball court. Large covered patios flow to outdoor spaces and an infinity-edge pool.
Siena Dorsey and Roxanne Johnson of The Agency represented the seller. Dana Bloom of RE/MAX Excalibur represented the buyer.
Maricopa County records show the seller is John J. Dorsey Revocable Trust and the buyer is Silver Rocks LLC.
The second highest-priced residence that sold in March was a 11,6812-square-foot mansion at 10340 E. Mountain Spring Road in Scottsdale. It sold for $9.5 million.
Take a sneak peek inside the Scottsdale residence by clicking through the gallery below:
The Spanish Colonial style home is on the Silverleaf golf course and boasts seven bedrooms, 10 bathrooms and a large resort-style backyard with pool, spa and water feature, outdoor kitchen with pizza oven, gazebo sitting area with fireplace and numerous patio areas.
Maricopa County records show the seller was Centauri Six LLC and the buyer was Cascabelles Dos LLC. The sale closed on March 22.
Sweeney represented the seller, and Michael Lehman of Silverleaf Realty represented the buyer.
Sweeney said he is seeing an increase in buyers looking to relocate to the Valley from the Bay Area of California, Seattle, various cities in Oregon and in the typical feeder markets such as Denver, Chicago, Minneapolis and southern California.
The majority of these buyers own their own business or have recently sold a business and are semi-retired, he said. Also, since the pandemic, more executives living in California and elsewhere decided they could work from home long term and looked to the Valley as a more affordable option to reside.