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Paradise Valley Home Once Owned By Suns’ Owner Sells For Record-Breaking $20.9M

Paradise Valley Home Once Owned By Suns’ Owner Sells For Record-Breaking $20.9M

By   – Senior Reporter, Phoenix Business Journal
Luxury homes across the Valley continue to set record-breaking prices as the Phoenix-area housing market continues to soar.

The latest record-breaking deal to close was a 28,043-square-foot home within the exclusive Cameldale Estates of Paradise Valley. That seven-bedroom, 11-bathroom estate sold for a $20.9 million — a record-breaking sale in Paradise history.

Realtors Walt Danley and Catherine Jacobson of Walt Danley Christie’s International Real Estate brokered that deal — less than a year after they brokered the same property that Phoenix Suns owner Robert Sarver sold for $19.25 million, which was a record-breaking sale when that deal closed in November 2019.

While the brokers refused to disclose the address, public records show the property at 5710 N. Yucca Road was sold by 2123 Partnership LLC to Yucca Road LLC on Oct. 28.

But record-breaking deals are starting to feel commonplace in the Valley, where a 15,000-square-foot mansion within the highly exclusive Silverleaf community in north Scottsdale sold for $24.1 million. It was sold by Russ Lyon Sotheby’s International Realty agents Lisa Westcott and Shawna Warner.

Fountain Hills also had its own record-breaking sale outside the gates, with an 8,550-square-foot estate at 15647 N. Cerra Alto Drive selling for $2.65 million. The listing agent, Frank Aazami of Russ Lyon Sotheby’s International Realty, broke the record held in Fountain Hills since 2006, by almost $650,000.

Chris Glynn, a senior economist at Zillow Group Inc. (Nasdaq: Z), said higher-end homes aren’t just rapidly appreciating in value, but they also are selling more quickly than usual after they hit the market.

“Top-tier homes priced above $506,000 typically sold after 33 days in September, a full 10 days faster than a year earlier,” Glynn said. “And 13% of those sales were for more than the initial list price.”

Last September, only 5% sold for above list price, he said.

“Add in home value appreciation above 10% and taken together Phoenix is clearly a very competitive market for buyers seeking high-end homes,” Glynn said.

New research by Zillow Group Inc. shows the housing market isn’t cooling down with the weather this year.

Time on market continues to accelerate and competition is growing for buyers — especially those looking for affordable options.

May is typically when the market is hottest, but homes across the U.S. moved six days faster this September than they did in May 2019. But the difference from the 2019 shopping season is even more striking in Phoenix.

Here are some local highlights from Zillow’s latest national report:

  • 11: The number of days a typical home went under contract in September — 48% faster than this time last year and more than two weeks faster than May 2019
  • 13: The number of days it takes for an entry-level home to sell — only 2.5% faster than this time last year
  • 33: The number of days it takes for the most expensive homes to sell — 23.3% ahead of last year’s pace.

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