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Scottsdale Mansion Sells for Record-breaking $24.1M Amid ‘Feeding Frenzy’ in Luxury Market

Scottsdale Mansion Sells for Record-breaking $24.1M Amid ‘Feeding Frenzy’ in Luxury Market

A 15,000-square-foot home on 17 acres within the Silverleaf community in north Scottsdale has sold for a record-breaking $24.1 million — an indication the luxury market is also on fire in metro Phoenix amid unprecedented price hikes across the board in 2020.

Usually, luxury homes take longer to sell than traditional single-family homes but with the changing geographic landscape, the Valley is experiencing a lot of interest from California buyers for luxury homes listed in north Scottsdale.

Built in 2005, the Silverleaf that fetched the record price has eight bedrooms and 10 bathrooms.  The home also features an eight-car main house garage, a motor court, 7,500-square-foot guest house and indoor basketball court.

Rod Cullum, founder and CEO of luxury homebuilder Cullum Homes in Scottsdale, said he’s seeing buyers for newly built luxury houses making decisions more quickly than in the past.

“We’re definitely seeing a bit more California-influence in the high end,” he said. “It’s always been a good portion of our market but has jumped recently with more activity than we’ve seen over the past few years. Our luxury market is their ultra-luxury market.”

Luxury homes being built in Paradise Valley between Camelback Road and Mummy Mountain are typically selling for between $4 million and $7 million, he said. In California, buyers would pay between $10 million and $20 million for similar homes with those types of views.

“They’re buying small lots over there in California with very little setback between homes, and here they’re coming and buying acre lots with a lot of elbow room,” Cullum said.  He said he saw a bit of a slowdown during the first part of the coronavirus pandemic in March, April and May, but it started to pick back up in June and July.

By early August, the pace accelerated, Cullum said.

Cullum’s Cholla Heights on the northeast side of Camelback Mountain just sold out, he said, with most of those homes selling for more than $1,000 per square foot on lots ranging from 1.3 acres to 5 acres.

His remaining projects include The Village at Seven Desert Mountain, where he just sold the first of 33 lots for homes starting at 3,000 square feet and $2 million. He’s down to four lots at the Village at Mountain Shadows, which is at 56th Street and Lincoln Drive, and only has one home left at The Village at Silverleaf, where he started with 19 lots.

He has two homesites left at Paradise Reserve, a 46-home guard-gated community tucked in the foothills of the Phoenix Mountain Preserve, while Ironwood Golf Villas is nearly half sold out of its eight lots on the Camelback Country Club Golf Course in Paradise Valley. Home sites range from a quarter to full acre with home prices starting at $2.5 million.


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