Paradise Valley’s ultra-luxury market heats up with new $11.5M estate

Construction is nearly finished on a luxury estate in Paradise Valley coming on the market within the next couple of weeks — to be listed at $11.5 million.

The front yard landscaping is all that’s waiting to be completed on a 7,781-square foot estate that Vasbinder Development and The Irvine Asset Group are building on a 1.13-acre lot at 5120 N. Casa Blanca Drive, said Andrew Beardsley, partner with Silverleaf Realty and listing agent for the property.

The residence was built by Scottsdale-based Travis Custom Homes. Phoenix-based Berghoff Design Group handled the landscaping.

Several years ago, the developers bought a 2.5-acre parcel and split it into two lots, Beardsley said. The first home they built next door sold for $9 million in December.

“Now this one is just finishing up right now,” Beardsley said.

Berghoff brought in mature olive trees from California and are planting lush desert landscaping so that it seems like a little oasis in the desert, Beardsley said.

“They’re trying to maximize the biggest visual, which is Camelback Mountain,” Beardsley said.

“They took the elevation of the tip of Camelback Mountain, ran a line straight back down to the front of the home site,” he said. “That angle is the angle of the ceiling in the main room. You have this angle where you do not lose any visual of Camelback Mountain from that main room with 14-foot sliding glass doors off this angled ceiling.”

In the morning when the sun rises, a red glow comes up from behind the mountain. When the sun sets in the evening, there’s a different glow from behind, he said.

“It gives you a lot of different types of really special views from the house,” Beardsley said.

The back yard boasts a 3,000-square-foot covered patio, creating an extension of the main living space.

“When you open those 14-foot doors in the living room, dining room and kitchen area, the open onto a terrace with a fire pit, outdoor dining, sitting area, outdoor TV and outdoor barbecue kitchen area,” he said. “It feels like you expanded that room by 3,000 square feet.”

The single-level home has no steps, he said.

Calling it an Arizona modern style, Beardsley said it doesn’t feel like all the trendy contemporary houses being built these days, but has a warmth to it.

“When I drive by this house in 20 years and show my kids, I want it to feel timeless and still relevant,” he said.

With five bedrooms and six bathrooms, the home features three en-suite bedrooms on one side of the home, where each of the rooms have a private bathroom only accessible from within each bedroom.

Another larger en-suite bedroom separated from those three bedrooms is an interior casita or guest house, with its own kitchenette and laundry room.

The property is approved by the Town of Paradise Valley to add a detached casita on another section of the lot, he said.

Paradise Valley now has 17 homes at $10M-plus on the market

This listing comes at a time when 11 homes in Paradise Valley have sold for more than $10 million so far this year, said Keith Mishkin, president and CEO of Cambridge Properties.

Of those, eight are either new or built within the last three years, he said.

“The average price in the ultra-luxury market in Paradise Valley is $15.95 million, with an average size of 10,980 square feet and a price per square foot of $1,503,” Mishkin said.

Paradise Valley has 17 homes priced over $10 million on the market, and three under contract, he said.

“Using this current velocity this year, there is just under a one-year supply of ultra luxury listings in Paradise Valley,” Mishkin said.

Looking at homes priced over $1 million, more than 251 homes have sold in Paradise Valley so far this year.

Out-of-state ultra-luxury buyers still moving to Arizona

Overall closings of homes priced over $1 million averaged $875 per square foot, with average closing price at $4.68 million, Mishkin said.

Paradise Valley currently has 116 luxury homes priced over $1 million on the market or coming soon, representing a 3.5 months supply, as well as 27 homes currently under contract, he said.

Of all homes that sold in Paradise Valley this year, 17 sold above list price and 30 sold for list price, with the typical closing price settling at 96% of the final list price, Mishkin said.

Of all the ultra luxury homes priced over $10 million across metro Phoenix, 20 have closed since beginning of the year, and 11 of them were in Paradise Valley, Mishkin said.

“Metro Phoenix continues to grab more of the luxury buyers relocating as we continue to be one of the top metropolitan areas for net in-migration,” Mishkin said.

While most are still coming from California, Mishkin said he’s seeing more come from Texas, Illinois, New York, Florida and Washington.

“Migration from the luxury markets in Canada have slowed down but are still occurring,” he said.