Luxury developer sells Paradise Valley estate for $19M and the drywall isn’t even in yet

Closing on Aug. 3, the house is about 60% completed, said Frank DiMaggio, co-founder of MDF Development who also served as the listing agent.

BY ANGELA GONZALES/PHOENIX BUSINESS JOURNAL

Aug 8, 2026, 6:31 AM

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Scottsdale-based MDF Development has sold a Paradise Valley home it is developing for $19 million — even before the drywall has been installed.

Closing on Aug. 3, the house is about 60% completed, said Frank DiMaggio, co-founder of MDF Development who also served as listing agent under his license with The Agency’s Scottsdale office, where he serves as managing partner.

Bringing the buyer to the table was Chris Karas, founder and president of The Karas Group at Compass Arizona who recently has sold several luxury properties.

While he declined to identify his client, Karas said the buyers are from California.

Facing limited inventory of luxury homes on big lots in ideal locations, his clients jumped on the opportunity to buy the estate while it was under construction, Karas said.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.