Location, location, location: Vacant Paradise Valley home lot sells for $9.4M
Mar 28, 2022, 11:59 AM | Updated: 12:18 pm
PHOENIX – A vacant piece of Paradise Valley land sold last week for $9.4 million, a record for a single-family residential lot in the state’s wealthiest community.
The deal on 5711 N. Yucca Road Unit 10, a 4.96-acre plot, closed on Friday, more than a year after the property was put on the market.
The location between Phoenix and central Scottsdale and provides views of Camelback Mountain to the south and Mummy Mountain to the north.
Russ Lyon Sotheby’s International Realty agent Frank Aazami, who represented the seller, said the unnamed buyer plans to spend $30 million to develop the property.
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“This lot is one of the last, larger undeveloped pieces of land in the Town of Paradise Valley and we knew it was going to command a record-breaking price,” Aazami said.
“This is one of those rare opportunities and we are more than pleased to have found the buyer who will now take the property to a whole new level.”
The stretch of Yucca Road south of McDonald Drive is already lined with extravagant homes, including two currently on the market.
A 16,844-square-foot estate on 4.44 acres at 5953 N. Yucca Road is asking $33.69 million, the highest price tag of all current listings in the state and a potential state home sale record.
Down the street, a 21,379-square-foot estate on 4.62 acres at 5800 N. Yucca Road is listed at $18 million.
