Empty 1-acre lot in Paradise Valley sells for $3.5M, a state record for its size

Jul 21, 2022, 4:00 PM | Updated: Jul 22, 2022, 1:32 pm

(Russ Lyon Sotheby’s International Realty Photo)...

(Russ Lyon Sotheby’s International Realty Photo)

(Russ Lyon Sotheby’s International Realty Photo)

PHOENIX – A Paradise Valley residential lot sold for $3.5 million on Wednesday, the most ever paid for an undeveloped property of its size in Arizona, according to the seller’s agent.

The land at 5405 E. McDonald Drive covers just over an acre at 46,910 square feet. The sale price is the highest on record for an undeveloped lot under 60,000 square feet in the state, Russ Lyon Sotheby’s International Realty said in a press release Thursday.

The site is described as shovel ready and has views of Camelback and Mummy mountains and the Phoenix Mountains Preserve.

Empty land is scarce and expensive in the wealthy enclave of Paradise Valley, which is nestled between Phoenix and Scottsdale. A nearby lot of similar size sold for $3.4 million in January.

Earlier this month, somebody spent $11 million on a 4.8-acre piece of land in the town.

Existing houses on lots about 1 acre in size in the town can sell for $10 million or more. For example, an 8,456-foot residence built in 2018 on a 1.1-acre lot near Indian Bend Road and 60th Street sold earlier this year for $12 million.

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Empty 1-acre lot in Paradise Valley sells for $3.5M, a state record for its size