27-acre residential parcel in Paradise Valley priced at $55 million
Sep 19, 2022, 11:00 AM
PHOENIX – The largest undeveloped residential parcel left in the high-end enclave of Paradise Valley was listed last week with an asking price of $55 million.
The 27-acre plot, which is located on the west side of 54th Street between Desert Jewel Drive and Desert Park Lane, looks like a P with the top of the letter to the north.
It’s flat piece of land with mountain views in three directions, Mummy Mountain to the east, Camelback Mountain to the south and Phoenix Mountains Preserve to the west.
A family has owned the site for years, leaving it in its natural state, according to the listing on Realtor.com.
The property was listed for the same price last year but taken off the market after five months. The Wall Street Journal reported at the time that the seller and her late husband purchased it in 1996 to preserve their mountain views.
Because of how the land is zoned, a buyer could develop it into an extravagant family compound or divide it into as many as 21 homesites of an acre or larger.
The property is located in the 85253 ZIP code, Arizona’s priciest area. In May, Realtor.com ranked 85253 at No. 4 on its list of most-expensive postal zones in the country for 2022. Real estate website PropertyShark ranked it at No. 50 for 2021.
The ZIP code’s current median home listing price is $3.5 million, and the median sale price is $2.6 million, according to Realtor.com.
In March of this year, a vacant 5-acre residential parcel in Paradise Valley sold for $9.4 million. In June, a 1-acre lot sold for $3.5 million.