Single-family parcel sets Arizona record with $7 million sale price
Frank DiMaggio, Managing Partner at Launch Powered by Compass in Scottsdale, closed the largest single family parcel sale in Paradise Valley, Arizona for $7 million on May 31. At 1.25 acres the property sold for a record of $125 per square foot. The sale of the property breaks the previous Arizona sale of $5.5 million for a single-family parcel.
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The record-breaking parcel provides full tip to tail views of Camelback Mountain with unobstructive landscapes that will never be impeded upon by future home builds. The oversize lot of 1.25 acres provides extra land for building as area building requirements only allow 25 percent of the property to be developed.
As home and land sales in Arizona continue to rise, this $7 million dollar sale sets the top of table for future land buyers. On average, lots in the same area typically sell in the range of $3 million an acre or $66 per square foot.
“The sale sets a record for single family parcel sales for Launch | Compass as well as the state of Arizona,” DiMaggio said. “Having a full view unobstructed view of Camelback Mountain really sets this property apart. The extra .25 acres was also a big selling point as it provides more space for not only building a home but garages, pools, and other outdoor buildings and areas,” he said.
Several building projects are taking place in Paradise Valley with potential buyers coming to the area to seek out dream properties. The closing of the Indian Bend property took place May 31.
Launch Powered by Compass is a premier luxury brokerage firm in Scottsdale, Arizona with over 300 agents. Previously Launch Real Estate, the company was founded by John Vatistas and Sean Zimmerman in 2016 with a focus on a culture of collaboration. After joining Compass in 2023 the company is focusing on keeping traditions while benefiting from Compass’ national network of agents.