(Disclosure: Rose Law Group represents the Teets family.)
By Libertina Brandt | The Wall Street Journal
Even as pandemic-induced demand wanes, the affluent enclave of Paradise Valley, Ariz., has seen a recent spate of high-priced deals.
In April, the Teets family sold the town’s largest parcel of undeveloped residential land—27 acres—for $42 million, according to listing agent Joan Levinson of Realty One Group. Also last month, the town posted two home sales that rank among its most expensive ever, she said: A Spanish Revival-style house sold for $14 million, while an approximately 8,500-square-foot home fetched $13.1 million. Levinson said another home in town, which is still under construction, is slated to close for approximately $16 million later this spring.
The town’s priciest home sale to date was the 2023 sale of a roughly 5-acre property for $23.5 million, according to Levinson, who represented the seller.
During the pandemic, Paradise Valley saw an unprecedented amount of demand. But over the past year and a half, local brokers said that demand has slowed due in part to uncertainty about the economy and sticker shock over high prices, factors that are impacting a number of luxury markets around the country.
