One of the most expensive homes on the market in one of Phoenix's more exclusive neighborhoods has come off the board.
A sprawling, 14,369-square-foot home in Silverleaf — a gated community in Scottsdale's DC Ranch neighborhood — sold for $25 million, a record price for Scottsdale, according to Homes.com.
The six-bedroom, eight-bathroom home at 20958 N 112th St., described as a Modern Mediterranean estate, was initially priced at $29.5 million and went on the market in late 2024.
The home was built in 2023 on a speculative basis on a 1.9-acre lot by Scottsdale-based Paragon Custom Homes. Erik Peterson of PHX Architecture and Laura Keho headed the design, according to Homes.com.
Laura Lester, a sales associate with Silverleaf Realty, represented the seller. The lot was owned by Jec Real Estate LLC Series B, according to the Maricopa County Assessor's Office. Compass Arizona Luxury Real Estate Agents Nickie and Don Knight represented the undisclosed out-of-state buyers.
While a record price for Scottsdale, this sale is the second highest of the year in the Phoenix metropolitan area, trailing the $30 million sale of a 15-bedroom, 16-bath home in Paradise Valley in May.
Luxury market pickup
Features of the Scottsdale home include a resort-style pool and spa, an entertainment hub with a 19-seat movie theater, a wine cellar that can hold up to 1,500 bottles and panoramic mountain and skyline views. The property is about 10 minutes from Silverleaf Country Club, a par-72 golf course.
"When you compare a community like Silverleaf to a high-end community in Beverly Hills or New York City, we offer a comparable lifestyle and even a better value for the dollar here in the Valley of the Sun, and that demand is not going to go away," Compass' Nickie Knight said in a statement.
DC Ranch comprises 26 subdivisions across four residential villages, most of which are gated, according to Homes.com.
Homes in DC Ranch have sold from $380,000 on the low end, but more than 75% of homes that came off the market have sold for more than $1 million, according to Homes.com sales data.
When it comes to selling a home in a high-end neighborhood like DC Ranch, Lester finds that hosting the community rather than a standard open house is a more effective strategy. Neighbors can give referrals and bring more serious buyers to the table.
Lester, who has several additional listings priced above $5 million in the area, expects the luxury market to be more active than usual this summer, with activity "picking up quite a bit" in recent weeks after a quiet April and May.
"I talked to inspectors and title people, and they have all said that they're busy. Stagers are very busy de-staging houses that have sold recently. So, it feels like we're going to have a great summer," Lester said.
This story was updated on June 25 with a statement from the buyer's agent.