When a development team closed on a pair of outdated homes in hot Phoenix luxury markets, they saw the potential.
One of the Paradise Valley homes, built in 1999 with tile flooring, carpet and darker wood cabinetry, is getting a modern refresh with a focus on lighter finishes, natural lighting, and a double-island kitchen. Another in a Phoenix gated community is seeing high-end upgrades from an observation deck to recessed lights that make a walkway feel like a runway strip.
Phoenix businesspeople Andrew Turley and Mark Cox are nearing the finish line for the two renovation projects that aim to stand out from other luxury homes in Arizona by best-in-class features — such as elevated flooring patterns and top-of-the-line cabinetry — and project teams Diamond West Construction and Dream Home Design LLC.
"We have high-end finishes with the fixtures all the way down to the slabs," Cox told Homes.com. "We wanted something really beautiful with the landscaping, because at this point, you have to have a luxury backyard to even be in Paradise Valley and sell."
Cox's entity, Renew Properties LLC, purchased two properties in April 2024, paying $3.2 million for 9790 N. 56th Street in Paradise Valley and $1.9 million for 5761 N. Echo Canyon Circle in Phoenix's Camelback East Village.
The developers have tapped luxury brokers to secure high-end buyers for the reimagined homes.
"We always try to price our houses right at market because we like to get in and get out," Turley said in an interview with Homes.com.
Team aims for speedy sales
The entry point for even a vacant lot is rising in top markets like Paradise Valley. Turley previously told Homes.com that lots in these areas have traded north of $3 million. A quick look at new construction on the market in Paradise Valley shows these homes start at $5.7 million.
The two projects are the first collaborations for Turley and Cox. Cox said Turley, who is also the owner of appraisal firm Phoenix Valuations, can pinpoint the value that specific upgrades and additions will add to the property. Turley said Cox oversees controlling timelines, construction costs and quality.
"You surround yourself with people who are doing the big numbers, the people who are doing it right, [the end result is getting] what that buyer is looking for," Cox told Homes.com.
The development team will list 9790 N. 56th Street with Compass' Robert Joffe at an asking price of nearly $10.3 million. The property is not currently listed on the MLS as of Oct. 23.
Features of the four-bedroom, four-and-a-half-bathroom home include a resort-style backyard, a whole-home automation and lighting system, an elevated wet bar and more.
He said the team expanded the footprint at 9790 N. 56th Street by roughly 25% to 8,000 square feet. The potential to expand the home, along with the privacy and sweeping views it affords, prompted Turley to undertake this project.
Whoever buys the home will also get golf course views of the 12th Hole at the Ambiente Course at Camelback Golf Club.
The project mirrors Turley's recent venture of reimagining the former Paradise Valley home of NBA player Deandre Ayton that recently hit the market for $8.2 million.
Smaller footprint, standout features
Claire Ackerman, also of Compass, is listing the other new-look home — a four-bedroom, four-and-a-half bathroom at 5761 N. Echo Canyon Circle — for nearly $6.2 million.
Features include an observation deck that overlooks Camelback Mountain, a liquor refrigeration cabinet and in-ground recessed lighting that illuminates the walkway from the outside of the house.
"It almost looks like a runway for an airstrip," Turley said of the lighting, adding that the upgrades feel more notable in a smaller floorplate of 4,150 square feet.
Turley told Homes.com that he has studied the area around Echo Canyon for a few years and believed there was development potential due to its location and privacy.
"We think we could set a record in there," Turley said.
Moving forward, Turley said he's happy with his current ventures and capital but added that he's always looking for new opportunities.
"Some of the best deals [presented themselves] when I was not looking or ready for it," he said. "We're just living in a very special time, business-wise and economic opportunity ... in this era of the Phoenix metro."