In a sign of demand for an exclusive new-build community within Paradise Valley, a 1.5-acre lot in Silver Sky sold for $5 million, just two days after hitting the market.
Luxury home builder DNP Builders snapped up Silver Sky's Lot 1 at 6110 E Maverick Road Unit 1, according to Frank Aazami of Russ Lyon Sotheby's International Realty, who represented the buyer.
DNP Builders is planning a spec home that will be sold to a buyer down the line, Aazami said. The vision is for a 9,000-square-foot house with a "crazy garage" that will accommodate car collectors.
More developers are marketing high-end luxury homes toward such buyers; and with Scottsdale home to two annual Barrett-Jackson auto auctions, the buyer of this Paradise Valley estate can make a quick trip to sell off a car and drive one home.
The builder plans to secure permits in the coming months to break ground before the end of the year, according to Aazami. He said it'll take about 18 months to complete the buildout.
"It seems like, in that pocket it's going to be a $20 million [home]," Aazami said. "We're going to be competitive."
Location, views give Silver Sky an edge
The lot is the latest to sell in Silver Sky, a 12-lot community at the base of Mummy Mountain where four estates are under construction.
Sabrina James of Serhant represented Silver Sky Development in the latest sale. James has the listing for another lot within Silver Sky — a 1.3-acre parcel — also for $5 million. The neighborhood "is the only new-build community in Paradise Valley," according to James.
"You've got the Mummy Mountain views, but you've got a flat parcel so you're not building on a hillside," James said of the appeal. "I think the bigger reason, and really what we're seeing a lot, is the location of the community."
The 18-acre Silver Sky development is minutes from Camelback Golf Club and McCormick Ranch Golf Club.
The average home value in Paradise Valley is $927,198, well above the Phoenix metro's mark of $594,059 as of July. Nearly 6% of the housing inventory in the Paradise Valley neighborhood is homes valued above $2.4 million, compared to just over 1% across the Phoenix metro, according to Homes.com data.
Serhant entered the Arizona market earlier this year. Todd Lee, designated broker for Serhant's Arizona office, previously told Homes.com that his firm will target high-end luxury listings that align with the brand's ethos.
"I'm newer to the brokerage, and I am still shocked every day by how much they want to see you succeed," James said. "And I'll say [Founder] Ryan Serhant has gone out of his way and is accessible on a regular basis. The day this lot closed, he personally sent me a message and called me. He is very hands-on and helpful."