The team behind the luxury Silver Sky development in Paradise Valley is seeing land prices and interest intensify as the development nears the finish line.
The 18-acre, 12-home community at the base of Mummy Mountain in Paradise Valley, Arizona, is now moving into the second phase, after half of the lots sold, Serhant's Sabrina James told Homes.com. James is the listing agent for the community on behalf of Silver Sky Development.
These 12 homes will each have a distinct look and style, but top-tier amenities, including wellness facilities, generational living wings, and high-end technology, are common threads that unite the style in Silver Sky.
James said the phases were broken up into cul-de-sacs, north and south, each with six homesites. She said all homes on the north cul-de-sac are underway, as well as two spec homes on the south end that are likely to be completed in early 2026.
One of those spec houses is an 8,565-square-foot estate called Aster that will include five bedrooms, eight bathrooms, a six-car garage, detached casita and pickleball court. The home will likely be listed between $14.5 million $15 million.
The other is a six-bedroom, 10-bath home called Nova spanning nearly 12,000 square feet. That home will also have a detached casita and pickleball court. James said there are buyers interested, and it will likely list for $19.5 million to $20 million when the buildout is completed in 2026.
Paradise Valley is seeing strong demand for land
James spoke with Homes.com in July about a single lot within Silver Sky trading for $5 million. On that lot, the buyers envision a 9,000-square-foot house with a "crazy garage" that will accommodate car collectors.
The interest in Silver Sky land hasn't slowed since the summer.
James told Homes.com that she had a deal in place for two lots that were listed at $5 million and $5.2 million after garnering "multiple" offers. Those have since fallen through, and Silver Sky recalibrated the price for the land, upping the ask to $5.2 million and $5.5 million.
"As the weather's cooling off, it's interesting as I've talked to other Realtors, the phone has just really started ringing," she said in an interview with Homes.com.
Developers get creative when looking for Paradise Valley opportunities
Paradise Valley, a town nestled between Phoenix and Scottsdale, with just 15.4 square miles of land, boasts Arizona's highest concentration of luxury housing inventory.
The average home value in Paradise Valley is $4.4 million, well above the Phoenix metropolitan area's mark of $571,306 as of October, according to Homes.com data.
As vacant land prices continue to climb, developers across Paradise Valley are looking for value-add opportunities with existing homes. Strategies include expanding an existing home's footprint and razing an older home to build something new.
Silver Sky Development purchased the 18 acres in 2021 before kicking off the process to get the 12 lots platted and approved. Once that milestone was reached in 2023, James said infrastructure work began to deliver power, sewer, fiber optic, water and streets to Silver Sky.
The first home broke ground in November 2024.
The Silver Sky community is minutes from Camelback Golf Club and McCormick Ranch Golf Club.