At $32.29 million, the recent sale of 5724 E. Mockingbird Lane set a new benchmark for luxury real estate in Arizona. Co-developed by Joshua Peters, founder of Stately Development, the newly built estate sits on five acres and boasts eight bedrooms, 12 bathrooms, detached guest and guard house, a wellness center, two show garages, a tennis court, and a regulation size football field.
The property, located within the Mummy Mountain Estates subdivision, sold for over its asking price of $29.89 million – a prime example of Paradise Valley real estate having appreciated 34% in the last three years. Records broken include most expensive home ever sold in Arizona, most expensive residential spec home sold in Arizona, and most expensive dollar per square-foot sold in residential new construction.
One has to wonder where the market goes from here.
