A new record has been set for the highest-priced one-acre lot in Arizona.
Sold for a whopping $3.5 million by Russ Lyon Sotheby’s International Realty, the 46,910-square-foot Paradise Valley parcel at 5405 E. McDonald Drive represents the highest-selling price for undeveloped lots ranging up to 60,000 square feet in all of Arizona.
The shovel-ready Candelaria-designed property site boasts brilliant views of Camelback Mountain, Mummy Mountain and the Phoenix Mountains Preserve, making it an incredibly compelling location for a one-of-a-kind estate.
The lot’s location is also ideal for both entertainment and exercise, with Sanctuary Resort, Paradise Valley Country Club and Mountain Shadows Resort all within a short walk, as well as the Echo Canyon and Phoenix Mountains Preserve hiking areas. Both the Sky Harbor and Scottsdale Airports are also a convenient 15–20 minute drive from the lot.
Frank Aazami, who represented the seller in the transaction, says this is further proof the luxury sector is still strong and when properly marketed, new records can be achieved.
“Even though the number of units was in decline, just as all luxury goods around the globe, the values for these premium goods increased,” says Aazami. “So you must be wondering what’s pending or under contact still in this category? The correct answer is—none. The sale at 5405 E. McDonald Drive broke the record high at $3.5 million and it’s all by design, never by luck. In fact, we searched this category’s all-time recorded sale on ARMLS; this was it. We welcome your call to find out how we successfully accomplish these transactions.”
In 2022, 10 lots between 40,000 and 60,000 square feet were sold, with the most expensive being $3.4 million. Twenty-four such lots were sold with a high-water mark of $2.9 million, and 33 such lots sold in 2020, with the priciest closing for $2.525 million.