After a small dip in the winter months, the luxury real estate market in Arizona’s Valley of the Sun is rising again. According to data provided by Scottsdale-based brokerage RETSY, the number of homes sold in Paradise Valley—Arizona’s wealthiest community—has surpassed that of all of last year, with the average sales price reaching $3.69 million as of April.
Included among this year’s top sales in the Phoenix metropolitan area are a handful of new construction homes. With Arizona having the highest percentage of inbound moves for the last two years, these new development projects have become essential for combating a strained supply. To optimize land usage, many of these new developments are multihome luxury communities.
Here’s an inside look at these latest new construction residential communities arriving in the Valley.
Location: Paradise Valley
In April, a proposed plan for a 17-acre luxury home community by Scottsdale developer Silver Sky was unanimously approved by the Paradise Valley Town Council. Located on the slopes of Mummy Mountain, the property will consist of 12 unique home sites. Eight of the homesites have been allotted for custom builds and the remaining four for showcase homes.
Designs for the high-end, custom homes are already underway, with plans ranging from 7,500 to 15,000 square feet. The architectural team consists of Mark Candelaria of Candelaria Design Associates and Stratton Andrews of Stratton Architects. Foreseeable amenities include tennis courts, oversized multicar garages and state-of-the-art fitness centers complete with spa and cold plunge.
“Silver Sky is in prime Paradise Valley, it’s a-plus dirt,” says Kirk Linehan, who along with other founding members of RETSY, Chris Morrison and Babbi Gabel, have been selected to handle real estate broker services. “It’s one of the last large parcels in this part of town, so the size and scale of the homes reflect that.”
Set at the base of Camelback Mountain and adjacent to the 16th hole of the renowned Phoenician Golf Course, the upcoming Canyon Residences will house a limited collection of five luxury villas ranging from 3,000- to 3,600-square-foot floor plans.
Each residence will feature contemporary desert architecture with an emphasis on a sleek, modern use of natural materials. Similarly, interiors will integrate clean lines and desert motifs. Floor-to-ceiling windows throughout maximize natural light and views and contribute to the home’s open-air feel. Regardless of square footage, each unit encompasses three bedrooms and three-and-a-half baths and a two-car garage.
“There is a fair amount of new construction in Scottsdale, but it all sells out quickly,” says listing agent Shawna Warner of RETSY. “So, high-end offerings like those at Canyon Residences are still something of a rarity.” Nearby, the Phoenician Resort offers many options for fine dining and shopping, spa services and fitness facilities. Pricing starts at $2.8 million.
Crown Canyon Estates
Location: Paradise Valley
Taking its name from the crown-shaped rocky outcrop in a canyon in the Phoenix Mountains Preserve, Crown Canyon Estates is set to be one of Paradise Valley’s most exclusive enclaves. 12 luxury homes will be constructed about the 30-acre secluded canyon landscape. Following Sonoran contemporary style, these premier homes will showcase a distinct Arizona character, one that draws inspiration from the surrounding scenery.
While the majority of the homes will come with ready-made designs, some lots have been reserved for custom designs, including one of the estate’s priciest sites, a 5-acre lot set at the highest point in the canyon.
“There’s still limited inventory in Paradise Valley, so new construction, especially on the high end, has been selling very well,” says Linehan, one of the listing agents for the project. “If you have something special, like the homes that are going to be at Crown Canyon, they’ll sell quickly. We’ve already sold multiple lots.” Construction for two homes is currently underway.