In August 2024, the most expensive home in Arizona sold for $32.39 million. The magnificent mansion at 5724 E Mockingbird Lane is located in the prestigious Mummy Mountain Estates in Paradise Valley. This estate sets a new Arizona record in many other categories. It’s the most expensive residential spec home and pre-sale ever sold in Arizona. Its price of $2,087.45 per square foot is also a new record.
What Makes This Home So Special?
According to appraiser J. Andrew Turley, this house had everything going for it: a great location, low density, high quality of construction, engineering and design, superior privacy, and fabulous amenities. This home’s location is also superb. First, it has incredible views of Mummy Mountain. Second, it's in one of the most expensive subdivisions in Paradise Valley.
Third, a nearly five-acre, buildable lot is incredibly rare for the area. The 15,516 square foot home has eight bedrooms, two bonus rooms, and 12 bathrooms. There is also a 1,573 square foot casita. The new owner had many amenities added to the home before closing. They include two show garages, for a total of 11 parking spaces. There’s also a regulation-size football field. There’s also a spa sanctuary with water features right outside the primary bedroom suite. He also requested, and got, a 24/7 guard house to ensure security for the property. The estate also features a built-in barbeque with a covered patio, hand and racquetball courts, and a tennis court. Indoors, there’s a game room, an exercise/sauna room, and three fireplaces.
The Top Three Record Sales Were All Set in August - Here's Why
The Mockingbird Lane sale broke the previous record of nearly $20 million. Both records were set the same day, August 28, 2024. The two transactions were related. The buyer of Mockingbird Lane sold his house at 5901 E. Edward Lane to his new home’s builder. The builder will renovate the 14,624 square foot estate, which was built in 2007.
Both sales broke the prior record of $18.75 million set just nine days earlier. Who says August is a slow month for real estate in the Valley? All three homes were in different areas of Paradise Valley. (Sources: Arizona Regional Multiple Listing Service, Phoenix Business Journal, “Sale of Newly Built Paradise Valley Mansion Sets New Arizona Record,” August 30, 2024.)
How It Affects Your Home Value
This sets a new bar for luxury homes in Arizona. That obviously improves the value of homes in Paradise Valley. It especially adds to the town’s attractiveness to out-of-state buyers who may also be considering high-end homes in L.A., Palm Springs, and Florida. Over the long run, that will add to the appeal of the entire Valley.
