Millionaire Homebuyers Have Turned Paradise Valley Into ‘a Different World’

Millionaire Homebuyers Have Turned Paradise Valley Into ‘a Different World’

In central Arizona, tucked between Phoenix and Scottsdale in the Sonoran Desert, is Paradise Valley, a roughly 15-square-mile town where palatial houses with varying architectural styles have big views of Camelback Mountain and the Phoenix Mountain Preserve. Millionaires from across the U.S. moved here during the Covid-19 pandemic—and have stayed. “It’s a different world here now,” says Cheryl Anderson, a real-estate agent with Russ Lyon Sotheby’s International Realty. “Real-estate prices have gone crazy.” Today, Paradise Valley’s 85253 ZIP Code has the country’s priciest desert residential real estate as ranked by median listing price, at $5.05 million in January 2024, according to Realtor.com. (News Corp, owner of The Wall Street Journal, also operates Realtor.com.) Residents appreciate the warm weather, low taxes and large lots—typically an acre or more—that offer privacy in nature within proximity to the U.S.’s fifth largest metropolitan area.

Membership to have

There are more than 200 golf courses in the Phoenix and Scottsdale area, and good golfers belong to golf clubs. In Paradise Valley, golf clubs range from those that are private and members only, like the Paradise Valley Country Club, to the semiprivate, such as Camelback Golf Club, which is at the JW Marriott Scottsdale Camelback Inn and can be accessed by members, hotel guests and daily fee golfers.

Events of the year

Winter is the desert’s high-season, with no shortage of well-attended events around the Phoenix and Scottsdale area from January through March, ranging from the Barrett-Jackson collector car auction and automotive lifestyle event in Scottsdale to Major League Baseball’s Cactus League spring training across greater Phoenix to the Scottsdale Arabian Horse Show to the WM Phoenix Open professional PGA TOUR event.

Advice for the buyer

“The average price per square foot is $900, but $2,000 per square foot isn’t uncommon,” Anderson says. “Nicer properties are $1,200 per square foot and up.” She says new construction prices drive the market, but property values also depend on the view. “Looking at Camelback Mountain is primo,” she says, noting that the so-called “camel view” plus city light views are very rare. “There are only a few places in town where you get that,” she says.

On the Market

This Italian-style villa took 10 years to build. All of the materials were imported from Italy, including the woodwork and 900 granite slabs. The property has two private courtyards, a hand-tiled saltwater swimming pool, 13 fireplaces and a large garage with room for car lifts. There are also 300 rose bushes and views of Mummy Mountain. Agent: Frank Aazami and Cheryl Anderson, Russ Lyon Sotheby’s International Realty.

Construction on this modern steel, glass and limestone house finished in 2022. Inside, the creamy stone walls, white painted walls and planked oak ceilings provide a contrast to the raw desert landscape. The upper level, which can be accessed by a steel and glass staircase, is clad almost entirely in glass and offers 360 degree views of the greater Phoenix area. There is a home theater, gym and elevator. A four car garage has a bonus hobby space. Agent: Shawna Glazier, Bespoke Real Estate, LLC.

This Spanish revival house has views of Mummy Mountain. The house was built in 2008 but was completely renovated in 2022. It has an updated main kitchen, a prep kitchen, a gym with a full bathroom and new steel windows. The property has a separate two-room guest casita. Outside there is a new swimming pool and spa, in addition to landscaped gardens and a strolling path. There is a main gated entrance as well as a private gated owner entry. Agent: Andrew Beardsley and Caroline Van Arsdale, Silverleaf Realty.

Write to Jessica Flint at [email protected]