David Larchez of Silverhawk Realty recently represented the buyer on the sale of the $9.4 million parcel on North Yucca Road, which closed on March 25. Frank Aazami and Zoja Pedenko of Russ Lyon Sotheby’s International Realty represented the seller.
Declining to name the buyer, Larchez said the new owner plans to spend a significant amount to build his own home. “There’s also chance the buyer could put the land with fully approved architectural plans , landscaping plans, and 3D renderings on the MLS and sell the project as a to be built. If that’s the case, we would be looking at the most expensive residential home in history.” Larchez speculated that the price tag could push upwards of $50 million.
This lot is one of the last, larger undeveloped pieces of land within Paradise Valley, Aazami said. “This is a single-family unsplittable lot,” he said. These lot sales are going for premium dollars because inventory is so low, Aazami said.
“When inventory is so low and you have an inbound of people coming in, this is what happens. ” If you want to be here, then the choices are very limited.”
