Metro Phoenix's high-end housing market received a boost earlier this week when a 35,000-square-foot mansion in Paradise Valley sold for $10.5 million in cash. It's the region's highest price home resale since the boom, though there have been some pricier homes built.
The house, situated on 5 acres, was once owned by Phillips Smith, former chairman of Taser International. He gave the home back to lender M&I Bank in 2011.
The buyer, M56 Place LLC, has carefully covered the names of its principals, the people who will own the home.
"The house is in great shape and was a great deal for the buyer," said Joan Levinson of Realty One Group. She negotiated the sale for the lender and buyer and declined to disclose names of the people behind M56 Place.
The house was originally listed for $20 million, and then lowered to $15.9 million. The mansion comes with a 21-car garage, two swimming pools, a guesthouse, seven bedrooms, 10 bathrooms, $1.2 million in security and sound equipment, a 13-seat movie theater and two large libraries
Smith lived in the home and maintained it until the sale.
Price per square foot
For anyone still in doubt about home prices increasing in the metro Phoenix area: on March 28, the price-per-square-foot of a home sale in the region had climbed 8.68 percent from the end of February, according to the Cromford Report.
Mike Orr, publisher of the online real-estate report, said that beats the highest monthly price jump during the region's housing boom: 7.47 percent during January 2005.
The biggest 30-day price change during the past decade happened during September 2007, but that was a drop of 9 percent.
Valley Home Values
The Republic's annual analysis of metro Phoenix home prices and sales will be in Sunday's paper and online at homevalues.azcentral.com.
Some homeowners may look at the data and think prices look low for their neighborhood.
The report is based on annual data from 2011, and many areas didn't start to see increases in home values until late last year.
by Catherine Reagor - Mar. 30, 2012 04:50 PM The Arizona Republic | azcentral.com
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