Sorry about the wind in the audio!
This Paradise Valley 1.16 acre (although MLS listing says it’s 1.35 acres) flat lot just south of Doubletree Ranch Rd and a bit west of Scottsdale Rd was purchased in 2006 for $1,100,000.
It was listed for sale in 2007 for $1,400,000 and stayed on the market for 1,363 days before selling for $501,000 in June 2011.
Chasing the Paradise Valley market down
This was a classic case of chasing the market down. Prices were still high in Paradise Valley in September 2007 when this lot was first listed and the seller could have likely sold it for more or less what he paid for it the year before, $1,100,000.
The Paradise Valley real estate market, however, tanked in both 2008 and 2009 as you can see from the graph on this page.
Paradise Valley was probably the last sub-market within metro Phoenix to see prices fall. At the time this lot was first listed, Paradise Valley real estate prices were an island surrounded by a sea of falling prices.
The seller, however, listed the lot for $1,400,000 in a Paradise Valley market where prices were still high but the number of sales at those high prices had completely tanked from the peak sales figures of 2004 and 2005.
I did not represent the buyer or seller in this transaction.
Call me for more information on the current Paradise Valley homes market at 480-463-4475.