Source: Phoenix Business Journal | Angela Gonzales
The largest parcel of vacant land in Paradise Valley has been listed for sale at $55 million. The price has jumped more than 800% since it was last sold in 1997 for $6 million in cash.
The 27-acre parcel sits north of the Paradise Valley Country Club with views of the nearby Mummy Mountain.
Joan Levinson, Realtor with Realty One Group who listed the property, said developers have been eying that parcel over the past 50 years, but the owners had no intention of selling it for development.
The parcel is across the street from the home of John Teets, former CEO of Dial Corp. and Greyhound Corp., who died in August 2011 at the age of 77.
"He didn't want anybody to live across the street from him," said Levinson, who arranged the sale of the parcel to Teets in 1997. "He didn't want to block his view. He didn't have any intentions to build on it at that time, either. That's why it stayed undeveloped. The two owners of the property in the last 50 years did not want to develop it."
She remembers when that $6 million cash deal closed. The Teets were at the White House for an event when she called the family to notify them of the closing.
"They were very excited and they toasted with champagne glasses right after I told them," Levinson said. "Later, John invited the relatives of the woman who had owned the property out to lunch with me at the Dial Corp. when they came to town."
The 27-acre parcel is zoned R-43, which means it could have as many as 21 1-acre lots, or 13 2-acre lots or six 4-acre lots, she said.
"Or it could be a fabulous estate for somebody from out of state to keep the whole thing," Levinson said. "The Teets family still lives across the street."
Interest from developers, homebuilders, homeowners
The parcel is within walking distance of the Paradise Valley Country Club, nestled between Mummy Mountain and the Phoenix Mountain Preserve. It is north of Lincoln Drive, east of Tatum Boulevard, west of Scottsdale Road and south of Doubletree Ranch Road.
The land also is non-hillside, making it easier to develop, Levinson said.
Levinson said she listed the property a few weeks ago and is getting a variety of interest from developers, homebuilders and potential homeowners.
Rod Cullum, founder of Cullum Homes, a Scottsdale-based custom homebuilder, said he has watched that parcel for many years.
"It will make a great neighborhood of estate lots when developed," he said. "We have a different view on the current market value and cost to develop than the sellers. I do feel that this parcel is a wonderful opportunity."
The Teets family has been the caretaker of this property for a long time, Levinson said.
"We're trying to figure out who would be the best caretaker and do the best job on the property," she said.
Land is scarce in Paradise Valley, especially in the more expensive areas of the town, she said.
Known for its large lot sizes and as a place many celebrities and professional athletes call home, the Paradise Valley ZIP code 85253 is the wealthiest ZIP code in the Valley.
The exclusive area is desirable for one simple reason, said luxury real estate agent Scott Grigg: "Quality of life."
For a deeper dive into what's driving demand for luxury houses to new heights in Paradise Valley, click on this week's cover story.