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Cash Buyers Rush to Close on Paradise Valley Luxury Homes

By March 31, 2023No Comments

By Angela Gonzales | Phoenix Business Journal

This home at 8311 N. 53rd St. in Paradise Valley recently sold in an all-cash deal for $8.8M. Image: Chase Kunkel
This home at 8311 N. 53rd St. in Paradise Valley recently sold in an all-cash deal for $8.8M.

 

A luxury home in Paradise Valley recently sold for $8.8 million while a 3-acre vacant lot closed at $6 million — both cash deals.

These big cash transactions indicate the luxury market is heating back up again, Valley real estate sector observers say.

The 7,319-square-foot home built in 2020 at 8311 N. 53rd St. was listed for $9.5 million by Jonathan Leaman and Hayley Jamison of Scottsdale-based America One Luxury Real Estate.

But when Joan Levinson of Realty One Group brought a cash buyer from California, the deal closed at $1,156 per square foot — just under $9 million — which is a record price for that area of Paradise Valley, said Leaman, managing partner of America One Luxury Real Estate.

The rush of California buyers to Arizona won’t end anytime soon. A “Mansion Tax” approved by Los Angeles voters last November to raise money for affordable housing is set to go into effect April 1.

“We’re seeing an uptick of California buyers,” Leaman said.

Leaman and Jamison represented Stan Navratil, CEO of Houston-based Regional Traffic Services, in the sale of that home. He originally was thinking about moving back to Texas, but decided to stay in Paradise Valley, Leaman said.

“We’re building a new home for him,” he said.

Also in Paradise Valley, Levinson represented the seller of a 3-acre parcel of vacant land at 3702 E. Camino Sin Nombre.

Dallas Peagler, Realtor for The Brokery, brought the buyer to the table for this $5.85 million cash deal.

The 3-acre parcel consists of a 1.24-acre lot adjacent to a 1.79-acre lot with views of the iconic Praying Monk rock formation, the entire Camelback Mountain and the Phoenix Mountain Preserve.

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