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Scottsdale Appraiser Reveals Land Value Price Differences within Paradise Valley

By April 21, 2023No Comments

By Angela Gonzales | Phoenix Business Journal

Everybody in real estate knows it’s all about location, location, location.

Even within a ZIP code, land values can vary by millions of dollars.

Andrew Turley, president of Phoenix Valuations, examined valuations in 85253 ZIP code of Paradise Valley, one of Arizona’s premier luxury markets where homes are selling for millions of dollars.

As an appraiser and developer, Turley has always known Paradise Valley is not a singular market, but he wanted to dig deeper to break out land values throughout the area.

“Today, real estate market data is often captured at a high level, which can ignore hyper-local factors that make up regional market values,” Turley said. “That’s why in our analysis of Paradise Valley’s market we started at ground zero by assessing the land value. And in doing so, we determined how many submarkets are present in Paradise Valley — and their values.”

Turley unveiled seven boroughs of Paradise Valley, and created a grid by aligning the colors with those used in the popular “Monopoly” board game, where dark blue offers the highest-priced real estate, such as Park Place and Boardwalk.

That dark blue area is south of Lincoln Drive, west of 66th Street, north of Camelback and east of Tatum Boulevard. According to his research conducted in March, Turley said land in that area is valued between $2.7 million and $3 million an acre.

Phoenix Valuations analyzed the land values in Paradise Valley and determined there are seven submarkets in that premier luxury region.

Frank Aazami, luxury agent for Sotheby’s International Realty, was glad to see he has land listed for sale in the blue section.

“I have two individual 5-acre blue chip parcels available to build a significant residence in Paradise Valley,” Aazami said.

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