Paradise Valley Sales Report - April 2008
There were 16 properties sold in the town of the Paradise Valley in April, ranging in price from $535,000 to $4,700,000. Average price per square foot - $377.75 and average % of asking price - 90.51%.
Ritz-Carlton Paradise Valley Arizona
The Paradise Valley Town Council unanimously approved its portion of the $1.5 billion proposed Ritz-Carlton resort and residential community Thursday.
Scottsdale-based Five Star Development plans to build the ultra-upscale complex on 123 acres southwest of Indian Bend and Scottsdale roads. The project spills about 16 acres over the town’s border into Scottsdale.
A new boutique urban hotel brand, Edition, is planned for the Scottsdale portion. It will be one of the first sites for the new brand — a collaboration of Marriott International Chairman Bill Marriott and Studio 54 and Morgans Hotel Group co-founder Ian Schrager.
Ritz-Carlton On The Way
The Ritz-Carlton is planning a $400 million resort in PV that would include 321 homes, villas and condos built around a hotel and its 225 casitas. The development would go on 120-acres bounded by Lincoln Drive, Indian Bend Road, Mockingbird Lane and Scottsdale Road. They hope to open the resort by 2009.
PV Homes Too Big
Paradise Valley planners will meet to consider size of new homes…
The Arizona Republic reports that the Paradise Valley Planning Commission will have a work-study session today to discuss limiting the size and impact of the large Paradise Valley luxury homes being built, especially in older neighborhoods.
Razing Old Homes
Many Paradise Valley residents fear the recent trend of razing old homes…
The Arizona Republic reports that some long-time residents of Paradise Valley are not happy with all the teardowns of older homes in favor or huge new houses that block views and take up more of the open desert. About 75 to 100 luxury homes in Paradise Valley are built each year, many of those tear-downs.
Giant PV Homes
Mansions are changing the character of Paradise Valley neighborhoods…
The Arizona Republic reports that Paradise Valley officials are hearing increasingly from residents who are upset with new office-sized houses built on rural lots once filled with low profile ranch-style houses. Residents are upset not only about losing their scenic views, but from losing the character of their mature neighborhoods and the loss of natural desert vegetation which all of us who have lived here for awhile cherish to the fullest.
Marriot Ritz-Carlton
A resort firm recently bought land in Paradise Valley, AZ for $74 million. The Arizona Republic reports that Marriott International has purchased the 120-acre parcel of land at the northwestern corner of Lincoln Drive and Scottsdale Road from the Sinclair Oil Company for $74 million and is now deciding what to do with it.
Original Paradise Valley Estate
The site of the former Herberger family home in Paradise Valley Arizona is slated for a 10-lot single family residential development. This is one of the larger subdivisions left in Paradise Valley and naturally will be in high demand. The development, which is slated to be called Invergorden Manor and is located on 12-acres of prime Paradise Valley real estate near Invergorden and Jackrabbit roads.
Teardowns Wrapped In Red Tape
The Phoenix Business Journal, reports that the teardown market involves a lot of paperwork, from the demolition permit to the building permit, and that there are high fees involved. Some areas have historic districts, which can be a barrier to contractors or buyers seeking property for tear downs.
High Dollar Home Sale In PV
Basketball star Penny Hardaway made this week’s list of the buyers and sellers of the Valley’s priciest homes (for the week): $5,300,000. New York Knicks guard Anfernee Hardaway, also known as Penny Hardaway, has sold his 20,400 square-foot Paradise Valley estate. A group called Mortgages Ltd. bought (stole at that price IMO) the home and its two guesthouses.