Sells for over $12,000,000 cash to out-of-state buyer

Arizona Foothills Magazine | March 4, 2026

A custom home built into the side of the Phoenix Mountains Preserve has sold for $12.25 million cash — representing the 10th Paradise Valley estate to close over $10 million within the first two months of 2026.

Built in 2019 as a custom home on two acres at 7050 N. 39th Place, the property also represents the highest price per square foot for homes of this age built in Paradise Valley — at $1,938 per square foot.

“To have a resale at this price per square foot is a huge record for Paradise Valley and something to show where we are going as a Valley and property values,” said Chris Karas, co-founder of Compass Arizona and listing agent for the property. The deal closed on Feb. 27.

Homes sold for this price per square foot usually are newly built or a year old at the most, he said.

Karas had the home listed for three months before an out-of-state cash buyer scooped it up.

Through the Arizona Regional Multiple Listing Service, Karas tracked 10 homes that sold for more than $10 million in January and February. Another home sold for $9.5 million, almost hitting the $10 million mark, he said.

That rapid pace compares with a total of 19 Paradise Valley homes that sold for over $10 million in all of 2025, he said.

Wealthy buyers still see Arizona as affordable

Out-of-state buyers are attracted to the metro’s fine dining, luxury shopping and entertainment while also enjoying more affordable luxury homes than where they came from, he said.

“Our affordability to live in a luxury home still outweighs the top five cities in the U.S., which is really important,” Karas said. “What you can get in quality of life in Arizona, and especially in Paradise Valley, is extremely attractive to a lot of these wealthy buyers.”

While Arizona’s tax structure is not the lowest in the country, it’s still a very appealing tax structure for state tax, he said.

“A lot of them had left their high-tax states and skipped Arizona, and they’re now coming back to Arizona and settling down here,” Karas said.

On Feb. 27, Karas also closed on two other homes: a $4.97 million estate at 4129 E. Sandy Mountain Rd. and a $6.7 million residence at 6200 E. Naumann Drive two days before that. Both of those homes also are in Paradise Valley.

“Spring momentum has been incredible,” Karas said. “We typically see an influx of buyers to our market right after the Super Bowl in mid-February, but this year we’ve seen an earlier demand of buyers throughout January and early February, positioning our market for great success in the spring season and throughout the rest of the year.”

Article By:

Angela Gonzales, Senior Reporter, Phoenix Business Journal