Brand New Contemporary Home in Paradise Valley, Arizona
This Luxurious "Spec" Home Sold for US $9.75 million
The Residence Has More Than 6,400 Square Feet of Open Concept Floor Space
CASE STUDY | PARADISE VALLEY, ARIZONA
Speculatively Built Home Sets The Bar High
The Who: Josh Peters of RETSY in Phoenix, Arizona
The What: The sale of a brand new contemporary home in Paradise Valley, Arizona, set a price record for Arizona’s most expensive “spec” home — a move-in-ready home built on speculation by a developer. Closing at US $9.75 million, the sale also raised the bar in terms of price per square foot, reaching a new record at US $1,511 per foot. The single-level home sits on a flat, one acre lot accessed via a private and gated road. Positioned to maximize the views, the modern tour de force has more than 6,400 square feet of open concept floor space, high ceilings, floor-to-ceiling windows and retractable glass walls that bring the indoors and outdoors together. Outside, it’s resort-style living with a spectacular swimming pool, spill-over spa, outdoor kitchen and owner’s hideaway
The How: In general, prices for spec homes in the Phoenix area range from around US $4 million to US $6 million. The property hit the market for slightly under US $9.9 million and sold in about two months. Peters credits being able to push the spec-home sector to new heights due to long-term relationships with high-networth individuals. He regularly works with owners of major companies, athletes, celebrities and sports team owners.
He also cites his “methodically-targeted marketing” approach. Investment in proprietary technology and marketing tools such as oversized QR codes on signage have helped RETSY capture a large portion of the Phoenix luxury market.
“The spec market is back on fire. Buyers may pay a bit more but sometimes it’s worth spending the money,” adds Chris Morrison of RETSY. “You might pay a premium versus building yourself. In the end you save yourself headaches and in this market you have the chance for good appreciation.”