Lake Havasu City Home Sale Sets Price Record

The sale of a newly built lakeside estate in Lake Havasu City reset the ceiling for the local luxury housing market.

The estate at 2437 Wren Cove Way in the gated Riviera Lake Havasu community sold for $4.5 million, eclipsing the city’s previous residential record of $4 million, the Phoenix Business Journal reported. The 6,000-square-foot estate was built in 2024 in the master-planned enclave by Los Angeles-based Gaskin Design and Development.

The price amounts to $750 per square foot.

Listing agent Scott Grigg, owner of Grigg’s Group Powered by the Altman Brothers, listed the estate in December 2024 for $6.7 million. Matthew Altman of Altman Brothers was a co-listing agent on the property. Gaskin Design and Development has 10 lots in the Riviera Lake Havasu community, but this home was his first build in the area.

Lake Havasu is a 30-mile long reservoir on the Colorado River, along the Arizona/California border. It’s about a three-hour drive west from Phoenix and about two-and-a-half hours south of Las Vegas. It’s known as a spring break destination and for its boat-party culture.

The price reduction to $4.5 million came as metro Phoenix ranked first nationwide in home price cuts in April, according to Realtor.com. The median home price in Lake Havasu City is about $500,000.

The Wren Cove Way home has four bedrooms and four and a half bathrooms with 14-foot vaulted ceilings, Italian porcelain flooring and a 500-bottle wine room.

Arizona ranks eighth in the country in home sales per capita, according to BestBrokers data cited by the Business Journal. The Lake Havasu City record sale comes on the heels of another record-setting transaction in Greater Phoenix with the $40 million trade of an estate in Paradise Valley earlier this month.

— Chris Malone Méndez