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Residential
Phoenix

Phoenix buyers slap down all cash for high-priced homes

Couple pays $5.2M in cash for 1-acre lot in Arcadia, a local record

Phoenix Buyers Slap Down All Cash for High-Priced Homes
(Getty)

Well-heeled home buyers in Phoenix are plunking down hard cash for pricier properties, including a record price paid for a lot in the Arcadia neighborhood.

The all-cash deals late last month ranged from a 1-acre residential parcel in Arcadia for more than $5 million to a 10,300-square-foot mansion in north Scottsdale for nearly $4 million, AZCentral reported.

Michael and Ana Parker bought the residential lot in Arcadia for $5.2 million cash, a record price for the area, with plans to build a home near Camelback Mountain. Michael Parker is founder and CEO of Next Phase Enterprises, a sales, marketing and logistics firm based in Phoenix.

The seller, Delaware LLC Mason 5, bought it last year for $4.75 million. Broker Robert Joffe of Launch Powered By Compass had the listing.

Dr. Dheera Bobba paid $4.25 million in cash for a 6,500-square-foot house in Paradise Valley. The five-bedroom, six-bathroom home has 20-foot ceilings, walls of glass, a library, a guest house, a pool with a slide and a waterfall, plus a 1,300-square-foot garage. 

Charles and Carolyn Reuben paid $4.175 million in cash for a 5,000-square-foot home on 1.6 acres in Desert Mountain, in north Scottsdale. The house has a wet bar, kitchen nook and a pool.

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Innovative Property Holdings paid $3.85 million cash for a 10,320-square-foot mansion in north Scottsdale. The company is led by Shane Terry and Jennifer Straumins, executives for Maverick Performance Products, an oil and lubricant manufacturer based in Chandler.

Their seven-bedroom, eight-bathroom mansion sits on 5 acres with a private water well. It has beamed ceilings, a game room, a movie theater, a kitchen with a large granite island, an elevator and a casita.

A limited liability company owned by industrial broker Gregory Hoyt slapped down $3.5 million cash for a house in Paradise Valley. The company named for the property was not disclosed. No information on the home was available, according to AZCentral.

Home prices across Phoenix have rallied with renewed demand, with “record highs” forecast for the new year.

The price of a typical Phoenix house rose 0.9 percent in October from a year ago, after inching up 0.6 percent from September following a 0.5 percent uptick from August, according to CoreLogic.

— Dana Bartholomew

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