Buyer Grabs Paradise Valley Lot for Record Price-Per-Acre

A nearly 5-acre lot in Paradise Valley has fetched the highest price-per-acre in the state of Arizona so far this year.

The 4.8-acre parcel at 5660 North Saguaro Road in Paradise Valley sold for $14.3 million in cash, the Phoenix Business Journal reported. The nine-bedroom home on the property will likely be demolished to make way for a new abode, Joan Levinson of Realty One Group, who sold the land, told the Business Journal.

The buyer and seller of the property were not identified, though public records show Momentum II LLC as the seller and Bloomfield Hills, Michigan-based Saguaro Estates LLC as the buyer. The property will be used as a primary residence, according to an affidavit of property value filed with the Maricopa County Recorder’s Office.

At more than $3 million per acre, the transaction represents the highest price paid in Arizona for a single parcel this year, Andrew Turley, president of Phoenix Valuations, which appraises luxury properties in the region, said.

“This is an area that [has] the most established land values where the density exceeds even the standard that Paradise Valley has as 1 acre, where many of these lots in the area are between 2 and as much as 10 acres,” Turley said.

Levinson sold a 4.8-acre vacant lot next door at 5600 North Saguaro Road in 2022 in an $11 million all-cash deal. That parcel sold a year earlier for nearly $7.8 million. While 2026 is only a month over, Levinson has already seen sales activity in the area pick up speed. “It’s been quite busy,” Levinson said. “I didn’t expect it.”— Chris Malone Méndez