Paradise Valley Spec Home Fetches $16 Million

Another Paradise Valley speculative mansion has sold for eight figures in the latest sign of strength for the Greater Phoenix luxury market.

Norton Luxury Homes and Stately Development have finalized a $16 million sale in Paradise Valley in the latest example of sustained appetite for luxury speculative builds in the Phoenix area, the Phoenix Business Journal reported. The estate sold at 6724 North 62nd Street to an undisclosed buyer two days after listing for more than $16.1 million.

The developers previously purchased the 1.1-acre vacant parcel for nearly $4.2 million, marking their most expensive single-acre acquisition to date, Joshua Peters, founder of The Stately Group and Stately Development, told the Business Journal. That investment resulted in a final home sale price of almost $1,921 per square foot. Peters noted that the decision to acquire the land was bolstered by the fact that a nearby co-developed property two doors down at 6203 Joshua Tree Lane was already in escrow for $17 million.

The 8,331-square-foot home is situated at the base of Mummy Mountain and boasts a wellness wing with cold plunge, red light therapy, sauna, steam room and hot tub. A glass retractable wall opens out to views of Camelback Mountain and Mummy Mountain, complete with an infinity-edge pool with a swim lane and built-in bar stools with ramada.

Norton and Stately are leveraging the success of their latest sale to move forward with five additional projects in the Paradise Valley area. Three of these upcoming developments are slated for listing prices above $25 million. “We have some very significant estates going together,” Peters said of the current pipeline. He also highlighted a recent $11 million sale in Arcadia, which set a record for the priciest speculative development in the Arcadia submarket.

While Paradise Valley was historically viewed as a lower-cost alternative to Aspen or Malibu, the price gap is beginning to close. Local prices now rival those in Beverly Hills, Peters said. Peters co-developed a 15,516-square-foot, 5-acre Paradise Valley estate that set a record in August 2024 at nearly $32.4 million. It was outdone in February 2025 when a newly built 23,417-square-foot mansion in Paradise Valley set a new Arizona record with $33.5 million.

— Chris Malone Méndez