The article below has nothing to do with urban living or high rises or lofts but it’s certainly relevant to what’s going on in Phoenix real estate with respect to higher end properties. Contrary to what anyone may be telling you, Canadians are in town buying properties. We know this for a fact (and not just from the article). Canadian buyers will not turn our market around but the fact that they are buying is a possible indicator that we have hit or are near the bottom. If Canadians buy a couple of the higher end penthouses at some of the high rise condo buildings that will certainly make a huge difference for those particular developers. Also, we haven’t seen it yet but we expect that some will buy the middle priced high rise or loft condos as well which again will not turn the market around but will definitely help.
Catherine Reagor
The Arizona Republic
Mar. 18, 2008 12:00 AM
A 10,000-square-foot mansion on 5 prime acres along the slope of Paradise Valley’s Mummy Mountain has been snapped up for a record $14 million by a Canadian attorney.
Jeffrey Slopen of Ontario, Canada, paid cash for the contemporary-style home built in 1999 out of block and steel. The home, designed by Phoenix urban architect John Chonka, sold for $7.7 million in 2005 when Valley real-estate executive and land broker Phil Deangelis bought it through the partnership Arizona Mohave.
The home, which has been renovated since its last sale, wasn’t even on the market, said Bob Hassett of Russ Lyon Realty, who negotiated the recent deal for the seller and had the listing back in 2005.
The $14 million sale closed in two weeks.
The previous record price for an Arizona home was set in 2005 when venture capitalist Kent Mueller paid $11.4 million for a new 13,600-square-foot house in Paradise Valley.
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