Paradise Valley's real estate market is sizzling with record leases, as a mansion originally tagged at $23 million just fetched a monthly rent for $75,000, setting a new bar for luxury living. The property, sprawling across 17,701 square feet at 7046 N. 59th Place, caught the eye of a lessee after it was purchased by Wisley Investments LLC for nearly $12 million back in February 2022. Frank Aazami, of Russ Lyon Sotheby's International Realty, dropped the nugget that the rental agreement was unprecedented. "This broke the record for a long-term lease," Aazami said in a statement obtained by Phoenix Business Journal, "I don't think any property has ever leased long-term for this amount. It's still available for sale for $18 million."
But it’s not just this one property changing the game. Another luxury abode measuring 5,832 square feet at 4129 E. Sandy Mountain Road in Paradise Valley snagged a $25,000 monthly lease, while a 4,667-square-foot Scottsdale home at 9917 N. 108th St. commanded $20,000 a month. According to Aazami, the lessees are well-off adventurers trying the area on for size, "These are all entrepreneurs — people coming to town maybe test driving before making commitments," he conveyed to Phoenix Business Journal.
The boom of such plush deals is not isolated to leases alone. In the elite enclave of Silverleaf's Horseshoe Canyon in Scottsdale, a 16.02-acre lot was snapped up for a record $7 million. Dave Patterson of Berkshire Hathaway Home Services Arizona Properties, who sealed the deal, shared his clients' intent to build a luxe estate without revealing specifics. Lisa Westcott, the wheeling and dealing agent from Retsy | Forbes Global Properties, represented the sellers and recognized the lot's unique charm, saying, "This land is so special. To have 16 acres behind a guard gate with close proximity to downtown Phoenix for any of the professional sports games or Old Town Scottsdale or the airport, you still get that elevated view. It's close to everything," according to a Phoenix Business Journal interview.
While the mansion for lease and lot for sale differ, they underline an escalating trend of high-ticket transactions in Phoenix's real estate tableau, as the luxury market experiences a surge in demand. Scott Grigg, owner of The Grigg's Group, commented on the phenomenon, "People don't know where they want to live," he said, "They're willing to pay a big number for lease to figure out if it's the right area. It goes a lot further here than in California." It's an opulent dance of supply and meet demand, where multi-million dollar decisions are merely a stepping stone in the Valley of the Sun’s affluent lifestyle.
