Real estate hustle doesn't sleep in Phoenix as prices in the prestigious Arcadia neighborhood continue to skyrocket, setting new records with each sale. The latest transaction to turn heads is a hefty $5.2 million cash deal for a 1.05-acre empty lot that has more than once caught the eye of the well-heeled. According to a report by Rose Law Group Reporter, this plot at 5226 E. Exeter Blvd., has broken the bank yet again, selling for nearly half a million more than its previous record-setting price of $4.75 million from just two years prior in March 2022.
Mason 5 LLC, spearheaded by an undisclosed California investor, originally picked up the parcel for $4.75 million in cash, but quickly decided to flip the property upon finding another dream home to fall in love with. The sale was facilitated by Robert Joffe of The Joffe Group at Launch Powered By Compass, who was also instrumental in the initial acquisition. As reported by Rose Law Group Reporter, Joffe noted, "In the meantime, they found another home they purchased, and fell in love with that," explaining the investor's decision to sell.
The history-rich lot, which neighbors the iconic David and Gladys Wright house designed by Frank Lloyd Wright in the 1950s, changed hands off-market on December 15, 2023. Despite not officially listing the vacant parcel, Joffe claimed there were three buyers chomping at the bit to get their slice of Arcadia's charm.
Public records dug up by the industrious folks from Rose Law Group Reporter show that the buyers, Michael A. Parker and Ana B. Parker, scooped up the property as trustees of their namesake trust, with Katrina Mandas putting pen to paper as co-manager of Mason 5 LLC. Katrina Barrett, broker-owner at Walt Danley Local Luxury Christie's International Real Estate, represented the Parkers in this transaction, continuing to feed the voracious appetite for luxury lots among Arizona's elite. "The demand for lots for end users that are wanting to build for themselves is sky-high right now," Joffe consistently reiterated to buyers and industry watchers alike.
