Phoenix/ Real Estate & Development
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Published on May 13, 2024
Historic $15.65 Million Arcadia Estate at Camelback Mountain's Base Hits Phoenix MarketSource: Google Street View

A historic property with a price tag of $15.65 million has hit the Phoenix real estate market, located in the affluent Arcadia area, at the foot of Camelback Mountain. The estate spans 7 acres and has only been handed off three times since it was constructed in 1927. According to a listing on Phoenix Business Journal, this piece of luxury is surrounded by desert scenery, yet sits comfortably within reach of city amenities.

The property was bought by Jim and Connie Binns in 1990, who weren't initially searching for a fixer-upper. The home had formerly belonged to ex-Senator William Benton and had seen better days. "They owned it for 50 years, and it was only used as a winter home for them," Connie Binns recalled in an interview with Phoenix Business Journal. Despite the home's state, the couple embarked on extensive renovations to restore its historical charm while infusing it with modern comforts.

According to Libby Cohen of RETSY | Forbes Global Properties, the home is a feat of careful restoration. "They maintained all the charm, but it's completely modernized for the way we live today," said Cohen, highlighting the property's exquisite desert landscaping that rivals the Botanical Gardens. Phoenix Business Journal described the property as a magical estate, complete with curated gardens, natural cactus gardens, and stone paths.

The economic landscape of the area has also evolved, with the Arcadia region becoming a hotspot, as noted by real estate professionals. Realtor Libby Cohen suggested the area is one of the hottest in all of the Valley, with substantial demand for land. J. Andrew Turley, a luxury home appraiser, concurred, stating, "This area is undoubtedly one of the most sought-out ZIP codes for living in the entire country." As mentioned by Phoenix Business Journal, there is a noticeable shift in wealth, with the 85018 ZIP code attracting more developers and investors drawn to the area's allure.

The Binns family, having raised their daughters and enjoyed the Arcadia estate for many years, now feel it's time to move on. "But the seven acres is a lot to contend with," Jim Binns, a retired medical device entrepreneur disclosed. This real estate gem offers a rare blend of rural charm amidst urban refinement. Details about the property's availability have also been shared in Ground News, confirming its market debut for the fourth time in over 80 years.

Phoenix-Real Estate & Development