01/20/2021
Home in Valley's Arcadia neighborhood sells for record-breaking $7.65M By Angela Gonzales – Senior Reporter, Phoenix Business Journal
A 9,567-square-foot home in Phoenix and Scottsdale's Arcadia neighborhood sold Nov. 17 for $7.65 million, a record breaker for the highly sought after area.
The home built in 2018 at 6458 E. Exeter Blvd. sold within 40 days of being listed on the market, said Robert Joffe, co-founder of Launch Real Estate who had the property co-listed with Katherine McDade, the ex-wife of the builder of the property.
"The market is so strong right now that the good homes are selling pretty fast," Joffe said. "You gotta scoop them up."
Homebuyers are facing a very tight inventory of existing homes on the market in metro Phoenix, creating a competitive environment that is boosting home prices.
With a mere 0.9 months supply of inventory in October, Phoenix tied for third with Charlotte, North Carolina; Omaha, Nebraska; and Denver, according to a new study by RE/MAX. Boise, Idaho had the lowest inventory, with 0.5 months supply, followed by a two-way tie between Albuquerque, New Mexico, and Manchester, New Hampshire, with 0.7 months supply.
The average home in Phoenix sold in 27 days in October, down from 39 days during the same time last year, with competition pushing the median sales price to $334,945 — a whopping increase of 17.5% year over year, according to that study.
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Joffe — who declined to reveal the seller and buyer of the property — said he had sold the vacant lot to the buyer, who built his own home. Public records show the property was built by JR McDade Company LLC.
Out-of-state buyer
At the time, the buyer of the lot fully intended to live in the home a lot longer than two years, he said. But his two children are going to be attending Brophy College Preparatory and Xavier College Preparatory, so he's building a home closer to those schools, Joffe said.
Joffe said he found an out-of-state buyer for the home.
"He's a family guy with several kids," he said of the new owner. "He loved the quality of construction, the architecture and the privacy. He's going to live here part time during the winter months with his family."
With five bedrooms, eight bathrooms and a five-car garage, the home sits on more than an acre in the Arcadia area. It features a gourmet kitchen, his and hers master baths, private whirlpool bath off the master suite, marble slab showers throughout the home, a wine room, four wet bars, an outdoor living room and a wet edge pool and spa.
What's more, the home is on Exeter Street, which is one of the coveted streets in the area, Joffe said.
"There are a few streets in the state that are more popular," he said. "Exeter is one of them."
