$5.5M Arizona home sale sets local real estate record

Fountain Hills luxury real estate market surging despite COVID-19

A property sale in a wealthy Phoenix suburb recently set a record for home price in that community.

Continue Reading Below

The luxurious Fountain Hills, Arizona home sold for $5.5 million. That beat the $5.4 million paid for another Fountain Hills property in June and was the highest ever in the same town, according to Russ Lyon Sotheby’s International Realty, the brokerage with the listing.

This Fountain Hills, Arizona home set a record with its $5.5 million sale. (Russ Lyon Sotheby’s International Realty)

The 10,480-square-foot home includes five bedrooms and seven bathrooms, according to the brokers.

HERE’S WHAT YOU CAN GET FOR $800,000 IN FLAGSTAFF, ARIZONA

It’s located in the Eagles Nest, a gated hillside neighborhood bordering the McDowell Mountains park lands.

The 2016-built contemporary-style home features views of the surrounding mountains and city below from walls of windows. Inside, it features fine imported finishes like Brazilian teak ceilings and Italian basalt floors, according to the former listing.

HERE’S WHAT YOU CAN GET FOR $1 MILLION IN PHOENIX

There is also a bonus kitchen, a gym and a theater.

The outdoor space includes a rooftop deck, negative edge pool, spillover spa and fire places.

The property had previously been listed for as much as $9 million, according to Realtor.com. After several price drops, it was relisted for $6.5 million in April.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

But the Fountain Hills market has had a surge of interest from luxury buyers even as the number COVID-19 cases in Maricopa County, where both Phoenix and Fountain Hills are located, lead the state, Mansion Global reported.

Zillow rated Fountain Hills as “very hot” as of this week. Its median home value estimate in the town was up 6.3 percent year-over-year.

“Everything is selling,” Tony Pellegrini, the listing agent, told Mansion Global. “It’s so hot we’re going through our old expired listings.”

READ MORE ON FOX BUSINESS BY CLICKING HERE