Only took four years to sell. And a whopping 71% price cut. But still probably overpriced at $10 Million.
A house in north Scottsdale that once was listed for $35 million has sold for $10 million in what one real estate agent called the biggest resale-home deal ever in Scottsdale.
The 25,000-square-foot property sits on more than 10 acres near Happy Valley Road south of the Desert Highlands Golf Club. The buyer is a limited-liability company whose members live in the Seattle area.
The house has been on and off the market for about four years and took some intermediate price reductions before selling this week.
November 15, 2006
Phoenix monstrosity, once listed for $35 million, sells for $10 million
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company whose members live in the Seattle area
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Time for 'business' parties without the wife.
(;
Imagine if you bought for $35 million only to have the house "worth" $10 million.
Now imagine you're the $10 million buyer, thinking you got a steal
Go try to sell it now. Good luck.
Unless you're a polygamist, starting your own cult, or want to get into the hotel business, what possible need would you have for a 25,000 square foot house?
So what? That still works out to a whopping $400 a sq ft, no bargain. And I'm sure they people who sold it still made a huge PROFIT. On the market for four years? So pre-bubble, owned at least two years prior I'd think to take advantage of the capital gains-free law, so built at least seven years ago? (Taking a year to build and it probably took two as a Cardiologist I worked with was building a 10,000 sq ft house in PV and it took him over two years) Prior to 2002 a house selling for 3 million was pricey so I wouldn't be surprised if they still made 5-6 million off this place.
I can't recall her name, Helmsley or something of that hotel chain listed her house for some ridiculous price six to eight years ago in Phoenix and same thing, sold for about 25% of what she asked and she too still came out smelling like a rose.
Gimmicks, ask what you want but the market will eventually always determine value. So a store has a 75% off sale, do your really think it cost the original sale price to produce or was purchased at that price?
WOW, 10 mil for a 25k sq ft house? Back in '02 singer Barbara Mandrell couldn't sell her 25K home on 100+ acres in Tn. She finally auctioned it off at 1.6 mil to two buyers who wanted to turn it into a catering hall. At that time she was asking 6 mil. No takers.
Lived in Snottsdale for 14 years. It has gone from pretencious as Hell to the "most unlivable city in the US." I don't know which is worse: Extreme wealth or poverty.
Gee, they make 10 mil sound like chump change!
Stupid stupid Seattleites.
If any group of people would have learned from the dotcom bust, you'd think it would have been them.
Probably DID buy Amazon at $280, azfamdeals1.
They're on a tear.
Bet the loan is for 9 million 999 thousand too.
Stupid stupid bank/MBS holder.
Don't knock it! It came with a free pool and $10,000 in landscaping allowance and a $100 dollar home depot gift card!
Gee, shall we try to figure other costs of living in a 25,000 sqft barn?
Like G&E, water ala pool, landscaping upkeep, servants, butler......yada, yada!
I have left Phoenix and Tempe for almost 4 years, before that it was in one year intervals. I return to find Tempe another urban monstrosity with way overpriced houses for what you get, and an urban environment so cold that the Antarctic would seem like Hawaii as comparison. Seriously folks Phoenix is just another LA, and Tempe, no matter how pretty they make it, or modern is just hyped up, proped up on a gigantic balloon. And its really sad that there is not affordable housing except in run down neighborhoods where someone can find decent rent or an affordable accomadation. With my breathing problems the air quality is just behind New York, hence why I left that paradise. If only people would be more communicative and talk a bit, Tempe was one of the coldest cities Ive been beside NYC. So as soon as this week is out, Im outta here...baby! Sorry for the housing cage, figures the chickens have come home to roost.
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