Key Takeaways
- • A seven-year-old contemporary estate in Paradise Valley's exclusive Paradise Reserve community sold for $12.25 million, establishing a price-per-square-foot record of $1,938-$1,939 for resale homes in the market.
- • The 6,318-square-foot property at 7050 N. 39th Place features four bedrooms, six bathrooms, contemporary design, and panoramic mountain views overlooking Phoenix Mountain Preserve, built in 2019.
- • The transaction represents the 10th home to close above $10 million in Paradise Valley during the first two months of 2026, signaling sustained demand for ultra-luxury hillside properties in the Phoenix-Scottsdale corridor.
- • Compass, led by co-founder and Karas Group president Chris Karas, facilitated the sale to an out-of-state cash buyer, with the property located within the Paradise Reserve development by Cullum Homes.
- • Hillside development applications in Paradise Valley have nearly doubled from 24 in 2022 to 49 in 2024, indicating accelerating investor and buyer interest in elevated, view-oriented properties within the town's 3-square-mile Hillside Development Area.
Summary
A contemporary hillside estate in Paradise Valley closed for $12.25 million in February 2026, setting a price-per-square-foot benchmark of approximately $1,938–$1,939 for resale homes within the luxury market. The 6,318-square-foot residence at 7050 N. 39th Place, located within the gated Paradise Reserve community, was built in 2019 and includes four bedrooms, six bathrooms, and contemporary finishes. The property sits on elevated terrain within a canyon overlooking Phoenix Mountain Preserve, with each bedroom positioned to capture mountain views. The transaction was facilitated by Chris Karas, co-founder of Compass and president of the Karas Group, who oversaw the sale to an out-of-state cash buyer.
The sale underscores sustained institutional and high-net-worth demand for ultra-luxury properties in Paradise Valley, a low-density, primarily residential enclave located between Phoenix and Scottsdale. According to Karas, the record price-per-square-foot reflects the market's preference for properties combining striking views, modern architecture, privacy, and desert serenity. Paradise Reserve, developed by Cullum Homes, represents this positioning—offering contemporary custom residences with hillside positioning and environmental amenities difficult to replicate elsewhere in the Valley. Karas attributed the premium valuation to the property's "enviable hillside location," contemporary design language, and sense of privacy within a curated community.
The transaction marks the 10th home priced above $10 million to close in Paradise Valley during the first two months of 2026, signaling robust activity in the ultra-luxury segment. This activity correlates with increased development interest in the town's Hillside Development Area, which comprises approximately 3 square miles (roughly 20% of Paradise Valley's total area) and includes Camelback and Mummy mountains. Hillside development applications to the town doubled from 24 in 2022 to 49 in 2024, demonstrating accelerating investor confidence in elevation-oriented properties. The scarcity of hillside inventory, combined with strict zoning and environmental constraints that limit density and redevelopment, continues to support price appreciation and per-square-foot premiums in this segment.
The sale underscores sustained institutional and high-net-worth demand for ultra-luxury properties in Paradise Valley, a low-density, primarily residential enclave located between Phoenix and Scottsdale. According to Karas, the record price-per-square-foot reflects the market's preference for properties combining striking views, modern architecture, privacy, and desert serenity. Paradise Reserve, developed by Cullum Homes, represents this positioning—offering contemporary custom residences with hillside positioning and environmental amenities difficult to replicate elsewhere in the Valley. Karas attributed the premium valuation to the property's "enviable hillside location," contemporary design language, and sense of privacy within a curated community.
The transaction marks the 10th home priced above $10 million to close in Paradise Valley during the first two months of 2026, signaling robust activity in the ultra-luxury segment. This activity correlates with increased development interest in the town's Hillside Development Area, which comprises approximately 3 square miles (roughly 20% of Paradise Valley's total area) and includes Camelback and Mummy mountains. Hillside development applications to the town doubled from 24 in 2022 to 49 in 2024, demonstrating accelerating investor confidence in elevation-oriented properties. The scarcity of hillside inventory, combined with strict zoning and environmental constraints that limit density and redevelopment, continues to support price appreciation and per-square-foot premiums in this segment.
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