5531 E. Mockingbird Lane — Approximate Site of Arizona Residential-Sale Record
A 6,101-square-foot Paradise Valley house with five bedrooms and six bathrooms has sold for $5.15 million, but the buyer likely isn’t moving in as-is. Divergent Investment Co. purchased the property, which was marketed as a teardown and described as ripe for renovation.
The sale, first reported by azcentral.com and The Arizona Republic, came with a photo series provided by Katlin Kent with Snap to Close. The outlet’s reporting frames the transaction less as a home sale and more as a land acquisition, a pattern that has become increasingly common across Paradise Valley’s ultra-luxury corridors.
Why Older Homes Keep Selling for Their Dirt
Paradise Valley has essentially run out of room to grow. According to the town’s 2022 General Plan, only about 5.2 percent of its planning area remained undeveloped raw land, a scarcity that has made teardowns and extensive renovations the primary route to new luxury construction, as detailed by Rami Haddad. That dynamic has pushed per-square-foot parcel values in the 85253 ZIP code close to $1,000…