The Valley’s real estate market may have started to cool in the second half of the year because of higher mortgage rates and inflation, but it hasn’t had too much impact on the metro’s luxury home sales.

Buyers hoping to snatch up a multimillion-dollar home in places like Paradise Valley and Scottsdale are coming to the market with cash in their pockets, luxury brokers said.

And oftentimes this year, a shortage of higher-end homes was the only thing that slowed the sale of these seven-and eight-figure mansions.

The most expensive mansion to sell in 2022 was a spec home built last year in north Scottsdale. It was listed in March for $29.5 million and ultimately sold in June for $28.1 million in an all-cash deal.

Click through the gallery above to see photos of the impressive mansion. 

Darren Tackett, founder of The Tackett Team with RE/MAX Fine Properties who represented the seller in the deal, told the Business Journal at the time that a house in that price range would typically take three to five years to sell. Instead, it took three months. 

Scottsdale-based Mast Luxury Homes Inc. built the home at 21264 N. 113th Place. Dubbed Altitude at Silverleaf, the 21,150-square-foot home has eight bedrooms, 15 bathrooms, two separate guest houses and a 12-car climate-controlled garage that features a drive-through out the other end. The home also features two elevators. 

The second most expensive luxury home sale of the year sold in...

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By Erin Edgemon - Managing Editor, Phoenix Business Journal