The cost of luxury homes and new builds in the esteemed Silverleaf community in DC Ranch has reached record highs with one new build set to hit the market with a record price of $32 million.
The property, known as “Ellington Heights,” will be built by a one-of-a-kind team that drew inspiration from The Roaring 20s and the best-selling book “The Great Gatsby” and will be surrounded by properties that have recently sold for as high as $28.1 million and are on the market for $28 million.
“We feel like Silverleaf has the appetite for it and if you look at sales over $20 million in the valley, Silverleaf has exclusivity in Scottsdale,” said Russ Lyon Sotheby’s International Realty luxury agent Allan MacDonald, who is selling the massive mansion.
“We’re excited about what’s going on at the club there, we’re excited about what’s going on within the community and we think that for somebody who has that level of taste and desire, this could tick all the boxes.”
According to Zillow.com, there are four other properties in Silverleaf with price tags over $20 million and there are four additional properties above the that valuation in the Valley.
The seven-bedroom, 10-bath estate will sit on just over two acres of land and the home itself will take up over 17,000 square feet.
Additionally, the estate will be packed with amenities – such as a 90-foot-long pool, a gated vehicle showroom large enough to fit 16 cars and a 1,300-square-foot casita.
“(It’s) a two- to three-minute drive from Loop 101 which is attractive because you can get to all the amenities in Scottsdale and Paradise Valley within 15 to 20 minutes and maybe 25 to the airport,” MacDonald said.
The neighborhood also offers its share of selling points.
“DC Ranch is a masterplan community with 3,800 acres, but because of the density and because of the way that its planned, Silverleaf is sort of the jewel in the crown,” MacDonald said.
“You’ve got all these state properties that back up to the preserve with elevation looking over the city and then it’s driven by the exclusivity of the country club, where they’re selling memberships now for about half a million dollars.”
Although the home is expected to cost just over $1,800 per square foot, it could cost as much as $1,500 per square foot or more to build it due to the rising cost of materials, according to builder Gary Fries, owner GS Fries Construction, which will be building this enormous home.
“We have a living and breathing budget that we continue to manage daily based on changes that we’re making and as the project design evolves, so will the budget,” Fries said. “I would expect that budget to be close to probably $1,500 a square foot or more.”
“With the materials being used, and with the engineering and everything that’s going to be a factor of it and all the amenities, it’s going to be an incredibly expensive home to build,” MacDonald added.
Despite the hefty price point, MacDonald said that the property could appeal to owners of high-dollar properties elsewhere.
“It’s the world we live in nowadays for there’s been a lot of private equity and there’s been a lot of people from different parts of the country,” MacDonald said.
“There’s a lot of people who have moved their residences from some pretty pricey markets like California, New York, Chicago and there’s a lot of people who are extremely wealthy that see this as being sort of the jewel of the crown.”
With its budget laid out and the project approved by the DC Ranch Homeowner’s Association, Fries, MacDonald, architect CP Drewett and designer Claire Ownby are in the process of creating construction documents and finalizing details to receive permits and break ground on the property this fall with a completion goal of late 2024 or early 2025.
“Ellington Heights” is located at 20568 N. 112th St. #1707.