The real estate market in Tempe, Arizona, has reached a significant milestone with two newly constructed luxury properties now available for purchase. One of these homes, The Tally Ho Estate, is listed for $10 million, a price that sets a new record for the city. Another custom residence in the Circle G Ranches neighborhood is also on the market for $7.25 million.
These listings signal a notable shift in Tempe's high-end property sector, which has historically seen lower price ceilings compared to neighboring areas like Scottsdale. Both properties are represented by Russ Lyon Sotheby’s International Realty.
Key Takeaways
- A Tempe home, The Tally Ho Estate, is listed for a city-record $10 million.
- The previous sales record in Tempe was significantly lower at $3.9 million.
- A second luxury home in Circle G Ranches is available for $7.25 million.
- Both listings indicate growing demand and value in Tempe's luxury real estate segment.
Tempe's Luxury Market Reaches New Heights
The introduction of a $10 million property to the Tempe market is a landmark event. The Tally Ho Estate's asking price more than doubles the city's previous record home sale of $3.9 million, highlighting a rapid escalation in property values and buyer expectations.
This development suggests that Tempe is increasingly being recognized as a prime location for luxury living, attracting investment and development that rivals more established high-end markets in the Phoenix metropolitan area.
A Shifting Market Perception
For years, cities like Scottsdale and Paradise Valley have dominated Arizona's luxury real estate conversations. The emergence of multi-million dollar listings in Tempe reflects the city's economic growth, thriving business environment, and its appeal to affluent homebuyers seeking modern amenities and a central location.
Real estate experts see this as a clear indicator of market maturation. Jennifer Schumacher, a global real estate advisor with Russ Lyon Sotheby’s International Realty, commented on the trend.
“The city of Tempe has grown by leaps and bounds in recent years and this home is proof that it’s not just in commerce but in real estate as well. This home sets a new standard for the area, and we are thrilled to be a part of what will be the city’s biggest sale record.”
Inside the Record-Breaking Tally Ho Estate
Located at 11812 S. 71st Street, The Tally Ho Estate is a custom-built residence spanning 8,500 square feet. The property is designed to offer a blend of sophisticated comfort and extensive entertainment options.
The home includes four bedrooms and seven bathrooms. Its interior design features prominent wood-beam ceilings and five fireplaces, creating a warm and inviting atmosphere throughout the expansive living spaces.
Key Features of the $10 Million Property
- Expansive Basement: A significant portion of the home's amenities are located in a large basement, which houses a family room, a studio, and a dedicated wine room.
- Outdoor Living: The exterior is designed for resort-style living, featuring a large pool and spa area. Three separate shaded patios provide ample space for outdoor dining and relaxation.
- Architectural Details: The custom build emphasizes high-quality materials and craftsmanship, evident in its structural and aesthetic elements.
Setting a New Benchmark
The $10 million asking price is a 156% increase over Tempe's previous record sale of $3.9 million. This significant jump establishes a new benchmark for luxury property valuations in the city.
A Look at the $7.25 Million Circle G Ranches Home
Also contributing to Tempe's evolving luxury landscape is a custom home located at 2007 E. Ranch Road in the desirable Circle G Ranches neighborhood. This property is listed for $7.25 million.
The residence offers 6,480 square feet of living space and is described as having a Bali-inspired design, focusing on creating an atmosphere of "serenity and modern luxury." It features five bedrooms and 5.5 bathrooms, along with a private guest casita for visitors.
Design and Amenities
The interior of the Circle G Ranches home is defined by its open and airy feel, thanks to 14-foot high ceilings and extensive use of white oak for the flooring. One of its most distinctive features is a glass-enclosed wine room with the capacity to hold up to 300 bottles.
The backyard is a major highlight, designed to function as a private resort. It includes a large swimming pool, a misting system for comfort during warmer months, and a large video wall for outdoor entertainment.
Comparative Market Value
While not a city record, the $7.25 million price tag for the Circle G Ranches property places it among the most valuable homes ever listed in Tempe, further reinforcing the upward trend in the local market.
Broader Trends in Arizona's High-End Real Estate
The listings in Tempe are part of a larger trend across the Phoenix metropolitan area, where luxury real estate continues to see strong demand and rising prices. For example, earlier this month a home in nearby Scottsdale was listed for nearly $7 million, notable for its 18-car garage.
This trend is driven by several factors, including population growth, an influx of high-net-worth individuals, and corporate relocations to the region. Developers are responding by building larger, more luxurious homes with unique amenities to cater to this discerning clientele.
The new listings in Tempe, particularly the record-setting Tally Ho Estate, demonstrate that the city is no longer just a hub for commerce and education but is now a serious contender in Arizona's competitive luxury housing market.
