PV Parcel Sells Low to Preserve Low Density

by Mike Hunter

In the recent sale of the largest undeveloped parcel of land in Paradise Valley, the sellers accepted a price of $42 million, even though they had received substantially higher offers.

The 27-acre parcel, sold by the family of the late John W. Teets Jr., former chairman of the Greyhound and Dial corporations, had been in the family for nearly three decades. It was important to them that the buyer agreed to low-density development on minimum 1.8-acre lots and has a vision for building out the property that meets the Teets family’s emphasis on preserving the quality and integrity that is emblematic of homes in Paradise Valley. —Mike Hunter

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