7816 N 47TH Street, Paradise Valley, AZ 85253, Paradise Valley, 85253 - 4 bed, 6 bath
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Paradise Valley, AZ 85253
This Tatum Canyon Development Opportunity is a High-Potential Investment Opportunity with a List Price of $3,250,000—positioned well below the $3,374,698 Fair Market Value by 3%. This valuation gap provides $124,698 in Instant Equity. While the existing 1976 custom home maintains a Condition Rating of 4, the primary value lies in the fully buildable flat lot featuring 360-degree mountain views and no HOA or Hillside Ordinance restrictions. Located near Cherokee Elementary (9/10), this rare asset is a premier acquisition for Luxury Developers or Custom Home Builders.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 7816 N 47TH Street Subject | $3,100,000* List Price | 4 | 6 | 5,841 | $586 | - |
A 7060 N HILLSIDE Drive Sold | $2,295,000 List Price | 4 | 5 | 5,322 | 0.9 mi | |
B 7147 N RED LEDGE Drive Sold | $2,250,000 | 4 | 5 | 4,151 | $542 | 1.0 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1976, the property is described as 'meticulously cared for' but remains significantly outdated by modern standards. Interior images reveal 1970s-style features such as a carpeted bathroom, a sunken tiled tub, and older light fixtures. While functional and well-maintained, the home lacks recent renovations, and the listing's emphasis on the 'fully buildable flat lot' to 'create a new masterpiece' suggests the value lies in the land or a total remodel rather than the current structure's condition.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 38094, living area = 5841.
Elementary School: Cherokee Elementary School (9/10).
The property features a fully buildable flat lot with no HOA or Hillside Ordinance restrictions, offering a rare and streamlined opportunity to construct a custom modern estate without typical regulatory hurdles.
The current home was built in 1976 and, despite being well-maintained, likely requires a full-scale renovation or teardown to align with modern luxury standards and buyer expectations.
At a $3.25M price point, the property demands a high initial investment, which may be a barrier for buyers also facing the substantial costs of a new build or major remodel.
Tremendous value provided in this fully buildable flat lot, surrounded by stellar mountain views in quiet Tatum Canyon, a prestigious, secluded location sought after by local residents. A meticulously cared for Dave Hanson custom home (5841 s.f.) currently occupies the lot, complete with diving pool and N/S tennis court. Graciously set back from the street, with a circular drive and gated front courtyard entry, the footprint is in place to create a new masterpiece for modern day living (NO PV HILLSIDE ORDINANCE ON THIS LOT, & NO HOA) The breathtaking 360 degree mountain views offer both solace and majesty. The Tatum Canyon location is convenient to shopping, dining, airport travel, and freeway access despite its secluded feel; one reason it is a favorite of locals.
No exterior & parking available.
Grades PK-5 • 1.5 mi
Grades PK-6 • 3.3 mi
Grades 6-8 • 3.4 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 4.0 | 4.0 | 50% |
| Baths | 6.0 | 4.0 | 71% |
| Square foot | 5,841 | 4,717 | 74% |
| Lot Size | 38,094 | 43,984 | 32% |
| Price | $3.10M | $2.50M | 55% |
| Price per sq ft | $531 | $667 | 41% |
| Built year | 1976 | 1982 | 37% |
| HOA | $0 | $0 | 50% |
| Days on market | 58 | 2511 | 1% |
Apr 15, 2026
$3,100,000
$3,250,000
-5% Price Drop
Initial Listing
Feb 23, 2026
$3,250,000
Initial Listing