News Summary
Former Arizona Coyotes owner Alex Meruelo has sold his Paradise Valley home for $30 million, netting a profit of $17.9 million. The sale comes amid a cooling housing market in Arizona, where home values are declining. Despite this, luxury properties still attract attention, with a significant recent rise in listings. Demographic trends reveal challenges for younger buyers, as mortgage rates remain high, while the rental market faces pressures from shrinking apartment sizes.
Phoenix, Arizona
Former Arizona Coyotes owner Alex Meruelo has made a significant profit from the sale of his Paradise Valley home, selling the property for $30 million on May 22, 2025. This sale marks a $17.9 million profit, as Meruelo and his wife, Liset, purchased the residence just four years earlier for $12.1 million.
The property, located at 5815 N Saguaro Rd., spans an impressive 9 acres and features a gated entry, making it a luxurious retreat in the upscale Paradise Valley area. Known for its lavish homes and affluent residents, Paradise Valley continues to attract attention from buyers despite fluctuations in the wider Arizona housing market.
Meruelo’s tenure as the owner of the Coyotes came to an end in April 2024 when he was forced to sell the team, largely due to failure in securing a permanent home arena for the franchise. Following the sale, which sent the Coyotes to new owners based in Utah, the team ultimately became defunct, marking the end of an era for hockey fans in Arizona.
The real estate market in Arizona is currently experiencing a cooling trend, with overall home values in the metro Phoenix area dropping by 2.8% over the past year. This decline indicates a shift towards a potential buyer’s market, as inventory levels increase—over 27,000 homes are currently up for sale, representing the highest number of listings in nearly a decade. This increase in inventory has resulted in sellers needing to adjust their asking prices to avoid prolonged periods on the market.
In light of the changing housing climate, an affordable housing developer recently commenced construction on a build-to-rent community in Maricopa, named The Ranches at Gunsmoke. Meanwhile, luxury housing continues to make headlines, exemplified by the recent sales of high-end condos in Scottsdale, with prices beginning at $600,000.
Amid these developments, there has been a notable shift in demographic trends within the housing market. Millennials and Gen-Z continue to face hurdles when trying to enter homeownership, primarily due to soaring mortgage rates, which hover around 7%. This situation contrasts sharply with the boomer generation, who comprise 51% of home purchases and often make cash offers, enabling them to outbid younger buyers.
Additional context surrounding the market includes a recent report indicating that apartment sizes in Phoenix have decreased by an average of 64 square feet over the past decade. Cities such as Glendale and Tempe reported even larger average reductions in apartment sizes, measuring in at 112 square feet and 135 square feet, respectively. This shrinkage reflects the ongoing housing pressures faced by renters in a tightening market.
Recent developments on the operational side of the real estate market include the revocation of licenses for Marcus McBeth and RIPL Property Management LLC by the Department of Real Estate on April 29, 2025, amid unspecified reasons of noncompliance or malfeasance.
Moreover, Maricopa County has also reported concerning social trends, with a 3% rise in homelessness being observed, alongside a staggering 28% increase in the unsheltered population. These issues further underscore the complexities within the local housing landscape, which continues to evolve amidst economic fluctuations and changing buyer demographics.
Deeper Dive: News & Info About This Topic
HERE Resources
Phoenix Housing Market Experiences Significant Home Value Decline
ASU Launches New Degree in Real Estate and Applied Finance
Camelot Homes Introduces Viridian Luxury Community in Phoenix
Phoenix Transforms Park Central Mall into a Modern Mixed-Use Hub
Phoenix Housing Market Faces Inventory Surge and Price Decline
MDF Development Announces $30 Million Luxury Compound in Paradise Valley
Top Real Estate Agents Revealed in Arizona
Metro Phoenix’s Luxury Home Market Surges with $37 Million In Cash Sales
Immigration Attorney Receives Self-Deportation Notice in Arizona
Additional Resources
- KTAR News: Former Owner of Arizona Coyotes
- HousingWire: Top Arizona Real Estate Team Joins EXP
- AZ Big Media: Top 10 Developers in Arizona for 2025
- Pension Funds: Arizona State Retirement Changes
- Fox 10 Phoenix: Arizona Real Estate Market Cools
- Wikipedia: Real Estate
- Google Search: Arizona Real Estate
- Google Scholar: Arizona Real Estate
- Encyclopedia Britannica: Real Estate
- Google News: Arizona Real Estate
