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Tuesday, September 27, 2011

Distressed Luxury at the Arizona Biltmore

I blogged last week about a gargantuan bank-owned Paradise Valley home with exquisite details inside and out.  His and hers everything.  And a garage to handle your 21 automobiles.  It might surprise you to know, REO’s in the luxury segment are not that uncommon.  Bank owned properties are becoming more and more prevalent in the ultra-luxury residential market.

Last week’s home was priced at $15,995,000 – that’s about $640 a square foot.  Probably well under the builder cost considering the details and amenities.  If you thought that was a bargain, wait ‘til you see this mind-boggler REO gem: 

Just off of Camelback Road sits the venerable Arizona Biltmore Resort.  A destination that has long been a haven to the rich and famous – both seasonal residents with second homes and those that call their Biltmore estate a primary residence.  Visitors would arrive – and still do – from around the world to this sprawling resort to thaw, relax and bask in the desert sun since the 1930’s. 

The meandering drive leading to the hotel can take your breath away.  It is lined with truly sterling properties with manicured lawns, impeccably trimmed privet, flowering perennials and rich canterra doorways to welcome their visitors.  One such home is now being offered as a bank owned REO – 41 E. Biltmore Estates.

Situated on the Biltmore course, this custom estate sits on over an acre with stellar views from every direction.  Built in 2002, the 17,800 square foot home features nine bedrooms for when the hotel is sold out, 11 baths, wine room, library, entertaining spaces galore, four-car garage and flawless rear grounds.  Meticulous attention to the details abound, amazing fixtures, state of the art features, and imported facets. 

Truly a great buy for the value minded, priced at $6,950,000, 41 E. Biltmore Estates is being offered for a mere $390 a square foot.  Builder’s cost on this desert jewel is likely to be more than double that. 

Entry at 41 E. Biltmore Estates
My kind of kitchen.
Master Bedroom
With 9 beds, guess you need this double sized laundry room!

Now, I’d say that’s a five-star residence!

Photos courtesy of ARMLS.


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