Luxury Sale Spotlight: A $990,000 Market Correction at Lookout Mountain

13209 N 17th Place, Phoenix, AZ 85022
Sold Price: $2,700,000
Original List Price: $3,690,000
Total Adjustment: $990,000
Living Area: 7,818 Sq Ft
Lot Size: ~0.75 Acres
Community: Ridge at Lookout Mountain (Gated)

A Case Study in Today’s Luxury Market

This recently closed estate at Ridge at Lookout Mountain is a textbook example of what’s happening at the top end of the Phoenix luxury market: ambitious pricing meets reality, and the market ultimately decides.

Originally introduced at $3,690,000, the property ultimately sold for $2,700,000, representing a 26.8% reduction from its initial asking price. Despite its architectural uniqueness, resort-style amenities, and gated hillside setting, the home required meaningful price alignment to attract the right buyer.

The Property Itself: One-of-One Design

This custom-built, three-level estate delivers a lifestyle that feels more like a private resort than a residence.

Highlights include:

• Infinity-edge pool with waterfall and underwater viewing window into a subterranean bar
• Private helipad
• Home theater and media room
• Elevator servicing all three levels
• Former gun range converted into a luxury wellness center with gym, barre studio, sauna, and steam room
• Dramatic city lights and mountain views
• Gated cul-de-sac location on a hillside lot
• 4-car garage with direct access

With 6 total sleeping areas, 5 bathrooms, and nearly 8,000 square feet, this home was built for scale, privacy, and entertaining.

Why the Price Moved

In luxury real estate, uniqueness does not equal immunity.

Even homes with extraordinary features must still align with:

• Buyer expectations
• Replacement cost vs. resale value
• Competing inventory
• Financing sensitivity at higher price points

The nearly $1M price correction tells a clear story: buyers were active, but only once the value equation made sense.

The final sale at $345 per square foot ultimately positioned the home competitively within its niche, allowing it to move after 90 days on market.

The Bigger Takeaway for Sellers

If you’re considering selling a luxury property in Phoenix:

• Pricing is not a suggestion, it’s a strategy
• The first number the market sees matters more than the last
• Chasing the market down often costs more than starting in the right place

This sale reinforces a simple truth: homes don’t sell because they’re impressive, they sell because they’re positioned correctly.

Final Thoughts

This was an exceptional home that ultimately found its buyer once expectations and market reality aligned. For sellers watching the luxury segment closely, this transaction offers clarity, not concern, but only if you’re willing to price with intention.

If you want a data-driven opinion of where your home would actually land in today’s market, that conversation should happen before you list, not after multiple reductions.

Listing courtesy of Jennifer Marie, eXp Realty (License: BR545357000). Information provided for market commentary purposes only.