Valley luxury agent closes pair of mulltimillion-dollar transactions with same client in 24 hours

Within 24 hours, Chris Karas negotiated the sale of a $9 million luxury home in Paradise Valley. Then he turned around and sold a nearby home for $5.4 million in cash to the same client.

“He bought one of my listings,” said Karas, owner of The Karas Group and co-founder of Launch Powered By Compass. “All of us are friends.”

Karas declined to reveal his client’s names, but public records show living trusts related to James Baker and Melissa Farrow sold the $9 million home and bought the $5.4 million residence.

The $9 million home at 6301 N. 61st Place was built in 2021 within the guard-gated Finisterre neighborhood with views of Camelback Mountain. That 7,480-square-foot home has five bedrooms, 5.5 bathrooms and multiple collapsing walls leading to an oversized patio, outdoor kitchen, pool and spa and lighted pickleball court.

The buyers of that property were Paul and Kelly Hedges, according to public documents.

Click through the gallery below for a peek inside and outside the home that closed for $9 million on July 26:

6301 N 61st Place, Paradise Valley, sold for $9 million.

Meanwhile, the $5.4-million, 5,824-square-foot home at 6650 N. Hillside Dr. was built in 2008 and renovated to highlight folding glass doors that frame Camelback Mountain views. With five bedrooms and six bathrooms, the home features an infinity edge pool, outdoor kitchen and putting green.

“I have sold that property now three times in my career,” Karas said. “It’s beautifully designed. The seller was an interior designer. She had remodeled the entire home. The outdoor kitchen at Hillside would rival most restaurants.”

The Ippolito Family Trust were the sellers of that Hillside property after paying $3.2 million in cash to Paul and Claudia Paparella to acquire the residence in early 2021, according to public records.

Click through the gallery below to check out the home that closed for $5.4 million on July 27:

This home at 6650 N. Hillside Drive in Paradise Valley sold for $5.4 million in cash.

Despite the record heat, buyers are lining up to acquire luxury homes in Paradise Valley, Karas said.

“Despite our low inventory, we still have a number of successful closings at record prices,” he said.

Homes in Paradise Valley are selling today at an average of $787.76 per square foot, up from $685.72 per square foot last year, he said.

Many Valley mansions are sold even prior to listing

Meanwhile Paradise Valley had 126 active listings on the market as of July 27 — the same number as last year but down from 150 on June 27, according to Cromford Associates LLC.

That 85253 ZIP code had 37 listings under contract as of July 27, down a bit from 48 on June 27, according to Cromford.

The monthly dollar volume in 85253 dropped dramatically over the past month, with $97 million in July, down from $182 million in June. But those numbers are still higher than the $58 million in July 2022 and $137 million in June 2022, according to Cromford.

Even so, Karas and his team at The Karas Group have more than $70 million deals in escrow. The team outperformed last year’s transactions by nearly 100%, he said.

Many times, homes will get sold before they’re even listed, he said.

“I sold one today that will never hit the market,” he said, referencing an Arcadia home he sold this past week for $2.5 million.

The new partnership with New York-based Compass Inc. (NYSE: COMP) is paying off for his team.

“We’ve been getting so many referrals from all the agents nationally at Compass,” he said.

With 32,000 agents and 350 offices, Compass selected Launch Real Estate to join the firm earlier this year. Now Launch has been rebranded as Launch Powered By Compass.

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