Scottsdale-based Cullum Homes announces it has hit the $100 million mark in business and hit the sell out point for one of its first high-end development.
Cullum Homes has sold the last of 14 estates lots at Paradise Reserve. With 32 luxury lock-and-leave homes, the community has only one “Village” lot left for purchase, according to a press release.
Located north of Lincoln Drive at 39th street, the estate lots range from one to five acres, with homes ranging from 4,000 to 7,000-square-feet in size.
The highest home closed at $6.5 million in 2019. This community sell out is reportedly “meaningful to Cullum Homes, as the Village of Paradise Reserve came to life during the worst days of the ‘Great Recession.’”
In 2010 and before that, Cullum Homes was a custom builder of one-of-a-kind estate homes, the release said, describing when the market dried then, so Cullum Homes shifted gears and developed a new type of residence for Paradise Valley.
“Nobody was doing luxury spec homes at the time, let alone an entire new development,” said Rod Cullum, CEO and founder of Cullum Homes, in the release.
“We were taking a very big risk at the Village of Paradise Reserve. We were building two furnished models and the banks wouldn’t touch it. We had to use our own private financing and a number of people told us we were out of our minds.”
The project reportedly paid off and buyers started purchasing, the release said, detailing Cullum, the luxury custom builder, named National Custom Home Builder of the Year that started other communities.
The Village at Mountain Shadows, The Village at Silverleaf, Cholla Heights, Ironwood Golf Villas, The Village at Seven Desert Mountain and Ascent at The Phoenician soon followed.