Depends on what you're looking for. Coconino Estates is only a two-lot subdivision that was created about 6-7 years ago, but it is in a very nice area with great mountain views - very peaceful. I have a listing on the adjacent lot that is currently listed for $5,699,000. There are properties in the area that range from just under $1M to nearly $10M ($2-2.5M is typical for the area). It is located in the highly sought-after "Three C's" school district (Cherokee Elementary, Cocopah Jr. High and Chaparral High School).
It is a 10-15 minute drive from Scottsdale's premier shopping/dining/entertainment districts. Most people who live in the area are probably 15-20 minutes from their place of work. Paradise Valley (town in which this subdivision is located) is the most exclusive community in the Phx metro area and is sandwiched between Phoenix and Scottsdale. There is VERY little commercial development in the Town (mainly resorts) and most homes sit on an acre or more. It's beautiful and very peaceful. I love living here.