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Luxury living: Expensive condos sprouting & selling on Scottsdale Road

Luxury living: Expensive condos sprouting & selling on Scottsdale Road

The condominium market is trying to make a comeback back with new projects being developed and high-end units selling along Scottsdale Road.

The Optima Kierland condos are under construction with a new high-end apartment tower already open. New York-based iStar Inc. is closing in on selling out a downtown Scottsdale project and is planning to soon launch a new 500-unit luxury condo development with Meritage Homes off Indian Bend Road.

Here’s a look at some other Scottsdale condo properties:

Sage

The final phase of the Sage Scottsdale condos in downtown Scottsdale is almost sold out, according to owner and developer iStar Inc. (NYSE: STAR).

The Sage condos are on the east side of Scottsdale Road across from Scottsdale Fashion Square. New York-based iStar, which also owns the Westgate Entertainment District in Glendale, reports it is almost sold out of the $40 million condos

The final phase features 72 condos. The first phase of the development included 50 units it sold out in 2012.

“It was important to us to get to market early and be among the first to start developing again. Our first homeowner moved in April 2015 and we have consistently averaged three to four sales per month over the last two years as the market continues to exhibit strength,” said David Sotolov, executive vice president of iStar. “Further signs of market strength can be seen in looking at the home buyers who have purchased in this final phase at Sage. Despite the availability of historically low interest rates, roughly 50 percent of home buyers in the community have closed all cash, indicating a strong base of affluent buyers attracted to the Phoenix and Scottsdale markets.”

IStar has two condos left at the Sage development — a $615,000 three bedroom and a $519,000 two-bedroom.

Artesia

IStar and Meritage Homes (NYSE: MTH) also are partnering on a new big high-end condo development at Indian Bend and Scottsdale Roads. The Artesia project is across from the McCormick-Stillman Railroad Park and near the big new Ritz-Carlton being built across Scottsdale Road in Paradise Valley.

The Artesia project will include 500 units priced between $400,00 and $1 million.

Optima Kierland

Architect and developer David Hovey Jr.’s Optima Kierland high-rise condos on Scottsdale Road near Kierland Commons has reached the top-out stage of the construction. That’s when the last concrete beam has been placed.

The Optima Kierland project is on the Phoenix side of Scottsdale Road. The 12-story tower has 220 units ranging from 720 to 4,550 square feet. The condos range from one to five bedrooms and are priced starting in the $300,000s. Some affluent buyers have bought multiple units.

Sixty percent of the units have been sold. Construction is slated to be completed next year.

“We set out to create something that would stand apart from the crowd at Optima Kierland and local market reception tells us we have realized that goal,” said Hovey, president of Optima. “There is no other place in the Valley where individuals can achieve the elevated lifestyle they will experience at Optima Kierland.”

The condos are being built with sustainable construction under the city of Phoenix’s International Green Construction Code.

The Kierland condos feature a rooftop pool, large fitness center, indoor basketball and squash courts, a high-tech golf simulator and concierge services.

Optima also has opened a 10-story apartment tower at the same development. That opened in April. Rents range between $1,425 and $5,275 per month.

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