Early Post-Recession Scottsdale Condo Development Nearly Sold Out
The final phase of Sage, one of the first condo developments to start as the Phoenix market emerged from the recession, has nearly reached sell-out, according to developer iStar, totaling nearly $40M. The last phase included 72 two- and three-bedroom condos in Scottsdale, all but two of which are sold.
“It was important to us to get to market early and be among the first to start developing again," iStar executive vice president David Sotolov said. "We've consistently averaged three to four sales per month over the last two years, as the market continues to exhibit strength."
Further evidence of market strength is seen in the development's buyers, Sotolov said. Despite the availability of historically low interest rates, roughly half of buyers in the community have closed all cash, indicating a strong base of affluent buyers attracted to the Phoenix and Scottsdale markets.
The first phase of Sage, which included 50 units, sold out back in 2012. Ahead of the anticipated sell-out of the final phase of Sage, iStar is preparing to launch its next Scottsdale development, Artesia, a condo community in central Scottsdale. Artesia will include about 500 new units ranging from 1,250 SF to 3,750 SF, which will be priced from the $400Ks to more than $1M.