Sales of existing condos in the area heating up as winter approaches.
With 691 new condominiums under construction in metro Phoenix, another 711 are in the pipeline, according to a September data report from Polaris Pacific. “What’s interesting about the new stuff coming online, a lot of it is really high end,” said Crel Vogel, regional sales manager for San Francisco-based Polaris Pacific’s Arizona market.
Optima Kierland, a high-end condominium project next to Kierland Commons in Scottsdale, is poised to double in size with another tower. When completed within the next couple of years, the $500 million project will offer more than 670 units, Vogel said. Meanwhile, Artesia Condominiums at 7291 N. Scottsdale Road in Scottsdale is coming back to life. A joint venture between Scottsdale based Meritage Homes Corp. (NYSE: MTH) and New York-based iStar Inc. (NYSE: STAR) is expected to build upward of 500 units at that project, he said.
Polaris provides brokerage services for both of those projects. The initial development of Artesia began in 2005 with 93 residences, but further construction came to a screeching halt during the Great Recession. Now development is revving back up again.
Also nearby is The Ritz Carlton’s project near the Paradise Valley/Scottsdale border that will include 81 luxury condos. Solvere Group is handling sales for Scottsdale-based Five Star Development’s residential units.
Read more at the Phoenix Business Journal