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PHOENIX—iStar Residential has broken ground on the final phase of Sage, a luxury condominium community along the Scottsdale waterfront, that will be the only new-construction, for-sale condominiums in Downtown Scottsdale. The construction, which is in excess of $35 million of residential real estate, signifies the first ground-up condominium development in Downtown Scottsdale since the recession.
Following the success of the sold-out first phase, Sage’s final phase will feature 72 two- and three-bedroom condominiums ranging from 1,490 to 1,775 square-feet, with optional den floor plans, and is expected to be priced from the high $400,000s. Located directly south of Sage’s first phase at Chaparral Road just east of Scottsdale Road, the two, three-story buildings are now under construction with owner move-in by early 2015. A priority interest list is currently being developed and sales will begin this winter led by The Kor Group.
“It’s exciting to be the first and only new condominium development to break ground in Downtown Scottsdale in over six years,” David Sotolov, senior vice president at iStar Financial. “There ispent-up demand for this type of new product within walking distance to the heart of Downtown Scottsdale. It just doesn’t exist anywhere else right now other than at Sage. For months we’ve received calls on a weekly basis from interested buyers and Realtors who are eager to purchase. There are approximately 5,000 apartment units either under construction or recently completed in Scottsdale and Tempe. But, Sage is the only fully-amenitized, new community for-sale in Scottsdale. iStar is committed to the Phoenix-metro market and we have big expectations about the area’s growth and the completion of the community at Sage.”
Along with the final phase, iStar is constructing a paved walking path from Chaparral Road to the southern end of the property line that will connect Sage to the heart of Downtown Scottsdale. The first phase of Sage, a collection of 50 condominiums, townhomes and penthouses, sold out in early 2012.
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Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial Investment Real Estate Broker in Arizona now for 20 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial landspecialist in Phoenix and a Landspecialist in Arizona.
WHETHER YOU LEASE OR OWN
NOW IS THE TIME FOR YOU TO EXPAND, UPGRADE OR INVEST.
we are at on the a rise of the cycle in Commercial Real Estate. so there is only one way and it’s called we are going up and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix. The prices on deals I may get you will not be around forever.
WAITING TO SELL YOUR LAND ? TIMES CHANGE / IT’S TIME
We barely could give land away the last few years, but times are changing. Even in those meager years, I sold more land across the state than most other brokers. Before the real estate crash I was a land specialist in Arizona with millions of dollars of transactions, but then I had to change and also sell other commercial investment properties, which was fun, but I am a Commercial Landspecialist in Arizonal, a Commercial Land Specialist in Phoenix and love to sell land, one acre to thousands of acres.
If you have any questions about Commercial Investment Properties in Phoenix or Commercial Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion in Commercial Properties in Phoenix or Commercial Properties in Arizona with you.Obviously I am also in this to make money, but it could be a win-win situation for all of us.
Please reply by e-mail email@example.com or call me on my cell 520-975-5207 or Office:480-948-5554
PLEASE NOTE, I CHANGED BROKERAGES BUT CELL PHONE AND E-MAIL STAY THE SAME.
Walter Unger CCIM
Associate Broker, West USA Commercial Real Estate Advisers
7077 E. Marilyn Road, Bldg 4, Suite 130
Scottsdale, AZ 85254
Office : 480-948-5554
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