Sales of luxury properties are still strong in some areas of the Valley, despite recent concerns over the impact of tightened lending standards on the upper-end housing market.
In the past six weeks, at least seven penthouses ranging in price from $1.2 million to $1.7 million have sold at Scottsdale’s Optima Camelview Village condominiums. The units ranged in size from 2,000 to 2,500 square feet.
Work on the 700-unit condo complex, located on the northwest corner of Scottsdale Road and Highland Avenue, began in 2005, with sales starting about a year ago. The first two phases are sold out.
Condos in the third phase range in size from 800 to more than 2,600 square feet and are priced from $500,000 to $4 million.
Construction on the third phase is underway, with the entire development projected to be completed in 18 to 24 months.
A luxury home community in north Scottsdale has opened two new model homes.
Located at the foothills of Pinnacle Peak, the Privada subdivision has 40 luxury homes and 11 custom home sites.
Seven of the 40 homes have been sold. The two- and three-bedroom houses range in size from 3,133 to 3,825 square feet. Homes start at $1.4 million.
Four of the custom home sites have also been sold. The lots range in size from ¾ acre to 2 acres with prices starting in the mid $800,000s.
The project is being built by Scottsdale development groups Monarch Communities and SCS Advisors.
Work is underway on the sixth phase of Dolce Vita, an active adult community in Apache Junction.
Situated just south of U.S. 60 off Goldfield Road, the manufactured home development currently has roughly 420 home sites with plans for 723 total lots. The latest phase will include 63 sites on the south side of the property.
Homes at the development, designed for ages 55 and older, range in size from 946 to 2,050 square feet. Prices start in the $90,000s and run up into the $190,000s.
Despite the drastic housing market slowdown, investors are still seeing opportunities for future development.
Scottsdale-based Landmarc Capital & Investment Co. recently bought 20 acres of land in Maricopa for $2.5 million.
The purchase is one of several investments the firm has made in an effort to expand its commercial real estate development beyond the Valley.