Scotts­dale ban­ishes the win­ter blues

Sage lux­ury project launches sec­ond phase of con­dos

Calgary Herald New Condos - - New Condos - BARB LIV­ING­STONE WHAT YOU NEED TO KNOW

SCOTTS­DALE, AZ. — When Ivan Sabourin steps into his three­bed­room condo near the canal in down­town Scotts­dale, he can chuck all the trap­pings of a “bru­tal” Cana­dian prairie win­ter.

His unit in the lux­u­ri­ous Sage com­plex along the Ari­zona Canal is within walk­ing dis­tance from shop­ping and restaurants that are the cen­tre­piece of the com­mu­nity.

“We looked at a few places in the Phoenix area,” says the 47-year-old Sabourin, di­rec­tor of Legumex Walker Inc., an in­ter­na­tional spe­cialty crop com­pany based in Man­i­toba, with of­fices across North Amer­ica and in China.

“But all the ac­tiv­ity in down­town Scotts­dale is a draw and Sage is one of the nicest condo projects I have seen.”

The first phase of 50 units in Sage — a mix­ture of con­dos, two-storey town­houses and pent­houses — sold out in 2012, and the $35-mil­lion con­struc­tion has al­ready started on the fi­nal phase di­rectly south of the cur­rent res­i­dences.

First move-ins are ex­pected in Jan­uary 2015.

David So­tolov, se­nior vi­cepres­i­dent of iStar Fi­nan­cial, the de­vel­oper of Sage, says with this win­ter’s deep-freeze tem­per­a­tures and snow through­out much of Canada and the U.S., he ex­pects brisk in­ter­est in Sage’s sec­ond phase.

“Ev­ery time there is a bad win­ter, it’s fol­lowed by a strong sales sea­son in Scotts­dale,” which has had warmer-thannor­mal tem­per­a­tures most of the win­ter. Phase 2, he says, will re­flect what the com­pany learned from sales in the first phase — that most of the de­mand was for sin­gle-storey con­dos be­cause people didn’t want stairs. While a range of home­own­ers — in­clud­ing first-time buy­ers and young fam­i­lies — pur­chased in Phase 1, the big­gest de­mo­graphic in sales con­sisted of those aged 45 to 70, many of them re­tired or semi-re­tired and many of them sec­ond­home buy­ers. In the first phase, 15 to 20 per cent of buy­ers were Cana­di­ans and So­tolov ex­pects they will be pur­chas­ing in the last phase as well.

“We know Cana­di­ans like to live in ar­eas with other Cana­di­ans and this will ap­peal to them and to other sec­ond­home own­ers.”

The two, three-storey build­ings that form Phase 2 will of­fer 72 sin­gle-level con­dos rang­ing in size from 1,450 to 1,800 square feet. Op­tions will in­clude two-bed­room, two-bed­room-plus-den and three-bed­room floor plans, all with un­der­ground park­ing and bal­conies or pa­tios. Prices have not yet been set, but will prob­a­bly start in the low $400,000s.

Like many projects in the U.S., Sage got caught in the 2009 fi­nan­cial melt­down, with the orig­i­nal de­vel­oper go­ing through bankruptcy. Sage was taken over by its fi­nanciers, iStar, at the end of 2011. Prices in the first phase were dropped to the low-$300,000s US for the con­dos, ris­ing to $899,000 for one of the pent­houses. When the project de­buted prior to the re­ces­sion, prices ranged from $695,000 to $1.3 mil­lion.

So­tolov says Sage is the only new con­struc­tion condo de­vel­op­ment in down­town Scotts­dale, and has the added ben­e­fit of hav­ing large units com­pared to the 900- to 1,500-square-foot units of most al­ready built.

“These units have larger liv­ing rooms, larger bed­rooms. Even if people are down­siz­ing, they want room for their stuff,” he notes.

While the ex­te­rior of the fi­nal phase of Sage will mir­ror the first with its tra­di­tional ar­chi­tec­ture that in­cludes earth-toned stone-lined walls and chim­neys, there will be in­te­rior dif­fer­ences that make it more mod­ern. So­tolov says there will be tech­no­log­i­cal changes with more en­ergy ef­fi­cient win­dows, USB out­lets and a wire­less, pro­gram­mable ther­mo­stat and wire­less en­abled se­cu­rity sys­tem. The last two, in par­tic­u­lar, he says are of huge ben­e­fit to sec­ond-home own­ers as they will be able to con­trol what’s hap­pen­ing in their units from thou­sands of kilo­me­tres away.

Es­thet­i­cally, the in­te­ri­ors will be lighter and brighter, while still fea­tur­ing top-of-the-line fea­tures and fin­ishes, in­clud­ing high-end ap­pli­ances and fix­tures, gran­ite and traver­tine coun­ter­tops, nat­u­ral-stone gas fire­places, nine-foot ceil­ings, hard­wood floors, pri­vate over­sized bal­conies and pa­tios over­look­ing moun­tain and wa­ter views and dra­matic foyer en­trances. Be­sides be­ing close to the walk­ing/ bik­ing/run­ning trails along the canal, Sage also has a beau­ti­ful, re­sort-style out­door swim­ming pool over­look­ing the canal, fit­ness cen­tre, cater­ing kitchen, a busi­ness and con­fer­ence room, and an un­der­ground stone wine cel­lar, all in a pri­vate club­house. The de­vel­oper is also con­struct­ing a paved walk­ing path from Cha­parral Road to the south­ern end of the property line with en­hanced land­scap­ing that will con­nect Sage to the heart of down­town Scotts­dale.

The ameni­ties, built along with the res­i­dences in Phase 1, are all part of the at­trac­tions for Phase 2 buy­ers.

“There continues to be de­mand for new hous­ing prod­uct and noth­ing like this has been built for six or seven years. The mar­ket has known the sec­ond phase was com­ing and we’ve been get­ting calls steadily for the last six to 12 months ask­ing when it will be avail­able.”

To reg­is­ter for the fi­nal phase, visit www.Sage-Scotts­dale. com. PROJECT: The sec­ond and fi­nal phase of Sage. BUILDER/ DE­VEL­OPER: iStar Fi­nan­cial Inc. is a fi­nance and in­vest­ment com­pany fo­cused on commercial real es­tate. It pro­vides in­vest­ment cap­i­tal to high-end pri­vate and cor­po­rate own­ers of real es­tate and in­vests di­rectly across a range of realestate sec­tors. For more in­for­ma­tion visit­tar­fi­nan­cial. com. LO­CA­TION: Along the Ari­zona Canal in down­town Scotts­dale at 4855 N. Wood­mere Fair­way, di­rectly south of Sage’s first phase at Cha­parral Road just east of Scotts­dale Road. The com­plex is within walk­ing dis­tance of Scotts­dale Fash­ion Mall, restaurants and art gal­leries in Old Town Scotts­dale. WHAT’S AVAIL­ABLE: The two three-storey build­ings will of­fer 72 sin­gle-level con­dos, rang­ing in size from 1,450 to 1,800 square feet, with views of the wa­ter­front and moun­tains. Two bed­room, two bed­room-plus-den and three bed­room lay­outs will be of­fered, all with un­der­ground park­ing and bal­conies or pa­tios. PRICES: Not fi­nal­ized, but will prob­a­bly start in the low $400,000s. IN­FOR­MA­TION: Call 480-947-SAGE (7243) or visit www.SageS­cotts­ to reg­is­ter on the in­ter­est list for the fi­nal phase.

Ivan Sabourin

Ivan Sabourin and wife Diane Mar­ius bought at Sage in the Phoenix area, giv­ing them a warm weather es­cape from bit­terly cold Cana­dian win­ters.

Barb Liv­ing­stone/For the Cal­gary Herald

The ex­te­rior of Sage No. 1, lo­cated along the Ari­zona Canal.

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