Scottsdale banishes the winter blues
Sage luxury project launches second phase of condos
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 visit www.istarfinancial. 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.SageScottsdale.com to register on the interest list for the final phase.
Ivan Sabourin and wife Diane Marius bought at Sage in the Phoenix area, giving them a warm weather escape from bitterly cold Canadian winters.
The exterior of Sage No. 1, located along the Arizona Canal.