ARIZONA HEATS UP
Snowbirds are back
They’re back. At least many of those who left are back. Others who hung in are feeling the benefits of a strengthening economy and healthier levels of equity.
Canadian snowbirds wanting to upgrade their winter housing have shown a growing interest in one of the hot new developments in Chandler, Ariz., being created by Calgary-founded company Statesman Group.
The Cays at Downtown Ocotillo is an enclave of 278 condominium residences situated on lakefront property in Chandler’s upscale master- planned community of Ocotillo with 162 acres of man-made lakes, parks, and pathways.
“Canadians are starting to come back. It’s that time of the year, our phones have been ringing, so it could be a good season for us,” says Statesman president and owner Alana Mann. “We’re seeing a number of interested people whose real estate assets have appreciated over time and who are now looking to upgrade their investment to luxury multi-family living.”
With one- and two-bedroom residences, along with larger twobedroom homes with a den, prices start from the low $200,000s.
Marilyn and Norm (who asked that their last name not be published) have been wintering in Phoenix for 20 years or so, but about four years ago started kicking around the idea of finding something smaller in a more resort-style community.
Then two years ago, after doing their homework into the options available, decided the Cays was where they wanted to live.
“We like to look of it, like the resort feel and the security — and it’s also close to all the amenities the Ocotillo area has to offer, including a great golf course,” says Marilyn. They take possession in February or March.
Mann describes the Cays as being a “Santa Barbara-style development” with plenty of palm trees, water, grass, and a tropical motif all on 162 acres of lakefront — in the desert.
The first 76 homes in the first of four buildings were completed in August of 2016. This building is now about 85 per cent sold. The second building, which will hold 70 homes, broke ground in February and is slated to open in five months or so. Homes in the third building could be released in early spring, followed by the final building in early 2019.
It’s not difficult to understand why the Cays have become popular with the snowbird set when you run down the list of amenities being offered.
That list includes a 9,500-squarefoot clubhouse with a gourmet kitchen, two-sided fireplace, me- dia centre and gathering area, yoga studio, games area, and an 1,800-square-foot fitness centre with locker-rooms and private steam showers.
Outside, there is a resort-style heated pool, private cabanas, and an outdoor kitchen with gas bar- becues, bar, and fireplaces.
The Cays, its amenities and location, and the pricing has caught the interest of a large cross-section of interested buyers, Mann says.
“The buyer profile is everybody from baby-boomers to the 55-plus crowd,” she says. “They are looking to not so much downsize but to right-size because the big homes they have now just don’t make lifestyle or economic sense. They are using their equity to get something they can be more comfortable in.”
The growing strength of Ari-
zona’s economy coupled with a resurging housing and real estate market has served to lure Canadians back into the market.
According to figures presented by the Canada-Arizona Business Council, there are approximately 100,000 residences in the state either owned or rented by Canadians — with more than 22,000 of them in the metro Phoenix area, including Chandler.
A decade ago, many Canadians snapped up properties at basement-level pricing as Arizona’s economy went south and the Canadian dollar was above par. These days, many of those same Canadians are taking advantage of a healthier real estate market to gain equity.
Some of that equity flowed north into Canada again, but plenty of it stayed in Arizona.
“While a majority of these second-home buyers made their investments in Arizona during the economic downturn, many are now selling and using the profits to upgrade to homes located in new communities, like The Cays, that are being developed,” says Mann.