iStar Nears Sell-Out of $40 Million in Real Estate at Final Phase of Sage in Downtown Scottsdale

iStar announced today the final collection of homes at Sage, a luxury condominium community located along the Scottsdale waterfront, is nearing sell-out with just two homes remaining before closing out the final phase that totals nearly $40 million in real estate sold.

Developed by iStar, Sage’s final phase features 72 two- and three-bedroom condominiums ranging from 1,375 to 1,659 square feet, with optional den floor plans. Sage’s first phase included 50 homes which sold out in late 2012. Development of this final phase commenced in early 2014, making it one of the first new condominium developments delivered in the Phoenix market post-recession.

“It was important to us to get to market early and be among the first to start developing again. Our first homeowner moved in April 2015 and we have consistently averaged three to four sales per month over the last two years as the market continues to exhibit strength,” said David Sotolov, executive vice president of iStar. “Further signs of market strength can be seen in looking at the home buyers who have purchased in this final phase at Sage. Despite the availability of historically low interest rates, roughly 50 percent of home buyers in the community have closed all cash, indicating a strong base of affluent buyers attracted to the Phoenix and Scottsdale markets.”

With continued confidence in the market, iStar is preparing to launch its next Scottsdale development in partnership with Meritage Homes on Artesia, a luxury condominium community located on the northeast corner of Scottsdale Road and Indian Bend Road in central Scottsdale. Artesia will include approximately 500 new homes ranging from 1,250 to 3,750 square feet and are expected to be priced from the $400,000s to more than $1 million. The luxury development will offer multiple product types as well as an impressive amenity package. Sales are expected to start later this year.

Ahead of the sales launch of Artesia, two new homes remain available at Sage including Residence E2003, a 1,659 square-foot home complete with three bedrooms and two bathrooms, and priced at $615,000; and Residence E3005, a 1,375 square-foot, two-bedroom home with two bathrooms, and priced at $519,000. Blending style, sophistication and modern convenience, homes at Sage present savvy features, inviting indoor and outdoor spaces and spectacular views.

Sage’s interior features include, Dacor® professional stainless steel kitchen appliances, designer-selected modern wood cabinetry, GROHE® bathroom faucets and fixtures, Provenza hardwood floors and a gas fireplace with natural floor-to-ceiling stone surround. Each home has a luxurious master suite with a spacious walk-in closet and well-appointed master bath with Carrera marble countertops, dual under-mounted sinks and a deep soaking tub. High-tech and sustainable features include controlled energy-efficient heating and air conditioning units, a Wi-Fi controllable thermostat, integrated USB ports, high-speed cable and Low-E, energy saving glass.

“By offering an unparalleled location, superior finishes and one-of-a-kind amenities for homeowners, we’ve been able to attract a diverse range of buyers from young professionals and empty-nesters to second-home buyers in the past year,” says Tripp DuBois, managing partner and vice president of sales and marketing at The Kor Group. “Unlike anything else in the Scottsdale marketplace, Sage offers homeowners a unique opportunity to live in an exceptional neighborhood with a suburban feel and picturesque views of Camelback Mountain and the Scottsdale waterfront, but still be steps away from world-class shopping, dining and entertainment in bustling Old Town.”

Amenities at Sage include an expansive 3,400 square-foot, two-story private clubhouse with dramatic 30-foot ceilings; a designer-styled and luxurious library lounge with entertaining kitchen, fireplace and 65” flat screen TV; a one-of-a-kind climate controlled subterranean wine cellar;  a lushly landscaped waterfront pool and spa with an outdoor lounge and private cabanas; an open-air grilling area with raised terraces for scenic dining; a fitness studio with SCIFIT and Spirit equipment and a Yoga-stretch room; Wi-Fi access and USB ports throughout the clubhouse and gated underground resident parking.

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