Final Loan Secured

The Ritz-Carlton, Paradise Valley has secured their final loan to complete the multi-billion resort project. This is GREAT news. As a boutique real estate team in Scottsdale, Arizona, we have MULTIPLE clients in this project. As everyone knows, the Ritz-Carlton, Paradise Valley has hit multiple construction hurdles over the years. Especially when a pandemic hits. What many MIGHT not know is that delays are ALWAYS expected at major developments. We know. We’ve been selling projects like this for a combined 150 years. With that said, let’s take a look at the details

The Latest Updates on The Palmeraie Project

• $585M loan secured: Five Star Development has obtained a $585 million loan through Madison Realty Capital
• Luxury mixed-use project: The Ritz-Carlton Paradise Valley resort and The Palmeraie are a $2 billion luxury development
• Shopping district & residences: The project features a 160,000-square-foot shopping district and various residential components
• No further construction pauses: The developer confirms that construction will continue uninterrupted after securing the final round of financing
• 80% complete: The Ritz-Carlton Villas are soon to be ready, with the Ritz-Carlton Estate estate homes expected to be completed later this year
• High-end homes available: Remaining homes for sale are listed in the high $8 millions. Sales for the Fendi Private Residences are set for fall 2023
• Opening date forthcoming: The Ritz-Carlton Paradise Valley resort’s opening date will be announced soon. Room rates to be released prior to the opening
• Design board review: The shopping and dining portion of The Palmeraie is currently in the design board review approval process
• Overcoming obstacles: The project has faced litigation and delays but has added additional contractors to bolster the construction team

Construction Slowed Greatly While The Loan Was Being Finalized

Luxury Projects In Scottsdale & Paradise Valley

Aside from the Ritz, Carlton, there are other luxury condo developments underway in Scottsdale and Paradise Valley. These include Ascent at The Phoenician, a major resort project. Additionally, developer Optima is beginning sales for Optima McDowell Mountain Village in either fall ort spring. Projects of this magnitude raise the bar for high-end real estate in the Grand Canyon State.

The site of the FENDI Private Residences and The Palmeraie.

Fendi Private Residences: A Rare Opportunity

FENDI deciding to build in Arizona is a BIG deal. Currently, there are only 3 FENDI projects worldwide (Rome, Dubai, and Miami). If you notice, the Fendi Private Residences at The Palmeraie are NOT being built in Los Angeles or Manhattan. They are being built in Scottsdale. The audience of which they appeal to is the wealthiest in the world. FENDI could end up becoming the fanciest, priciest (per foot) pieces of real estate in AZ history. Prices are expected to start in the mid $2 million range and head up into the $30 million range for a top-floor penthouse. 

The Interior Spaces Of The Resort Are Looking Good

Dual Agency & How We Help You Avoid It

In the state of Arizona you are allowed to have your own representation when buying real estate. There is NO financial benefit to going straight into a sales center. Remember, the on-siute agent/broker represents the SELLER (developer). And in dual agency, it is IMPOSSIBLE to 100% represent the best interests of both the buyer and the seller. Not to mention the seller was represented by the on-site sales agents first. And fiduciary duty always lies with the seller.

Also Read: Advantages Of Not Buying A Luxury Condo Straight From The Developer

The Resort’s Pools Have Been Filled

Williams Luxury Homes

At WLH, we understand the complexities of purchasing luxury real estate. Especially in luxury developments such as the Ritz-Carlton Residences. With over $1 billion in luxury real estate sales, we PROTECT our clients’ best interests. We know the market. And we give UNBIASED opinions. It is in our best interest to sell you something you can resell later. And it is our legal DUTY to protect yo. Thanks for stopping by LUXE BLOG. more content is on its way.