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
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.
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.
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.
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.