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Liquid urban-living style a contender
waterfront property in
the Valley used to be a punch line - the thing we
were all going to get when The Big One struck and
Califronia fell into the sea.
But with the advent of the urban-living trend,
real-estate buyers with the desire and the cash can make
the punch line a reality and live the luxe life on the
water.
On the banks of the canal
The star of the waterfront living trend, the
Scottsdale waterfront project, barely has any
waterfront to speak of - but customers still can't
resist. Situated on the southwest corner of Scottsdale
and Camelback roads, this two-building condominium
complex will overlook the canal that runs past the
intersection. Part of the construction plans includes
beautifying the canal banks for Scottsdale waterfront
residents and the general public.
"We consider the canal bank an amenity - a great amenity
that's never been used," says Geoffrey Edmunds,
president of Geoffrey Edmunds and Associates, a
joint-venture partner in the project with Opus West.
"The entire canal bank will be landscaped, and it will
provide open space and walking areas for the residents
and people who live in the city of Scottsdale."
When complete (sometime in 2007), the Scottsdale
waterfront will comprise 198 condominiums ranging in
price from approximately $500,000 to $3.5 million.
Square footage starts around 1,200 square feet for
condos on the lower floors, while the 13th floor
penthouses occupy almost 5,000 square feet each. More
than 90 percent of the properties sold in the first
eight months they were on the market.
One couple already waiting to move into their Scottsdale
waterfront condo is Harvey and Fran Friedman of Phoenix.
The Friedmans moved here from Cleveland more than 25
years ago and have owned homes in Scottsdale and
Paradise Valley. Three years ago, they moved into
Esplanade Place, the granddaddy of Valley urban-living
projects, located at Camelback Road and 24th Street in
Phoenix. Esplanade Place is also an Edmunds project, and
through the grapevine, the couple heard about the new
development long befroe construction started.
"We got involved with (the Scottsdale waterfront) when
it was still in the early stages," explains Harvey
Friedman. "There had been a lot of discussion about it
for years and years, and it piqued our interest.
"
More than the waterfront aspect, the Friedmans were
attracted to the location of the project, which is right
near Scottsdale Fashion Square and the Fifth Avenue and
Old Town areas.
"The location is excellent," Harvey Friedman says.
"You've got all you need to do, and a lot of it's within
walking distance, which is what we really enjoy." The
Friedmans expect to move in around April 2007.
Lakeside living
Buyers who want a little more water in their waterfront
are snapping up space in urban-living projects on
Tempe Town Lake in north Tempe. The perimeter of the
manmade body of water is filling up fast with condos,
the first of which was Edgewater at Hayden Ferry
Lakeside, created by SunCor Development Co.
Buyers will soon start moving into Edgewater's 40
units, which sell for $390,000 to $2.15 million and
range in size from approximately 1,100 to 3,100 square
feet. SunCor broke ground last month on Bridgeview, the
second of the four planned Hayden Ferry Lakeside condo
towers. Bridge-view has a large percentage of its 104
units still available. Prices start in the low $400,000
range and run up to around $5.5 million; square footage
ranges from 1,100 to 5,000 square feet.
On the other side of the lake and closer to Rural Road
is Northshore Condominiums, a WestStone Communities
urban-living project that broke ground in December 2005.
The 134 units are 95 percent sold out, which doesn't
surprise Marilyn Pfaff, WestStone marketing director.
She says that the lakefront location was a factor in
"100 percent" of sales.
"So many people are attracted by what's going on around
the lake," she says. "They don't want to be one of those
people who drive by in five years and wish they would
have bought. They got in now, and they're smart."
Northshore, when complete, will be built in a U-shape
around a central courtyard with pools and fountains. The
"U" will face the lake, allowing for the maximum number
of lakefront views. Other units will overlook Arizona
State University's Karsten Golf Course across Rural
Road. All but two units are equipped with outdoor
fireplaces on the balconies, "so you can sit out on your
balcony with a glass of wine and look out over the
lake," Pfaff says.
Other upcoming Tempe Town Lake urban-living
projects include the Regatta Pointe Condominiums on Rio
Salado Parkway, one section of which will offer lake
views, and the Mondrian @ Tempe Town Lake apartments.
WestStone is also planning another condo tower next to
Northshore, a high-rise with 190 units and a sky lounge,
which should break ground in the fourth quarter of 2006.
"It's all about the location," Pfaff says of the
lakefront building boom. "It's all about trying to be
close to whatever lake we have in the desert. So much is
happening around that lake, and I know that all of the
great property seems to be spoken for. There's big plans
for it all."
Buyers and sellers
Water or no water, the people buying into lakefront
urban living are generally the same customers purchasing
in similar landlocked projects.
"One is the investor, two is the empty-nester and three
is a bachelor or a young executive," says Evan Katz, a
member of the Katz Group of Realty Executives.
Edmunds says, "The most important single ingredient is
the change in lifestyle for people." The bulk of future
Scottsdale waterfront residents are "people
between the ages of 50 and 70 who are looking for a new
lifestyle that allows them to lock and leave, and not
have to maintain a large single-family home on a large
lot. So we get a lot of buyers from North Scottsdale and
Paradise Valley who are moving out of their
single-family home and moving into the urban lifestyle."
That description fits the Friedmans perfectly. "We
bought a condo in Califronia a few years ago, and we
decided we liked that kind of living," Fran Friedman
says. "It was easy because we travel a lot; we just lock
the door and go."
In other urban-living communities such as Northshore,
the main buyer is the young professional, a fact that
may partially be attributed to the lower price points.
The young professionals "really love Tempe and the lake
and the lifestyle," Pfaff says. "It's a great mix -
you've got what's going on in Tempe, and you're close to
Scottsdale."
The best news for waterfront property owners may come
when it's time to sell, Katz says.
"I think the waterfront environment - that feeling of
being on the water - is a very unique thing here in the
Valley. I think in the long term the waterfront
properties, the ones facing the water, will probably
resell better than others. You can compare it to a
golf-course lot; anything that is unique always will
deliver a premium, especially on resale."
That may be, but the Friedmans aren't looking to sell
their waterfront property any time soon.
"We're a good year, 14 months away from moving in, and
the excitement and anticipation starts to grow as it
gets closer and closer," Harvey Friedman says. And after
moving day finally arrives, "We're going to be there for
a while."
for her part, Fran is looking forward to decorating the
new place.
"That's the best part," she says.
Source:
Jewish New
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