7 minute read
Real Estate
Camelot Homes Buys Three Parcels of Land in Scottsdale with 29 Luxury Homes Planned
LEGACY AT DC RANCH
Camelot Homes recently closed on the purchase of three parcels of land in Scottsdale with plans to break ground this year on three new luxury communities with a combined total of 29 homes – Aura, The Collection, and Legacy at DC Ranch.
“Camelot Homes is very excited for these exclusive new communities,” says Camelot Homes Managing Director Julie Hancock. “All three are private gated enclaves with inspired architecture designed by Woodley Architectural Group (Legacy and Aura) and Bob White of Forest Studio (The Collection). We are especially proud to have built one of the first communities in DC Ranch almost 20 years ago, and now we are building Legacy, which will be the last new community there. All three communities have limited opportunities to purchase and sales will begin this summer.”
Camelot closed on 8.5 acres of land at the Southeast Corner of 128th Street and Shea Boulevard on October 26, 2021. This parcel will be the future home of Aura, a community of 12 homes ranging in size from 1,800 – 3,500 square feet. Located within the Shea Boulevard corridor, directly across the street from the new BASIS school, this location offers easy access to both the HonorHealth and Mayo Clinic campuses.
The luxury homebuilder closed October 27, 2021, on 4.7 acres of land at the Northeast Corner of 74th Street and Valley View Road in Scottsdale. Here, The Collection will include eight 4,000 – 6,000 square foot homes located in the heart of Scottsdale.
Camelot then closed out 2021 with the December 23 purchase of 3.1 acres west of Pima Road and North of Legacy (roughly south of the southeast corner of 92nd Street and Union Hills Drive) in Scottsdale. Nine 2,800 to 3,500 square foot homes are expected to be built on this last remaining residential parcel in the DC Ranch community.
Camelot expects to break ground on all three communities by quarter four of 2022.
An Award-Winning Chicago Real Estate Developer
A.1 Breaks Ground on Its First North Scottsdale Project
Belgravia Group, an award-winning Chicago real estate developer with more than 70 years of luxury projects constructed under its brand, will mark its Phoenix market entry with Portico - North Scottsdale, a collection of 112 luxury condominium residences located at the northeast corner of Loop 101 and Scottsdale Road. The project will be worth more than $100 million upon completion.
Featuring stunning views of the McDowell Mountains, an outdoor pool, upscale clubhouse and a state-of-theart fitness center, Portico will be a key piece within the One Scottsdale masterplan development, which will include up to 2.8 million square feet of retail and office space, 2,000 residential units and 400 hotel rooms upon completion.
Portico will be located within nine discreet buildings, each with only five floors, with enclosed parking and intimacy not usually found in high rise living. Portico offers floor plans up to four bedrooms. The homes will feature up to 540 square feet of additional outdoor living area and a true indoor-outdoor living experience. “Chicago has been our home for over 70 years, and we are very excited to bring our product to the Valley. We have followed this market for many years, and we believe its ongoing growth and strong community is a natural fit for our approach to thoughtful design and homebuilding,” says Jonathan McCulloch, co-CEO of Belgravia Group. “We frequently remind ourselves that our strong reputation in Chicago can’t ever be taken for granted and we strive to maintain and improve that reputation with each project we develop. Now, for the first time in our 70-year history, we are entering a new market and we will set the foundations for our local reputation to be formed as we seek 112 new, happy homeowners at Portico. This is just the first of many projects we plan to develop in the Phoenix and Scottsdale areas.”
Portico’s sales center will open this spring and will allow prospective buyers to work with Belgravia’s in-house design team to personalize their homes with lighting and wiring layouts and select finishes from an extensive catalog of up-to-date fixtures and materials.
Belgravia Group’s sterling reputation and intuitive home designs have collected numerous accolades throughout its Chicago tenure, including being named Chicago’s Developer of the Year in 2021, 2020 and 2019 by “Chicago Agent Magazine” and Development of the Year for two recent Chicago projects, Renelle on the River and Three Sixty West.
To learn more, visit porticocondos.com and belgraviagroup.com. PORTICO
Real Estate
Want Top Dollar for Your House? Now is the Time To List It.
By Scott Gaertner, Associate Broker
When you’re selling any item, you usually want to sell it for the greatest profit possible. That happens when there’s a strong demand and a limited supply for that item. In the real estate market, that time is right now. If you’re thinking of selling your house this year, here are two reasons why now is the time to list.
1. DEMAND IS VERY STRONG THIS WINTER.
In the real estate industry, spring (which technically doesn’t start until March 20), is traditionally the “hottest” time of the year for home buyers and sellers. But, this traditionally busy season started early this year, according to the “Inman News,” a leading real estate news source for real estate agents. “Home shopping season appears to already be in full swing,” cites a recent article.
That claim is backed up with recent data released by ShowingTime. The ShowingTime Showing Index tracks the average number of monthly buyer showings on active residential properties, which is a highly reliable leading indicator of current and future trends for buyer demand.
The latest ShowingTime index reveals last December was the most active December in five years. As the data indicates, buyers are very active this winter. Last December saw even more showings than December of 2020, which was already a stronger than usual winter. Those are national statistics. This trend is much more pronounced in Scottsdale North due to the seasonality of our winter visitors. And remember – you want to sell something when there’s a strong demand for that item. That time is right now.
2. HOUSING SUPPLY IS EXTREMELY LOW.
Each month, Realtor.com releases data on the number of active residential real estate listings (listings currently for sale). Their most recent report reveals the latest monthly number is the lowest we’ve seen in any January since 2017. But, in Scottsdale North, we have the lowest number of active listings ever.
And don’t forget, the best time to sell an item is when there’s a limited supply of it available. Supply has never been more limited than it is right now.
EVEN THOUGH SUPPLY IS AT A HISTORIC LOW, HOME SALES ARE AT A 15-YEAR HIGH
According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), existing home sales totaled 6.12 million in 2021 – the highest annual level since 2006. This indicates that the market is hot, and homeowners are in a fantastic position to sell now, while demand is high.
NAR also reports available listings by calculating the current months’ supply of inventory. “Months’ supply of inventory refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace.”
The current months’ supply is 1.8, the lowest ever reported. Here in Scottsdale North, the market is so hot that we must go to “Days’ Supply of Inventory” rather than “Months’ Supply of Inventory.”
Below is an example chart of five recent days of supply in Scottsdale North.
The ratio of buyers to sellers favors homeowners right now to a greater degree than at any other time in history. Buyer demand is high, and supply is low. If you’re selling your home, that gives sellers like you an incredible opportunity. Today’s buyers know they need to be flexible negotiators that make very competitive offers, so here are a few areas that could tip in your favor when your house goes on the market:
• An above market sales price. • Flexible closing date. • Few to no home repair requests. • The ability to stay in your home until you find another. • Minimal offer contingencies. • Minimal to no showings.
BOTTOM LINE
Scottsdale North’s best-selling days are before the summer heat sets in while the winter visitors are still here. If you agree the best time to sell anything is when demand is high and supply is low, let’s connect to begin discussing the process of listing your house today. You will be shocked when I tell you what your home is worth. Call me at 480-634-5000 to connect.
Scott Gaertner is an Associate Broker with Keller Williams Northeast, who for the past 35+ years has helped more people find their lifestyle niche in the Scottsdale North area than anyone else. He also contributes his thoughts on the real estate market and lifestyle interests in the area and is the creator of ConnectingScottsdaleNorth.com. For additional info, visit ScottGaertnerGroup.com or call 480-634-5000.
