Mortgage And Real Estate News

Saturday, August 18, 2012

New project meets demand - USATODAY.com

Windrose Estates residents in Scottsdale have a home where the buffalo used to roam.

The infill development of 23 homes at 94th Street and Sweetwater Avenue is built on Collin "T.C." Thorstenson's former buffalo ranch. He had horses and a herd of 20 buffaloes on a property surrounded by suburban homes.

Odyssey Homes started building Windrose Estates five years ago but did not get far before the housing market went over a cliff.

Scottsdale-based Camelot Homes bought the distressed property in May 2011 and revived the development with a model home completed in November, said Mark Hancock, company president.

Camelot has sold 21 of 23 homes in Windrose Estates at an average price of $656,000, he said, with one lot and one spec home still available.

"It shocked us how quickly these homes sold," Hancock said. "It was really an amazing amount of pent-up demand."

Camelot picked up the buffalo-ranch site for Windrose Estates and found eager buyers right out of the chute.

"This is the best product we've had in the last four or five years," Hancock said.
The first resident moved into the gated community in late January. Seven other residents have since closed on their homes and four more are scheduled to do so in July and August, said Cammie Beckert, Camelot marketing director.

Windrose Estates includes one- and two-story homes of 2,882 to 4,200 square feet.
Camelot is planning to offer a similar home product with new options at another infill site it's ready to launch.

Camelot Reserve includes 20 lots, each about 10,000 square feet, southwest of 78th Street and McDonald Drive. The roads and entry features have already been completed.

By Peter Corbett, The Republicazcentral.comPosted Jul 14, 2012



New project meets demand - USATODAY.com

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