Mortgage And Real Estate News

Monday, September 17, 2012

Luxury retirement facility's sales rise

Sagewood, a northeast Phoenix retirement community featuring resort-like amenities.


Officials at a northeast Phoenix luxury retirement community say its record sales so far this year are indicative of improvement in the housing market and the Valley's high demand for upscale living and on-site health care.

The 278-unit Sagewood, near Tatum and Mayo boulevards, opened in 2010. It features independent- and assisted-living units.

Stewart Ingram, Sagewood's executive director, said in a release that the complex has sold more units in the first seven months of 2012 than all of last year.

From January 2011 to July 2011, the complex sold 11 units, compared with 33 during the same period this year.

"Interest has steadily grown since we opened, and more retirees are taking notice of our complete approach to senior living that emphasizes well-being, an active lifestyle and independence," Ingram said.

At least three entrance-fee luxury retirement communities have opened in the Northeast Valley in the past few years, providing a wide choice of senior-living options for wealthy retirees. Other rental retirement communities include Maravilla Scottsdale, Belmont Village Scottsdale and Arte'.

Tom Mertensmeyer, president of Senior Financial Benefits, a Valley financial-services firm, told The Republic in May that some large entrance-fee retirement communities have offered incentives to buyers but generally have not cut prices despite the downturn in the real-estate market.

According to Ingram, the recovering housing market has allowed prospective clients to quickly sell their homes and move into the retirement community.

"I think when the bubble first started bursting, people were afraid to list their homes at a lower price," he said. "Obviously there has been an improvement in the real-estate market, but clients are also now pricing their homes to sell."

Once residents pay an entrance fee, they make monthly payments covering rent, most utilities, most meals, weekly housekeeping and other services. Entrance fees at Sagewood start at $310,000. Monthly payments range from $2,500 to $4,500.

The community provides on-site health care at no additional cost to residents unless the patients require meals or supplies during health stays, Ingram said.

Sagewood is operated by Life Care Services, an Iowa-based company.

by Brittany Smith - Sept. 14, 2012 The Republic | azcentral.com




Luxury retirement facility's sales rise

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