Stalled Sage condos preparing to sell homes

A downtown Scottsdale condominium complex in limbo for more than a year is gearing up to begin sales of 50 homes.

Sage is preparing to sell 32 condos, 16 townhouses and two penthouse units, said Brendan Mann, a principal of the Solvere Group, which is marketing the property for its owner, iStar Financial.

Prices will start at close to $300,000 for the condos.

"We will be competitive with those other projects" downtown, including Safari Drive and Optima Camelview, Mann said.

Sage, 4807 E. Woodmere Fairway, was originally called the Reflections on the Canal because the 6-acre site is on the Arizona Canal south of Chaparral Road. It includes two townhouse buildings, a three-story condo building and a clubhouse with a fitness center, swimming pool and wine cellar for residents.

Summit Properties LLC of Las Vegas started construction in October 2007, just as the housing market was cooling off.

The condos were priced at $695,000 for 1,491 square feet and the townhouses as high as $949,000 for 2,158 square feet. Penthouse prices topped $1.3 million.

There were few buyers, and Summit lost the property to iStar.

"These were aggressively priced when the market was starting to go sideways," Mann said. "Unfortunately, the world did what the world did."

Buyers can take advantage of the reduced prices and low interest rates to get a good value at Sage, he said.

"Many places that were out of reach of many buyers have come back into reach," Mann said.

Sage's revived marketing effort is good news for the surrounding neighborhood, a quiet pocket of older condos, townhouses and apartments within minutes of Scottsdale and Camelback roads. Neighbors have been coping with the stalled project for more than three years. The Hotel Waterfront Ivy occupied the site before it was demolished.

Sage's model homes are being remodeled with Beth McGehee of Studio B in Scottsdale doing the interior design. She previously supervised design at the Villas at Montelucia in Paradise Valley.

The condos and townhouses have hardwood floors, slate fireplaces and cherry-wood cabinets with glass accents.

by Peter Corbett The Arizona Republic Jan. 4, 2011 12:00 AM




Stalled Sage condos preparing to sell homes