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Peter Corbett - The Arizona
Republic
Mar. 17, 2007 12:00 AM
Custom-motorcycle builder Roger Bourget says he
isn't having any second thoughts about paying $3 million for his
condominium overlooking the hottest corner at
Kierland Commons.
The recent sale of the 2-year-old condo is believed to be the
highest price paid per square foot for a Valley condo.
The 2,800-square-foot corner loft sits atop the Bebe clothing
shop and looks out toward the sidewalk cafe of Zinc Bistro,
where wine flows and patrons watch fashionable passers-by.
"It's a little spendy," said Bourget, 49, owner of Bourget's
Bike Works, "but I believe that in the long run this stuff is
going to go up in price."
The sale at
Kierland Lofts raised eyebrows, but the unit is not even
among the most expensive of 10 condos in the Valley that sold
for more than $2 million in the past 13 months.
That distinction goes to a 4,500-square-foot penthouse in
Landmark at Kierland, which sold last week for $3.17
million, said Shaun McCutcheon, an analyst for the Sullivan
Group Real Estate Advisors in Scottsdale.
An additional 49 condos, from $1 million to $2 million, sold
during that time, McCutcheon said. That is more than $80 million
in sales from just 60 condos.
McCutcheon said that 40 other condos priced at more than $2
million - and a few at more than $3 million - are expected to
close escrow in the next few months in downtown
Scottsdale as
Scottsdale Waterfront and
Optima Camelview complete their top-floor units.
"We're probably going to see more aggressive prices funnel in,"
he said.
The next benchmark to fall could be $4 million as Waterfront
sells its penthouses.
What's driving the steeper prices?
Some buyers are downsizing from those big homes on estate lots.
Some like the energy and entertainment options at Kierland,
downtown Scottsdale and at the Biltmore.
And for some, a luxury condo is a second home within the Valley.
This article was found here:
http://www.azcentral.com/arizonarepublic/business/articles/0317biz-sr-condos0317.html
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