Buyers committed to spending a total of $257 million on 91 homes in Paradise Valley’s new lush Ritz-Carlton development since last Saturday. And that’s the most ever spent on one Arizona development in a week.
Prices for the villas in the $2 billion resort development, near the northwest corner of Scottsdale and Lincoln Road, range from $1 million to $5 million. The luxury homes come with floor to ceiling windows, indoor/outdoor showers, private plunge pools and full service from the Ritz currently under construction.
“Ritz-Carlton residences owners will truly experience a ‘resort within a resort’ as they will have their own junior Olympic sized-pool, private and beautifully landscaped grounds and all of the legendary services of the nearby resort,” said Jerry Ayoub, president of the Ritz’s builder Five Star Development.
Names of the deep-pocketed buyers and exact purchase prices will be filed when the homes are completed, sold and recorded in 2018. Well-known luxury real estate agent Walt Danley bought two of the villas, according to the developer.
“The interest we’ve received since announcing the project earlier this year has been overwhelming,” said Brendan Mann of The Solvere Group, which marketed the homes ranging from 1,500 to 4,000 square feet in size.
Plans call for the Ritz-Carlton Paradise Valley to have 200 “casita style” hotel rooms, separate pools for adults and families, a spa, a garden with seasonal produce harvested for on-site restaurants and a citrus orchard, underground parking a main pool that could be one of the largest ever built at 400 feet.
Construction on the resort and villas is expected to be completed within two years.
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