Saturday, June 25, 2011

Silverleaf project at DC Ranch revived after 2-year delay

Silverleaf development Courtesy of Sterling Collection Development Group

The Sterling Collection Development Group is building nine more villas at the Sterling at Silverleaf development in Scottsdale. This villa and six others were built between 2006-08. Villa prices start at $1.2 million for about 2,700 square feet.

Construction has resumed on a small collection of villas at Silverleaf at DC Ranch after the development stalled more than two years ago.

The Sterling Collection Development Group is reviving a project designed and developed by in-demand Scottsdale architect Bing Hu from 2006-08. Seven villas were completed before the economy and the project tanked.

Nine more are planned, starting at $1.2 million or about $446 per square foot, with the first two scheduled for completion this fall.

Sterling at Silverleaf also is planned to include homes on 12 lots and 180 condominiums in six buildings of up to five stories.

The development sits on 12 acres northeast of the DC Ranch Village Club at Thompson Peak Parkway and Legacy Boulevard.

Sterling President Nathan Day said the villas are an incredible value for Silverleaf, and the timing is right to resume development.

"We are positioned on the leading edge of development as the market begins to recover," Day said.

Although $1.2 million is hardly affordable for most buyers, it's a relative bargain in Silverleaf where a 9,986-square-foot home recently sold for $6.2 million and 30 large custom homes are under construction.

Silverleaf market active

At a time when analysts disagree on the recovery of the Valley's housing market, Silverleaf and DC Ranch are showing strong signs of life.

"People are buying good houses at hefty prices," said Bob Nathan of RH Nathan Exclusive Real Estate Services.

Twenty-three Silverleaf homes have sold through mid-June and another 13 are in escrow, compared with all of last year when 33 homes were sold, Nathan said.

The Sterling at Silverleaf villas are in a great location and well-suited for lock-and-leave owners, he said.

They will compete with casitas near the Silverleaf clubhouse built by Scott Edmunds' company CSE & Associates.

The $1.2 million price for the Sterling villas "might be a little aggressive in my opinion," Nathan said.

Originally, Hu priced the villas at $1.4 million to $1.9 million before the recession hit.

Day said he bought the note for the Sterling property in late 2008 from M&I bank.

Low-maintenance courtyards

The villas of roughly 2,700 to 3,100 square feet feature Mediterranean architecture with stucco walls, clay roof tiles, landscaped courtyards, spa pools and shared driveways.

The design contrasts with the Tuscan -style homes common in Silverleaf.

The original villa design has been updated to make it more energy-efficient and to include the latest in home-automation technology, Day said.

Luster Custom Homes has framed two of the two-story villas, and they should be finished by the end of October, Day said.

Sales will begin later this summer.

Sterling at Silverleaf is the first development for the Sterling Collection Development Group.

by Peter Corbett The Arizona Republic Jun. 24, 2011 08:54 AM

Silverleaf project at DC Ranch revived after 2-year delay

Real Estate News

HootSuite - Social Media Dashboard