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Downsizing Arizona-Style

The Wall Street Journal |

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The booming real estate market in the Phoenix metro area is enticing homeowners to downsize to exciting new lifestyles.

“We are getting calls from more people seeking upscale large homes in the area, but the product is not there,” says Frank Aazami, a real estate professional with the Private Client Group of Russ Lyon Sotheby’s International Realty, in Scottsdale. “Luckily, some sellers are taking advantage of the hot market, doing what we call ‘right-sizing’ into something smaller.” Wayne and Pencie Culiver, for example, put their 4,000-square-foot homeinaNorth Scottsdale countryclub community on the market after they decided to move to Mirabella at ASU, a Life Plan Community on Arizona State University’s campus in Tempe. They sold it for their asking price in less than 30 days and had to rent an apartment for several months until their new home was ready. JonathanScott and his family are trading an 8,000-square-foot vacation home in Paradise Valley for a villa less than half that size in Ascent at The Phoenician®, a Luxury Collection Resort, Scottsdale.

Replay Destinations, a real estate development company based in Vancouver, British Columbia, with luxury properties around the world, spent a year designing Ascent at The Phoenician, a community of 195 villas and condominiums on land adjoining the iconic Phoenician Hotel.They broke ground last November, and the first villas will be ready for occupancy in spring of 2022.

Todd Patrick, Replay’s vice president of marketing and sales, says, “When we began the reservation system for our initial 30 villas on the first fairway of he Phoenician Golf Course, 20 of the homes were immediately reserved. We knew that we’d attract seasonal buyers who love staying at The Phoenician Resort and want to spend more time in the area. But we were surprised that half our early buyers already live within 20 miles of our property.”

Scott, whosemain home is a ranch in Sheridan, Wyoming, says that owning a large winter escape property in Arizona “was lovely whilewewere there, but too much to maintain. We think a threebedroom villa at Ascent will be a better investment. You could not find a better spot to spend the winter. We will be right in the middle of everything we want: outdoor activities and mountain views, plus access to the great restaurants of Scottsdale, the amenities of The Phoenician and the stores of Fashion Square Mall, all within 10 minutes of the airport.”

BUILDING BRIGHT FUTURES

The Phoenician, built during the 1980s, was purchased by Host Hotels & Resorts in 2015 and received a $90 million, three-yearmakeover, including the newly constructed Athletic Club and 38,000-square-foot spa.The resort, known for its views of Camelback Mountain, now includes redesigned interiors and guest rooms, revamped pools and golf courses, plus a new three-level spa and a two-story Phoenician Athletic Club. Residents of The Ascent at The Phoenecian will be offered an opportunity to join The Phoenician Amenities Access Program to use the resort’s redesigned amenities, such as its spa, tennis and sports courts, and golf courses.

Replay Destinations is developing Ascent at The Phoenician in stages and had designed the Golf Villa homes before the pandemic. “Ranging from two to three bedrooms, plus den, most of the homes have a flex space that can be used as a den, wine cellar or even a kids’ bunk room,” Patrick says. “With COVID-19 and people working more remotely, most buyers plan to use that room as a home office.” Each villa has its own garage, indoor-outdoor living spaces and upper level decks with views of the golf course and nearby mountain. Villa prices range from $1.5 million to $2.8 million.

The second stage will be a condominium building at the base of Camelback Mountain, featuring one- to threebedrooms plus den residences, adjacent to the future homeowners’ private pool and fitness amenities. Prices will range from $1.5 million to over $4 million.

Patrick says he now understands why the Ascent Villas are so popular with local residents: “They tell us they are looking for resort living, but want to stay in the area and continue their friendships and lifestyles.”

6900 E Camelback Road, Suite 110, Scottsdale, AZ 85251

Offered by Russ Lyon Sotheby’s International Realty (AZ DRE # LC646682009). The residential project described herein (the “Residential Project”) and the residential units within the Residential Project (the “Residential Units”) are not owned, developed, or sold by Host Camelback I LLC or its affiliates, and Host Camelback I LLC does not make any representations, warranties or guaranties whatsoever with respect to the Residential Units, the Residential Project or any part thereof. PHCN LandCo LLC uses the Phoenician® brand name and certain Phoenician® trademarks (collectively, the “Trademarks”) in connection with the sales and marketing of the Residential Units in the Residential Project under a limited, non-exclusive license from Host Camelback I LLC. The foregoing license may be terminated or may expire without renewal, in which case neither the Residential Units nor the Residential Project will be identified as a Phoenician® branded project or have any rights to use the Trademarks. All renderings contained herein are merely intended for illustration purposes and not as a representation, warranty or guaranty of size, layout, finishes, views, or any other characteristics of the improvements or natural features depicted. Developer reserves the right to make any modifications, additions or withdrawals to any and all descriptions or depictions or any other materials pertaining to the Project, without prior notice. THE IMPROVEMENTS DESCRIBED OR DEPICTED HEREIN (INCLUDING, WITHOUT LIMITATION, ENTRY FEATURES, LANDSCAPING IMPROVEMENTS, AMENITIES, BUILDINGS, HARDSCAPE, FENCING OR WALLS OR THE LACK THEREOF), ARE PROPOSED ONLY AND NO WARRANTY IS GIVEN OR IMPLIED THAT THE IMPROVEMENTS WILL BE COMMENCED OR COMPLETED. ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING AND SHALL NOT BE DEEMED TO BE REPRESENTATIONS OR WARRANTIES OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THE DOCUMENTS THAT ARE REQUIRED BY ARIZONA REVISED STATUTES, 32-2181, et seq,. TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. This is not an offer of real estate for sale or solicitation of an offer to buy, to residents of any state, province or other jurisdiction where the Project is not registered in accordance with applicable law or where such offering or solicitation would otherwise be prohibited by law. Void where prohibited. No sales will occur until permitted by the Arizona Department of Real Estate. All sales are conditioned upon the issuance by the Arizona Department of Real Estate and buyers’ receipt and acceptance of a Disclosure Report for the Project (or applicable portions thereof). Only lot reservations will be accepted by Developer, and only as permitted by the Arizona Department of Real Estate, until the Disclosure Report for the development has been issued; provided, that Developer is under no obligation to accept lot reservations. Developer is committed to the letter and spirit of the policy for the achievement of equal housing opportunity.