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Luxury Homes Selling Quickly at The Phoenician, in ‘Snooze-You-Lose Market’

Phoenix Business Journal |

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Homes at a new residential community on what formerly was a golf course at The Phoenician are selling like hot cakes. Scottsdale-based Cullum Homes and Canada-based Replay Destination are seeing success at the new Ascent at The Phoenician community, where they are building luxury condominiums and custom homes. Rod Cullum, president and CEO of Cullum Homes, has executed nine contracts on the 51 custom-home lots he has at Ascent, where prices range from $2.8 million to more than $7.5 million. His first home is scheduled to close April 1 — and he hasn’t even started marketing the community yet. “This is a snooze-you-lose market going on right now,” Cullum said. “We don’t want to get too far ahead of ourselves, selling a bunch of houses,” he said. “Each custom home takes us some time to build.”

While all of Cullum Homes’ products are single-family detached homes, Replay Destinations is building 195 luxury condominiums starting at $1.75 million.

Replay Destinations has begun construction of 30 golf villas and will begin releasing the 165 condos within the next two weeks over three phases, said Leslie Jenkins, a listing agent for Ascent at The Phoenician. She said more than half the 30 golf villas have been sold. Those units are situated on the first fairway of the new Phoenician Golf Club and adjacent to the golf clubhouse and new Phoenician Tavern Restaurant. “Considering we got our public report in December, that’s probably record-breaking for any project in that short period of time,” she said. She’s noticed that several of the condos are turning into clusters, where friends and family are buying units near each other. While three of the buyers are local, the majority of them are from out of state, said Jenkins, a real estate agent with Russ Lyon Sotheby’s International Realty. “It’s been fast and furious and fun,” she said of the pace of sales to friends and family buying units near each other to create these clusters.

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.