Amazing Arizona

Arizona’s upscale Scottsdale Valley is a remarkable tribute to the ability and ingenuity of man in outwitting nature. From cactus strewn dust and rocks where only the hardiest of native Indians could survive a century ago, developers have created one of the most sought-after residential areas in America.
There are now more than 200 private and public manicured golf courses and resorts within the greater Phoenix and Scottsdale area, offering single family homes and condominiums, available for outright purchase and shared ownership.

Attracted by its healthy, dry climate, azure skies and almost guaranteed year-round sunshine, the population of the south-western state of Arizona growths every month, as second-home buyers and early retirees seek a slice of the prosperity and laid-back lifestyle that comes with the territory.
Barbecue decks, hot tubs and plunge pools overlooking the greens and fairways have become almost standard among the smarter developments and many come with elaborate private clubhouses featuring a gym, spa, bars and restaurants.

With a string of award-winning gourmet restaurants and high-end fashion malls, Scottsdale has been transformed into one of the world’s most sophisticated holiday playgrounds. Billions of dollars have been invested in lavish luxury resort hotels and an infrastructure that attracts more than six million visitors, spending over £750 million every year.

Despite the economic downturn, the BMW, Mercedes, Lexus and Ferrari dealerships in North Scottsdale are among the largest in the world and still reporting brisk business. Only the real estate brokers are admitting to a slowdown in domestic demand, which is trimming prices and providing some bargain opportunities for buyers from the sterling and euro-based nations. The exchange rate has not been this attractive to European buyers for decades.

While Scottsdale remains at the heart of Arizona’s most sophisticated golf course developments, there is still plenty of activity going on south of Phoenix around Tucson, Tubac and all the way to the Mexican border.

For buyers seeking cooler summer temperatures, the resorts and developments north of Phoenix, around Sedona, Flagstaff and Prescott are becoming increasingly popular.

All eyes will be on the new Ritz-Carlton resort at Dove Mountain, just north of Tucson, when it hosts the Accenture World Match Play Championships in February 2009. At this prestigious event - televised across the globe - the world’s top 64 professional players will compete for a $1 million first prize.
Anchored by two Jack Nicklaus-designed Signature courses in a stunning High Sonoran Desert setting, surrounded by the Tortolita Mountain ranges, the development covers 345 hectares, centred round a 250-room luxury hotel and an elaborate clubhouse.

Ritz-Carlton has joined with Cottonwood Properties and Greenbrier Southwest Corporation to build and market the first phase – The Residences – comprising 91 single family homes and 16 lots for custom homes.
Prices at The Residences are from $1.5 million to $3.5 million (£760,000 to £1.7 million for two-, three- and four-bedroom homes ranging in size from 257 to 450 square metres. Custom estate home sites are available from $750,000 to $1.8 million (£380,000 to £913,000).

Adjoining Dove Mountain are the two established courses at The Gallery, designed by John Fought and former Ryder Cup captain Tom Lehman. Lot prices range from $395,000 (£200,000) for 2,000 square metres at The Ridges to $1.35 million (£685,000) for 2.5 hectares at Canyon Pass.

Golf villas of 250 square metres are priced from $925,000 (£470,000) at The Gallery and custom-built homes range up to $2,395,000 (£1.2 million) for a 435-square-metre detached house with four bedrooms and five bathrooms.

Set within a dramatic, boulder-strewn forest of distinctive and towering Saguaro cacti, with spectacular 360-degree views across this desert mountain landscape, The Gallery and Dove Mountain have placed Tucson firmly on the map for second-home buyers.

By contrast, around 40 miles south of Tucson in the lush green Santa Cruz valley is the little-known and laid-back community of Tubac, which likes to describe itself as Arizona’s best-kept secret. Tubac is close to the Mexican border and much of the local architecture reflects this Spanish influence.

The development at Barrio de Tubac, adjacent to the expanding Tubac Golf Resort and Spa, is proving popular among second-home buyers seeking a quiet hideaway. Three-bedroom homes on spacious lots with views of the Santa Rita and Tumacacori mountains are selling from $250,000 to $850,000 (£127,000 to £432,000).
Back in fashionable North Scottsdale, Mirabel boasts that it is one of the area’s most exclusive private clubs. Located outside the village of Carefree, the 6,400-metre Mirabel course was designed by Tom Fazio at over 900 metres above sea level.

Players and homeowners are afforded some stunning views across to Pinnacle Peak and the distant city contours of Scottsdale and Phoenix. Developer Discovery Land has a reputation for maintaining exceptionally high standards and it shows in the upscale infrastructure of this club.

Lots are priced from $365,000 (£185,000) and custom homes are offered from just under $2 million (£1 million) for a 370-square-metre property up to $3.5 million (£1.7 million) for a 560-square-metre home in a prime location.

At the well-established Grayhawk Golf Club, in Scottsdale, residents have the choice of two manicured golf courses. Here, detached homes with four and five bedrooms, each with an en suite bathroom, are priced from $900,000 to $1.5 million (£457,000 to £760,000).

Prices are a good deal lower on the other side of Phoenix, at Encanterra, close to Queens Creek and the less fashionable town of Gilbert.

A total of 14 different floor plans are being offered to homebuyers, in a choice of architectural styles using Italian, Spanish and Andalusian influences. Living space is from 150 to 370 square metres and prices are from $200,000 to $700,000 (£101,500 to £355,000). The homes at Encanterra, which is being developed by Shea Homes, are situated around a championship golf course designed by Tom Lehman.

Close by is another development by Shea Homes – Trilogy at Vistancia – a 400-hectare gated resort-style community with planning permission for up to 2,400 new homes ranging in size from 120 to 290 square metres. Gary Panks designed the course here to wind through the community, which includes an extensive gym and spa, restaurants and a residents’ club with indoor and outdoor swimming pools.

Drive 90 minutes north of Phoenix - about half way to the Grand Canyon - and you reach the spectacular red rock canyons that surround the beautiful little town of Sedona.

Said to be located directly in the path of a mystical vortex with uplifting powers, Sedona has attracted huge interest in recent years among wealthy second-home buyers from around the world. Ageing hippies sporting grey pony tails cruise the main street on their gleaming Harley Davidson motor cycles while keep-fit fanatics jog, cycle and hike the canyon paths.

Sedona’s Seven Canyons Resort is by far the most upscale private club in the area with a few lots remaining for sale at around $3 million (£1.5 million). The resort also markets luxuriously appointed three-bedroom, 230-square-metre villas on a fractional ownership basis.

Packages start at $415,000 (£211,000) for 28 days each year, including unlimited access to the Tom Weiskopf-designed golf course, spa and clubhouse amenities of tennis, swimming and fitness centre.
Each villa is lavishly furnished with indoor/outdoor kitchen and dining areas, plunge pools, spa, flat-screen TV and Bose sound systems. Views across the golf course are so dramatic that it has been consistently voted among the most scenically beautiful courses in America – the IMAX of golf, as one commentator described it. But all this comes at a price.

By contrast, custom-built homes at the new Verde Santa Fe golf course near Cornville, on the road from Sedona to Cottonwood, are being offered at prices from $200,000 - $400,000 (£101,500 to 203,000).
In the last decade Sedona has been voted among the top ten most beautiful places in America in numerous polls and this has impacted positively on the prices of residential property.

According to Dr Roy Grimm, president of Buyer Brokers Realty, who acts for potential buyers in the Sedona area, prices increased by an annual average of 12 per cent from 1996 to 2006. Last year they fell by seven per cent and this year sales transactions have dropped by 35 per cent.

“This overabundance of supply has created a huge buying opportunity,” says Grimm. “We have been able to negotiate some excellent bargains for our clients recently. But the long-term fundamentals are strong for Sedona. We are islands of private real estate, surrounded by national forest. The product is limited.”
Undoubtedly the real estate market in America is in turmoil and no one can be absolutely sure in which direction it is heading in the short term. However, by following the proven path of buying quality build in prime locations, the long-term prospects for overseas buyers with hard currency have to be sound.