Scottsdale, Ariz.–A stalled residential project near Scottsdale, Sterling at Silverleaf, is preparing to return to the market, according to the developers who took over the project. When complete, Sterling at Silverleaf will feature 16 villas, 12 “custom estates” and 180 upscale condos, thus becoming the first multi-housing offering within Silverleaf, a master-planned development in the McDowell Mountains in North Scottsdale.
Acquired by Sterling Collection L.L.C. in late 2008, the Sterling at Silverleaf project has been restarted with nine new single-family detached villas. The new villas, currently under construction, will complete the first phase of the development that already features seven existing residences built between 2006 and 2008. Luster Custom Homes will oversee construction on all three phases of the project, including upscale condos in the third and final phase.
Designed by Scottsdale-based architect Bing Hu, who specializes in properties for the wealthy, Sterling at Silverleaf will feature lush courtyards, mature landscaping, and mountain and city views. The master-planned Silverleaf is comprised of 2,000 acres in the McDowell Sonoran Preserve and is home to the Silverleaf Club, which features a 50,000 square-foot rural, Mediterranean-style clubhouse and spa, and an 18-hole golf course designed by Tom Weiskopf, golf course architect and winner of 16 PGA Tour titles.
According to Sterling at Silverleaf’s developers, the market is right once again for this kind of property. “Currently, a near-perfect storm exists for developers that understand the luxury market and classic supply-demand metrics,” Nathan Day, president of Sterling Collection Development Group L.L.C., tells MHN. “Sterling at Silverleaf creates value as the only community to offer luxury condominium living as part of Silverleaf, one of the most exclusive developments in the southwest United States.”
Adding to that value, Day continues, “international luxury buyers benefit from a 30 percent-plus decline in real estate values over the past few years and a 20 percent decline in the U.S. dollar. Moreover, U.S. buyers are beginning to realize that inventories are rapidly drying up and new construction is virtually non-existent. Sterling, a gated community within Silverleaf, will meet the growing demand of international and domestic buyers.”