The latest tower within Optima's $500 million Optima Kierland development in Scottsdale has completely sold out at a record pace — and construction is underway on the next project.
The 205-unit luxury condo tower at 7180 Optima Kierland is now among the fastest-selling condominium towers in the country, said David Hovey Jr., president, COO and principal architect of Scottsdale-based Optima.
Sales of the 205-unit condominium tower began in January 2019, with the last one selling this month, he said.
7180 Optima Kierland is larger with larger floor plans overall, and took six months less time to sell out than 7120 Optima Kierland.
With units ranging between 724 and 2,700 square feet, sale prices ranged between $330,000 and $2.5 million, he said.
And now that the latest condominium tower has sold out, Hovey has broken ground on 7190 Optima Kierland.
This 216-unit luxury apartment tower represents the fifth and final residential tower at the Optima Kierland development. It sits on the northeast corner of the Optima Kierland development.
In 2019, Optima paid $15 million for the 25,000-square-foot La Maison Interiors building at 15450 N. Scottsdale Road where that new project will be located. That project is expected to be delivered in early 2023, Hovey said.
Earlier, in December 2018, Hovey paid $5.75 million for a nearby office building at 15615 N. 71st St., according to Vizzda LLC real estate database.
"We haven't yet begun construction on the other parcel," he said. Of the eight West Coast urban markets that Seattle-based Polaris Pacific tracks, the Phoenix metro market has consistently shown the strongest fundamentals during the coronavirus pandemic, according to the most recent Polaris Pacific report.
In the region, the median price of an existing condominium was $360,000 as of June 30, up 24.6% from a year ago, according to the report.
At the same time, sales volumes are up 101.6% from a year ago, and months of remaining inventory, or MRI, currently stands at 1.1 months. An MRI of six months is considered a balanced market.
While most areas of the Valley have performed well, the most pronounced increases and sales gains have been in the wealthier areas of the region, such as Paradise Valley and Scottsdale, according to the report.
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