By: Daniel Benson; Belfiore Real Estate Consulting
Family Development has experienced success at its current North Scottsdale condominium community, Pinnacle Pointe, and now the builder will hope to continue that success at Troon North. According to public record (click here to view the affidavit), The Ridge Scottsdale LLC (Family Development Entity) closed on 15 finished condominium lots within the Ridge at Troon North Condominium, located within the Troon North Masterplanned community. The deal closed 9/10/2014 for $1,084,614 ($72,308 per unit).
This condominium development was partially built out in 2007 by Texas based builder, Quantum Unlimited LLC. The builder built 7 condominium buildings before losing the site to its lender. A total of 65 condominium lots remain within the subdivision, but Family Development has only closed on 15 of these lots at this time. Belfiore was unable to track down a recorded option agreement but has assumed Family Development will have the option to purchase the remaining 50 lots. The condominiums consist of 5-unit buildings each with 3-second story units stacked over 2-ground level units. In each building 4 of the units have attached 2-car garages and the smaller fifth unit has an attached 1-car garage.
Family Development has experienced a successful year thus far in 2014 at its existing Pinnacle Pointe condominium community (located within 1.5 miles of Troon North), which is located at the north east corner of Jomax Road and Alma School Parkway. As of Belfiore’s most recent survey of the community, Family Development had averaged 4.5 sales per month YTD. Units have closed between $190 – $266/SF.
