Real estate sales at Ritz-Carlton residences surpasses $215 million

An artist’s rendering shows one option of style for The Villas at The Ritz-Carlton Residences, Paradise Valley. (Submitted graphic)

Five Star Development announced it has exceeded over $215 million in luxury real estate sales within the initial release of The Villas at The Ritz-Carlton Residences, Paradise Valley.

In addition, Five Star Development officially began writing contracts for the second release, The Estate Homes, on Monday, May 6.

Within The Villas, only a handful of residences are available for purchase, starting from $1.6 million.

One of the most expensive condominiums ever sold in Arizona, priced at just over $5.7 million, was part of this initial release, according to a press release.

Now selling from the low $5 millions is an exclusive collection of 39, single-family Estate Homes that will range in size from 5,500 to more than 12,000 square feet.

Floorplans will be personalized to meet the lifestyle of the homeowner and will feature three- to five-bedrooms that can also be configured as entertainment spaces.

Each home can have a main and lower level with 22 homes having the option to add an additional upper level.

By providing four different home plans and three different elevation styles that emphasize modern, prairie and Mediterranean-inspired architecture, the Estate Homes will be diverse as no two neighboring homes will look alike.

“We are setting a new benchmark for luxury living here in Arizona and our collection of Estate Homes will only further establish The Ritz-Carlton Residences, Paradise Valley as the pinnacle of sophisticated, full-service resort living in the state,” Jerry Ayoub, president of Five Star Development, said in a prepared statement. “Homeowners have the ability to tailor many of the spaces to reflect their own living style. The sky is the limit when it comes to personalizing each home.”

The Ritz-Carlton Residences, Paradise Valley are part of a $2 billion, 122-acre master-planned community.

Spread over 20 acres at the heart of the enclave lies a 215-room Ritz-Carlton resort that will boast North America’s longest resort pool at just over 400 feet, a 15,000 square-foot world-class spa with indoor and outdoor experiential treatment areas, a state-of-the-art health and fitness center, indoor and outdoor meeting and event space, a citrus orchard, an herb garden for the hotel’s restaurants, lush walking paths and a grand lawn with views of Camelback Mountain.

Ritz-Carlton Residence owners will experience a “resort within a resort” with their own junior Olympic sized-pool, private and beautifully landscaped grounds, a dedicated concierge and residential management team, priority access to hotel amenities, and a host of a la carte services such as in-residence dining and housekeeping, the press release stated.

The Villas and Estate Homes will be whole-ownership and Ritz-Carlton branded, serviced and managed.

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