Paradise Valley Ritz-Carlton On The Way
The Ritz-Carlton is planning a $400 million resort in PV that would include 321 homes, villas and condos built around a hotel and its 225 casitas. The development would go on 120-acres bounded by Lincoln Drive, Indian Bend Road, Mockingbird Lane and Scottsdale Road. They hope to open the resort by 2009.
Twenty-seven residential lots of at least one-acre, priced at nearly $1 million each, would border the western edge of the property along Mockingbird Lane. Fifty-five homes on half-acre lots are planned north of Lincoln Drive, and 119 villas would be built along Indian Bend Road. Paradise Valley officials still need to review the proposed development plan and expect to decide on the plan by the first quarter of 2007. Ritz-Carlton plans to formally submit its plans to Paradise Valley and Scottsdale later this summer.
This is the most exciting new development to hit Paradise Valley in years. In my opinion there is still a lot of pent up demand for new Paradise Valley luxury homes. I feel (it is my opinion) that these luxury properties will sell out quickly and appreciate in value well beyond a buyers’ initial investment in a relatively short period of time. Read a past article about the Ritz-Carlton land purchase here.
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