A plunge in the condominium market has left a McCormick Ranch project with a steep challenge in finding buyers.
Starpointe Communities has turned to an auction Sunday to sell 20 brownstone condos, originally priced at up to $1.5 million, for prices starting at $340,000 to $520,000, depending on the unit. Called Artesia, the project is northeast of Scottsdale and Indian Bend roads.
“It’s time to create some energy for the project,” said Robert Lyles, Starpointe partner. has endured a major correction, and Starpointe is hoping the auction will generate interest in Artesia, he said.
Overall, the real-estate market
Construction on the 44-acre project started two years ago just as the market was cooling off. Built on the former Radisson Resort grounds, Artesia includes 52 townhouses, 329 condos, 15 penthouses and nine live-work units that have office space on the first level.
Starpointe has completed 31 of its brownstone condos and 61 other condos, along with underground parking for Artesia, Lyles said.
It includes the Roka Akor restaurant and other retail space along Scottsdale Road.
Starpointe has completed the major part of the project’s infrastructure and has solid financial partners to complete the community, he said.
“We’re getting a lot of winter-visitor activity,” Lyles said, noting that interested buyers include some Canadians.
Kennedy Wilson, a California firm, is conducting the Artesia auction at 1 p.m. Sunday at the Doubletree Paradise Valley Resort, 5401 N. Scottsdale Road.
Potential buyers must be prequalified and have a $5,000 cashier’s check at the auction in order to bid, said Rhett Winchell, president of Kennedy Wilson’s Auction Group.
