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Corriente Residences in Scottsdale, AZ - Now accepting sales contracts

Grand re-opening includes dramatic price reductions for Scottsdale condo project by new ownership


SCOTTSDALE, Ariz. – Wednesday, March 31, 2010 – Located in the heart of Scottsdale, Ariz., Corriente Residences, a 192-unit, eight-building condominium community is now authorized to accept sales contracts with homes starting in the $220,000s.

The new public report was approved by the Arizona Department of Real Estate on March 30.

Condo Capital Solutions (CCS) purchased the Starpointe Communities construction loan for Corriente Condominium Residences in August 2009 for an undisclosed price. When Corriente Residences went to foreclosure in late December 2009, CCS became the owner.

Prices at Corriente Residences have been reduced up to 20 percent; some units have been reduced by as much as $74,000. Currently, just 20 one- and two-bedroom condominium homes ranging in size from 1,048 to 1,547 square feet are available. A total of 52 of the 72 completed homes have been sold.

"With the price reductions at Corriente Residences, the homes now range from $217 to $244 per square foot," said Holly Rasmussen, vice president of sales and marketing for Condo Capital Solutions, who took over the project earlier this year. "The same models were averaging $270 per square foot prior to CCS taking over the project."

Plans are underway to begin construction on the fourth condo building at Corriente Residences. Once CCS breaks ground on the new building, the condo prices are scheduled to increase.

"Buyers who have been anticipating the ability to write contracts on their favorite model and location will be able to take advantage of these low prices before prices increase with the construction of the next condo building," said Rasmussen.

Corriente Residences offers luxury amenities, including a fitness center, heated outdoor pool and spa, underground parking and a community center.

Corriente Residences, located at 7601 E. Indian Bend Road in Scottsdale, is conveniently located between Scottsdale Road and the 101 Loop. Nestled between two golf courses – the Silverado Golf Course and McCormick Ranch Golf Course – Corriente Residences is just minutes away from Old Town Scottsdale, Scottsdale Fashion Square and an abundance of high-end restaurants.

To experience resort-style living, call 480.998.2288 and schedule a private tour of the Scottsdale community. Or, visit the Corriente Residences Web site at www.livecorriente.com.

 

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