Talk about being on top of the world in Scottsdale.

Residents lounging on the rooftop pool deck at the 13-story Scottsdale Waterfront Residences will look out from the city's tallest building at 143 feet.

Camelback Mountain stands prominently to the northwest, and the 360-degree views include the Papago Buttes, downtown Phoenix and everything from the White Tank Mountains in the West Valley, to Scottsdale's McDowell Mountains to the Superstition Wilderness east of Mesa.

At night, the city lights shimmer.

"All the residents get to enjoy the penthouse views," said Geoffrey Edmunds, a development partner with Opus West for the 198 luxury condos.

The Waterfront welcomed the first residents in February in the western tower.

By June, residents should start to occupy the eastern tower, the one closest to Camelback and Scottsdale roads, Edmunds said.

The $240 million condo project is the most prominent landmark of downtown's redevelopment, which in recent years has totaled more than $3 billion in public and private investment.

The project takes its name from the Arizona Canal, which cuts across the site and its mix of shops, restaurants and offices.

A promenade along the canal, a bridge and plaza will create a new focal point for downtown.

Scottsdale Waterfront, Optima Camelview Village and other luxury condos opening downtown will bring a new tier of luxury residential living to the city.

Condos average $1.2 million

Buyers at the Waterfront paid an average of $1.2 million for their condos that rise 143 feet above a growing urban scene in a downtown Scottsdale of restaurants, nightclubs and a mix of local and national retailers.

The Waterfront's last few condos were priced starting at $1.7 million each.

The condos generally match new Scottsdale homes in size, furnishings and amenities with the exception of the yards and attached garages.

Imagine what it would be like to live in a Ritz-Carlton Hotel with a 3,500-square-foot condo instead of standard hotel room.

The Waterfront offers its residents an underground garage, valet parking, a concierge desk and business center.

The lofty pool deck has a zero-edge pool, a spa, gas barbecue grills and an outdoor kitchen.

Residents can work out in a fitness center above the lobby that includes steam rooms in each of the locker rooms.

The Waterfront's club room, with its plank wooden floors and paneling, will be a gathering spot for residents and available for private functions, including catered meals and parties.

It includes two dining rooms, a professional kitchen and a wine storage room with lockers for every resident.

A patio off the clubroom will look out a landscaped public area along the canal.

Shopping an elevator ride away

Waterfront residents will have perhaps Arizona's greatest selection of shopping at the doorstep, what with the adjacent shops and sprawling Scottsdale Fashion Square a stone's throw away.

They will be just across the canal from the new SouthBridge restaurant and retail project, which should be completed by fall. Developer Fred Unger plans to open the first of his three restaurants, called the Foodbar, in May.

Plus, the shops and galleries of Fifth Avenue and Marshall Way are minutes away.

Downtown's expanding universe of nightlife has enough options for most tastes and age ranges.

Scottsdale Waterfront itself has a mix or residents ranging from their late 20s to 70s. Only one in five buyers was from out of state, according to Edmunds, the developer.

"These are people we built homes for previously," he said. "They trust us and didn't mind buying off blueprints."

Jeff Roberts, vice president of Opus West, said that the location and amenities attracted buyers.

"There was a clear demand for this style and quality of living that was previously unmet in the marketplace," Roberts said.