Phoenix
Luxury condo market faces pressure, keeps its cachet
Phoenix's condominium
market isn't hurting as much as some investors thought.
An auction earlier this summer for upscale condos in the
Optima Biltmore Towers on Phoenix's posh corner of 24th
Street and Camelback Road drew low-ball bidders. And the
homes' owners didn't take any of the offers.
Valley
homeowners may have to settle into homes.
It may sound quaint, but
once upon a time, back in the early 2000s, people bought houses
in the Valley because they liked the layout and the amenities.
Or the neighborhood. Or the convenient drive to work, shopping
or recreation.
Metropolitan Phoenix's housing boom radically changed all that
Art
Deco Phoenix - Central Phoenix Lofts
The City of
Phoenix, Arizona may be admired for its
maverick spirit
and the beauty of the surrounding desert. But
this sprawling city of more than 350 square miles (900
square kilometers) has never been known for high-density
living. The residential redevelopment known as Orpheum
Lofts, however, sets a more urban example.
Lofts, an urban
living trend, catching on in Valley
High-end lofts are
catching on in
the Valley, an area known for its
affordable fringe subdivisions.
The urban living trend readily found in other large U.S.
metropolitan areas is finally gaining popularity in
downtown Phoenix and Scottsdale. Hip,
industrial-looking lofts are becoming a hot investment
for baby boomers and young urbanites.
Condos lined
up for Central
Affordability
is a key issue in
metropolitan Phoenix housing
in general and especially in
the area's fledgling condo market. Condos have become an
alternative to the starter home as prices for single-family
houses soared.
But so many condo projects aim for the
affluent buyer. If the prices aren't in the millions, many
of the high-rise towers are asking for several hundred
thousand dollars as the entry point, matching or exceeding
prices for typical single-family homes in the Valley.
High-rise projects send central Phoenix soaring
For the first time since
the early
1990s, the center city of
Phoenix is sprouting cranes, a steel signal that
private capital is finally coming back.
Major obstacles and unknowns face the enterprise of
building a "24/7" downtown. But more than 30 major
skyscrapers are being proposed in downtown and the
Central Corridor.
Luxury gets new home as
West Valley
rivals Scottsdale
From an architectural
standpoint, the West Valley luxury
homes resemble those in
Paradise Valley
and north
Scottsdale.
The homes boast extensive stonework,
outdoor water features, wet bars, wine
cellars and turrets.
"The West Valley is poised for
growth," Cromer said. "I hear it, read
about it and can see what's going on
here."
Desert Showcase
