Downtown Phoenix housing boom finally underway

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As I grow older, I pay less attention to what men say. I just watch what they do.

~Andrew Carnegie (1835-1919)

 

Catherine Reagor, The Republic | azcentral.com1:32 p.m. MST December 3, 2015

Experts say pent-up demand is attracting everyone from college students to boomers to the city’s core.

Downtown Phoenix’s long-awaiting housing boom is finally here.

  • More than 2,000 apartments and condos are under construction in downtown Phoenix
  • Some are projecting downtown Phoenix’s population will double in two years
  • The average rent for a home in Phoenix’s core has climbed almost 50 percent since 2010

More than 20 apartment and condominium developments are going up across the city’s core.

The urban projects range from penthouse condos at Portland on the Park next to Margaret T. Hance Park to 500-square-foot micro apartments near Roosevelt Row.

The old Quality Inn next to the Phoenix Art has been torn down to make way for the Broadstone Arts District apartments. Construction started earlier this week on an upscale apartment complex called The Muse on Phoenix’s most prominent vacant lot — the northwest corner of McDowell Road and Central. And there’s the affordable condo project called en Hance Park south of Burton Barr Library.

All the developments underway will mean more than 2,000 new housing units for downtown Phoenix. That’s more residential development than has ever been under construction in the central city.

Of course, in the Valley we always must do a gut check when there’s housing boom because too often a bust has followed.

David Krietor, CEO of Downtown Phoenix Inc., told me this much new housing and likely more is needed for downtown.

The longtime central Phoenix growth expert said there’s pent-up demand to live in the area, and everyone from college students to baby boomers want to rent or buy downtown now.

People are also willing to pay more to live downtown. The average rent in the area has jumped almost 50 percent during the past five years to $1,357, according to Phoenix-based ABI Multifamily.

Arizona State University’s expanding downtown campus is drawing more residents to the central city. The area’s growing list of restaurants, bars, cultural and entertainment hotspots are drawing others.

Then of course, there’s light rail bringing more people to downtown.

The 14th and top floor of Portland on the Park was topped off Tuesday. And it was announced one-third, or 54, of the condos, have already been sold. At an event to celebrate the project that drew Phoenix Mayor Greg Stanton, one of the developers made a dramatic prediction for downtown Phoenix.

“In the next 24 months, this area (downtown Phoenix) will double in size,” said Timothy Sprague of Habitat Metro. “It will become the densest area in the Valley.”

He cited 2014 Census data that showed 5,913 people living in downtown Phoenix. That means about 12,000 will call the area home in two years.

If he’s right, central Phoenix’s housing boom isn’t likely to go bust.

But the area needs more than just new homes for that many new residents. How about a downtown Phoenix grocery store for starters?

In fact, that was Krietor’s Christmas wish, which he recently posted on Facebook with photo of himself standing with Santa at downtown’s CityScape.

“I asked for a downtown grocery store,” he wrote.

SEE IT ALL WITH SLIDE SHOW OF NEW PROJECTS:

http://www.azcentral.com/story/money/real-estate/catherine-reagor/2015/12/03/downtown-phoenix-housing-boom-finally-underway/76692238/?from=global&sessionKey=&autologin=

 

 

FROM ME:

Phoenix Commercial Real Estate and Investment Real Estate: investors and Owner / Users need to really know the market today before making a move in Commercial Properties or Investment Properties in Phoenix / Tucson / Arizona, as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land in Phoenix / Tucson / Arizona.  Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial Properties and Investment Properties.

I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group.  I also sold  hundreds millions of dollars’ worth of  Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with  brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also international.  Click here to find out what is a CCIM:  https://en.wikipedia.org/wiki/CCIM

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I am actively looking to build relationships with Real Estate Investors and Owner  Users  for  Retail / Industrial / Office / Multifamily and Land  in  Phoenix  –  Scottsdale   –  Tucson   –  Arizona

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Click here to find Reasons to Consider me for Commercial Referrals

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Walter Unger CCIM –  walterunger@ccim.net   – 1-520-975-5207  –  http://walter-unger.com

 

WHY PHOENIX ARIZONA : ???    

 check it out

http://walter-unger.com/?p=13391                       

 

1

Timeline of Phoenix, Arizona history

http://en.wikipedia.org/wiki/Timeline_of_Phoenix,_Arizona_history

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Phoenix, Arizona

 

http://en.wikipedia.org/wiki/Phoenix,_Arizona

 

3

Facts of Arizona – year 1848 to 2013

http://walter-unger.com/?p=9507

Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.

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Kasten Long Commercial Group tracks all advertised apartment communities, including those advertised by other brokerages.  The interactive map  shows the location of each community (10+ units) and each location is color coded by the size (number of total units). 

Click here for Map of Apartments for Sale (10+units)

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Walter Unger CCIM, CCSS, CCLS

I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years.  If you have any questions about Commercial / Investment Properties in Phoenix or Commercial /  Investment Properties in Arizona,  I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us. 

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Walter Unger CCIM

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Kasten Long Commercial Group

2821 E. Camelback Rd. Suite 600

Phoenix , AZ 85016

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