New metro Phoenix AZ condo sales soar, will prices keep climbing?

 

“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “ . ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA,  CLICK HERE  AND PLEASE CALL ME.     520-975-5207 or email me walterunger@ccim.net.  ….  VIEW ALL OF WALTERS LISTINGSLet me know if you are interested in Apartments: CLICK HERE FOR APARTMENTS FOR SALE     and      CLICK HERE for Map of Apartments Under Construction or in Pipeline.

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Catherine Reagor, The Republic | azcentral.comPublished 6:00 a.m. MT April 14, 2018

Developers built thousands of metro Phoenix condominiums over the past few years. No one was sure how quickly they would sell.

But buyers did come. New condo sales soared 57 percent last year, according to The Arizona Republic/azcentral.com Street Scout Home Values report.

Buyers opted not only for new condos but older ones in the Valley, with condo sales overall climbing 12 percent in 2017 from an already heady level in 2016.

It could be more people wanting to live closer in and own lower-maintenance homes. It could be that condos were the most affordable option for some homebuyers.
It’s likely both.

Baby Boomers who have become empty-nesters and Millennials who want to buy instead of rent are driving the trend.

Both groups are typically buying condos to be closer to restaurants, shops, bars and jobs. Some want to walk to those spots instead of drive.

Last year, Lisa and Gregg Larson bought a new luxury condo in central Scottsdale’s Enclave at Borgata. They moved from north Scottsdale to be closer to places they like to hang out.

“We can walk to shopping and restaurants, and we are only a $5 Uber ride from Old Town,” Gregg Larson said.

Sales soar

Last year, 18,370 condos sold across metro Phoenix, according to data from the Information Market. That’s up from 16,397 in 2016.

About 1,500 of last year’s sales were for new condos.

New Valley condo sales likely set a record in 2017. It’s tougher to track that market historically because it has traditionally been such a small part of metro Phoenix’s housing market.

In comparison, there were more than 90,000 single-family home sales in the Valley last year.

New versus old

The big new Valley condo projects that opened last year drove up prices.

David Newcombe, a condo expert and co-founder of Scottsdale-based Launch Real Estate, said buyers are typically paying 25 percent more for new condos in central locations than for older ones in the same area.

He said more 300 of the new-condo sales during the past few years were in three projects: the Borgata, Portland on the Park in downtown Phoenix and Optima Kierland in Scottsdale.

The overall median condo price in Paradise Valley’s 85253 ZIP code, the address for the Borgata condos, climbed 48 percent to almost $406,000 in 2017. The median price for a new condo was $1.33 million in that area last year.

RELATED:  Phoenix condo owners fight $15,000-plus HOA assessments — and win

In downtown Phoenix’s 85003 ZIP code, where Portland on the Park condos started selling in late 2016, the median price for a condo jumped almost 62 percent to $410,000 in 2017. The median price for a new condo was $456,000.

The median price in Scottsdale’s 85254 ZIP code, where the Optima Kierland tower is located, is still being tallied, but we know it’s much higher than the resale-condo price of $322,000 for the area.

“Some of the most expensive new condos are drawing the most buyers,” said Tina Tamboer, senior housing analyst with the Cromford Report.

More to come

Developers recently announced a few new condo projects, including a 25-story tower at downtown Phoenix’s Collier Center.

Prices are expected to climb for the next wave of Valley high-rise condo projects because of the rising cost of land and construction.

Condo-market watchers are anxiously waiting to see how much buyers are willing to pay.

Newcombe said condos in new towers have been selling for about $400 a square foot. Condos in the next wave of residential high-rises could cost $550 a square foot.

If buyers aren’t willing to pay more, the towers might not go up.

Pricier new condos

Here’s a list of some of the priciest new condos:

  • The El Dorado on 1st in downtown Scottsdale’s art district, designed by award-winning architect Will Bruder, with condos priced above $1.5 million, southeastern corner of First Street and El Dorado Lane.
  • Scottsdale’s Main Street Place, developed by LVA Urban Design Studio, at Main and 75th streets, starting above $800,000.
  • Optima Kierland on the Scottsdale/Phoenix border near Scottsdale and Greenway roads, from the $300,000s to $6.5 million.
  • Scottsdale’s Silverleaf neighborhood of DC Ranch, starting above $1 million.
  • Phoenix’s Portland on the Park condo mid-rise development at Central Avenue and Portland Street, ranging from $400,000 to more than $1.3 million.

More-affordable condos

Here are some more affordable options:

  • en Hance Park at 1130 N. Second St., Phoenix, starting above $150,000.
  • The Cays at Downtown Ocotillo, 2511 W. Queen Creek Road, Chandler, mid-$200,000s.
  • artHaus at 1717 N. First Ave., Phoenix, $255,000 and higher.
  • Edison Midtown at 3131 N. Central Ave., Phoenix, $250,000.
  • Contour on Campbell, 1702 E. Highland Ave., Phoenix, starting at $320,000.
  • The Mason Townhomes, 1400 E. Bethany Home Road, Phoenix, starting at $406,000.

 

SEE IT ALL: https://www.azcentral.com/story/money/real-estate/catherine-reagor/2018/04/14/new-metro-phoenix-condo-sales-soar-prices-keep-climbing/507842002/

 

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ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA,  CLICK HERE  AND PLEASE CALL ME.     520-975-5207 or email me walterunger@ccim.net.  ….  VIEW ALL OF WALTERS LISTINGSLet me know if you are interested in Apartments: CLICK HERE FOR APARTMENTS FOR SALE     and      CLICK HERE for Map of Apartments Under Construction or in Pipeline.

KASTEN LONG Commercial Group and AMA Events, Resources & Education For Apartment Owners

Timeline of Arizona from  900 BC – 2017     

WHY PHOENIX? AMAZING!!!  POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”

PHOENIX TOPS US IN POPULATION GROWTH (MORE THAN LA, NYC) AND WHY THAT’S GOOD FOR THE ECONOMY, BUSINESS

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 owner user Commercial Properties, Investment Properties and land in Phoenix / Maricopa County, Pinal County / 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  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 internationalClick here to find out what is a   CCIM:   https://en.wikipedia.org/wiki/CCIM 

PLEASE CALL ME 520-975-5207 OR E-MAIL ME walterunger@ccim.net

ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA,  CLICK HERE  AND PLEASE CALL ME.     520-975-5207 or email me walterunger@ccim.net

VIEW ALL OF WALTERS LISTINGS

CLICK HERE for Map of Apartments Under Construction or in Pipeline.

Let me know if you are interested in Apartments: CLICK HERE FOR APARTMENTS FOR SALE

WEEKLY LAND CLOSING UPDATE / THROUGH April 6, 2018 / Phoenix Arizona Metro, Maricopa County, Pinal County.

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WEEKLY LAND CLOSING UPDATE / THROUGH March 9, 2018 / Phoenix Arizona Metro, Maricopa County, Pinal County.

WEEKLY LAND CLOSING UPDATE / THROUGH March 2, 2018 / Phoenix Arizona Metro, Maricopa County, Pinal County.

WEEKLY LAND CLOSING UPDATE / THROUGH February 23, 2018 / Phoenix Arizona Metro, Maricopa County, Pinal County.

WEEKLY LAND CLOSING UPDATE / THROUGH February 16, 2018 / Phoenix Arizona Metro, Maricopa County, Pinal County.

WEEKLY LAND CLOSING UPDATE / THROUGH February 9, 2018 / Phoenix Arizona Metro, Maricopa County, Pinal County.

WEEKLY LAND CLOSING UPDATE / THROUGH February 2, 2018 / Phoenix Arizona Metro, Maricopa County, Pinal County.

 

WEEKLY APARTMENT CLOSING UPDATE THROUGH April 6, 2018,  Phoenix Arizona Metro.

WEEKLY APARTMENT CLOSING UPDATE THROUGH March 30, 2018,  Phoenix Arizona Metro.

WEEKLY APARTMENT CLOSING UPDATE THROUGH March 23, 2018,  Phoenix Arizona Metro.

WEEKLY APARTMENT CLOSING UPDATE THROUGH March 16, 2018,  Phoenix Arizona Metro.

WEEKLY APARTMENT CLOSING UPDATE THROUGH March 9, 2018,  Phoenix Arizona Metro.

WEEKLY APARTMENT CLOSING UPDATE THROUGH March 2, 2018,  Phoenix Arizona Metro.

WEEKLY APARTMENT CLOSING UPDATE THROUGH February 23, 2018,  Phoenix Arizona Metro.

WEEKLY APARTMENT CLOSING UPDATE THROUGH February 16, 2018,  Phoenix Arizona Metro.

WEEKLY APARTMENT CLOSING UPDATE THROUGH February 9, 2018/  Phoenix Arizona Metro.

WEEKLY APARTMENT CLOSING UPDATE THROUGH February 2, 2018/  Phoenix Arizona Metro.

WEEKLY APARTMENT CLOSING UPDATE THROUGH January 25, 2018/  Phoenix Arizona Metro.

8 Reasons You Should Invest in Land

Timeline of Arizona from  900 BC – 2017                                                

WHY PHOENIX? AMAZING!!!  POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”

PHOENIX TOPS US IN POPULATION GROWTH (MORE THAN LA, NYC) AND WHY THAT’S GOOD FOR THE ECONOMY, BUSINESS

DOT – LOOP 202 / SOUTH MOUNTAIN FREEWAY / PHOENIX AZ – UNDER CONSTRUCTION

ARIZONA FACTS – YEAR 1848 TO 2013

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What is a CCIM.

CLICK HERE TO VIEW MY WEBSITE

  • DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
  • The average age of the population is 34 years old.
  • The health cost index score in this area is 102.1. (100 = national average)
  • Here are some of the distributions of commute times for the area: <15 min (22.7%), 15-29 min (36.8%), 30-44 min (25.1%), 45-59 min (8.6%), >60 min (6.8%).

PHOENIX PROJECTED AS NUMBER ONE US HOUSING MARKET FOR 2017

LIST OF ECONOMIC DEVELOPMENT PROJECTS IN PINAL COUNTY, REVISED 2-14-17

Reasons to Consider me for Commercial Referrals – I have the Knowledge and Experience                                                                                                                         

Click here to View My Listings and Profile

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

2016 Official Arizona Visitors Guide

Visit Arizona

Why Phoenix?  This is a very interesting article, you should read it, amazing, there were only 350 K people living in Phoenix in 1950

Timeline of Phoenix, Arizona history

Phoenix, Arizona

Facts of Arizona – year 1848 to 2013

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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 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

5110 N 40th Street, Suite 110

Phoenix , AZ 85018

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