Luxury Condos
Well, the luxury condo market keeps soldiering on. Not only has construction started on a couple long-awaited Downtown Phoenix condo developments including 44 Monroe, but one of the owners of the Diamondbacks is floating plans for a multi-million dollar entertainment district downtown. Phoenix may be behind the curve compared to other major cities when it comes to downtown activity, but we're catching up quickly. When you factor in new condos and building conversions, the blossoming arts scene, ASU downtown, and light rail, it's easy to see that downtown Phoenix will soon be the place to be.
While Old Town Scottsdale already is a "place to be", it is solidifying that image with numerous luxury mid- and high-rise condo projects already under way, including: Optima, Portales, Safari Drive, Valley Ho and Waterfront (not to exclude others). Well, plans are now being floated for another project on the east side of the Arizona Canal, Northeast of Scottsdale and Camelback Roads. The plans would call for almost 250 condos on just shy of 4 1/2 acres. In addition the developers are trying to acquire more land that would hold a 6 story boutique hotel. The plans for the $600 million project would tear down apartments and replace them with a five-story luxury condominium and possibly a six-story hotel. It is estimated that the average value of the units built will be close to $1 million. None of this is yet approved, and could take over a year to go through the process, but it continues in the maturation of our cities. As I have stated before, we are growing up, literally and figuratively. The great thing is we are becoming more like other major metro areas, which is a good thing, but we are still maintaining our Southwest charm. That combination is what will make this place even greater!
Adam Tarr, ePRO
Sharon Kotula, ABR
RE/MAX Excalibur
Scottsdale, AZ
Your Phoenix area Real Estate Source
480-483-3333