Condos Springing Up

The Arizona Republic reports that at least 25 residential condo projects are being planned or built across the Valley. With prices running from the hundreds of thousands to $1 million or more, they are chasing an unproven market in an area where new housing is dominated by tract homes on the edges of cities.

The success of the condo craze will depend on the consumers acceptance and will determine if condos are a viable market or just a fad. Buyers targeted for condo projects include young professionals, empty nesters looking to downsize, executives, singles, winter visitors and athletes.

"The jury is still out on how hot the condo market is," said RL Brown. "We have a lot of noise but very little dirt being moved. Some of these will turn into live projects, but they are not here yet." New homes permitted in metro Phoenix numbered 60,872 in 2004, and about 5.9% of that number were for condos. This year to date, 5.1% of permits have been condo's. More...